HomeMy WebLinkAboutItem 4.08 Schaefer Rch Release of Sec
CITY CLERK
File # D[b]~[Q]-[12][aJ
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: March 18,2008
SUBJECT:
Approval of Partial Release of Security Associated with Tract 6765,
Schaefer Ranch - Phase I Improvements (Schaefer Ranch Holdings,
LLC, a California Limited Liability Company)
Report Prepared by: Frank Navarro, Senior Civil Engineer
ATT ACHMENTS:
1)
Resolution approving Partial Release of Security associated
with Tract 6765, Schaefer Ranch - Phase 1 Improvements
Location Map
2)
RECOMMENDATION:
/7 A~ Adopt the Resolution approving Partial
, V" associated with Tract 6765, Schaefer
Improvements.
Release of Security
Ranch - Phase 1
~
FINANCIAL STATEMENT:
The original Performance Bond and Labor and Materials Bond
issued by Traveler's Insurance Company, each in the amount of
$3,508,900.00 (Bond No. 104757057) for Phase 1 Improvements,
will be reduced to $877,225.00. The original Grading Performance
Bond issued by Traveler's Insurance Company, in the amount of
$4,000,000.00 (Bond No. 104630747) for Phase 1 grading, will be
reduced to $1,000,000.00. After the Partial Release of Security, the
remaining bonds will be sufficient to complete Tract 6765, Schaefer
Ranch - Phase 1 Improvements. The developer will provide one-
year Maintenance Bonds when the City accepts the improvements.
DESCRIPTION: Schaefer Ranch Holdings, LLC, is seeking City Council approval of
the Partial Release of Security associated with Tract 6765, Schaefer Ranch - Phase 1 Improvements.
Tract 6765 is a residential development approved by the Planning Commission in August 1998. The
Stage 2 Planned Development and Site Development Review were approved by the Planning Commission
in June 2006 and by the City Council in August 2006 respectively. The project area consists of
-------------------------------------------------------------------------------------------------------------
COPY TO: Doug Chen, Schaefer Ranch Holdings, LLC
Page 1 of2
'1-. g
ITEM NO.
G:\DEVELOPMENT, PRIV A TE\Schaefer Ranch\Improvement Agreements\AGST _ bond reduce_phase I.doc
approximately 500 acres of land located at the westerly boundary of the City limits north of Interstate 580,
south of the unincorporated area of Alameda County, and west of Brigadoon Way. The project will
consist of 302 single-family homes, open space, a neighborhood commercial center, and a community
park.
On February 20, 2007, via City Council Resolution No. 17-07, the City of Dublin and Schaefer Ranch
Holdings, LLC, entered into an improvement agreement that governed the Phase 1
Improvements. This work included the extension of Dublin Boulevard and the construction of Schaefer
Ranch Road. The developer is nearly complete with the Phase I improvements and is requesting a bond
reduction.
The developer, Schaefer Ranch Holdings, LLC, provided Performance and Labor and Materials Bonds,
each in the amount of $4,000.000.00 (Bond No. 104630747) for grading and $3,508,900.00 (Bond No.
104757057) for improvements. The total improvements for Phase 1 are more than 80% complete, and in
accordance with the authority contained in 966499.7 of the Government Code, these bonds may be
reduced to an amount of $1,000,000.00 (25% of $4,000,000.00) and $877,225.00 (25% of $3,508,900.00)
respectively. The City is only authorizing a bond reduction and is not approving or accepting these
improvements at this time. Once the City formally accepts the Tract 6765, Schaefer Ranch - Phase 1
Improvements, Schaefer Ranch Holdings, LLC, will provide Maintenance Bonds to replace the
Performance and Labor and Materials Bonds.
Staff recommends that the City Council adopt the Resolution approving Partial Release of Security
associated with Tract 6765, Schaefer Ranch - Phase 1 Improvements.
Page 2 of2
RESOLUTION NO. - 08
/1,3
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
*********
APPROVING PARTIAL RELEASE OF SECURITY ASSOCIATED WITH
TRACT 6765, SCHAEFER RANCH - PHASE 1 IMPROVEMENTS
(SCHAEFER RANCH HOLDINGS, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY)
WHEREAS, Schaefer Ranch Holdings, LLC, a California limited liability company, IS the
subdivider of Tract 6765, filed on March 8, 2007, in Book 297 of Maps at Pages 1 -51; and
WHEREAS, the City of Dublin and Schaefer Ranch Holdings, LLC, previously entered into an
Improvement Agreement that governed the Phase 1 Improvements (the extension of Dublin Boulevard
and the construction of Schaefer Ranch Road) on February 20,2007, to improve said Tract in accordance
with plans and specifications on file with the City Engineer (Resolution 17-07); and
WHEREAS, said Improvement Agreements are secured by separate Performance and Labor and
Materials Bonds, each in the amounts of $4,000,000.00 (Bond No. 104630747) and $3,508,900.00 (Bond
No. 104757057) for the Phase 1 Improvements, issued by Traveler's Insurance Company; and
WHEREAS, the improvements for Tract 6765, Schaefer Ranch - Phase 1 Improvements, are
more than 80% complete in accordance with said plans, and any approved modifications thereto, to the
satisfaction of the City Engineer; and
WHEREAS, the work governed by this Improvement Agreement is currently under construction
and is not considered approved or accepted; and
WHEREAS, the Performance Bond, and the Labor and Materials Bond for Schaefer Ranch -
Phase 1 Improvements can be partially released, in accordance with the authority contained in 966499.7 of
the Government Code of the State of California;
NOW, THEREFORE, BE IT RESOLVED that:
1. The original Performance Bond issued by Traveler's Insurance Company in the amount of
$3,508,900.00 (Bond No. 104757057) for Phase 1 Improvements be reduced to an amount
of$877,225.00; and
2. The original Labor and Materials Bond issued by Traveler's Insurance Company in the
amount of $3,508,900.00 (Bond No. 104757057) for Phase 1 Improvements be reduced to
an amount of$877,225.00.
3. The original Grading Performance Bond issued by Traveler's Insurance Company in the
amount of $4,000,000.00 (Bond No. 104630747) for Phase 1 grading be reduced to an
amount of$l,OOO,OOO.OO.
PASSED, APPROVED AND ADOPTED this 18th day of March, 2008, by the following vote:
1
'I-t- ~",,-n -# ~. f! 3/ / g t,e i1/l.(i!
ATTACHMENT 1
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
City Clerk
o?r;r3
G:\DEVELOPMENT, PRIV A TE\Schaefer Ranch\lmprovement Agreements\RESO _bond release -phase I.doc
2
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