HomeMy WebLinkAboutReso 08-14 Croak Road Extension RESOLUTION NO. 8 - 14
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
APPROVING PARTIAL RELEASE OF SECURITIES FOR POSITANO PARKWAY/
CROAK ROAD EXTENSION IMPROVEMENTS
PARCEL MAP 10049, POSITANO/ FALLON VILLAGE
WHEREAS, the Developer, Dublin RE Investors, LLC, a California Limited Liability Company,
by Braddock and Logan Services, Inc., a California Corporation, Its Manager, previously entered into
a Tract Improvement Agreement, dated July 11, 2011, City Council Resolution No. 113-11, with the
City of Dublin to complete improvements along Positano Parkway and Croak Road with Parcel Map
10049, in accordance with plans and specifications on file with the City Engineer; and
WHEREAS, Braddock and Logan originally provided Faithful Performance and Labor &
Materials Bonds issued by Insco Insurance Services, Inc., each in the amount of $3,001,416.00
(Bond No. 723868S), to guarantee said improvements; and
WHEREAS, the improvements at Positano Parkway and Croak Road are more than 75%
complete; and
WHEREAS, the Faithful Performance and Labor & Materials Bonds for the improvements at
Positano Parkway and Croak Road can be partially released, in accordance with the authority
contained in §66499.7 of the Government Code of the State of California, each to the amount of 25%
of the original bond; and
WHEREAS, Braddock and Logan Services, Inc., has provided Bond Riders to be attached to
the Faithful Performance and Labor & Materials Bonds, issued by Insco Insurance Services, Inc.,
each in the amount of$750,354.00, which equals 25% of the original bond amount, to guarantee the
construction of the remainder of the improvements;
NOW, THEREFORE, BE IT RESOLVED that:
1. Said improvements at Positano Parkway and Croak Road required with Parcel Map
10049 are hereby more than 75% complete; and
2. The original Faithful Performance Bond issued by Insco Insurance Services, Inc., in the
amount of $3,001,416.00 (Bond No. 723868S) for Improvements at Positano Parkway
and Croak Road, be reduced to 25% the original amount; and
3. The original Labor & Materials Bond issued by Insco Insurance Services, Inc., in the
amount of $3,001,416.00 (Bond No. 723868S) for Improvements at Positano Parkway
and Croak Road, be reduced to 25% the original amount; and
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4. The submitted Bond Rider to the Faithful Performance Bond issued by Insco Insurance
Services, Inc., in the reduced amount of $750,354.00, be accepted as security to
guarantee faithful performance for construction of the remaining improvements at
Positano Parkway and Croak Road; and
5. The submitted Bond Rider to the Labor & Materials Bond issued by Insco Insurance
Services, Inc., in the reduced amount of $750,354.00, be accepted as security to
guarantee labor and materials for construction of the remaining improvements at
Positano Parkway and Croak Road.
PASSED, APPROVED AND ADOPTED this 4th day of February, 2014 by the following vote:
AYES: Councilmembers Biddle, Gupta, Hart, Haubert, and Mayor Sbranti
NOES: None
ABSENT: None
ABSTAIN: None
C\V iliaj
Mayor
ATTEST:
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City Clerk
Reso 8-14,Adopted 2-4-14, Item 4.3 Page 2 of 2