HomeMy WebLinkAboutReso 182-13 Schaefer Rch Tr 8000 Rel Sec RESOLUTION NO. 182 — 13
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
PARTIAL RELEASE OF SECURITY FOR TRACT 8000,
SCHAEFER RANCH UNIT 2
WHEREAS, Discovery Builders, dba Schaefer Ranch Holdings LLC, the developer of Tract
8000, previously entered into an Improvement Agreement with the City of Dublin dated October 2,
2012 (Resolution No. 173-12) to improve said Tract in accordance with plans on file with the City
Engineer; and
WHEREAS, the improvements for Tract 800 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 & 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 & Materials Bond issued by Lexon Insurance Company, in the
amount of $2,120,994 for in-tract improvements (Bond No. 1026493) be released and
replaced by a bond rider issued by Lexon Insurance Company in the amount of
$129,300 (Bond No. 1026493); and
2. The original Performance Bond issued by Lexon Insurance Company, in the amount of
$2,120,994 for in-tract improvements (Bond No. 1026493) be released and replaced by
a bond rider issued by Lexon Insurance Company in the amount of $129,300 (Bond No.
1026493).
PASSED, APPROVED AND ADOPTED this 5th day of November 2013, by the following vote:
YES: Councilmembers Biddle, Gupta, Hart, Haubert, and Mayor Sbranti
NOES: None
ABSENT: None
ABSTAIN: None
Mayor
ATTEST:
City Clerk
Reso No 182-13,Adopted 11-5-13, Item 4.2 Page 1 of 1