Golden Star Investment Properties, LLC Bond Release Letter 41411109New. Better. Best.
29844 Haun Rd. Menifee CA. 92586
lg5'll 67 2-6777 1 Fax (951) 679-38i3
cityofmen ifee.us
April 21,2023
Golden Star Ivestment Properties, LLC
Attn: Matthew Arfa
4040 MacArthur Blvd., Suite 309
Newport Beach, C A92660
RE: Golden Star lnvestment Properties, LLC, IP20-001, Bond Release, Bond No. 47417109
To whom it may concern,
The City of Menifee's Engineering Department has approved a 500/0 reduction of Faithful Performance Bond
No. 41411109 for lP20-001.
Material and Labor Bond No. 47471109 will remain at 50% of the original Faithful Performance Bond
amounts and will be released in full following the acceptance of the public improvements, and per City
security release policy.
Below ou will find the schedule of release for Bonds referenced above:
Enclosed are copies of the Faithful Performance and Material & Labor Bonds.
Si
ilar
Ma ment Analyst, City Clerk's Office
MENIFEE
Bill Zimmerman
Mayor
Ricky Estrada
CoLrnctlnrember
Distflct 2
4141.1109
(Faithful Performa nce Bond)540G,soo
41,4LLLOg
(Material & Labor Bond)s203,2s0
50% Reduction Effective Date
5203,2s0
N/A
Origina I Bond
Amount
Bob Karwin
Mayor Pro Tem
Drstrct 1
Lesa A. Sobek
Councilmember
Drst.rct 3
Dean Deines
Councrlmember
Drstnct 4
Armando G. Villa
Crty MaDager
Bond No.
3/21/23
N/A
MENIFEE 29844 Haun Road Menilee, CA 92586951-672-6777 Fax951-679'3843
New. Better. Best.cityotmenifee.us
March 2'1, 2023
Kay Vinson
Acting City Clerk
City of Menifee
RE: lmprovement Bond 50% Reduction for lP20-001 (PP2018-023)
Dear Kay,
Golden Star lnvestment Properties LLC (Developer) is requesting a 50% reduction in the public
improvement securities for lP20-001, Menifee Plaza. The Project Manager has reviewed the
request and the City Engineer has administratively approved the 50% reduction for streets,
drainage, water, and sewer system securities.
The Material and Labor bond amounts will remain at 50% of the original Faithful Performance
amounts, to be released in full following the acceptance of the public improvements, and per City
security release policy. The original security information is summarized in the table below, along
with the approved reductions.
Ori inal and Reduced Securities - lP20-001
Please mail bond reduction letter to:Please email bond reduction letter to:
Golden Star lnvestment Properties LLC
Attn: Matthew Arfa
4040 MacArthur Blvd., Suite 309
Newport Beach, CA 92660
lf you have any questions, please contact Kris Jensen
Sincerely,q'!rk
Oaniel Padilla, P.E.
City Engineer
Streets/Drainage 41411109 $ 235,500 $ 1 17,750 $ 1'17,750 N/A
Water System 41411109 $ 79,000 $ 39,500 $ 39,500 N/A
Sewer System 41411109 $ 92,000 $ 46,000 $ 46,000 N/A
Total:$ 406,s00 $ 203,250 $ 203,250
lmprovemenl Security
kiensen@citvofmenifee. us
crobinson@citvofmenifee. us
m atthew(A amsbrokers. com
Faithful
Performance
50Yo
Reduction
Material & Labor
Original Amount
50%
Reduction