Standard Pacific Corp. Bond Release Letter TM34406-5 929581356MENIFEE 29844 Hdun Rorrd Menrree. Ca 92586
951-672-6777 Fax 951 679'38a3
New. Better. Best.cityolmenifee.us
July 15,2019
The Continental Insurance Co.
4150 Drinkwater Blvd., Suite 410
Phoenix, AZ8525l
Re: Standard Pacific Corp., City of Menifee, TM 34406-5
Reduction of Faithful Performance Bond, release of Material and Labor Bond, Bond
No. 929581356 and release of Subdivision Monument Bond, Bond No. 929581357
On lune 19,2019 the City Council approved the release of the Labor and Material Bond and
the release of the Subdivision Monument Bond. The originals are enclosed.
Material & Labor Bond - $1,393,750
Subdivision Monument Bond - $28,000
One lune 19,2019 the City Council also approved the reduction of the Faithful Peformance
Bond to 100/0.
Faithful Performance Bond - $2,787,500
Please let me know if you have any questions.
Sincerely,
ah A. Manwaring
City Clerk
cc: Standard Pacific Corp.
Enclosures
29844 Haun Road tMenifee. CA 92586
951-672-677:1 L Fax 95t679'3843
New. Better. Best.cityofmenifee.us
luly 9,2019
Sarah Manwaring
City Clerk
City of Menifee
Subiect: Reduction of Faithful Performance Bond, Release ofLaborand Material Bond,
and Release of Survey Monument Bond for Standard Pacific Corp.,
Tract Map 34406-5
Reference: Bond Numbers 92958L356, 929 581357
Dear Sarah:
On February 1,9,2014, the City of Menifee entered into Bond Agreements with Standard
Pacific Corp., for Public Improvements associated with Tract Map 34406-5 subdivision.
The agreemen6are for the following:
Ori nal Bonds
On lune 19,2019, the City Council accepted the public improvements secured by these
bonds and approved the reduction ofthe Faithful Performance Bond to 1070 as security for
a period ofone year; 1000/o release ofthe Labor & Material Bond, and 1000/o release ofthe
Survey Monument Bond.
Please release the existing Improvement Labor & Material Bond for $1,393, 750.00 and the
Survey Monument Bond for $28,000,00, and retain the 10% ofthe Faithful Performance
Bond.
Please contact Christopher Heron, Assistant Engineer ifyou have any questions at
(95t)723-3723.
Greg August
lvlayor Pro Tem
District 1
Matt Liesemeyer
Councilmember
District 2
Improvements Security Faithful Performance
$1,005,000.00
$ 167,500.00
$ 22L,250.00
Road/Drainage
Water System
Sewer System
92958t356
$2,010,000,00
$ 335,000.00
$ 442,500.00
$2,787,500.00 $1,393,750.00Total
$ 28,000.00 N/ASurvey Monument 929587357
Bill Zimmerman
Mayor
Lesa A. Sobek
Councilmember
District 3
Dean Deines
Councilmember
District 4
Armando G. Villa
City Manager
MENIFEE
Labor & Material
Sincerely,
Yolan
Ass ist
. Macalalad, PE, QSD/QSP
City Engineer
Cc: file
Jonathan G. Smith, PW Director/City Engineer