KB Home Coastal, Inc. Bond Release Letter TM29835-2 024252535
_________________________________________________ __________________________________________
ORIGINAL POSTED SECURITES:
BOND TYPE & NUMBER ORIGINAL BOND AMOUNT RELEASED AMOUNT RELEASED DATE
WARRANTY BOND AMOUNT BEING WITHELD
DocuSign Envelope ID: 9BA7883C-31F5-457C-AACC-11F82522ABFB
$ 2,749,950
March 3, 2024
KB Home
Attn: Steve Brennan
36310 Inland Valley Dr. STE 300
Wildomar, CA 92595
RE: 90% Security Release – TM29835-2 – Underwood Park - Bond No. 024252535
Dear Mr. Brennan,
On July 1, 2023, the Public Works Director for the City of Menifee accepted the public
improvements for Underwood Park and authorized the 90% reduction of the posted faithful
performance securities associated with the park in Tract Map No. 29835-2. 10% of the faithful
performance bond amount will be held as a Warranty Bond for a period of 12 months from the date
of acceptance.
The Material and Labor bond is now released in full. A copy of the faithful performance bond and
the original of the Material and Labor Bond will be provided via standard mail to the address
above.
Electronic copies of this letter and any attachments will be sent to the following contacts at
each remaining stage of the release process:
Steve Brennan at sbrennan@kbhome.com
Faithful Performance
Landscape Improvement
024252535
07/01/2023$ 3,055,500 $ 305,550
Alberto Paiva,
P.E. City Engineer
4/3/2024 4/30/2024Edna Aguilar,
Management Analyst
FUTURE BOND RELEASES
_________________________________________________
_________________________________________________
If you have any questions or concerns, please contact Edna Aguilar at eaguilar@cityofmenifee.us .
Sincerely,
Edna Aguilar
Management Analyst
MATERIAL & LABOR BOND (90 DAY HOLD)
BOND NUMBER ORIGINAL BOND AMOUNT RELEASED AMOUNT RELEASED DATE
CITY CLERK APPROVAL FOR RELEASE
WARRANTY BOND (12 MONTH HOLD)
BOND NUMBER ORIGINAL BOND AMOUNT
WARRANTY BOND AMOUNT BEING WITHELD
RELEASED DATE
WARRANTY BOND AMOUNT BEING RELEASED
DocuSign Envelope ID: 9BA7883C-31F5-457C-AACC-11F82522ABFB
024252535
$ 1,527,750
Alberto Paiva,
P.E. City Engineer
$ 3,055,500
Kris Jensen,
Financial Analyst
$ 305,550 TBD
$ 1,527,750 10/01/2023024252535