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FROM: DIRECTOR OF PUBLIC WORKS
DATE: MAY 2, 2006
Staff Coordinator: Bindu Vaish, Assistant Engineer
Release of Trust Deposit 413 for Tract No. 38512, in the amount of $30,520 for construction along Palos Verdes Drive South
City received a request from the developer of the Tract 38512 to release the Trust Deposit (T.D.) 413 which was opened in February 1,1995 in the amount of $30,520 for the construction improvement along Palos Verdes Drive South. (See attached Exhibit “A” Tract map and copy of the resolution 80-80 for condition of approval).
Staff has verified the work related to the TD 413. All the work has been completed per city’s standard and accepted by the City, therefore staff is recommending to release the trust deposit amount to the developer.
Adopting the staff recommendation will result in release of the trust deposit amount $30,520 to the developer.
No Fiscal Impact. Amount will be released from non-interest bearing Trust Deposit in the name of the developer.