HomeMy WebLinkAboutReso 163-13 Schaefer Rch Tr 6765 Phse 1 RESOLUTION NO. 163 - 13
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
PARTIALLY ACCEPTING THE IMPROVEMENTS FOR
TRACT 6765 — SCHAEFER RANCH, UNIT 1 PHASE 2
WHEREAS, Discovery Builders, dba Schaefer Ranch Holdings LLC, the developer of
Tract 6765, previously entered into an Improvement Agreement dated February 20, 2007,
Resolution No. 17-07, with the City of Dublin, to complete street and site improvements
associated with Tract 6765, including improvements within the future Schaefer Ranch Geologic
Hazard Abatement District parcels, in accordance with plans on file with the City Engineer; and
WHEREAS, said Improvement Agreement was secured by Faithful Performance and
Labor & Materials bonds, each in the amount of $13,175,100.00 (Bond No. 104757058); and
WHEREAS, the improvements within the future Schaefer Ranch Geologic Hazard
Abatement District parcels are complete in accordance with said plans, and any approved
modifications thereto, to the satisfaction of the City Engineer, and
WHEREAS, Schaefer Ranch Holdings, LLC, has provided a warranty bond in the amount
of $3,293,775.00, issued by Travelers Casualty and Surety Company of America (Bond No.
104757058-W) to guarantee the improvements within the future Schaefer Ranch Geologic
Hazard Abatement District parcels for a one-year period; and
WHEREAS, Schaefer Ranch Holdings, LLC, has provided Decreased Riders for the
Faithful Performance and Labor & Materials Bonds each in the amount of $3,293,775.00,
issued by Travelers Casualty and Surety Company of America (Bond No. 104757058) to
guarantee construction of the remaining improvements for Schaefer Ranch Unit 1 Phase 2.
NOW, THEREFORE, BE IT RESOLVED that:
1. The Improvements within the future Schaefer Ranch Geologic Hazard Abatement
District parcels for Tract 6765 are hereby approved and accepted subject to a
one-year guarantee period; and
2. The submitted Bond Riders for Faithful Performance and Labor & Materials issued
by Travelers Casualty and Surety Company of America, in the reduced amount of
$3,293,775.00 (Bond No. 104757058), be accepted as security to guarantee
construction of the remaining improvements within Tract 6765, Schaefer Ranch
Unit 1 Phase 2.
Page 1 of 2
PASSED, APPROVED AND ADOPTED this 1st day of October, 2013, by the following
vote:
AYES: Councilmembers Biddle, Gupta, Hart, and Mayor Sbranti
NOES: None
ABSENT: Councilmember Haubert
ABSTAIN: None
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Mayor
ATTEST:
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City Clerk
Reso No. 163-13,Adopted 10-1-13, Item 4.3 Page 2 of 2