HomeMy WebLinkAboutReso 14-14 Jordan Rch Tr 8074 Rel Sec RESOLUTION NO. 14 - 14
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
APPROVING PARTIAL RELEASE OF SECURITIES FOR
ON-SITE IMPROVEMENTS WITHTRACT 8074, JORDAN RANCH
(BJP-ROF JORDAN RANCH LLC)
WHEREAS, BJP-ROF Jordan Ranch LLC, the Developer of Tract 8074, previously entered
into a Tract Improvement Agreement, dated June 5, 2012, Resolution No. 71-12, with the City of
Dublin to complete improvements for Tract 8074, in accordance with plans and specifications on file
with the City Engineer; and
WHEREAS, RJP-ROF Jordan Ranch LLC originally provided a Faithful Performance Bond
issued by International Fidelity Insurance Company in the amount of $3,929,410.00 (Bond No.
0582780), to guarantee said improvements; and
WHEREAS, the improvements for Tract 8074 are more than 80% complete; and
WHEREAS, the Faithful Performance Bond for the improvements at Tract 8074 can be
partially released, in accordance with the authority contained in §66499.7 of the Government Code of
the State of California, to an amount equal to 25% of the original bond; and
WHEREAS, BJP-ROF Jordan Ranch LLC, has provided a Bond Rider to be attached to the
Faithful Performance Bond, issued by International Fidelity Insurance Company, in the amount of
$982,352.50 (Bond No. 0582780), which is equal to 25% of the original bond amount, to guarantee
the construction of the remainder of the improvements.
NOW, THEREFORE, BE IT RESOLVED that:
1. The said improvements for Tract 8074 are hereby more than 80% complete; and
2. The original Faithful Performance Bond issued by International Fidelity Insurance
Company in the amount of $3,929,410.00 (Bond No. 0582780) for Improvements with
Tract 8074, be reduced to 25% the original amount; and
3. The submitted Bond Rider to the Faithful Performance Bond issued by International
Fidelity Insurance Company, in the reduced amount of $982,352.50 (Bond No.
0582780), be accepted as security to guarantee faithful performance for construction of
the remaining improvements with Tract 8074.
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PASSED, APPROVED AND ADOPTED this 18th day of February, 2014, by the following vote:
AYES: Councilmembers Biddle, Gupta, Hart, Haubert, and Mayor Sbranti
NOES: None
ABSENT: None
ABSTAIN: None
Ajk.
Mayor
ATTEST:
ppr-
City Clerk
Reso No. 14-14,Adopted 2-18-14, Item 4.3 Page 2 of 2