KB Home Coastal, Inc. Bond Release Letter 024036009MENIFEE 29844 Haun Road Menlfee. CA 92586
951 672 6117 , Fax 951 679-3843
New. Better. Best.cityofmenifee.us
November B, 2022
KB Homes
Attn: Steve Brennan
36310 Inland Valley Drive, Suite 300
Wildomar, CA 92595
RE: KB Homes (Hidden Hillsl, City of Menifee, TR No. 30142
Partial Bond Release, Bond No. 024036009
To whom it may concern,
On November 2,2022,the City of Menifee City Council accepted the public improvements for streets,
drainage, water and sewer systems for Tract Map No. 301.42; along with the 90%o release of Bond No.
024036009 (Faithful Performance BondJ and the full release of Bond No. 024036009 (Material and
Labor BondJ. The remaining 10% of the Faithful Performance Bond in the amount of $476,300 has
been transferred to a Warranty Bond, to be held for 12 months.
Below you will find the schedule ofrelease for Bond No. 024036009:
Enclosed is a copy of the original bond for your reference. Please note, the Material and Labor Bond will
be fully released per standard City policy 90 days after acceptance of public improvements as indicated
on the table above. This release will occur automatically unless Cify receives written notice that an action
or stop notice has been filed related to the construction ofthe improvements.
Sinc rel
Edna A. A lar
Management Analyst, City Clerk's Office
02403600 9 [Faithful Performance BondJ $4,763,000 $476,300
024036009 [Materials & Labor Bond)$2,818,000
Original
Bond
Amount
Bond Amount
being witheld
Release
Date
tr/8/22
L/31/23
Matt Liesemeyer
C o(r ncrlm6'or br,r
Drstrrct 2
Bill Zimmerman Dean Deines
M.ryor Pro Te n
Drstr rcl 4
Bob Karwin
Councrlnrenrber
Drstr jcl I
Lesa A. Sobek
(-Orrrl( rI r], rnl)( 'l
D,- l l l
Armando G. Villa
(lrlv lu'l,,l] ,rqr,r
Bond No.Released
Amount
$4,286,700
$2,818,000