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Home My WebLink AboutItem 4.3 Jordan Rch Tr 8024 Rel of Sec or 19 82 STAFF REPORT CITY CLERK CITY COUNCIL File #600-60 DATE: November 4, 2014 TO: Honorable Mayor and City Councilmembers FROM: Christopher L. Foss, City Manager " SUBJECT: Release of Security for Tract 8024 Central Parkway Improvements, Jordan Ranch (BJP-ROF Jordan Ranch LLC) Prepared by Jayson Imai, Senior Civil Engineer EXECUTIVE SUMMARY: BJP-ROF Jordan Ranch, LLC posted bonds to guarantee the construction of roadway improvements on Central Parkway east of Fallon Road in accordance with the Tract Improvement Agreement for Tract 8024, Jordan Ranch Phase 1. Subsequently, BJP-ROF Jordan Ranch, LLC provided bonds guaranteeing these same Central Parkway improvements with Tract 8100, Jordan Ranch Phase 2 in accordance with the Tract Improvement Agreement for Tract 8100. Because the remaining improvements on Central Parkway are secured by the bonds posted with Tract 8100, it is now appropriate for the City to release the original security provided with Tract 8024 for the Central Parkway improvements. FINANCIAL IMPACT: BJP-ROF Jordan Ranch, LLC previously provided the following Faithful Performance and Labor & Materials Bonds to guarantee the construction of improvements at Central Parkway with Tract 8100: • Faithful Performance Bond issued by International Fidelity Insurance Company in the amount of $1,107,247.00 (Bond No. 0591507) for the Tract 8100 Central Parkway Improvements • Labor and Materials Bond issued by International Fidelity Insurance Company in the amount of $1,107,247.00 (Bond No. 0591507) for the Tract 8100 Central Parkway Improvements The Central Parkway Improvements are currently under construction. The above listed securities provided with Tract 8100 (Jordan Ranch Phase 2) are adequate to guarantee the construction of the remaining improvements on Central Parkway, including those bonded with Tract 8024 (Jordan Ranch Phase 1). Ownership of the improvements will remain with BJP-ROF Jordan Ranch, LLC until the acceptance of the improvements by the City, which will likely occur in 2015. Page 1 of 3 ITEM NO. 4.3 RECOMMENDATION: Staff recommends that the City Council adopt the Resolution Approving the Release of Security for Central Parkway Improvements for Tract 8024 — Jordan Ranch Phase 1. ubmitte° By �� Reviewed By Public Works Director Assistant City Manager DESCRIPTION: BJP-ROF Jordan Ranch, LLC entered into a Tract Improvement Agreement with the City of Dublin on December 6, 2011, for the construction of street and other tract improvements for Tract 8024, Jordan Ranch Phase 1 (City Council Resolution No. 203-11). These improvements included construction of Central Parkway improvements from Fallon Road east to Sunset View Drive. BJP-ROF Jordan Ranch provided Faithful Performance Bonds and Labor & Materials Bonds in the amount of 100% of the cost of improvements to guarantee the construction of these improvements. BJP-ROF Jordan Ranch LLC subsequently entered into a Tract Improvement Agreement with the City of Dublin on August 20, 2013, for the construction of street and other tract improvements for Tract 8100, Jordan Ranch Phase 2 (City Council Resolution No. 139-13). The improvements bonded with Tract 8100 also included construction of improvements on Central Parkway from Fallon Road east to Croak Road, inclusive of the improvements on Central Parkway bonded for with Tract 8024 (from Fallon Road east to Sunset View Drive) (Attachment 1). At the time the Improvement Agreement for Tract 8100 was filed, the Central Parkway improvements from Fallon Road east to Croak Road were determined to be more than 80% complete. Therefore, BJP-ROF Jordan Ranch provided Faithful Performance Bonds and Labor & Materials Bonds in the amount equal to 25% of the cost of the improvements to guarantee construction of the remaining improvements. Currently, the Central Parkway improvements initially bonded with Tract 8024 are also secured by the bonds provided with Tract 8100. The bonds provided with Tract 8100 are adequate to guarantee the construction of the remaining