HomeMy WebLinkAboutItem 4.12 Sorrento Partial Rel of Sec
CITY CLERK
File # D~[Q][?2]-~[Q]
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: June 17, 2008
SUBJECT:
Approval of Partial Release of Securities for Tracts 7643 and 7645 -
Sorrento at Dublin Ranch (Neighborhoods 2 and 4) I~
Report Prepared by: Melissa Morton, Public Works Direc~Y I
ATTACHMENTS:
1)
Resolution Approving Partial Release of Security for Tract
7643, Sorrento at Dublin Ranch, Neighborhood 2
Resolution Approving Partial Release of Security for Tract
7645, Sorrento at Dublin Ranch, Neighborhood 4
2)
~
2)
Adopt the resolution approving the partial release of Security
for Tract 7643, Sorrento at Dublin Ranch, Neighborhood 2;
and
Adopt the resolution approving the partial release of Security
for Tract 7645, Sorrento at Dublin Ranch, Neighborhood 4.
RECOMMENDATION:
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FINANCIAL STATEMENT:
The Performance Bond and Labor and Materials Bond (Bond No.
08840712 issued by Fidelity and Deposit Company of Maryland) for
the Tract 7643 improvements will be reduced to $163,000 for each
bond.
The Performance Bond and Labor and Materials Bond (Bond No.
08840691 issued by Fidelity and Deposit Company of Maryland) for
the Tract 7645 improvements will be reduced to $120,000 for each
bond.
DESCRIPTION: On August 1, 2006, Sorrento at Dublin Ranch I, LP, entered into a
Tract Improvement Agreement with the City of Dublin to construct improvements required by Tract 7643,
Sorrento at Dublin, Ranch, Neighborhood 2. The developer provided a Performance Bond and a Labor
and Materials Bond, each in the amount of $650,000 (Bond No. 08840712 issued by Fidelity and Deposit
Company of Maryland), to guarantee construction of the Tract 7643 improvements. These improvements
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COpy TO: Steve Herndon, Toll Bros.
Page 1 of2
ITEM NO.
4./2-
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are now more than 80% complete, and it is estimated that these improvements will be fully completed in
approximately one year.
In accordance with authority contained in 966499.7 of the Government code, these bonds may be reduced
to an amount of $163,000. Sorrento at Dublin Ranch I, LP, will provide a Warranty Bond in the amount
of$163,000 at the time the City accepts the Tract 7643 improvements.
On August 1, 2006, Sorrento at Dublin Ranch I, LP, also entered into a Tract Improvement Agreement
with the City of Dublin to construct improvements required by Tract 7645, Sorrento at Dublin, Ranch,
Neighborhood 4. The developer provided a Performance Bond and a Labor and Materials Bond, each in
the amount of $480,000 (Bond No. 08840691 issued by Fidelity and Deposit Company of Maryland), to
guarantee construction of the Tract 7645 improvements. These improvements are now more than 80%
complete.
In accordance with authority contained in 966499.7 of the Government code, these bonds may be reduced
to an amount of $120,000. Sorrento at Dublin Ranch I, LP, will provide a Warranty Bond in the amount
of$120,000 at the time the City accepts the Tract 7645 improvements.
Staff recommends that the City Council 1) adopt the resolution approving the partial release of Security
for Tract 7643, Sorrento at Dublin, Ranch, Neighborhood 2; and 2) adopt the resolution approving the
partial release of Security for Tract 7645, Sorrento at Dublin, Ranch, Neighborhood 4.
Page 2 of2
RESOLUTION NO. - 08
I~d
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
*********
APPROVING PARTIAL RELEASE OF SECURITY FOR TRACT 7643,
SORRENTO AT DUBLIN RANCH, NEIGHBORHOOD 2
WHEREAS, the subdivider of Tract 7643, Sorrento at Dublin Ranch I, LP, a California Limited
Partnership, filed on October 20, 2006, in Book 293 of Maps at Pages 90-95, previously entered into a
Tract Improvement Agreement with the City of Dublin dated October 17, 2006, Resolution 199-06, to
improve said Tract in accordance with plans on file with the City Engineer; and
WHEREAS, the improvements for Tract 7643 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 Performance Bond, and the Labor and Materials Bond 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 Labor and Materials Bond issued by Fidelity and Deposit Company of
Maryland in the amount of $650,000 for the tract improvements (Bond No. 08840712) be
reduced to an amount of$163,000; and
2. The original Performance Bond issued by Fidelity and Deposit Company of Maryland in
the amount of $650,000 for the tract improvements (Bond No. 08840712) be reduced to an
amount of $163,000.
PASSED, APPROVED AND ADOPTED this 17th day of June, 2008.
YES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
Janet Lockhart, Mayor
City Clerk
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RESOLUTION NO. - 08
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
*********
APPROVING PARTIAL RELEASE OF SECURITY FOR TRACT 7645,
SORRENTO AT DUBLIN RANCH, NEIGHBORHOOD 4
WHEREAS, the subdivider of Tract 7645, Sorrento at Dublin Ranch I, LP, a California Limited
Partnership, filed on August 24, 2006, in Book 291 of Maps at Pages 87-92, previously entered into a
Tract Improvement Agreement with the City of Dublin dated August 1, 2006, Resolution 141-06, to
improve said Tract in accordance with plans on file with the City Engineer; and
WHEREAS, the improvements for Tract 7645 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 Performance Bond, and the Labor and Materials Bond can be partially released,
in accordance with the authority contained in 966499.7 of the Government Code of the State of Cali fomi a;
NOW, THEREFORE, BE IT RESOLVED that:
1. The original Labor and Materials Bond issued by Fidelity and Deposit Company of
Maryland in the amount of $480,000 for the tract improvements (Bond No. 08840691) be
reduced to an amount of$120,000; and
2. The original Performance Bond issued by Fidelity and Deposit Company of Maryland in
the amount of $480,000 for the tract improvements (Bond No. 08840691) be reduced to an
amount of$120,000.
PASSED, APPROVED AND ADOPTED this 17th day of June, 2008.
YES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
Janet Lockhart, Mayor
City Clerk
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