CC - Item 4E - Release of Bond - 705 N San Gabriel Blvd E M <
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ROSEMEAD CITY COUNCIL
STAFF REPORT
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TO: THE HONORABLE MAYOR AND CITY COUNCIL
FROM: JEFF ALLRED, CITY MANAGER 111041
DATE: FEBRUARY 10, 2015
SUBJECT: RELEASE OF BOND—705 N SAN GABRIEL BOULEVARD
SUMMARY
On May 28, 1987 a Faithful Performance Bond and a Labor and Material Bond totaling $9,000
was required to guarantee miscellaneous public improvement work at 705 N. San Gabriel Blvd.
Upon completion of the project sometime after 1987, the Bond was not released. A request was
received on January 28, 2015 to release to Bond.
Staff Recommendation
Staff recommends that the City Council release the Bond to Sunshine Inn.
ANALYSIS
In accordance with the Conditions of Approval the developer was required to complete
miscellaneous work. In order to guarantee completion of the public improvements within two
years, a Faithful Performance Bond and Labor and Material Bond was issued to the City of
Rosemead in the amount of $9,000.00. The miscellaneous work had been completed to the
satisfaction of City staff; however, the Bond was not previously released.
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process.
Prepared by:
Rafael M. Fajardo, P.E.
City Engineer
Submitted by:
I
Matt awkes rth
Assistant City Manager/Interim Public Work Director
ITEM NO. Llr
dab ASSET MANAGEMENT
eapConsultants
12841 Fitzwater Dr. Phone:(703)594-3100
Nokesville,Virginia 20181-2734 Fax:(703)594-2137
Request for Release of Funds
Date: Wednesday,January 28, 2015
SUNS 122A
Attn: Ms. Colleen Ishibashi
Dept *Finance
Fax: (626)307 9218
Dear Ms. Ishibasbi:
We believe all necessary stabilization and other work activities have been completed, and that all
necessary permits have been obtained, on the project known in your files as.
File: SUNSHINE INN Account#:
Project Description: Bond Date. 5/28/1987
Project Address: Project#:
Bond Type: Receipt#:
Permit#:
If this not the case, please forward a list of any nonconforming or not completed items to us for our
attention and action. Otherwise, please refund the deposit held by ROSEMEAD, CA in the amount of
$9,000.00 plus applicable interest to:
SUNSHINE INN
Mr. Ying Ming(Frank)Huang
888 Montebello Blvd.
Rosemead, CA 91770
Please also consider this to be a request for any additional funds held by you for this depositor that are
due to be refunded, excepting such funds as are currently committed to any active construction project.
It is our intention to have all eligible funds returned directly to the depositor. Please inform AMC, as
agent, of the refund date(s), and copy AMC on all of your correspondence to the depositor. If you have
any questions concerning the above,then please feel free to call us at(800) 336-1857.
Sincerely,
2./P,�
Mrs. Chris Hayes,Accounting Department
Asset Management Consultants
To: Jerald E.Jacobs
From; Mr.Frank Huang
Fax: (703)594-2187
Subject: SUNSHINE INN
pate: December 23.2014
Client ID: SUNSI22A
Dear Mr.Jacobs:
This letter serves as formal authorization for you Asset Management Consultants of Virginia. Inc-
("AMC"). and the AMC employees you directly supervise (collectively. "AMC, Inc:') to serve as my
attorney-in-fact with respect to the recovery of monetary assets in which I have a legal or equitable interest.
Those assets currently are In the possession of a local, gate or federal governmental entity and are being
held for SUNSHINE INN.
AMC.inc.,is hereby authorized to take any and all actions necessary to effect the recovery of such assets,
including.without limitation,making demand for the release of such assets.preparing all necessary release
documents,submitting same to the custodian of such assets,and executing any and all release instruments
if recovery of such assets is contingent upon the submission of same.The assets may be in the font of such
negotiable financial units as credit balances,overpayments deposits,guaranties,and sureties.
It is further noted that the assets now at issue and sought to be recovered through AMC are presumed to
have been eligible for and subject to recovery for a period of at least twelve (12) months, excepting any
funds specifically identified and listed below as being exempted from this grant of authority.
EXEMPT FUNDS:
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On this day of , 201 the foregoing Letter of Authorization was
personally aclmowiedged and signed before me. a Notary Public, in my presence and jurisdiction
aforesaid, by - , a person hnOsvh by me, who did
first affirm in my presence that the same was done voluntarily and of berlhLs own free win.
NOTARY PUBLIC
My commission expires:
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California All-Purpose Certificate of Acknowledgment
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instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
I certify under PENALTY OF PERJURY under the laws raa 11111N CNEN I
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true and correct, z;.. . LOSANGELESCOUNTY
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OPTIONAL INFORMATION •
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DEPOSIT PILE CARD
CLAIMANT:_ Sunshine Inn MEMO: Bond
705 N. San Gabriel on Project
- - -Rosemead, CA -..
AMT' $9 ,000 .00 5/28/87 REC. # 8152
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