HomeMy WebLinkAboutCC AG PKT 2007-10-22 #P
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AGENDA REPORT
DATE:
October 22, 2007
TO:
Honorable Mayor and City Council
THRU:
David N. Carmany, City Manager
FROM:
Vince Mastrosimone, Director of Public Works
SUBffiCT::
RELEASE OF SECURITY BONDS FOR PACIFIC
GATEWAY BUSINESS CENTER, TRACT NO. 16375
SUMMARY OF REQUEST:
The proposed City Council action to adopt the attached Resolution No, _ will release
the security bonds posted by the Boeing Realty Corporation to guarantee rough grading
improvements for the Pacific Gateway Business Center, Tract No. 16375, which is
located on the westerly side of Seal Beach Boulevard south of Westminster Avenue.
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BACKGROUND:
A subdivision agreement for Tract 16375 was entered into between the City of Seal
Beach and Boeing Realty Corporation dated August 19, 2005 which required that certain
improvements be installed. The subdivider posted a Faithful Performance Bond and
Labor and Materials Bond with the City to guarantee the installation of required
improvements. The public improvements required to be installed have been completed in
a satisfactory manner. The developer has now requested the release of these securities.
The Director of Public Works recommends that the following bonds posted by Boeing
Realty Corporation to guarantee rough grading improvements for the Pacific Gateway
Business Center, Tract No. 16375, City of Seal Beach, California be released:
1. Faithful Performance Bond No. 08813250 in the amount of $1,100,000,00 provided
by Fidelity and Deposit Company of Maryland for Rough Grading Improvements.
2. Labor and Materials Bond No, 08813250 in the amount of $1,100,000.00 provided
by Fidelity and Deposit Company of Maryland for Rough Grading Improvements.
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FISCAL IMPACT:
No impact,
Agenda Item P
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RECOMMENDATION:
It is recommended that the City Council adopt Resolution No. _ releasing security
bonds.
Prepared By:
~0~'"
"""" L Spitz, P Jl. ~....--/
Associate Civil Engineer
~ .'. . (~ )
vmreMmro~ ~
Director of Public Works
Attachments:
Resolution No,
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NOTED AND APPROVED:
-
~
David N, Carmany 1
City Manager
authorizing Release of Securities
Agenda Item
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RESOLUTION NUMBER_
A RESOLUfJON OF THE CITY COUNCIL OF THE CITY OF
SEAL BEACH AUTHORIZING THE RELEASE OF ROUGH
GRADING SECURITY BONDS FOR BOEING REALTY
CORPORATION, PACIFIC GATEWAY BUSINFSS CENTER,
TRACT NO. 16375
WHEREAS, Rough Grading Improvements for the Boeing Realty CllIl'OTlluon,
Pacific Gateway Busin..a Center Tract No. 16375, City of Seal Beach, State of
California have been completed Bnd recommends the release of the security bonds posted
by Boeing Reality Corporation that guarantees the installation of these improvements.
NOW, TIIEREFORE, BE IT RESOLVED by the City Council of the City of Seal
Beach thlt the security bonds posted by Boeing Realty Corporation 10 guarantee the
Rough Gnlding Improvements for the Pacific Gateway Business Center Tract No. 16375,
in the City of Seal Bench, StBle of California, be roIeased as follows:
I. I'allhful Perfonnancc Bond No. 08813250 in the amount of $1,100,000.00
provided by Fidelity and Depo.r;t Company of MllI)'land for Rough Grading
Improvements be released.
2. Labor and Material. Bond No. 08813250 in the amount of $1,100,000.00
provided by Fidelity and Depo.it Company of MllI)'land for Rough Gradin8
Improvements be rel....d
PASSED, APPROVED AND ADOPTED by the City Council of Seal Bench, It a regulor
meeting held on the 22nd day of October 2007 by the following vote:
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AYES:
COUNCn.MEMBERS
NOES: COUNCILMEMBERS
ABSENT: COUNCn.MEMBERS
ABSTAIN: COUNCILMEMBERS
Mayor
ATIEST:
City Clerk
STATE 01' CALIF'ORNJA
COUNTY 01' ORANGE SS
CITY 01' SEAL BEACH
J, Linda Devine, City Clerk for the City of Seal Beach, California, do hereby certify that
the foregoing resolution is the original copy of Resolution Number_ on file in the
officc of the City Clerk, pas.ed, approved and adopted by the City Council of the City of
Seal Beach at . regulor meetin8 held on the 22nd day of October .2007.
City Clerk
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