Walmart
Save money. Live better.
2001 S.E. 10"h Street
Bentonville, AR 72716-0550
Phone 479.204.1118
Fax 479.204.9634
December 20, 2017
John Dutrey -Project Manager
City of Rialto, Development Services Department
150 South Palm Avenue, Rialto Ca 92376
RE: Walmart Store No. 1862-03 - Rialto, CA
Request to Release Bond
Dear Mr. Dutrey:
This letter herein is to confirm that the On and Offsite work for Walmart Store number 1862-03 located at 1366 South Riverside Avenue, Rialto, CA has been completed to the satisfaction of the property owner, Wal-Mart Stores, Inc. ("Walmart") and the City of Rialto ("City"). The work has been approved, signed off, and accepted by the City, and such work addresses all mitigation measures and required offsite improvements as set forth in the Conditions of Approval and Development Agreement with the City.
As part of the Construction and Credit Agreement ("Credit Agreement") for the development, the owner, Wal-Mart Stores, Inc. was required to construct the offsite improvements for the streets fronting the Property. Pursuant to the Credit Agreement, the City agreed to provide Walmart DIF credits for the construction of offsite surface items including pavement, curbs, and sidewalk; subsurface items (base and utilities) are not eligible for DIF credit. The estimated/construction cost for the surface improvements subject of the DIF credits, is $593,777.00, which is consistent with the budget that is part of the Credit Agreement. Accordingly, neither Walmart nor the City will be seeking reimbursement from one another for additional cost incurred for offsite improvements.
As the work mentioned in the Conditions of Approval, Development Agreement, and Credit Agreement have been completed and accepted by the property owner and the City, Walmart hereby requests that the City release the Performance Bond, (totaling $1,491,895.00), and Materials Bond, (totaling $1,491,895.00).
Please let me know if you have any questions or need any additional information to complete this request.
Sincerely,
Jeff Doss.
Senior Manager - Project Design and Management
Letter from WM to City of Rialto re Offsite Completion
W707-RIALTO - 3323590.1