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Home My WebLink About4.04 Fallon Vil Tr 8036~~ OF' Dp~ ~1.~ 1~,~ .. /// . 19 .~ 1 ~,82 : ~~~ ~. % C'`jLII~'OR~~~ . STAFFREPORT CITY C~ERK DUBLIN CITY COUNCIL File #^ 6^~~0 -00 DATE: April 19, 2011 TO: . Honorable Mayor and. City Councilmembers FROM: Joni Pattillo, City Manager SUBJEC • Approval of Partial Release of Security for Tract 8036, Neighborhood C-1, Positano/ Fallon Village (K. Hovnanian Homes) Prepared By: Mark Lander, City Engineer EXECUTIVE SUMMARY: K. Hovnanian Homes previously posted bonds to guarantee the construction of tract improvements associated with Tract 8036. 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 K. Hovnanian 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 8036, Neighborhood C-1, Fositano / Fallon Village. ` ~ Submitted by Revie d B Public Works Director Assistant Cit anager ~ Page 1 of 2 ITEM NO. :~ DESCRIPTION: On August 17, 2010, K. Hovnanian Homes, Inc., dba K. Hovnanian at Positano, LLC, entered into an Improvement Agreement with the City of Dublin to construct tract improvements associated with Tract 8036, Neighborhood C-1, Positano/ Fallon Village (see Attachment 1). K. Hovnanian Homes provided a. Performance Bond and a Labor and Materials Bond issued by Bond Safeguard Insurance Company, each in the amount of $1,638,410 for the improvements. The 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. K.Hovnanian Homes has provided bond riders issued by Bond Safeguard Insurance Company in the amount of $409,602.50 (25% of the original bonds). Staff recommends that the City Council adopt the resolution (Attachment 2) approving the Partial Release of Security for Tract 8036, Neighborhood C-1, Positano/ Fallon Village. NOTICING REQUIREMENTS/PUBLIC OUTREACH: A copy of this staff report will be sent to Mr. Joe Chretien at K.Hovnanian Homes. ATTACHMENTS: 1. Location Map 2. Resolution approving the Partial Release of Security for Tract ~ 8036, Neighborhood C-1, Positano/ Fallon Village. 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Hovnanian Homes, Inc., dba K. Hovnanian at Positano LLC, the subdivider of Tract 8036, filed on August 30, 2010, in Book 305 of Maps at Pages 89-92, 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 122-10); and WHEREAS, the improvements for Tract 8036 are more than 80% complete in accordance with said plans, 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 Bond Safeguard Insurance Company in the amount of $1,638,410 for the improvements (Bond No. 5037667) be released and replaced by a bond rider issued by Bond Safeguard Insurance Company in the amount of $409,602.50 (Bond No.5037667); and 2. The original Performance Bond issued by Bond Safeguard Insurance Company in the amount of $1,638,410 for the improvements (Bond No. 5037667) be released and replaced by a bond rider issued by Bond Safeguard Insurance Company. in the amount of $409,602.50 (Bond No. 5037667). PASSED, APPROVED AND ADOPTED this 19th day of April, 2011, by the following vote: YES: NOES: ABSENT: ABSTAIN: ATTEST: Mayor City Clerk ATTACHMENT•2