HomeMy WebLinkAboutItem 4.06 Dublin Ranch Bond Release
CITY CLERK
File # D~[QJ[D.~[Q
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: September 5,2006
SUBJECT:
Release of Bonds for Dublin Ranch, Tract 7281, Gleason Drive and
Grafton Street Sidewalk Improvements
Report Prepared by Melissa Morton, Public Works Direc7, f
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ATTACHMENTS:
Resolution Releasing Bonds for Dublin Ranch, Tract 7281, Gleason
Drive and Grafton Street Sidewalk Improvements
RECOMMENDATION:
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FINANCIAL STATEMENT:
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(U\r-4 Adopt the resolution releasing bonds for Dublin Ranch, Tract 7281,
\ Gleason Drive and Grafton Street Sidewalk Improvements
The City will not incur any costs related to the release of these
bonds.
DESCRIPTION: As part of the approval for the Tract 7281 Final Map, the Lin Family
and the Sierra Land Development Corporation entered into an Improvement Agreement with the City of
Dublin to construct sidewalk improvements along Gleason Drive and Grafton Street. The Sierra Land
Development Corporation provided a Performance Bond and a Labor and Materials Bond, each in the
amount of $1 00,000, to guarantee performance ofthe work.
The requirement to complete these sidewalk improvements has been included in the Tract Improvement
Agreement for Tract 7282 with Standard Pacific Corporation. The Standard Pacific Corporation has
provided a Performance Bond and a Labor and Materials Bond, to guarantee performance of the work and
will provide a Maintenance Bond when the City accepts the improvements. The bonds provided by the
Sierra Land Development Corporation can therefore be released.
Staff recommends that the City Council adopt the resolution releasing bonds for Dublin Ranch, Tract
7281, Gleason Drive and Grafton Street Sidewalk Improvements.
COPY TO: Marty Inderbitzen, Attorney for the Lin Family
ITEM NO.
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G:\DEVELOP\Dublin Ranch\Area F-North\Tract 7281 Final Map\agenda statement release sidewalk bonds. doc
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RESOLUTION NO. - 06
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
*********
RELEASE OF BONDS FOR DUBLIN RANCH, TRACT 7281,
GLEASON DRIVE AND GRAFTON STREET SIDEWALK IMPROVEMENTS
WHEREAS, the Lin Family and the Sierra Land Development Corporation entered into an Improvement
Agreement with the City of Dublin on August 17, 2004, to construct sidewalk improvements along Gleason Drive
and Grafton Street; and
WHEREAS, said Improvement Agreement is secured by a bond furnished by the Developers Surety and
Indenmity Company (Bond No. 869478S) in the amount of $100,000 conditioned upon faithful performance of
said Agreement; and
WHEREAS, said Improvement Agreement is secured by a bond furnished by the Developers Surety and
Indenmity Company (Bond No. 869478S) in the amount of $ 100,000 conditioned upon payment for labor
performed or materials furnished under said Agreement;
WHEREAS, Standard Pacific Corporation, has executed and filed with the City of Dublin a Tract
Improvement Agreement for Tract 7282 to construct required subdivision improvements, including the said
sidewalk improvements along Gleason Drive and Grafton Street; and
WHEREAS, said Tract Improvement Agreement is secured by a bond furnished by Arch Insurance
Company (Bond. No. SU50l805l) in the amount of $2,553,000 for the tract improvements, conditioned upon
faithful performance of said Agreement; and
WHEREAS, said Tract Improvement Agreement is secured by a bond furnished by Arch Insurance
Company (Bond. No. SU5018051) in the amount of $2,553,000 for the tract improvements, conditioned upon
payment for labor performed or material furnished under the terms of said Agreement;
NOW, THEREFORE, BE IT RESOLVED that:
1. The original Performance Bond issued by Developers Surety and Indenmity Company (Bond No.
869478S) in the amount of$lOO,OOO be released; and
2. The original Labor and Materials Bond issued by Developers Surety and Indenmity Company
(Bond No. 869478S) in the amount of$lOO,OOO be released.
PASSED, APPROVED AND ADOPTED this 5th day of September, 2006.
YES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
Janet Lockhart, Mayor
Fawn Holman, City Clerk
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