HomeMy WebLinkAboutReso 98-08 Sorrento Tr 7645 Rel Sec
RESOLUTION NO. 98 - 08
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
*********
APPROVING PARTIAL RELEASE OF SECURITY FOR TRACT 7645,
SORRENTO AT DUBLIN RANCH, NEIGHBORHOOD 4
WHEREAS, the subdivider of Tract 7645, Sorrento at Dublin Ranch I, LP, a California Limited
Partnership, filed on August 24, 2006, in Book 291 of Maps at Pages 87-92, previously entered into a
Tract Improvement Agreement with the City of Dublin dated August 1, 2006, Resolution 141-06, to
improve said Tract in accordance with plans on file with the City Engineer; and
WHEREAS, the improvements for Tract 7645 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 Performance Bond, and the Labor and Materials Bond can be partially released,
in accordance with the authority contained in 966499.7 of the Government Code of the State ofCalifomia.
NOW, THEREFORE, BE IT RESOLVED that:
1. The original Labor and Materials Bond issued by Fidelity and Deposit Company of
Maryland in the amount of $480,000 for the tract improvements (Bond No. 08840691) be
reduced to an amount of $120,000; and
2. The original Performance Bond issued by Fidelity and Deposit Company of Maryland in
the amount of $480,000 for the tract improvements (Bond No. 08840691) be reduced to an
amount of$120,000.
PASSED, APPROVED AND ADOPTED this 17th day of June, 2008, by the following
vote:
AYES: Councilmembers Hildenbrand, Oravetz, and Scholz, and Vice Mayor Sbranti
NOES: None
ABSENT: Mayor Lockhart
ABSTAIN: None
cLAJ
Vice Mayor
ATI7lr { /? ~0
Deputy City Clerk
Reso No. 98-08, Adopted 6/17/08, Item 4.12
Page 1 of 1