HomeMy WebLinkAboutItem 4.07 PartialRelSecurityTrk6644
CITY CLERK
File # D~[1]lQ]-[5J[Q]
--~
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: February 17,1998
SUBJECT:
Partial Release of Security for Tract 6644 Improvements (John
Moore Property)
Report Prepared by: Lee S. Thompson, Public Works Director
EXHIBITS ATTACHED:
1) Work Sheet for Revised Cost Estimate
2) Resolution Approving Reconveyance ofInterest in Deed of
Trust and Return of Promissory Note
3) Map of the Area
if Adopt Resolution
RECOMl\ffiNDA nON:
F1NANCIAL STATEMENT:
These securities guarantee construction of improvements related to
Tract 6644 and Parcel Map 7109 (John Moore Property). There is
no direct financial impact to the City.
DESCRIPTION: On August 5, 1997, the City Council accepted a promissory note
and deed of trust valued at $156,500 for Parcel #4 of Parcel Map 7109, as well as a cashier's check in the
amount of$102,500, as security for construction of improvements related to Tract 6644 and Parcel Map
7109. The subject property is located near the intersection of Dublin Boulevard and Dougherty Road and
includes the Alphagraphics, Meineke Muffier, Kragen, Dublin Autoworks, Galucci Auto, Holiday Inn
Express and IHOP projects.
At this time, J. Patrick Land Company, the developer of the property, is requesting that the City reconvey
its interest in the deed of trust, as certain improvements have been completed, and sale of the parcel, which
is encumbered with the deed of trust, is pending. As indicated on the revised Engineer's Estimate, Exhibit
1, the estimate for the remaining improvements is $108,625. 1. Patrick Land is proposing that the City
retain the $102,500 cash security presently held by the City and has submitted an additional cash security
in the amount of $1 03,114 as a maintenance bond for the accepted improvements and construction of the
remaining improvements.
Staff recommends that the City Council adopt the resolution approving the reconveyance of interest in the
parcel.
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COPIES TO:
Bruce Adams, 1. Patrick Land
ITEM NO. JJ
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RESOLUTION NO. - 98
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
*********
APPROVING RECONVEYANCE OF INTEREST IN DEED OF TRUST,
PARCEL #4 OF PARCEL MAP 7109
AND RELEASE OF PROMISSORY NOTE
WHEREAS, on August 5, 1997, the City Council accepted a Promissory Note and Deed of Trust
valued at $156,500 against Parcel #4 of Parcel Map 7109 as security for the construction of certain
improvements in Tract 6644 and Parcel Map 7109; and
WHEREAS, improvements in Tract 6644 and Parcel Map 7109 covered by said Promissory Note
and Deed of Trust have been completed to the satisfaction of the City Engineer and other securities have
been retained for the remaining improvements;
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin approves
reconveyance of the City's interest in the Deed of Trust and release of the Promissory Note.
BE IT FURTHER RESOL VED that the City Manager is authorized to execute the reconveyance
documents.
PASSED, APPROVED AND ADOPTED this 17th day of February, 1998,
AYES:
NOES:
ABSENT:
ABSTAIN:
Mayor
ATTEST:
City Clerk
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