HomeMy WebLinkAboutItem 4.06 Traffic Signal Improv Cntrl Pkwy
CITY CLERK
File # D[k][g[Q]-~[Q]
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: April 1, 2008
SUBJECT:
Partial Release of Security for Traffic Signal Improvements at
Central Parkway and Fallon Road
Report Prepared by: Melissa Morton, Public Works Dir~
Resolution Approving Partial Release of Security for Traffic Signal
Improvements at Central Parkway and Fallon Road
ATTACHMENTS:
RECOMMENDATION:
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Adopt the resolution Approving Partial Release of Security for
Traffic Signal Improvements at Central Parkway and Fallon Road
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FINANCIAL STATEMENT:
The City will not incur maintenance costs for these improvements
until the traffic signal at Central Parkway and Fallon Road is
completed.
DESCRIPTION: The Lin Family and the Sierra Land Development Corporation
entered into an Improvement Agreement on June 21, 2005, with the City of Dublin to construct roadway
improvements for Central Parkway - Lockhart Street to Fallon Road and Fallon Road - Central Parkway to
Bent Tree Drive, including traffic signals at Central Parkway and Lockhart Street and at Central Parkway
and Fallon Road. The associated roadway improvements and the traffic signal improvements at the
Central Parkway and Lockhart Street intersection are completed and were accepted by the City Council on
November 21,2006 with Resolution No. 218-06.
The improvements for the traffic signal at Central Parkway and Fallon Road are now partially completed
to the satisfaction of the City Engineer. However, the City has requested that the Lin Family not complete
this traffic signal until the City has completed the I-580/Fallon Road Interchange Project, at which time
Central Parkway will be opened to Fallon Road.
Sierra Land Development Corporation provided a Performance Bond, and a Labor and Materials Bond
issued by Developers Surety and Indemnity Company dated June 1, 2005 (Bond No. 720007S), in the
amount of $310,000.00 which included the traffic signal improvements at Central Parkway and Fallon
COPY TO: Jim Tong, Charter Properties (Lin)
ITEM NO.
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Page 1 of2
G:IDEVELOPMENT, PRIV ATEIDublin RanchlInfrastructurelCentraI-FallonlTraffic signal at Fallonlagst reduce signal bond.doc
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Road. These bonds may now be reduced to $80,000 which is sufficient to complete the traffic signal
improvements.
Staff recommends that the City Council adopt the resolution Approving Partial Release of Security for
Traffic Signal Improvements at Central Parkway and Fallon Road.
Page 2 of2
RESOLUTION NO. - 08
l~1
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
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PARTIAL RELEASE OF SECURITY FOR TRAFIC SIGNAL IMPROVEMENTS
AT CENTRAL PARKWAY AND FALLON ROAD
WHEREAS, the Lin Family and the Sierra Land Development Corporation entered into an
Improvement Agreement with the City of Dublin on June 21, 2005, to construct roadway improvements
for Central Parkway - Lockhart Street to Fallon Road and Fallon Road - Central Parkway to Bent Tree
Drive, including traffic signals on Central Parkway at Lockhart Street and at Fallon Road, in accordance
with the approved plans; and
WHEREAS, the roadway improvements associated with Central Parkway - Lockhart Street to
Fallon Road and Fallon Road - Central Parkway to Bent Tree Drive, and the traffic signal improvements
for the Central Parkway/Lockhart Street intersection were accepted by the City Council on November 21,
2006 with Resolution No. 218-06; and
WHEREAS, the improvements for the traffic signal at Central ParkwayIFallon Road are partially
completed in accordance with said plans, and any approved modifications thereto, to the satisfaction of the
City Engineer; and
WHEREAS, the traffic signals improvements for the Central Parkway/Fallon Road intersection
are not fully completed at the request of the City; and
WHEREAS, the Performance Bond, and the Labor and Materials Bond can be partially released,
in accordance with the authority contained in g66499.7 ofthe Government Code of the State of Cali fomi a;
NOW, THEREFORE, BE IT RESOLVED that:
1. The Performance Bond issued by Developers Surety and Indemnity Company dated June 1,
2005 (Bond No. 720007S) in the amount of $310,000.00 for the traffic signal
improvements be reduced to an amount of $80,000; and
2. The Labor and Materials Bond issued by Developers Surety and Indemnity Company dated
June 1, 2005 (Bond No. 720007S) in the amount of $310,000.00 for the traffic signal
improvements be reduced to an amount of $80,000.
PASSED, APPROVED AND ADOPTED this 1 st day of April, 2008, by the following vote:
YES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
City Clerk
Janet Lockhart, Mayor
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