HomeMy WebLinkAboutPM12022 15-306 Perf LOC ReleaseB A K E R S F 1 E L D
PUBLIC WORKS DEPARTMENT
NICK FIDUR • DIRECTOR • CITY ENGINEER
March 30, 2017
Artisan Square Investments, LLC
8501 Brimhall Road, #404
Bakersfield, California 93312
Re: Security Release for Parcel Map 12022
Improvement Agreement No. 15 -306
Wells Fargo Bank Performance Letter of Credit No. IS0352762U ($982,241.00)
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 February 28, 2017 by
the City of Bakersfield. This letter is your authorization to release ONLY the Performance
Letter of Credit No. IS0352762U.
The Developer will maintain the Labor and Material Letter of Credit No. IS0352762U
($464,120.00) and the Maintenance Letter of Credit No. ISO496551 U ($98,224.10) 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: Ta 6
Daniel Padilla
Civil Engineer IV - Subdivisions
XC: Reading file; Project file
S:/LANDDIVISION /REDUCE &RELEASE /2017 /PM12022 15 -306 PERF LOC RELEASE
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