HomeMy WebLinkAboutItem 4.08 Fallon Village PM 9208
CITY CLERK
File # D~~[m-~~
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: May 20, 2008
SUBJECT:
Release of Bonds Associated with Parcel Map 9208, Fallon Village
(Braddock and Logan)
Report Prepared by: Mark Lander, City Engineer
ATTACHMENTS:
1)
2)
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Adopt the Resolution releasing the bonds associated with Parcel
Map 9208.
Resolution
Location Map
RECOMMENDATION:
Fm~~T.
Braddock and Logan has provided additional bonds in conjunction
with Tracts 7853 and 7854 to replace the Performance Bond and the
Labor and Materials Bond that guaranteed the improvements
associated with Parcel Map 9208. Once these improvements have
been completed and accepted, the City will incur costs for City-
maintained improvements within the boundaries of those tracts.
DESCRIPTION: Parcel Map 9208 was approved by the Zoning Administrator on
August 22, 2006. This Parcel map created four parcels in order to facilitate a staged sale of the property to
Braddock and Logan by the prior owner.
Parcel Map 9208 was approved by the City Council on September 5, 2006. Braddock and Logan provided
a performance bond and a labor and materials bond, each in the amount of $4,817,880, as security for the
street improvements and other infrastructure needed to serve the four parcels.
Since that time, Braddock and Logan has acquired three of the four parcels, and has filed final maps for
Tracts 7853 and 7854 over these three parcels. A set of performance bonds and labor and materials bonds
has been provided for each tract and supply duplicate security for the bonds with Parcel Map 9208. In
addition, the improvements guaranteed under the tracts will provide access and utilities to the fourth
COPIES TO: Jeff Lawrence, Braddock and Logan
Page 1 of2
ITEM NO. Jf ~
G:\DEVELOPMENT, PRIV ATE\Fallon Village (EDPO)\Parcel Map 9208\Agstrelease_impv 9208.doc
remaining lot not under ownership by Braddock and Logan. Therefore, the bonds provided with Parcel
Map 9208 are no longer needed and it is appropriate to release these bonds.
Staff recommends that the City Council adopt the resolution releasing the bonds associated with Parcel
Map 9208.
Page 2 of2
{ O;f- 02
RESOLUTION NO. - 08
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
*********
RELEASE OF BONDS ASSOCIATED WITH PARCEL MAP 9208
(BRADDOCK AND LOGAN)
WHEREAS, the developer of Parcel Map 9208, filed on September 6, 2006, in Book 292 of
Parcel Maps at Pages 16 - 17, previously entered into an Improvement Agreement with the City of Dublin
to improve said Parcel Map in accordance with a bonding exhibit on file with the Public Works Director;
and
WHEREAS, the developer provided a performance bond and a labor and materials bond, each in
the amount of $4,817,880, to guarantee installation of streets and other improvements needed to serve the
four parcels in Parcel Map 9208; and
WHEREAS, on April 15, 2008, the City Council approved the Final Maps for Tracts 7853 and
7854, that encompass three of the four parcels included in Parcel Map 9208, and
WHEREAS, additional bonds were provided with Tracts 7853 and 7854 that provide duplicate
guarantee for the improvements associated with Parcel Map 9208: and
WHEREAS, the bonds associated with Parcel Map 9208 are no longer needed and it IS
appropriate that these bonds be released;
NOW, THEREFORE, BE IT RESOLVED that:
1. The original Performance Bond issued by Insurance Company of the West (Bond No. 218
81 18)) in the amount of $4,817,880 be released; and
2. The original Labor and Material Bond issued by Insurance Company of the West (Bond
No. 218 81 18) in the amount of $4,817,880 be released.
PASSED, APPROVED AND ADOPTED this 20th day of May, 2008, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
Mayor
City Clerk
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