HomeMy WebLinkAboutReso 178-07 Partial Release of Security
RESOLUTION NO. 178 - 07
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
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APPROVING PARTIAL RELEASE OF SECURITY FOR
GRAFTON STREET, CENTRAL PARKWAY TO GLEASON DRIVE
WHEREAS, The Lin Family and Sierra Land Development Corporation and the City of Dublin,
entered into an Improvement Agreement for Grafton Street from Central Parkway to Gleason Drive dated
June 1, 2004, Resolution 86-04, to construct said roadway improvements in accordance with plans on file
with the City Engineer; and
WHEREAS, The Lin Family and Sierra Land Development Corporation assigned to Sorrento at
Dublin Ranch I LP, a California Limited Partnership, all rights and obligations to said Agreement as of
April 1, 2005; and
WHEREAS, the roadway improvements associated Grafton Street from Central Parkway to
Gleason Drive are more than 80% complete; and
WHEREAS, the Performance Bond, and the Labor and Materials Bond can be partially released,
in accordance with the authority contained in S66499.7 of the Government Code of the State of California.
NOW, THEREFORE, BE IT RESOLVED that:
1. The Labor and Materials Bond issued by Safeco Insurance Company of America in the
amount of $1,171,000 for roadway improvements (Bond No. 6321873) be reduced to an
amount of $293,000; and
2. The Performance Bond issued by Safeco Insurance Company of America in the amount of
$1,171,000 for the roadway improvements (Bond No. 6321873) be reduced to an amount
of $293,000.
PASSED, APPROVED AND ADOPTED this 2nd day of October, 2007, by the following vote:
AYES: Councilmembers Hildenbrand, Oravetz and Sbranti, and Mayor Lockhart
NOES: None
ABSENT: Councilmember Scholz
ABSTAIN: None
Mayor
ATTEST:
(~{ I! r;v-
Deputy City Clerk
Reso No. 178-07, Adopted 10/02/07, Item 4.3
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