HomeMy WebLinkAboutReso 11-14 Art Payment Agmt SR Structured RESOLUTION NO. 11 - 14
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
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AUTHORIZING THE CITY MANAGER TO EXECUTE AN ART PAYMENT AGREEMENT
WITH SR STRUCTURED LOT OPTIONS I LLC
WHEREAS, the City and SR Structured Lot Options I, LLC entered into a development
agreement for Sorrento East at Dublin Ranch on August 7, 2007; and
WHEREAS, the City and SR Structured Lot Options I, LLC entered into Amendment No. 1 to
the development agreement on May 4, 2010, whereby SR Structured Lot Options I, LLC would
satisfy its public art responsibilities by making payments of $300,000 in three installments of
$100,000 each; and
WHEREAS, the last installment will be due on October 31, 2016; and
WHEREAS, it is anticipated that the development of the project will be complete prior to the
due date of the last payment; and
WHEREAS, the City and SR Structured Lot Options I, LLC, desire to close out the project and
the obligations under the development agreement in conjunction with the completion of the project;
and
WHEREAS, the City is willing to accept $85,000, an amount less than the full amount due in
exchange for an earlier payment of the fees; and
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin hereby
authorize the City Manager to execute the public art payment agreement with SR Structured Lot
Options I, LLC.
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
Ittej.
Mayor
ATTE T:
4,/p P
City Clerk
Reso 11-14,Adopted 2-4-14, Item 4.6 Page 1 of 1