CADO Garbani LLC Bond Release Letter 28206-2 SU1102671Wallace W. Edgerton
Moyor
Fred Twyman
Vice Moyor
John V. Denver
Councllmember
Darcy Kuenzi
Counciimember
Thomas Fuhrman
councilmember
297r4 Haun Road
Menifee, CA 92586
Phone 951 .672.6777
,ax 951.679.)84)
www.cityofmeni{ee.us
CITY OF MENIFEE
ENGINEERING DEPARTMENT
January 12,2O11
City Clerk
City of Menifee
297'14 Huan Road
Menifee, CA 92586
RE: Tract 28206-2 - 100% Release of Security
Developer: CADO Garbani LLC
Surety: Arch lnsurance Company
Dear Madam
On August 19, 2009, the City entered into agreements with CADO Garbani LLC,
successors to Zikakis Asset Management, LLC and Capstone Asset Management, lnc
for the improvement of streets and drainage, the installation of a water and sewer
system, and placement of subdivision monuments within the above referenced
subdivision. Accompanying these agreements were Fatthful Performance securities
and Material and Labor securities posted by Arch lnsurance Company as follows:
Faithful Performance
$618,000 - Bond #SU1 102671 for the completion of street improvements
$210,000 - Bond #SU1102671 for the completion of the water system
$220,000 - Bond #SU'1 10267'1 for the completion of the sewer system
$40,800 - Bond #SU1 102670 for subdivision monument bond
Material and Labor
$309,000 - Bond #SU'l 102671 for the completion of street improvements
$105,000 - Bond #SU'l 102671 forthe completion of the water system
$1 10,000 - Bond #SU1102671 forthe completion of the sewer system
The required bonds and agreements were executed on November't8, 2010 by Beazer
Homes Holding Corp. and accepted by City Council on December 21, 20'10. The full
amount of the faithful performance securities are hereby released at this time, as
provided by Ordinance 460, Section 17.1 (l):
Sincerely,
Don Allison, P.E.
City Engineer / Director of Public Works
City of Menifee, Engineering Department
Cc: File
Wallace w' Edgerton
MaYor
Fred Twyman
Vice Moyor
John v. Denver
Councilmember
Darcy Kuenzi
councilmember
Thomas Fuhrman
councilmember
29714 Haun Road
Menifee, cA 92586
Phone 9r1.672.6n7
Fax 951.679.1843
www.cityofmenifee.us
CITY OF MENIFEE
ENGINEERING DEPARTMENT
January 12, 2011
Justin Bert
CADO Garbani LLC
1545 Faraday Avenue
Carlsbad, CA, 92008
RE: 100% Release of Securities for Tract 28206-2
Dear Justin Bert,
Replacement securities and agreements have been posted and executed with the
City of Menifee by Beazer Homes Holdings Corp. Therefore, please find attached a
copy of the 100% security release for Faithful Performance and Material and
Labor.
Sincerely,
Don Allison, P.E.
City Engineer / Director of Public Works
City of Menifee, Engineering Department
Attachment
Cc: File
.::rlr=,
lf you have any questions regarding this conclusion, please contact the Don
Allison, Engineering Department al 951 -672-6777.
D*@*-