HomeMy WebLinkAboutReso 27-09 Schaefer Rch Tr 6765RESOLUTION NO. 27 - 09
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
APPROVING PARTIAL RELEASE OF SECURITY ASSOCIATED WITH
TRACT 6765, SCHAEFER RANCH -PHASE 2 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 2 Improvements on February 20, 2007, to improve said
Tract in accordance with plans and specifications on file with the City Engineer (Resolution 17-07); and
WHEREAS, said Improvement Agreement is secured by separate Performance and Labor and
Materials Bonds, each in the amount of $13,175,100.00 (Bond No. 104757058) for the Phase 2
Improvements, issued by Travelers Casualty and Surety Company of America; and
WHEREAS, the improvements for Tract 6765, Schaefer Ranch -Phase 2, are more than 75%
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 2 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 Travelers Casualty and Surety Company of
America in the amount of $13,175,100.00 (Bond No. 104757058) for Phase 2
Improvements be reduced to an amount of $3,293,775.00; and
2. The original Labor and Materials Bond issued by Travelers Casualty and Surety Company
of America in the amount of $13,175,100.00 (Bond No. 104757058) for Phase 2
Improvements be reduced to an amount of $3,293,775.00.
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PASSED, APPROVED AND ADOPTED this 17th day of March, 2009, by the following vote:
AYES: Councilmember Biddle, Hart, Hildenbrand, and Mayor Sbranti
NOES: None
ABSENT: Councilmember Scholz
ABSTAIN: None
a! ,
Mayor
ATTEST:
i
~p~U; ~ City Clerk
Reso No. 27-09, Adopted 3-I7-09, Item 4.2 Page 2 of 2