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<br /> I .1 I . . I . ,. - <br /> (0. , A# I <br /> "-- REPORT <br /> April 12,2004 <br /> Subject <br /> Final Acceptance - One Maple Street Subdivision .. <br /> Recommendation <br /> Accept by Minute Order the One Maple Street Subdivision, and release the bonds <br /> following the submission of a Maintenance Bond in the amount of $210,000 (10% of the <br /> original bond), in accordance with the Improvement Agreement. <br /> Background <br /> On June 5, 2000, the Council approved the Agreement for the improvements related to <br /> the One Maple Street Subdivision. <br /> The Developer, Irvine Apartment Communities, has completed the construction of the <br /> "- improvements for this project in accordance with the Agreement, the Plans and <br /> Specifications, and to the satisfaction of Engineering and Construction Services. <br /> The developer provided a Faithful Performance Bond and a Labor & Materials Bond for <br /> this project in the amount of $2,100,000, which can now be released. <br /> Alternative <br /> The alternative is to not accept the improvements, which would be contrary to prior <br /> Council action. <br /> Fiscal Impacts <br /> The Maintenance Bonds for the One Maple Street Subdivision Project will be held for <br /> one year, after which maintenance will be the responsibility of the City. <br /> ;J ~ <br /> ~-44"-H ~Æ - v <br /> , ~ <br /> , B' ce Liedstrand . Ed verett ' . <br /> f1..Community Development Services Director City Manager <br /> JKL:ss ~ <br /> SIIib"'YI"pon>f¡Oollo"",pI 0" Mop/. St..., Su"",","" <br /> I <br /> "-- <br /> -1- <br />