24230 Spanos 90CITY OF LA QUINTA
SUBDIVISION IMPROVEMENT AGREEMENT
THIS AGREEMENT, made and entered into this 20th day
of February , 19 90 , by and between
A. G. Spanos Construction, Inc.
hereinafter referred to as "SUBDIVIDER", AND CITY OF LA QUINTA, a
municipal corporation of the State of California, hereinafter
referred to as "CITY".
WITNESSETH:
WHEREAS, the Subdivider has prepared and filed a final
subdivision map of Tract No. 24230 in the City of La Quinta, County
of Riverside, for approval by the City; and
WHEREAS, as a condition precedent to the approval of said
map by City, Subdivider is required to offer dedication of those
parcels of land intended for streets, highways, and other public use,
and also to construct and install or agree to construct and install
certain improvements on said dedicated parcels; and
WHEREAS, Subdivider, by said map, has offered for
dedication to City for public use certain streets and easements shown
on said map; and
WHEREAS, City desires to accept the streets and easements
shown on said map for public use, and certain other such
improvements; and
WHEREAS, as a condition precedent to the acceptance of the
dedication of such streets and easements by City, Subdivider is
required to enter into an agreement with the City to construct
certain improvements; and
WHEREAS, the total cost of such improvements has been
estimated by the City Engineer to be approximately $1,782,000.00
Dollars; and
WHEREAS, Subdivider, by said map, has proposed to utilize
certain parcels of land for private streets, and also to construct
and install or agree to construct and install certain improvements;
and
WHEREAS, even though said private streets shall not be
dedicated to City for public use, City desires to insure that said
streets are constructed to the same standards and specifications
required by City for public streets; and
WHEREAS, the total cost of such improvements has been
estimated by the City Engineer to be approximately $1,530,000.00
Dollars;
NOW, THEREFORE, IT IS AGREED by and between the parties
thereto as follows:
1. Subdivider, at his sole cost and expense, shall
construct and install the street, drainage,landscaping, domestic
water, sanitary sewer and other improvements required to be
constructed or agreed to be constructed as a condition precedent to
the approval of said final map and acceptance of such streets and
easements, as shown on the "Improvement Plans for Tract No.24230";
copy of which is now on file in the office of the City Engineer of
the City and which is referred to and incorporated herein as though
set forth in full.
SUBDIVISION IMPROVEMENT AGREEMENT - Tract 24230
Page 2
2. Subdivider shall furnish to City securities
satisfactory in form and substance to City Attorney executed by a
corporation authorized to transact surety business in the State of
California, one class security to be in the aggregate sum of
$5,764,900.00 dollars to assure the faithful performance of this
Agreement, said security class hereinafter referred to as
"Performance Bond(s)", and one security to be in the aggregate sum
of $2,565,000.00dollars to assure the payment of the cost of labor
and materials supplied to construct the required improvements, said
security class hereinafter referred to as "Payment Bond(s)".
All securities furnished pursuant to this Agreement shall be
furnished in amounts commensurate with the estimated value of the
various improvement items set forth in Exhibit 'A' which is attached
hereto and made apart hereof. Subdivider shall furnish a minimum of
five (5 ) separate Performance Bonds and a minimum of three
(3)separate Payment Bonds as identified by the respective Bond
Groups shown in Exhibit W.
3. Portions of the improvements required herein for Tract
No. 24230 are offsite improvements and may be subject to separate
reimbursement agreement(s) resulting in partial reimbursement of
costs to the extent legally possible to the Subdivider as more
particularly setforth on the attached Exhibit 'A' all subject to the
approval of the City. Reimbursement Agreements shall be subject to
the legal requirements of the Municipal Code together with Labor Code
Sec. 1770 et. seq.; and
4. Portions of the improvements required herein for Tract
No. 24230 may be deferred to later date subject to the approval of
the City as hereinafter set forth on the attached Exhibit W. In
any event any deferred security shall be furnished to City prior to
the approval and recordation of Map for Tract No. 24230.
5. Subdivider shall commence the construction and
installation of said improvements within ninety (90) days from the
approval of such "Improvement Plans" for Tract No. 24230 by the
City Engineer, and shall complete the construction of said
improvements within eighteen (18) months from the date of
commencement. Subdivider may at its sole discretion extend the
completion period described herein past the eighteen (18) months time
period to any future date that Subdivider may select. It is
understood, however, that a condition precedent to extending the
completion period, Subdivider shall furnish to City securities
similar in form and substance to those required by Article 2 herein
to cover the extended completion period selected by Subdivider. The
value of said securities shall be sufficient to insure the
performance of improvement work that remains incomplete at the time
of said time extension. The security posting amount shall be
determined by the City Engineer.
