HomeMy WebLinkAboutItem 4.10 Sorrento East Tr 7651ti~~ \
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CITY CLERK
File # ^~ !7^^~ -~~
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: January 6, 2009
SUBJECT: Approval of Partial Release of Security for Tract 7651,
Sorrento East
Report Prepared by: Melissa Morton, Public Works Directo
ATTACHMENTS: 1) Resolution Approving the Partial Release of Security for Tract
7651, Sorrento East
2) Reduced copy of Final Tract Map 7651
RECOMMENDATION: Adopt the Resolution approving the Partial Release of Security for
Tract 7651, Sorrento East.
FINANCIAL STATEMENT: The remaining amount of $412,000.00 in the U.S. Bank National
Association Irrevocable Standby Letter of Credit No. SLCWMIL02594
provided by the developer of Tract 7651, SR Structured Lot Options I,
LLC, a Delaware Limited Liability Company (Regent Properties), is
sufficient to complete the Tract 7651 improvements. The Developer
will provide aone-year Warranty Bond for the total improvements
upon acceptance by the City.
DESCRIPTION: SR Structured Lot Options I, LLC, a Delaware Limited Liability
Company (Regent Properties) entered into a Tract Improvement Agreement with the City of Dublin on July
15, 2008 to construct improvements required by Tract 7651 filed on November 7, 2008. Tract 7651 created
Parcel 1 for the school site, dedicated Palermo Way along the school site frontage, created Parcel 4 for the
future Palermo Way street dedication and current utility easements to serve the school site, and created two
remaining parcels for future development.
SR Structured Lot Options I, LLC (Regent Properties), has provided U.S. Bank National Association
Irrevocable Standby Letter of Credit No. SLCWMIL02594 in the amount of $1,342,000.00 to guarantee
COPY TO: Jim Kern, Regent Properties
Page 1 of 2 { O
ITEM NO.
G:\DEVELOPMENT, PRIVATE\Dublin Ranch\Sorrento\Tract 7651-school\agst bond reduction.doc ~ /
the performance and the labor and materials for the construction of the Tract 7651 improvements The
improvements for Tract 7651 are more than 80% complete, and in accordance with authority contained in
§66499.7 of the Government Code, these bonds may be reduced to an amount of $412,000. It is anticipated
that the improvements will be completed in conjunction with the construction of Kolb Elementary School by
the Dublin Unified School District.
RECOMMENDATION: Staff recommends that the City Council adopt the Resolution
approving Partial Release of Security for Tract 7651, Sorrento East.
Page 2 of 2
I~ 3
RESOLUTION NO. - 08
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
PARTIAL RELEASE OF SECURITY FOR TRACT 7651, SORRENTO EAST
WHEREAS, the subdivider of Tract 7651, SR Structured Lot Options I, LLC, a Delaware Limited
Liability Company (Regent Properties), filed the Tract 7651 Final Map on November 7, 2008, in Book
303 of Maps at Pages 77-81, and previously entered into a Tract Improvement Agreement with the City of
Dublin dated July 15, 2008 to improve said Tract in accordance with plans on file with the City Engineer
(Resolution 132-08); and
WHEREAS, the improvements for Tract 7651 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 and the Labor and Materials Security 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 Irrevocable Standby Letter of Credit No. SLCWMIL02594 in the amount of
$1,342,000.00 issued by provided U.S. Bank National Association for the Performance and
the Labor and Materials to construct the Tract 7651 improvements be reduced to an amount
of $412,000.
PASSED, APPROVED AND ADOPTED this 6th day of January, 2009, by the following vote:
YES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
Tim Sbranti, Mayor
City Clerk
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G:\DEVELOPMENT, PRIVATE\Dublin Ranch\Sorrento\Tract 7651-schooAReso tract bond reductions.doc ~~~~~~~ I
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"piled Staff Map
PagE i of 1
Regent PropertiQ~ Location Map
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