HomeMy WebLinkAboutItem 4.06 Western Pacific Rel of Sec
CITY CLERK
File # D[k]~[?2]-[kJ[Q]
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: April 15, 2008
SUBJECT:
Approval of Release of Security for Tract 7525
Report Prepared by: Melissa Morton, Public Works Director
ATT ACHMENTS:
Resolution Approving Release of Security for Tract 7525
RECOMMENDATION: Adopt the resolution Approving Release of Security for Tract 7525.
FINANCIAL JEMEN~Westem Pacific Housing, Inc. (D.R. Horton), provided a
~/J/ Performance Bond and a Labor & Materials Bond for Tract Map
II/! 7525 improvements issued by Westchester Fire Insurance Company,
7' each in the amount of $2,024,300 (Bond No. K07l45597). All
improvements will be privately maintained, and the City will not
incur any maintenance costs for these improvements.
DESCRIPTION: Western Pacific Housing, Inc. (D.R. Horton), entered into a Tract
Improvement Agreement with the City of Dublin to construct improvements required by Tract 7525.
Tract 7525 is the common area of the Dublin Transit Center Area B.
Tract 7525 included public improvements within DeMarcus Boulevard and Iron Horse Parkway, which
were completed with the Parcel Map 7892 improvements and were accepted by the City Council on
March 18, 2008, with Resolution No. 40-08. Tract 7525 also included private improvements for Hamlet
Lane and the Campbell Green roadways, which are now complete, and will be privately maintained.
Western Pacific Housing, Inc. (D.R. Horton), provided a Performance Bond, and a Labor & Materials
Bond issued by Westchester Fire Insurance Company, each in the amount of $2,024,300 for improvements
associated with Tract Map 7525 (Bond No. K07l45597). These bonds may now be released in
accordance with the authority contained in 966499.7 of the Government Code.
Staff recommends that the City Council adopt the resolution Approving Release of Security for Tract
7525.
COPY TO: Dean Mills, DR Horton.
Page 1 of 1
ITEM NO.
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G:\DEVELOPMENT, PRIV A TE\Dublin Transit Ctr\Tract 7525\agst release bonds.doc
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RESOLUTION NO. - 08
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
*********
RELEASE OF SECURITY FOR TRACT 7525
WHEREAS, Western Pacific Housing, Inc. (DR Horton), previously entered into a Tract
Improvement Agreement with the City of Dublin dated April 5, 2005, Resolution 54-05, to complete
required improvements for Tract Map 7525, filed on April 19, 2005, in Map Book 279 at Pages 97-100 in
accordance with plans on file with the City Engineer; and
WHEREAS, the private improvements required by said Tract Improvement Agreement for Tract
7525 are now complete in accordance with said plans, and any approved modifications thereto, to the
satisfaction of the City Engineer; and
WHEREAS, the public improvements required by said Tract Improvement Agreement for Tract
7525 were completed with the Parcel Map 7892 improvements in accordance with said plans, and any
approved modifications thereto, to the satisfaction of the City Engineer and were accepted by the City
Council on March 18,2008 with Resolution No. 40-08; and
WHEREAS, the Performance Bond, and the Labor and Materials Bond can be released, III
accordance with 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 Westchester Fire Insurance Company in the
amount of $2,024,300 for the improvements associated with Tract Map 7525 (Bond No.
K07l45597) be released; and
2. The original Labor and Materials Bond issued by Westchester Fire Insurance Company in
the amount of $2,024,300 for the improvements associated with Tract Map 7525 (Bond
No. K07l45597) be released.
PASSED, APPROVED AND ADOPTED this 15th day of April, 2008, by the following vote:
YES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
Janet Lockhart, Mayor
City Clerk
-;~# Lt., 4/151a!~.
A-r-rACHNF~r 0
G:IDEVELOPMENT, PRlV ATEIDublin Transit CtrlTract 7525\Reso acpt imps. doc