HomeMy WebLinkAboutReso 096-01 DR AcqReleasLtr7148RESOLUTION NO. 96 - 01
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
RELEASING LETTER OF CREDIT SECURING
TRACT DEVELOPER AGREEMENT FOR TRACT 7148
WHEREAS, on Janua~ 16, 2001, the Council approved the Final Tract Map for Tract 7148
(Dublin Ranch, Areas F, G and H); and
WHEREAS, the developer of Tract 7148, DR Acquisitions II, LLC, entered into a Tract
Developer Agreement with the City to secure the required improvements and provided the City with Letter
of Credit No. SB017542, drawn on Sanwa Bank in the amount of $7,371,160, with DR Acquisitions II,
LLC, as the "accountee" on such letter of Credit, to secure the obligations of the Tract Developer
Agreement; and
WHEREAS, in February, DR Acquisitions II, LL, transferred its interest in certain property within
Area G to Toll-Dublin, LL, and assigned its obligations under the Tract Developer Agreement to Toll-
Dublin, LLC; and
WHEREAS, Toll-Dublin, LLC, provided the City with bonds in the amount of $7,371,160 to
secure its obligations under the Tract Developer Agreement and the assignment has been approved by the
City; and
WHEREAS, it is appropriate to release the Letter of Credit that was provided by DR Acquisitio~
II now that the City has security in the form of bonds from DR Acquisitions IFs assignee, Toll-Dublin,
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of DUblin hereby
pertifies that the accountee has fulfilled the obligations under the terms of that certain Tract Developer
Agreement dated January 16, 2001. The amount of the Letter of Credit No. SB017542 issued by Sanwa
Bank California may therefore be released in its entirety to the accountee.
PASSED, APPROVED AND ADOPTED this 19th day of June, 2001.
AYES:
Councilmembers Lockhart, McCormick, Oravetz, Zika and Mayor Houston
NOES: None
AB SENT: None
ABSTAIN: None
ATTEST:~~
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