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HomeMy WebLinkAboutItem 4.10 Sorrento East Tr 7651ti~~ \ -' -~ \~V/~:' 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 I - !o-t~ ~j y , id G:\DEVELOPMENT, PRIVATE\Dublin Ranch\Sorrento\Tract 7651-schooAReso tract bond reductions.doc ~~~~~~~ I • "piled Staff Map PagE i of 1 Regent PropertiQ~ Location Map ~ _ ~, -r U-. _ C- t r `.' ~ ~ j '~Y~ 1. ~, ~, ~ ~ r~T ~~ ~ ~ ,_,, ~' w .. r ~ -~: ~ ~ ~ ;) t) B U 151.~~~~C~ .. ~ ~ ,,. _ ~ ~, ,- - ~T ~' i qy i~~; ~ - '~~ it~<~ii+*3 ~~~~°~i ~ ,..~-.418 ~f's# _ i~ae=. ~~ ~ - R_ ~~t,~~~ ti JwY ~. ~ P~ ~~~,~{ Hli'N ~C~~IOtI~~~ -~ Regent Properties .. , L ~Y ~ (Tract 7651) 1~'~~`+~'~''a4 ~ a_ ~: , i°~z,i~~ ~ s~'~'striff ~di~ '`~i ~l+Ril~ Pir~rr..- ~aoi~rer~t,~ `"Palermo way ~' .~ .~ - `Kolb Elementary School .. ,-, ~. ~~-,;~ ~: _ r~.r4r ~~,x~ t-;~ l~e~:~n~~ St~x~a~r~ ... ;, ., ~. n r ~' ~~ Fii-.~~ ~otr~n~uii~ z ~~~ - (h; BL1N EL ~C' ~ ' _ ~ . _ _ ~~ `~ . ~. --r _ ~ ~ x a~ 1 ~,f1 ~3 j ti 11 _ .,, ~'~'J/ ~~yi. _ _ { .:. ~ ~- t r ~ i ~ N ~ . f Etta ~ _w. _._ ~ ~a ~~iR~~^r-~ ~ ~ '~ = ~ _ ~ ~. http a/gismg.ci.dublin.ca.us/mapguide/mapviewernet/printablepa~e.aspx?SESSION=S f6b... 12/19/2008 _ o ~ ~ ~ ~" n ~~ m N Y 0 m ~g~ m m ~ri a s ~s ~~ ~~ ga ~~ ~ ~~ LL~ ~~ 9~ Ny O ~ ~ °a+ H°~i ~~ e~i' .YO~ eF V5c~o~, _ m n N n r n Z &~ ~~ ~n3 ~a ~~ ~~' L~ _ W ~ s ¢ ¢ rc rc ~ K 3 =r 5~~ ~~z ~~~ ~ ~ 2 ~~~yF N ~;;" <K< -a2 8 U' Sppp~~ ~ y.Z~ ~ O ~• o N~~~ F~ ~~ia ~~~~\~ \~r: 1 ~~ '~ ~~°#~ _~ ~~ ~a ~~Wg~ ~~ $z ~b~~~ ~~ ~~~~~ ~a °PW8 ~ ~~~~ So~~~io~ W K~ 3~ Z Z W ~ ~u ~~'^ ~a~~~U~~ rn~o N zN ~~~ o y C~ V7~~a ~zZZ O Z .- ~i n ~~ ~~a ~ ~W =mow ~ o~~ ~ ~ ~a _ 3 W~~ 3c3q9~~~~=m~~~~ `~ai Om LS c~ul3iz~~`z ~~ ? ~ ° r o~ ~ ~ ~ Vi N IN w 3 ~ p5 N\m 3~ S;~ a I ~ a 1 ~ o~ ~..~ s~ ~'~ i z w rn ~z z~~ z ~ ~ ~ z ~ ~ ~? 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