HomeMy WebLinkAboutReso 07-09 Sorrento East Rel SecRESOLUTION N0.7-09
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:
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: Councilmembers Biddle, Hart, Hildenbrand, Scholz, and Mayor Sbranti
NOES: None
ABSENT: None
ABSTAIN: None
ATT ST:
~P
City Clerk
Mayor
Reso No. 7-09, Adopted I-6-09, Item 4.10 Page 1 of 1