HomeMy WebLinkAboutReso 115-97 Sub Security Tr6644RESOLUTION NO. 115 - 97
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
APPROVING SUBSTITUTION OF SECURITY FOR TRACT 6644
(PARCEL MAP 7109) - DOUGHERTY ROAD
WHEREAS, in February of 1994, the City Council approved the Final map for Tract 6644 and
accepted a promissory note and deed of trust in the amount of $371,000 against Lot 3 of Tract 6644 as
security for construction of improvements; and
WHEREAS, a portion of Trac/ 6644 was resubdivided as Parcel Map 7109; and
WHEREAS, the subdivider, J. Patrick Land, substituted promissory notes and deeds of trust
totaling $259,000 against Parcels 2 and 4 of Parcel Map 7109 on August 5, 1997; and
WHEREAS, the engineer's estimate of improvement cost was reviewed by the City, and the
reduced amount is acceptable; and
WHEREAS, the subdivider, J. Patrick Land, is requesting to substitute a cashier's check in the
amount of $102,500 for the promissory note and deed of trust on Parcel 2 and maintain a promissory note
and deed of trust totaling $156,500 against Parcel 4 of Parcel Map 7109.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin hereby
approves the substitution of security related to Tract 6644 and authorize the Mayor to sign the
reconveyance document in the amount of $102,500.
PASSED, APPROVED AND ADOPTED this 7th day of October, 1997.
AYES:
Councilmembers Barnes, Burton, Howard, Lockhart and Mayor Houston
NOES: None
ABSENT: None
ABSTAIN: None
LciO
Mayor
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