improvements on Central Parkway. The developer is requesting that the bonds provided with Tract 8024 for Central Parkway improvements be released. ORIGINAL AMOUNTS Faithful Labor & IMPROVEMENTS Performance Materials STATUS Bond Bond (Bond No.) (Bond No.) Tract 8024 Central Parkway $2,976,640.00 $2,976,640.00 To Be Improvements (0571494) (0571494) Released (Fallon Road east to Sunset View Drive) Tract 8100 Central Parkway $1,107,247.00 $1,107,247.00 To Improvements (0591507) (0591507) Remain (Fallon Road east to Croak Road) Page 2 of 3 NOTICING REQUIREMENTS/PUBLIC OUTREACH: A copy of this staff report has been sent to BJP-ROF Jordan Ranch, LLC. ATTACHMENTS: 1. Central Parkway Improvement Bonding Exhibit 2. Resolution Approving the Release of Security for Central Parkway Improvements for Tract 8024 — Jordan Ranch Phase 1 Page 3 of 3 ULMEMM c, pARCEL nD TRACT E024 CENFRAL PARKWAY ROADWAY WORK LY75�� i�'� �� neacraloo V'RACV 8100 CENTRAL PARKWAY ROADWAY WORK UMITS TRACT B100 j, couRr PARCEL"C: !f—TRACT 81DO PARCEL"I' PCOURT,A 0 400 TRACT 8024 �O PARCEL'A' 1'RAG I'13100 c Gib TRACT 8179 14 IN BEET 4 inch = 4-00 ft. k eS _ C R 0 A K TRACT 8155 gg r.� 9 TRACT 815h ,i / i TRACT eloo 1 r, PARCEL"F" j TRACT 8024 �" 3° .f�c(✓,j' �" y P��` 1 C o PARCEL "C" 3 PARCEL'8 TRACT 8021 TRACT 8100 TRACT—111 TRACT 8100 CENTRAL PARKWAY� O C IMPROVEMENT l EXHIBIT JORDAN- RANCH- 2v3-2014 RESOLUTION NO. - 14 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DUBLIN APROVING THE RELEASE OF SECURITY FOR CENTRAL PARKWAY IMPROVEMENTS FOR TRACT 8024 — JORDAN RANCH PHASE 1 WHEREAS, BJP-ROF Jordan Ranch LLC, the developer of Tract 8024, previously entered into a Tract Improvement Agreement dated December 6, 2011, Resolution No. 203- 11, with the City of Dublin, to construct certain improvements for Tract 8024, including Central Parkway Improvements, in accordance with plans and specifications on file with the City Engineer; and WHEREAS, the developer provided Faithful Performance and Labor & Materials Bonds issued by International Fidelity Insurance Company in the amount of$2,976,640.00 (Bond No. 0571494) to guarantee the Central Parkway Improvements from Fallon Road to Sunset View Drive; and WHEREAS, BJP-ROF Jordan Ranch LLC, the developer of Tract 8100, subsequently entered into a Tract Improvement Agreement dated August 20, 2013, Resolution No. 139-13, with the City of Dublin, to construct certain improvements for Tract 8100, including Central Parkway Improvements from Fallon Road to Croak Road, in accordance with plans and specifications on file with the City Engineer; and WHEREAS, when the Tract Improvement Agreement for Tract 8100 was approved the Central Parkway improvements were determined to be more than 80% complete; and WHEREAS, the developer provided Faithful Performance and Labor & Materials Bonds issued by International Fidelity Insurance Company in the amount of$1,107,247.00 (Bond No. 0591507), equal to 25% of the full cost of construction for the Central Parkway Improvements from Fallon Road to Croak Road to guarantee these improvements; and WHEREAS, the portion of Central Parkway improvements bonded with Tract 8024 (from Fallon Road east to Sunset View Drive) is also secured by the bonds provided for Tract 8100; and WHEREAS, the security provided for the Central Parkway improvements for Tract 8100 is adequate to guarantee the construction of the remaining improvements on Central Parkway, including those associated with Tract 8024; and WHEREAS, the Faithful Performance and Labor & Materials bonds for the Central Parkway improvements for Tract 8024 can be released, in accordance with the authority contained in Section 66499.7 of the Government Code of the State of California; 1 NOW, THEREFORE, BE IT RESOLVED that: 1. The Faithful Performance Bond and Labor & Materials Bond issued by International Fidelity Insurance Company for $2,976,640.00 (Bond No. 0571494) for the Central Parkway Improvements from Fallon Road to Sunset View Drive, be released. PASSED, APPROVED AND ADOPTED this 4th day of November, 2014, by the following vote: AYES: NOES: ABSENT: ABSTAIN: ATTEST: Mayor City Clerk 2