01-21-2003 - Release of Performance Guarantee for Precise Plan #01-06 - Location: 2851 Eastland Center Drive (Circuit City Stores, Inc.)•
City of 14'est Covina
Memorandum
TO: Andrew G. Pasmant, City Manager
and City Council
FROM: Shannon A. Yauchzee, Director/City Engineer
Public Works Department
AGENDA
ITEM NO. B-4
DATE January 21, 2003
SUBJECT: RELEASE OF PERFORMANCE GUARANTEE FOR PRECISE PLAN NO: 01-06
LOCATION: 2851 EASTLAND CENTER DRIVE (CIRCUIT CITY STORES, INC.)
RECOMMENDATION:
It is recommended that the City Council accept all on -site and off -site improvements for Precise
Plan No. 01-06, and authorize the release of Performance Guarantee Bond No. 6088603 by Safeco
Insurance Company of America in the amount of $80,000.
DISCUSSION:
Circuit City Stores, Inc. applied for permits to build a store at 2851 Eastland Center Drive, under
Precise Plan No. 01-06. On March 12, 2002, they signed an agreement with the City of West
Covina by which they will do certain on -site and off -site improvements according to approved
plans, and they also posted with the City of West Covina a Work Performance Guarantee in the
form of a Bond in the amount of $80,000. All required improvements have now been completed
and Circuit City Stores, Inc. is requesting the release of the Work Performance Guarantee.
ALTERNATIVES:
Since the improvements were completed satisfactorily, there are no alternatives.
FISCAL IMPACT:
There is no fiscal impact.
Prepared by: es J. "Pa lkhiwala
Principal Engineer
Reviewed/Approved y: Shannon A. Yauchzee
Director/City Engineer
ZAAGGNDA - 2003\Release of Performance Guarantee PP 01-06.doc2003-001