HomeMy WebLinkAboutItem 4.02 Sorrento at Dublin Ranch
CITY CLERK
File # D~lQ'c)I-~~
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: April 1 , 2008
SUBJECT:
Approval of Partial Release of Security for Tract 7642, Sorrento at
Dublin Ranch, Neighborhood 1
Report Prepared by: Melissa Morton, Public Works Dir~
ATTACHMENTS: Resolution Approving Partial Release of Security for Tract 7642,
Sorrento at Dublin Ranch, Neighborhood 1
RECOMMENDATION: ~ Adopt the resolution approving Partial Release of Security for Tract
~ 7642, Sorrento at Dublin Ranch, Neighborhood 1.
FINANCIAL STATEMENT:
Sorrento at Dublin Ranch I, LP, has remaining bonds in amounts
sufficient to complete the Tract 7642 improvements and will provide
a one-year Warranty Bond when the City accepts the improvements.
DESCRIPTION: Sorrento at Dublin Ranch I, LP, a California Limited Partnership
owned by wholly-owned subsidiaries of Toll Brothers, Inc., entered into a Tract Improvement Agreement
with the City of Dublin to construct improvements required by Tract 7642. Tract 7642 is the subdivision
for Neighborhood 1 of Toll Brothers' Sorrento at Dublin Ranch consisting of75 single-family lots.
Sorrento at Dublin Ranch I, LP, provided a Performance Bond, and a Labor and Materials Bond issued by
Fidelity and Deposit Company of Maryland in the amount of $875,000 for the Tract 7642 improvements
(Bond No. 08840667). The improvements for Tract 7642 are more than 80% complete, and in accordance
with authority contained in 966499.7 of the Government Code, these bonds may be reduced to an amount
of $219,000 (25% of the original bond). Sorrento at Dublin Ranch I, LP, will provide a Warranty Bond in
the amount $219,000 at the time the City accepts the Tract 7642 improvements.
Staff recommends that the City Council adopt the resolution approving Partial Release of Security for
Tract 7642, Sorrento at Dublin Ranch, Neighborhood 1.
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COPY TO: Steve Herndon, Toll Bros.
ITEM NO.
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Page 1 of 1
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RESOLUTION NO. - 08
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
*********
PARTIAL RELEASE OF SECURITY FOR TRACT 7642,
SORRENTO AT DUBLIN RANCH, NEIGHBORHOOD 1
WHEREAS, the subdivider of Tract 7642, Sorrento at Dublin Ranch I, LP, a California Limited
Partnership, filed on July 7, 2006, in Book 291 of Maps at Pages 51-58, previously entered into a Tract
Improvement Agreement with the City of Dublin dated May 16, 2006, to improve said Tract in
accordance with plans on file with the City Engineer (Resolution 63-06); and
WHEREAS, the improvements for Tract 7642 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 he 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 $875,000 for the tract improvements (Bond No. 08840667) be
reduced to an amount of$219,000; and
2. The original Performance Bond issued by Fidelity and Deposit Company of Maryland in
the amount of $875,000 for the tract improvements (Bond No. 08840667) be reduced to an
amount of$219,000.
PASSED, APPROVED AND ADOPTED this 1 st day of April, 2008, by the following vote:
YES:
NOES:
ABSENT:
ABSTAIN:
Janet Lockhart, Mayor
ATTEST:
City Clerk
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