6. Before final approval of the street improvements, the
Subdivider will place survey monuments in accordance with the
provisions of the State Subdivision Map Act and the Subdivision
Ordinance of the City of La Quinta as shown on the Tract Map.
After the monuments are set, Subdivider shall furnish to the City
Engineer written notice that the monuments have been set, and written
proof that the engineer or surveyor has been paid for setting the
monuments, or as otherwise provided in the Subdivision Map Act.
7. The City Engineer or his duly authorized
representative, upon written request of Subdivider, shall inspect the
improvements herein agreed to be constructed and installed by
Subdivider, and if determined to be in accordance with the applicable
city standards, shall recommend the acceptance of such improvements
by the City.
SUBDIVISION IMPROVEMENT AGREEMENT - Tract 24230
Page 3
8. The City Engineer, or his duly authorized
representative, upon written request of Subdivider, shall inspect the
Streets herein agreed to be constructed by Subdivider, and determine
if said Streets have been constructed in compliance with the
standards and specifications required by City for public streets.
9. Subdivider shall complete such improvements plans
including any corrections and revisions thereto necessary to comply
with the applicable City standards as determined by the City
Engineer, within thirty (30) days after approval of the final map.
10. Subdivider hereby guarantees such improvements for a
period of one year following the completion by Subdivider, and
acceptance by City, against any defective work or labor done, or
defective materials furnished, in the performance of this Subdivision
Improvement Agreement by Subdivider and shall repair or replace any
such defective work or materials subsequently discovered.
11. The labor and material security required by Article 2
herein shall be retained to secure payment to the contractor, his
subcontractors and to persons renting equipment or furnishing labor
and materials for six (6) months after completion and approval of the
work required by Article 1 herein.
12. Ten percent (10%) of the performance security required
by Article 2 herein shall be retained by the City for one (1) year to
support the guarantee of the improvements required herein.
13. In the event that the Subdivider fails to perform any
obligation hereunder within sixty (60) days after the City has mailed
written Notice of Default to the Subdivider at the address given
below, the Subdivider authorizes City to perform such obligation and
agrees to pay the entire cost of such performance by City.
14. In the event that Subdivider fails to perform any
obligation hereunder, Subdivider agrees to pay all costs and expenses
incurred by City in securing performance of such obligations,
including costs of suit and reasonable attorney's fees. In the event
that Subdivider is unable to perform within the time limits herein
due to causes beyond his control, such as strikes, acts of God, etc.,
all time limits will be extended by the same amount of time as caused
by such delay.
15. Subdivider hereby binds itself, its executors,
administrators and assigns, and agrees to indemnify, defend and hold
the City harmless of any losses, claims, demands, actions or causes
of action of any nature whatsoever, arising out of or in any way
connected with Subdivider's performance hereinunder in the
construction of the improvements agreed to be constructed and
installed hereunder by the Subdivider, including costs of suit and
reasonable attorney's fees.
SUBDIVISION IMPROVEMENT AGREEMENT - Tract 24230
Page 4
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the day and year first written above.
CITY OF LA QUINTA
A-'tw 2-
By: Ronald L. kiedrowski
City Manager
City Clerk
f
SUBDIVIDER:
By: Address:
er&miah T. Murphy, Vice -Pr ident
By.
A. G. Spanos Construction,
Jack Murphy Stadium Inc
9449 Friars Road
San Diego, CA 92108
Subscribed and Sworn to before me this 20th day of February
19 90
OFFICIAL SEAL ,
Seal of Notary TONI J, LUCCHESI
NOTARY PUBLIC - CALIFORNIA Notary Sig ture
SAN JOAOUIN COUNTY
My Comm. Expires April 19, 1991
REVIEWED AND APPROVED
City Onginker Date
SUBDIVISION IMPROVEMENT AGREEMENT - Tract 24230
Page 5
EXHIBIT 'A'
The following improvements are designated by Bond Groups to permit
the phasing of the required improvements together with the required
securities:
Bond Groups No. 1, No. 2, and No. 3; the Subdivider
shall provide Performance Bonds and Payment Bonds prior to
the approval and recordation of Map for Tract No. 24230.
Improvements are to be accomplished solely at the expense
of the Subdivider and to be completed within eighteen (18)
months as herein provided in this Agreement.
Bond Group No. 4;the Subdivider shall provide Performance
Bonds and Payment Bonds prior to the approval and
recordation of Map for Tract No. 24230.
Improvements are to be completed by the Subdivider within
eighteen (18) months as herein provided in this
Agreement. Initial cost of improvements is to be borne
by the Subdivider. Cost of said improvements or portions
thereof may be subject to future reimbursement to the
Subdivider by means of reimbursement agreements relating
to contiguous properties and the value of improvements
benefiting those properties.
