HomeMy WebLinkAboutReso 42-08 Schaefer Rch Tr 6765
RESOLUTION NO. 42 - 08
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
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APPROVING PARTIAL RELEASE OF SECURITY ASSOCIATED WITH
TRACT 6765, SCHAEFER RANCH - PHASE 1 IMPROVEMENTS
(SCHAEFER RANCH HOLDINGS, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY)
WHEREAS, Schaefer Ranch Holdings, LLC, a California limited liability company, is the
subdivider of Tract 6765, filed on March 8, 2007, in Book 297 of Maps at Pages 1 -51; and
WHEREAS, the City of Dublin and Schaefer Ranch Holdings, LLC, previously entered into an
Improvement Agreement that governed the Phase 1 Improvements (the extension of Dublin Boulevard
and the construction of Schaefer Ranch Road) on February 20,2007, to improve said Tract in accordance
with plans and specifications on file with the City Engineer (Resolution 17-07); and
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WHEREAS, said Improvement Agreements are secured by separate Performance and Labor and
Materials Bonds, each in the amounts of $4,000,000.00 (Bond No. 104630747) and $3,508,900.00 (Bond
No. 104757057) for the Phase 1 Improvements, issued by Traveler's Insurance Company; and
WHEREAS, the improvements for Tract 6765, Schaefer Ranch - Phase I Improvements, are
more than 80% complete in accordance with said plans, and any approved modifications thereto, to the
satisfaction of the City Engineer; and
WHEREAS, the work governed by this Improvement Agreement is currently under construction
and is not considered approved or accepted; and
WHEREAS, the Performance Bond, and the Labor and Materials Bond for Schaefer Ranch -
Phase 1 Improvements can be partially released, in accordance with the authority contained in ~66499.7 of
the Government Code of the State of California.
NOW, THEREFORE, BE IT RESOLVED that:
1. The original Performance Bond issued by Traveler's Insurance Company in the amount of
$3,508,900.00 (Bond No. 104757057) for Phase 1 Improvements be reduced to an amount
of$877,225.00; and
2. The original Labor and Materials Bond issued by Traveler's Insurance Company in the
amount of $3,508,900.00 (Bond No. 104757057) for Phase 1 Improvements be reduced to
an amoUI\t of $877,225.00.
3. The original Grading Performance Bond issued by Traveler's Insurance Company in the
amount of $4,000,000.00 (Bond No. 104630747) for Phase 1 grading be reduced to an
amount of $1 ,000,000.00.
Reso No. 42-08, Adopted 3/18/08, Item 4.8
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PASSED, APPROVED AND ADOPTED this 18th day of March, 2008, by the following vote:
AYES: Councilmembers Hildenbrand, Oravetz, Sbranti and Scholz, and Mayor Lockhart
NOES: None
ABSENT: None
ABSTAIN: None
AlL {;?f;;r
Deputy City Clerk
Reso No. 42-08, Adopted 3/18/08, Item 4.8
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