HomeMy WebLinkAboutC-1701 - Traffic signal (financing agreement) Hoag Drive & Superior AvenueR- 6'�v 7Y
April 28, 1975
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P 91 g 19 5, CITY COUNCIL AGENDA
ITEM NO. H -2 (a)
By f:13 x..:11 l JWV�lL
OlTY QF Y4WPORT Bf3ACH
TO: CITY COUNCIL
FROM: Public Works Department
SUBJECT: COOPERATIVE FINANCING AGREEMENT FOR TRAFFIC SIGNALIZATION
AT HOAG DRIVE AND SUPERIOR AVENUE
SUBDIVIDER: ROBERT H. GRANT CORPORATION
RECOMMENDATION:
Adopt a resolution approving the agreement and authorizing the
Mayor and the City Clerk to execute the agreement.
DISCUSSION:
The Robert H. Grant Corporation was the subdivider of the area
northwesterly of Superior Avenue along Ticonderoga Street (Tract Nos. 7817,
7852, and 8381). A condition of approval for Tract No. 8381.required the sub -
divider to bear 25% of the cost of the future traffic signalization at Hoag
Drive and Superior Avenue up to a maximum of $10,000.
The actual traffic signal installation is planned for a future
date which is still undetermined. In the meantime, the subdivider wishes to
fulfill the obligation created by the condition of approval for Tract No. 8381
by entering into a. Cooperative Financing Agreement with the City. The agree-
ment will have the effect of insuring that payment for the subdivider's share
of the signalization will be made upon an appropriate demand by the City. The
agreement is accompanied by a Faithful Performance Bond in the amount of
$10,000 which is the maximum amount of their required cost participation.
A sketch of the area involved is attached for reference.
1 �
Tblic evlin
P o s Director
Attachment
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A417& i' 7iPAFF 14 C SAVI M L
CITY OF NEWPORT BEACH DRAWN A44C ER DATE 6 7S
PUBLIC WORKS DEPARTMENT APPROVED
eirmlBIT Awc rUBUC WORKS DIRECTOR
CDOPE.pAT /vE F /NANC 1.16 A6APEEMENT R.E. NO.
W17-W .
O E 7- N. GA'ANT CO.lPOADOrON DRAWING NO.
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A417& i' 7iPAFF 14 C SAVI M L
CITY OF NEWPORT BEACH DRAWN A44C ER DATE 6 7S
PUBLIC WORKS DEPARTMENT APPROVED
eirmlBIT Awc rUBUC WORKS DIRECTOR
CDOPE.pAT /vE F /NANC 1.16 A6APEEMENT R.E. NO.
W17-W .
O E 7- N. GA'ANT CO.lPOADOrON DRAWING NO.
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RESOLUTION NO. 8478
0, 197S A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH AUTHORIZING THE MAYOR AND
By ;!•= E''•i CL)U, "Cif CITY CLERK TO EXECUTE A COOPERATIVE FINANCING
CITY OF NEWi'ORT B AChIAGREEMENT BETWEEN THE CITY OF NEWPORT BEACH
AND THE ROBERT H. GRANT CORPORATION IN CONNEC-
TION WITH THE COST OF A TRAFFIC SIGNAL AT
INTERSECTION OF HOAG DRIVE AND SUPERIOR AVENUE
f-1- 2 d.
WHEREAS, there has been presented to the City Council
of the City of Newport Beach a certain cooperative financing
agreement between the City of Newport Beach and the Robert H.
Grant Corporation in connection with the cost of a traffic
signal at the intersection of Hoag Drive and Superior Avenue;
and
WHEREAS, the City Council has.considered the terms
and conditions-of said agreement, and found them to be fair and
equitable and in the best interests.of the City;
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Newport Beach that said agreement above described
is approved, and the Mayor and City Clerk are hereby authorized
and directed to execute the same,on behalf of the City of Newport
Beach.
ATTEST:
City Clerk
ADOPTED this 28th
day of April. , 1975.
Mayor
DDO /bc
4/24/75
September 20, 1979
Grant Corporation
505 North Tustin Avenue
Suite 253
Santa Ana, CA 92705
Subject: Traffic Signal
Superior Avenue at Hoag Drive, Newport Beach
Contract No. 1701
Per your request of September 4, 1979, Safeco Insurance Bond
No. 2062716 in the amount of $10,000.00 Is enclosed.
Your check in the amount of $10,000.00 has been received as a
fulfillment of your obligation for the traffic signal
improvements.