The requirement to construct improvements for Bond Group
No. 4 and the resulting subsequent reimbursements are
subject to rights of way being made available by others
to the Subdivider during the terms of this agreement.
Bond Group No. 5; the Subdivider shall provide
Performance Bonds prior to the approval and recordation of
the Map for Tract No. 24230.
Improvements are deferred for future construction by the
City and/or by means of a cooperative agreement with others
which is subject to the approval of the City. Construction
shall be on an as needed basis as determined by the City.
Traffic Signals:
The Subdivider shall bear thirty three and one third
(33 1/3%) percent of the cost of traffic signals at the
intersection of Washington and Avenue 48 including
incidentals.
Upon written demand of the City the Subdivider shall
deposit his share of the estimated cost of traffic
signal improvements with the City.
Washington Street - Underground Utilities:
The Subdivider shall bear all costs of removing aerial
electrical and communication lines along the
Subdividers frontage of Washington Street and for the
construction of all such facilities in
underground ducts together will all appurtenant items
and costs incidental thereto.
The Subdivider may, subject to the approval of the
City, enter into cooperative agreement(s) with the
utility companies resulting in said utilties being
constructed underground at the expense of the
Subdivider; or,
Upon written demand of the City the Subdivider shall
deposit his share of the estimated cost of
undergrounding utilities along his Washington Street
frontage together with all costs incidental thereto;
or,
At the sole discretion of the City an underground
utility district may be formed for the purpose of
SUBDIVISION IMPROVEMENT AGREEMENT
Page 6
constructing utilities underground along the
Subdivider's Washington Street frontage. The
Subdivider hereby agrees to the formation of such a
district and to pay all legal assessments accruing to
and benefiting his property within the project
limits of his frontage.
SUBDIVISION IMPROVEMENT AGREEMENT -24230
Page 7
BOND IMPROVEMENT DESCRIPTION
r.RnTTP
PERFORMANCE PAYMENT
nmmn RrWn
1
On -site streets and Drainage
$1,530,000
765,000
Improvements
Off -site street and Drainage
11522,000
761,000
Improvements
Perimeter lots landscaping
300,000
150,000
2
Sanitary sewer facilities
624,000
312,000
Domestic water facilities
894,000
447,000
3
Survey monuments
21,500
-0-
4
Washington Street one
southbound lane from via
Marquessa to Ave. 48
40,000
20,000
Washington Street at A.P.N.
617-070-005
50,000
25,000
Avenue 47 at A.P.N.
617-020-013
135,000
67,500
I
Washington Street/Avenue 47
Intersection
35,000
17,500
5
Traffic Signals at Washington
Street and Avenue 48
33,400
-0-
Washington Street Underground
Utilities
500,000
-0-
Adams Street Median between
Avenue 47 and Avenue 48'
(1/2 width improved with
landscaping & irrigation)
80,000
-0-
Each improvement item listed hereon may be bonded individually, or
bonded collectively with other improvements with a single bond,
provided however, that improvements which are grouped together and
bonded with a single bond are correspondingly identified in the 'Bond
Group' column as being of the same group.
Performance Payment
Bond Bond
Bond
Group
1
- Totals = $
Bond
Group
2
- Totals =
Bond
Group
3
- Totals =
Bond
Group
4
- Totals =
Bond
Group
5
- Totals =
3,352,000
1,518,000
21,500
260,000
588,400
$ 1,676,000
759,000
-0-
130,000
-0-
GRAND TOTALS = $ 51764,900 $ 2,5651000
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Un Bank of America
'
TRADE FINANCE SERVICES
DATE OF ISSUE: JANUARY CZ) 1993
TO: CITY OF LA QUINTA
78-105 CAI LE ESTADO
P.O. BOX 1504
LA QUINTA, CA 92253
AS
A RESULT
OF THE MERGER
BETWEEN BANK OF AMERICA
AND
SECURITY
PACIFIC
NATIONAL
BANK, SECURITY
PACIFIC
NATIONAL
BANK
LETTER OF
CREDIT
NO.
9011I9IS072SF
IS NOW THE
OBLIGATION OF
NUMBER HAS BEEN
THE
ASSIGNED
NEW BANK
TO
OF
AMERICA"
A NEW LETTER
OF CREDIT
IN
ADDITION,
THE FILE FOR
THIS
LETTER OF
BEEN RELOCATED
TO THE FOLLOWIN8
OFFICE:
CREDIT
HAS
BANK OF AMERICA NT & SA
1850 GATEWAY BLVD., 6TH FLOOR
CONCORD, CA 94520
ATTN: LETTER OF CREDIT OPERATIONS DEPT.
