HomeMy WebLinkAbout4.05 Positano Rel Of Secof L)
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DATE: April 5, 2011
STAFF REPORT CITY CLERK
DUBLIN CITY COUNCIL File # 1:10RID-9n
TO: Honorable Mayor and City Councilmembers
FROM: A.pproval
oni Pattillo, City Manager
SUBJE of Partial Release of Security for Tract 7855, Neighborhood C-3,
Positano/ Fallon Village (Braddock and Logan)
Prepared By: Mark Lander, City Engineer
EXECUTIVE SUMMARY:
Braddock and Logan previously posted bonds to guarantee the construction of tract
improvements associated with Tract 7855. As these improvements are now more than 80%
complete, the City may accept replacement bonds in the amount of 25% of the original bonds,
and the original bonds may be released.
FINANCIAL IMPACT:
The replacement bonds will be adequate to guarantee the construction of remaining
improvements, as well as repairs resulting from ongoing home construction. Ownership of the
improvements will remain with Braddock and Logan until acceptance of the improvements by
the City, which will likely occur in late 2011 or early 2012.
RECOMMENDATION:
Staff recommends that the City Council adopt the resolution approving the Partial Release of
Security for Tract 7855, Neighborhood C-3, Positano / Fallon Village.
Submitted by
ublic Works Director
OCR",
Page 1 of 2 ITEM NO. vC i'" ? 'Cl
DESCRIPTION:
On August 17, 2010, Braddock ,and Logan Services, Inc., dba Dublin RE Investors, ~LLC,
entered into an Improvement Agreement with the City of Dublin to construct tract improvements
associated with Tract 7855,. Neighborhood C-3, Positano/ Fallon Village (Attachment 1).
Braddock and Logan provided a Performance Bond and a Labor and Materials Bond issued by
Insco Insurance Services, Inc, each in the amount of $444,040 for improvements to La Strada
Drive (Bond 723856S), as well as a Performance Bond and a Labor and Materials Bond issued
by Insco Insurance Services, Inc, each in the amount of $2,418,570 (Bond 723855S), for the in,
.
tract improvements. The street improvements are approximately 80% complete and, in
accordance with authority contained in §66499.7 of the Government Code, these bonds may be
reduced to 25% of the original bond. Braddock and Logan has provided bond riders issued by
Insco Insurance Services, Inc. in the amounts of $111,010 and $604,642.50 respectively (25%
of the original bonds).
Staff recommends that the City Council adopt the proposed resolution approving the Partial
Release of Security for Tract 7855, Neighborhood C-3, Positano/ Fallon Village (Attachment 2).
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
A copy of this staff report will be sent to Jeff Lawrence at Braddock and Logan.
ATTACHMENTS: 1. Location Map
2. Resolution approving the Partial Release of Security for Tract
7855, Neighborhood C-3, Positano/ Fallon Village:
Page 2 of 2
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RESOLUTION NO. - 11
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
PARTIAL.RELEASE OF SECURITY FOR TRACT 7855,
NEIGHBORHOOD C-3, POSITANO/ FALCON VILLAGE
WHEREAS, Braddock and Logan Services, Inc., dba Dublin RE Investors, LLC, the
subdivider of Tract 7855, filed on August 30, 2010, in Book 305 of Maps at Pages 97-107,
previously entered into an Improvement Agreement with the City of Dublin dated August 17,
2010, to improve said Tract in accordance with plans on file with the City Engineer (Resolution
128-10); and
WHEREAS, the improvements for Tract 7855 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 Bond, and the Labor and Materials Bond 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 Labor and Materials Bond issued by Insco Insurance Services, Inc. in
the amount of $2,418,570 for the in-tract improvements (Bond No. 723855S) be.
released and replaced by a bond rider issued by Insco Insurance Services, Inc. in
the amount of $604,642.50 (Bond No.723855S); and
2. The ,original Performance Bond issued by Insco Insurance Services, Inc Arch
Insurance Company in the amount of $2,418,570 for the in-tract improvements
(Bond No. 723855S) be released and replaced by a bond rider issued by Insco
Insurance Services, Inc. in the amount of $604,642.50 (Bond No.723855S).
3. The original Labor and Materials Bond issued by Insco Insurance Services, Inc in
the amount of $444,040 for the La Strada Drive improvements (Bond No.
723856S) be released and replaced by a bond rider issued by Insco Insurance
Services, Inc. in the amount of $111,010 (Bond No.723856S); and
4. The original Performance Bond issued by Insco Insurance Services, Inc in the
amount of $444,040 for the La Strada Drive improvements (Bond No. 7238565) be
released and replaced by a bond rider issued by Insco Insurance Services, Inc. in
the amount of $111,010 (Bond No.723856S).
PASSED, APPROVED AND ADOPTED this 5th day of April, 2011, by the following vote:
YES:
NOES:
ABSENT: ATTACHMENT ~
ABSTAIN:
ATTEST: Mayor
City Clerk
G:\DEVELOPMENT, PRIVATE\Fallon Village (EDPO)\Tract 7855 -Neighborhood C3\Reso tract bond reductions 4-05-11.doc