DORIS GEORGE
City Clerk
swk
enc.
cc: Traffic Engineer
NAME
STREET
ADDRESS
CITY
STATE
ZIP
SAFECO INSURANCE COMPANIES
SAFECO INSURANCE COMPANY OF AMERICA
GENERAL INSURANCE COMPANY OF AMERICA
FIRST NATIONAL INSURANCE COMPANY OF AMERICA
HOME OFFICE: 1301 BROOKLYN AVE. N.E.. SEATTLE. WASHINGTON 98105
SUBDIVISION IMPROVEMENT BOND
FAITHFUL PERFORMANCE (CALIFORNIA)
SPACE ABOVE THIS LINE FOR RECORDER'S USE
Bond No. 2062716
Initial Premium $ 45 _ AD
KNOWALL MENBY THESE PRESENTS, That RORV.RT N r.RANT rtIRPORATTON
as Principal and the
SAFECO INSURANCE COMPANY OF AMERICA, a Corporation organized and existing under the laws of the State of
Washington and authorized to transact surety business in the State of California, as Surety, are held and firmly bound unto
[_i t_ y of NF Pnrt RParh , as Obligee,
in the sum of Ten Thotusand and No'4100 — - -- - -- Dollars ($ 10,000 nn ),
for the payment whereof, well and truly to be made, said Principal and Surety bind themselves, their heirs, administrators,
successors and assigns, jointly and severally, firmly by these presents. .
THE CONDITION OF THIS OBLICATIONIS SUCH, That WHEREAS, the Principal on January 25
1973 entered into a certain Agreement or Contract with the Obligee wherein the Principal agreed to complete the
following improvements:
Traffic Signalization of Superior Avenue and
Hoag Drive, Ilewport Beach, California,
as more fully set forth in said Agreement.
NOW, THEREFORE, if the Principal shall well and truly perform and fulfill all of the covenants, terms and conditions of
the said Agreement, then this obligation shall be null and void; otherwise to remain in full force and effect. Provided,
however: 1) That the consent of Surety shall be required for any extension of time to complete said improvements; 2)
That no right of action shall accrue hereunder to or for the benefit of any person, firm or corporation other than the
Obligee named herein.
Signed, sealed and dated January 25 , 119-73.
GRONT CORPORATION
Principal
Aeps T
STATE OF CALIFORNIA
SAFECO INSURANCE COMPANY OF�AM RICA
By
Leogtkrd --W: fdiller rney -in -Fact
18091 Irvine Blvd.
Tustin. Calidornia 926,80
ACKNOWLEDGMENT BY SURETY
Address
County of Orange ) ss.
On this 25th day of January 1973 before me, rai da N King
a notary public in and for the State of California with principal office in the County of Orange .
residing therein, duly commissioned and sworn, personally appeared T .4onard W- M illez
known to me to be the attorney -in -fact of Safeco Insurance Company of America, the corporation that executed the
within instrument, and acknowledged to me that such corporation executed the same.
IN WITNESS WHEREOF*, I have hereunto set my hand and affixed my official seal, at my office in the aforesaid County,
tlr8G} 1ARPjPeQiAttlriscerrijcate •6sjotiure written.
.....,"7NIA
N�r�jj Public
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5 -321 iF3.EW72: "i •' .... ... .. .. .. :6. i9 ^., O
>ao; >a aoosea�uo�apo
TO 449 C
(Corporation)
STATE OF CALIFORNIA 1
COUNTY OF Orange } SS.
January 25 1973 1 =_
On ' before me, the undersigned, a Nnl,uy Public is _.
State, personally appeared Anthony A. Allen _
m known to me to be the V 1 Ce President, and A . E . Corder,
_... .._.
m known to me to be Asst. Secretar of the cor Po ration that ex,ovd the withie
=
y
known to me to be the persons who executed the within
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Instrument on behalf of the corporation therein named, and
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acknowledged to me that such corporation executed the within
�♦ ♦ ♦ ♦ ♦♦♦ ♦��♦ ♦ ♦ ♦ ♦ ♦�� �"—"'
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instrument pursuant to its bylaws or a resolution of its board
♦
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of directors.
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WITNESS and and official seal . / "J
♦ 'L
O
NOTARY Fc
PR I N C t
Sign '�t �%� -��t �-'� -� -L4
♦ OFFICIAL SEAL
ORAN:.-
"I
U
Glenda L. Reid
Name (Typed or Printed)
5-823 %3CZW2L SEAL Mr Ccm ;'" Eq.i c: S.0. 36. 1976
,1 au .1.1141 oMmu .. -- -z.
September 11, 1979
TO: CITY CLERK
FROM: Traffic Engineer
SUBJECT: TRAFFIC SIGNAL IMPROVEM EA TS AT SUPERIOR AVENUE AND
H03Pi-TA�-RAAD ,EfO.6« �i dE
Please release Grant Corporation's Bond, Number 2062716, as
requested in their letter of September 4, 1979, copy attached.
