HomeMy WebLinkAboutT6802-1 15-160 Perf & L&M Bond Release Ltr0
B A K E R S F 1 E L D
PUBLIC WORKS DEPARTMENT
NICK FIDLER • DIRECTOR • CITY ENGINEER
March 31, 2017
Iron Rock Development
5401 Business Park South, Suite 220
Bakersfield, California 93309
Re: Security Release for Tract 6802 Phase 1
Improvement Agreement No. 15 -160
Mission Bancorp Performance and Labor & Materials Letter of Credit No. 2015 -84
($794,545.00)
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 March 24, 2016 by the
City of Bakersfield. This letter is your authorization to release ONLY the Performance and
Labor and Materials Letter of Credit No. 2015 -84.
The Developer will maintain the Maintenance Letter of Credit No. 2015 -84 ($158,909.00)
from Mission Bancorp. 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: Di
Daniel adilla
Civil Engineer IV - Subdivisions
XC: Reading file; Project file
S: /LANDDIVISION /REDUCE &RELEASE /2017/T6802 -1 15 -160 PERF & L &M LOC RELEASE
1600 Truxtun Avenue
Bakersfield • California • 93301
(660326-3724
Fax (661) 852 -2120
www.bakersfieldgity.us
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