HomeMy WebLinkAboutReso 187-14 Jordan Ranch Tr 8024 Release Sec RESOLUTION NO. 187 - 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.
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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: Councilmembers Biddle, Gupta, Hart, Haubert, and Mayor Sbranti
NOES: None
ABSENT: None
ABSTAIN: None
(f. /Una
Mayor
ATTEST:
a/0 ‘: /(-) 6C14—
City Clerk
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Reso No. 187-14,Adopted 11-4-14, Item 4.3 Page 2 of 2