In lieu of the Bond, Grant Corporation has deposited Check
Number 15992 in the amount of $10,000.00 as fulfillment of their
obligation for the subject traffic signal improvements.
A copy of City of Newport Beach Receipt Number 06226 acknowl-
edging their deposit is included herein.
Richard M. Edmonston
Traffic Engineer
i
HLG:ma
cc: Subdivision Engineer
# 0
GRANT CORPORATION
I
September 4, 1979
City of Newport Beach
3300 Newport Boulevard
Newport Beach, California 92663
Gentlemen:
On August 15th, 1979, we sent our check number 15992 for $10,000.00 to you
to cover our obligation for the signalization of Superior Avenue and Hospital Road.
It was my understanding that once you received this check that our bond number
2062716 for $10,000.00 would be released.
Please use this letter as our request to have Bond 2062716 released.
Thank you.
Yours truly,
Grant o oration
Glenn L. arC p n
President
GLC /pl1
505 NORTH TUSTIN AVENUE •SUITE 253 -SANTA ANA, CALIFORNIA 92705 • (714) 973 -2036 • A Subsidiary of Sent. Anita Consolidated, Inc.
•. •
--------------------- -------------
CITY OF NEWPORT BEACH RECEIPT
NEWPORT BEACH. CALIFORNIA 92663
No. 06226
19 q9
RECEIVED FROM-&,"
6 $ a2Q
FOR:
pC4 4 PZ� 4=:>
AC�C MNV NO,
AtCOUNY NO -(=>
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DEPARTMENT Lao
By
----- -----------------------------------I
...... ........
o� CITY OF NEWPORT BEACH
u z CALIFORNIA
a" City Hall
C71.1 PORN' I
3300 W. Newport Blvd.
Area Code 714
673 -2110
DATE MW 2, 1975
TO: FINANCE DIRECTOR
FROM: City Cleric
SUBJECT: Contract No.
Description of Contract Qoopmmlive rinanc3nsr Agmmm= with Robert H. Grlar3t
Corporation for traffic signal at Hoag Drive and Superior Avenue
Authorized by Resolution No. 8478 , adopted on April 289 1975
Effective date of Contract April 28, 1975
Contract with Robert H. Grmt Corporation
Address 500 Newport Center Drive
Newport Beach, CA 92660
Amount of Contract See agr___msnt
-City Clerk ,
May 2, 1975
Public Works Director
Cooperative Financing Agreement with Robert H. Gant
Corporation for traffic signal at Hoag Drive and
Superior Avenue, Contract No. 1701
Enclosed are two fully executed copies of subject agreement for trans-
mittal to Grant Corporation and for your files.
This agreement was authorized by the City Council on April 28, 1975 by
the adoption of Resolution No. 8478.
Laura Lagios, CMC
city clerk
LL: c�rq
Enclosures
cc: Camnmity Development Departnent
r
April 18, 1975
TO: (1) CITY ATTORNEY
(2) CITY MANAGER
(3) CITY CLERK
FROM: Assistant Public Works Director
SUBJECT: COOPERATIVE FINANCING AGREEMENT AND SURETY FOR HOAG DRIVE' -AND.. .
SUPERIOR AVENUE TRAFFIC SIGNALIZATION —
Attached are the following items:
1. Original and two copies of the Cooperative Financing
Agreement.
2. Original and one copy of a Faithful Performance Bond
(No. 2062716)
Participation in bearing the cost of the future traffic signal at
the intersection of Hoag Drive and Superior Avenue was established as a condi-
tion of approval for Tract No. 8381. The agreement, which was prepared by the
City Attorney's office, has been executed by the other party and appears to
adequately insure that the subdivider's obligation will be fulfilled.
Action requested:
City Attorney
Approve the agreement and bond as to form.
M. Forward all the copies to the City Manager.
fie. Prepare a resolution authorizing the Mayor and
the City Clerk to execute the agreement. The
V resolution is desired for City Council considera-
tion at the meeting on April 28, 1975.
2. City Manager
a. Approve the agreement and bond as to sufficiency.
b. Forward all the copies to the City Clerk.
3. City Clerk
a. Present the agreement to the City Council for approval.
b. Have the agreement executed by the Mayor and yourself.
c. Retain the original of the agreement and bond for your
files and return the remaining copies to the Public
Works Department.
