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HomeMy WebLinkAboutT6454 15-298 Perf Bond ReturnPUBLIC WORKS DEPARTMENT NICK FIDLER • DIRECTOR • CITY ENGINEER April 13, 2016 Froehlich Signature Homes 8501 Brimhall Road, #404 Bakersfield, California 93312 Re: Security Release for Tract 6454 Improvement Agreement No. 15 -298 Citizens Business Bank Performance Letter of Credit No. 52 -SB -5059 ($454,111.00) To Whom It May Concern: All improvements for the above - referenced Tract Map have been completed and a NOTICE OF COMPLETION AND ACCEPTANCE OF WORK was filed on April 5, 2016 by the City of Bakersfield. This letter is your authorization to release ONLY the Performance Letter of Credit No. 52 -SB -5059. The Developer will maintain the Labor and Material Letter of Credit No. 52 -SB -5061 ($1,087,767.00) and the Maintenance Letter of Credit No. 52 -SB -5095 ($217,553.00) from Citizens Business Bank. The maintenance Letter of Credit is required to guarantee all features of the improvements for a minimum of one year from the date of recordation of the NOTICE OF COMPLETION AND ACCEPTANCE OF WORK. You are to maintain your policies of insurance for the duration of the warranty period. Please submit to the City an updated copy of your Certificate of Insurance. We are returning the original documents to the bank, along with a copy of this letter. Should you have any questions regarding the above, please contact Michelle Mendenhall at (661) 326 -3582. Very Truly Yours, Nick Fidler City Engineer By; Marian P. Shaw Civil Engineer IV - Subdivisions XC: Reading file: Project file 1600 Truxtun Avenue Bakersfield • Calitirrnia • 93301 (661)326-3724 Fax (661 ) 852 -2120 www.bakcrstieldcity.us t /ta 4C�^ 41 � P. P B A K E R S F 1 E L D PUBLIC WORKS DEPARTMENT NICK FIDLER • DIRECTOR • CITY ENGINEER April 13, 2016 Froehlich Signature Homes 8501 Brimhall Road, #404 Bakersfield, California 93312 Re: Security Release for Tract 6454 Improvement Agreement No. 15 -298 Citizens Business Bank Performance Letter of Credit No. 52 -SB -5059 ($454,111.00) To Whom It May Concern: All improvements for the above - referenced Tract Map have been completed and a NOTICE OF COMPLETION AND ACCEPTANCE OF WORK was filed on April 5, 2016 by the City of Bakersfield. This letter is your authorization to release ONLY the Performance Letter of Credit No. 52 -SB -5059. The Developer will maintain the Labor and Material Letter of Credit No. 52 -SB -5061 ($1,087,767.00) and the Maintenance Letter of Credit No. 52 -SB -5095 ($217,553.00) from Citizens Business Bank. The maintenance Letter of Credit is required to guarantee all features of the improvements for a minimum of one year from the date of recordation of the NOTICE OF COMPLETION AND ACCEPTANCE OF WORK. You are to maintain your policies of insurance for the duration of the warranty period. Please submit to the City an updated copy of your Certificate of Insurance. We are returning the original documents to the bank, along with a copy of this letter. Should you have any questions regarding the above, please contact Michelle Mendenhall at (661) 326 -3582. Very Truly Yours, Nick Fidler City Engineer By; Marian P. Shaw Civil Engineer IV - Subdivisions XC: Reading file: Project file 1600 Truxtun Avenue Bakersfield • Calitirrnia • 93301 (661)326-3724 Fax (661 ) 852 -2120 www.bakcrstieldcity.us t /ta 4C�^ 41 � P. P