SWIFT BOFAUS6S
TELEX M I_; I. /���
WHEREVER THE SECURITY PACIFIC NATIONAL BANK LETTER OF CREDIT
REFERENCED ABOVE APPEARS IN THE LETTER OF CREDIT, NOW TO READ
BANK OF AMERICA LETTER OF CREDIT NO. 134651.
ALL COMMUNlCATIONS IN RESPECT TO THE ABOVE SECURITY PACIFIC
NATIONAL BANK LETTER OF CREDIT ARE NOW TO BE ADDRESSED TOUTHENG
BANK OF AMERICA OFFICE AT THE In. REFERENCED ABOVE, LA
BANK OF AMERICA'S LETTER OF CREDIT NUMBER.
ALL OTHER TERMS OF THE LETTER OF CREDIT REMAIN UNCHANGED.
THIS ORIGINAL ADVICE OF RELOCATION IS TO BE ATTACHED TO AND
BECOMES AN INTEGRAL PART OF THE REFERENCED LETTER OF CREDIl.
T
ID
(SEE ATTACHED LETTER)
BANK oFmwsn|CANATIONAL TRUST AND SAVINGS ASSOCIATION 0 Box*1ow " CONCORD, OAe*nu*-41o*
3SM 758 244 00
'sion Bond —California Bond No.................................
Sp
aittiful Performance — Public Work Premium $240.00/2 yrs.
AMERICAN MOTORISTS INSURANCE COMPANY
KEMPER
wauww.wC!
SUBDIVISION BOND
ICI1LIW All igm bg uhPsP lirrUntS: That ............ WILMA._PAC IFIC_,.. INC:... ............................................
............................................. as Principal, and the American Motorists Insurance Company,
a corporation organized and existing under the laws of the State of Illinois and authorized to transact Eurcty
City of La Quinta
bovines= in the state of California, as Surety, are held and firmly bound unto....................................................
......................................... ............. ............in the sum of---.TWELjjE _ THOU�I�..AIR..PTO.,r'.�.QQkh&-----..-----------
-- -- : -: -: -;----------------- _-----------------------Dollars ($-1a, ORQ,0D......------) I
w the payment whereof, well and truly to be made, said Principal and Surety bind themselves, their heirs,
dministrators, successors, and assigns, jointly and severally, firmly by these presents.
The condition of the foregoing obligation is such that, whereas the above -bounden Principal has entered
dated_ 19...... with the.City of La Quinta ....._.._
Ottoa contract,...................................................... --_... ......_....... ..............
'}............................................................... ................----------..........to do and perform the following work, to -wit:
`aversion/insure removal/reconstruction associated with concrete walks, temporary
acing, parking lot removal, removal of temporary sales office (s), and any other
-t ems as may be necessary for conversion of the models to R-1 occupancies.
=ot Plan #90-441, Lakefront Model Complex for Lake La Quinta (tract 24230)
TOa', THEREFORE, if the above -bounden Principal shall well and truly perform the work contracted
-formed under said contract. then this obligation sliall be void; otherwise to remain in full force and
20th July 90
NEDand SEALED this................day of --------------------------------------------------- 19.........
.... WILMA PACIFIC;_ IN
ALL CORRESPONDENCE TO:
IES & ASSOCIATES
ING GENERAL AGENTS
Figueroa St.
CALIFORNIA 90041
: (213) 257-8291
............................ (Seal)
--_ ... . .............
...... ....... .._
Principal
It4SURANCE COMPANY
-------------------------------------
Attorney-in-Fact
OUTSTANDING BOND REPORT
Name: A. G. Spanos Construction, Inc.
Tract No. 24230
Date of Contract: February 20, 1990
Required Bond Amounts:
$3,352,000 -
$1,676,000 -
$1,518,000 -
$ 759,000 -
$ 21,500 -
$ 260,000 -
$ 130,000 -
$ 613,400 -
Dates of Bond Reductions:
streets/drainage/perimeter landscaping
labor/materials
sewer/water
labor/materials
monuments
future streets
labor/materials
signals/utilities/median
Total reduced to $ 4,440,100 on 3/27/91
$4,440,100 reduced to $520,120 on 9/16/91 (?)
$520,120 reduced to $143,920 on 6/18/92 (?)
Outstanding Bonds:
Amount:
$ 5,764,900
$4,440,100
$ 143,920
$ 143,920
$ 60,000
$ 12,000
Bond No. Date Cancelled/Released:
LOC #SBY-42870 Replaced on 3/27/91
LOC #9011191 S072SF Reduced on 7/12/91
LOC #9011191 S072SF Replaced on 3/8/93
LOC #134651
3SM 758 243 00
3SM 758 244 00
Released 4/29/91