Benjamin B. Nolan
Assistant Public Works Director
GPP:hh
Attachments
COOPERATIVE FINANCING
AGREEMENT
THS�7� ��
is e and entered into
this
c�O
day of ,
197 , by and between the
�
CITY
OF
NEWPORT BEACH, a municipal corporation, hereinafter referred to
as "CITY ", and ROBERT H. GRANT CORPORATION, a California corpo-
ration, hereinafter referred to as "GRANT ":
W I T N E S S E T H:
WHEREAS, on August 27, 1973, the City Council of the
City of Newport Beach approved•the Final Map of Tract No. 8381
to allow GRANT to subdivide 3.279 acres of land into ne lot
for condominium development; and
WHEREAS, one of the conditions attached to the approval
of said Final Map was that the developer bear 258 of the cost of
the traffic signalization at the intersection of Hoag Drive and
Superior Avenue, up to a maximum of Ten Thousand Dollars
($10,000.00); and
WHEREAS, the parties hereto wish to enter into an
agreement in order to ensure that the condition of approval
attached to said Final Map will be complied with;
NOW, THEREFORE, in consideration of the foregoing, the
parties hereto agree as follows:
1. CITY shall have the responsibility to determine
when traffic conditions at the intersection of Hoag Drive and
Superior Avenue are such that traffic signalization is needed,
at the CITY's'sole discretion;
2. When the CITY determines that traffic signaliza-
tion is needed at the intersection of Hoag Drive and Superior
Avenue, the CITY shall notify GRANT of the determination, and
make demand of GRANT for payment of GRANT's share of the cost
thereof, and not later than twenty (20) days after said demand,
-1-
• •
GRANT shall pay to CITY 25% of the cost of construction of the
necessary traffic signalization, and all related appurtenances,
at the intersection of Hoag Drive and Superior Avenue; provided,
however, GRANT'.s share of said cost shall not exceed Ten
Thousand Dollars ($10,000.00);
3. GRANT shall furnish to the CITY, and keep in full
force and effect until this agreement is fully performed, at
GRANT's sole cost, a bond or other security satisfactory to the
CITY in the amount of Ten Thousand Dollars ($10,000.00), guaran-
teeing the faithful performance of this agreement and the payment
by GRANT to the CITY within the time set forth in Paragraph 2
above;
4. Should the CITY bring suit to enforce the terms of
this agreement, or seek to execute on the bond given hereunder,
GRANT agrees to pay all costs and expenses incurred by the CITY
in securing performance or execution on said bond, including all
costs of suit and reasonable attorney's fees;
5. GRANT hereby agrees to bind itself, its successors
and assigns to perform all terms and conditions of this agreement.
IN WITNESS WHEREOF, the parties hereto have executed
this agreement as of the date first above written.
ATTEST: \
.. CAW R p RNA
City Clerk
APPROVED AS TO FOAM:
ti
City Attorn,y
1
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CITY OF NEWPORT BEACH
By :��'
Mayor
CITY
ROBE
By.
By:
`Title: • ^mac 4< ' "�
G T
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HRC:kb
11 -27 -74
+Y
STATE OF CALIFORNIA
55.
1 ECOUNTY OF Orange
o April 14 1975 before me, the undersigned, a Notary Public in and for
u
g said State, personally appeared Gary Brooks;
known to me to be the Vice President, and Harriet A. Frizelle
c '
known to ma to be the Asst Secretary of the corporation that executed the within instrument,
E
-C and known to me to be the persons who executed the within
LLinstrument on behalf of the corporation therein named, and ac-
cknowledged to me that such corporation executed the within : RUTH M. McCAFFF+•Y
$ instrument pursuant to its by -laws or a resolution of its board of ♦ NOTARY PUBLIC'CALIFORNIA
♦
u dircctora. * OFFICIAL SEAT, MPCIORANGE COUNTY IN
T ...........:.::o.;;::::.
WITNESS my and fficial seal.
� m L
E
0 Signature
7
RESOLUTION NO, 8478
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH AUTHORIZING THE MAYOR AND
CITY CLERK TO EXECUTE A COOPERATIVE FINANCING
AGREEMENT BETWEEN THE CITY OF NEWPORT BEACH
AND THE ROBERT H. GRANT CORPORATION IN CONNEC-
TION WITH THE COST OF A TRAFFIC SIGNAL AT
INTERSECTION OF HOAG DRIVE AND SUPERIOR AVENUE
WHEREAS, there has been presented to the City Council
of the City of Newport Beach a certain cooperative financing
agreement between the City of Newport Beach and the Robert H.
Grant Corporation in connection with the cost of a traffic
signal at the intersection of Hoag Drive and Superior Avenue;
and
WHEREAS, the City Council has considered the terms
and conditions of said agreement, and found them to be fair and
equitable and in the best interests of the City;
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Newport Beach that said agreement.above described
is approved, and the Mayor and City Clerk are hereby authorized
and directed to execute the same on behalf of the City of Newport
Beach.
ADOPTED this 28th
ATTEST:
City Clerk
R- ����
day of April , 1975.
Mayor
DDO /bc
4/24/75