HomeMy WebLinkAboutItem 4.06 Positano Tr 8037 Rel of SecG~~~ OF DUB~y
i9' ... !! ~. '~ STAFF REPORT
~~~~~i
`~~ll~~s~ DUBLIN CITY COUNCIL
DATE: April 19, 2011
TO: Honorable Mayor and City Councilmembers
CITY CLERK
File # ^0 00~- b~0
FROM: Joni Pattillo, City Manager
SUBJEC . Approval of Partial Release of Security for Tract 8037, Neighborhood C-2,
Positano/ Fallon Village (DR Horton)
Prepared By: Mark Lander, City Engineer
EXECUTIVE SUMMARY:
D. R. Horton previously posted bonds to guarantee the construction of tract improvements
associated with Tract 8037. As these improvements are now more than 80% complete, the City
may accept replacement bonds in the amount of 25% of the original bonds, and the original
bonds may be released.
FINANCIAL IMPACT:
The replacement bonds will be adequate to guarantee the construction of remaining
improvements, as well as repairs resulting from ongoing home construction. Ownership of the
improvements will remain with D. R. Horton until acceptance of the improvements by the City,
which will likely occur in late 2011 or early 2012.
RECOMMENDATION:
Staff recommends that the City Council adopt the resolution approving the Partial Release of
Security for Tract 8037, Neighborhood C-2, Positano / Fallon Village.
ubmitted by Revie ed By
Public Works Director Assistant C' Manager
Page 1 of 2 ITEM NO. ~"• ~
DESCRIPTION:
On August 17, 2010, D. R. Horton Northern California Division, dba D. R. Horton BAY, Inc.,
entered into an Improvement Agreement with the City of Dublin to construct tract improvements
associated with Tract 8037, Neighborhood C-2, Positano/ Fallon Village (Attachment 1). D. R.
Horton provided a Performance Bond and a Labor and Materials Bond issued by Safeco
Insurance Company of America, each in the amount of $1,711,380, for the improvements. The
improvements are approximately 80% complete, and in accordance with authority contained in
§66499.7 of the Government Code, these bonds may be reduced to 25% of the original bond.
D. R. Horton has provided bond riders issued by Safeco Insurance Company of America in the
amount of $427,845 (25% of the original bonds).
Staff recommends that the City Council adopt the resolution (Attachment 2) approving the
Partial Release of Security for Tract 8037, Neighborhood C-2, Positano/ Fallon Village.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
A copy of this staff report will be sent to Mr. Dean Mills at D. R. Horton .
ATTACHMENTS:
1. Location Map
2. Resolution approving the
8037, Neighborhood C-2,
Partial Release of Security for Tract
Positano/ Fallon Village.
Page 2 of 2
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LEGEND
----- BOUNDMY L1NE
LOT l1NE/PARCEL L1NE
---- IXIStINC PoGIR OF WA7 l1NE
- - - - - - IXISfING PROPERIY UNE
-- -- - MONUMENI L1NE
~ FOUNO Cm OF DUB~N STREEf MDNUMEM
STMIPED 'LS 7960'
~ SEf CfIY OF IX18UN STPNDARD SfREEi
NONUMEM SUMVED 'LS 796V
1>- ANCIE PoIHf
8lNY BOUNWRY
N-N NONIIMEM TO 110NUMEM
M-PL MONUMEHf TD PROPERIY LINE
PL PROPERIY LINE
PSE PUBl1C SEIiJICE EASEMEM
R) FIDUL BEMINC
.0
.5. RECq2D OF SURVEY
4
~M~ INDICATES SMEEf NUYBER
TRACT 8037
A SUBDMSION OF RESULTAHf PAl2CEL C-2 AS RECORDED IN
SERIES NUMBER 2010- ALAMEDA COUNIY RECORDS
CIIY OF DUBLIN
P1AAIEDA COUMY, GWFORNIA
~ ~ YO~
s~~n ~ a w.v,.,o~ u~ nn~:==osoo
FEBRUARY, 2010
~
~D~~
RESOLUTION NO. - 11
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
***~~****
PARTIAL RELEASE OF SECURITY FOR TRACT 8037,
NEIGHBORHOOD C-2, POSITANO/ FALLON VILLAGE
WHEREAS, D. R. Horton Northern California Division, dba D. R. Horton BAY, Inc., the
subdivider of Tract 8037, filed on August 30, 2010, in Book 305 of Maps at Pages 93-96,
previously entered into an Improvement Agreement with.the City of Dublin dated August 17,
2010, to improve said Tract in accordance with plans on file with the City Engineer (Resolution
125-10); and
WHEREAS, the improvements for Tract 8037 are more than 80% complete in
accordance with said plans, 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 §66499.7 of the Government Code of the
State of California;
NOW, THEREFORE, BE IT RESOLVED that:
1. The original Labor and Materials Bond issued by Safeco Insurance Company of
America in the amount of $1,711,380 for the improvements (Bond No. 6679180)
be released and replaced by a bond rider issued by Safeco Insurance Company of
America in the amount of $427,845 (Bond No.6679180); and
2. The original PerFormance Bond issued by Safeco Insurance Company of America
in the amount of $1,711,380 for the improvements (Bond No. 6679180) be
released and replaced by a bond rider issued by Safeco Insurance Company of
America. in the amount of $427,845 (Bond No. 6679180).
PASSED, APPROVED AND ADOPTED this 19th day of April, 2011, by the following
vote:
YES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
City Clerk
Mayor
ATTACHMENT c'