HomeMy WebLinkAboutReso 136-09 Sorrento Rel of SecRESOLUTION NO. 136 - 09
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
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APPROVING 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 Irrevocable Standby Letter of Credit No. SLCWMIL02594 in the amount
of $1,342,000.00 issued by U.S. Bank National Association for the Performance and the Labor
and Materials to construct the Tract 7651 improvements was reduced to an amount of $412,000
on January 6, 2009, by Resolution 7-09; and
WHEREAS, the primary purpose of the Tract 7651 improvements is to provide access to
anew school on Palermo Way; and
WHEREAS, the Dublin Unified School District has postponed the construction of the
school; and
WHEREAS, the City does not desire for the improvements to be completed and
accepted until the school construction is completed; and
WHEREAS, SR Structured Lot Options I, LLC, entered into an agreement on August 25,
2009, with the Dublin Unified School District to complete the remaining improvements needed
for the school at the time the school is constructed.
NOW, THEREFORE, BE IT RESOLVED that:
1. The Irrevocable Standby Letter of Credit No. SLCWMIL02594 in the amount of
$412,000 issued by U.S. Bank National Association for the Performance and the
Labor and Materials to construct the Tract 7651 be released.
Page 1 of 2
PASSED, APPROVED AND ADOPTED this 6th day of October, 2009, by the following
vote:
YES: Councilmembers Biddle, Hart, Hildenbrand, Scholz, and Mayor Sbranti
NOES: None
ABSENT: None
ABSTAIN: None
' l 1~11~~'1` ..
r-
Mayor
ATTEST:
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City Clerk
Reso No. 136-09, Adopted 10-6-09, Item 4.2 Page 2 of 2