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Home My WebLink About21 - Resubdivision 866September 25, 2001 CITY COUNCIL AGENDA ITEM NO. 21 TO: MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: PUBLIC WORKS DEPARTMENT SUBJECT: RELEASE OF FAITHFUL PERFORMANCE BOND FOR RESUBDIVISION NO 866 LOCATION: Page 1 of Parcel Map 40 -31 (Resubdivision No. 319 and Parcel 1 of Parcel Map 83- 705 (Resubdivision No 742) located at 1400 Dove Street and Newport Place Drive, in Newport Place Planned Community DEVELOPER: Advent Realty Limited Partnership II RECOMMENDATION: Authorize the City Clerk to release the Faithful Performance Bond (Bond No. 3SM 709 229 00). DISCUSSION: On May 5, 1988, the Planning Commission conditionally approved Resubdivision No. 866. The conditions of approval required the payment of one -third the cost of a traffic signal at the intersection of Dove Street and Newport Place Drive if the State and National criteria for the installation of a traffic signal were met within five years of occupancy. On May 25, 1996, the City Council approved a subdivision extension agreement guaranteeing the payment of one -third of the cost of the traffic signal at the intersection of Dove Street and Newport Place Drive for an additional five (5) years if the State and National criteria were met and Advent Realty Limited Partnership II provided surety in the amount of $35,000.00 in the form of a bond (Bond No. 3SM 709 229 00). More than ten years have passed and the developer is requesting that the bond be released. Criteria have not been met requiring the construction of a traffic signal at the intersection of Newport Place and Dove Street, and the City has no plans to construct a signal at the intersection in the near future. It is recommended that the traffic signal bond be released. Respectfully, Stepljen G. Badum Public Works Director By: Richard L. Hoffstadt, P.E. Development Engineer Attachments: Mach 25, 1996, Staff Report Exhibit showing location of development March 25, 1996 CITY COUNCIL AGENDA ITEM NO. 16 TO: Mayor and Members of the City Council FROM: Public Works Department SUBJECT: RESUBDIVISION NO. 866 LOCATION: Page 1 of Page 40 -31 (Resubdivsion No. 319 and Parcel 1 of Parcel Map 83 -705 (Resubdivision No. 742) located at 1400 Dove Street and Newport Place Drive, in the Newport Place Planned Community DEVELOPER: Walden and Associates, Santa Ana New Owner: Advent Realty Limited Partnership II RECOMMENDATIONS: 1. Approve a Subdivision Extension Agreement guaranteeing payment of one -third of the cost of the traffic signal at the intersection of Dove Street and Newport Place Drive required with Resubdivision No. 866. 2. Authorize the Mayor and the City Clerk to execute the agreement. DISCUSSION: On May 5, 1988, the Planning Commission conditionally approved Resubdivision No. 866. The conditions of approval included the payment of one -third the cost of a traffic signal at the intersection of Dove Street and Newport Place Drive if warrants were met within five years of occupancy. The development has now been occupied for five (5) years and warrants have been met; however, the City does not plan to construct the signal at this time. The new owners, Advent Realty Limited Partnership II, have requested that they be allowed to extend the agreement for an additional five (5) years (until January 1, 2001) to defer payment of the $35,000.00 fee the City has requested for the future traffic signal construction. In order to defer payment of the traffic improvements costs, the developer has executed an appropriate extension agreement and provided the accompanying security in the form of bonds (Bond No. 3SM 709 229 00). nATC SUBJECT: RESUBDIVISION NO. 866 March 25,1996 Page 2 The extension agreement establishes the owner's obligation to complete the public improvements. The faithful performance surety is in the amount of $35,000.00, which is one -third of the estimated cost of the improvements. It is recommended that the Subdivision Extension Agreement be approved. Respectfully submitted, PUBLIC WORKS DEPARTMENT Don Webb, Director By. - Dick Hoffs ddt Subdivision Engineer Attachment r VE) w00 Ac. CH 066 PARCEL MAP N0. 88 -174 AC. IN THE CITY OF NEWPORT BEACH, COUNTY OF ORANGE STATE OF CALIFORNIA. WALDEN 9 ASSOCIATES DAVID L. WALOEN, L. S, 3347 MARCH 968 ftKSWL A” JN /J H.V /1 fve LONJLYJL4J /(MI O° 1 MRLILI NJO / /LRLLL. U I1t SHEET (N,•o c,,, ..,.. `i0 I6" (e ,.a (,,, ,feN i INTIAN CORH WAY1 1r( -xua u/ N - __...- / sro nnra� I VlLU•u o,../ L. t3d' ieO°%H ,.e..i� `� ie'/!.0 ( ✓u r.Aff �L4 rL Ne .ev e.n wF UiF, ( „r 1 �T. rr4 rrnf, V O W W LC N W O O PARCEL I P. 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