HomeMy WebLinkAboutItem 4.09 Sorrento East Tr 7983or
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DATE:
TO:
FROM:
STAFF REPORT
CITY COUNCIL
October 16, 2012
Honorable Mayor and City Councilmembers
Joni Pattillo City Manager""'
CITY CLERK
File #600 -60
SUBJECT: Approving Partial Release of Securities for Tract 7982 Improvements to be
constructed with Tract 7983 at Giovanni Way, Sorrento East, Neighborhood 11,
Tract 7983 (Standard Pacific Corporation, a Delaware Corporation)
Prepared by Mark Lander, City Engineer
EXECUTIVE SUMMARY:
Standard Pacific Corporation, a Delaware Corporation, recently constructed more than 75% of
the improvements of Giovanni Way, a portion of the Tract 7982 improvements to be constructed
with Tract 7983, in accordance with the Tract Improvement Agreement for Tract 7983. Tract
7983 is located east of Grafton Street, north of Giovanni Way, west of Lee Thompson Street,
and south of Capoterra Way. It is now appropriate for the City to approve partial release of
securities for these improvements.
FINANCIAL IMPACT:
Standard Pacific Corporation, a Delaware Corporation, originally provided Faithful Performance
and Labor and Materials Bonds, each in the amount of $324,000.00 (Bond No. 675800), each to
be reduced to $81,000.00. This amount being 25% of the original bond amounts will guarantee
construction of the remainder of the improvements.
Once the improvements are accepted, the City will incur maintenance costs for City- maintained
improvements constructed with Tract 7983. The Homeowners' Association will be responsible
for maintaining the project landscape features within the public right -of -way.
RECOMMENDATION:
Staff recommends that the City Council adopt Resolution Approving the Partial Release of
Securities for Tract 7982 to be constructed with Tract 7983, Sorrento East, Tract 7983,
Neighborhood 11 (Standard Pacific Corporation, A Delaware Corporation).
Submitted By Reviewed By
Director of Public Works Assistant City Manager
Page 1 of 2 ITEM NO. 4.9
DESCRIPTION:
Standard Pacific Corporation, a Delaware Corporation, recently completed certain
improvements associated with Tract 7982 to be constructed with Tract 7983, Sorrento East,
Neighborhood 11. Tract 7983 is located east of Grafton Street, north of Giovanni Way, west of
Lee Thompson Street, and south of Capoterra Way (Attachment 1). The work to be completed
includes Improvements of Tract 7982 to be constructed with Tract 7983 at Giovanni Way. The
work is governed by a Tract Improvement Agreement executed on July 19, 2011 via City
Council Resolution No. 118 -11.
At the time the City and Standard Pacific Corporation, a Delaware Corporation, executed the
Tract Improvement Agreement, the developer provided:
• Faithful Performance and Labor and Materials Bonds each in the amount of $324,000.00
for "Tract 7982 improvements to be constructed with Tract 7983 " - Giovanni Way
The work associated with the above - listed bonds is more than 75% complete, and the bonds
may be reduced to 25% the original bond amounts ($81,000.00), in accordance with the
authority contained in §66499.7 of the Government Code of the State of California.
The City Council is being asked to consider the adoption of the proposed resolution approving
partial release of securities for improvements for Tract 7892 to be constructed with Tract 7983,
Sorrento East, Tract 7983, Neighborhood 11 (Attachment 2).
NOTICING REQUIREMENTS /PUBLIC OUTREACH:
A copy of the staff report will be provided to Standard Pacific Corporation, a Delaware
Corporation.
ATTACHMENTS: 1. Location Map
2. Resolution Approving Partial Release of Securities for Improvements
for tract 7982 to be Constructed with Tract 7983 at Giovanni Way,
Sorrento East, Neighborhood 11, Tract 7983 (Standard Pacific
Corporation, a Delaware Corporation)
Page 2 of 2
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RESOLUTION NO. - 12
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
APPROVING PARTIAL RELEASE OF SECURITIES FOR TRACT 7982 IMPROVEMENTS TO
BE CONSTRUCTED WITH TRACT 7983 AT GIOVANNI WAY
SORRENTO EAST, TRACT 7983, NEIGHBORHOOD 11
(STANDARD PACIFIC CORPORATION, A DELAWARE CORPORATION)
WHEREAS, Standard Pacific Corporation, a Delaware Corporation, the developer of
Tract 7983, previously entered into a Tract Improvement Agreement dated July 19, 2011,
Resolution No. 118 -11, with the City of Dublin, to complete improvements for Tract 7983 and
improvements for Tract 7982 at Giovanni Way, in accordance with plans and specifications on
file with the City Engineer; and
WHEREAS, the developer provided Faithful Performance and Labor and Materials
Bonds, each in the amount of $324,000.00, to guarantee construction of the improvements for
Tract 7982 to be constructed with Tract 7983 at Giovanni Way; and
WHEREAS, the improvements for Tract 7982 to be constructed with Tract 7983 at
Giovanni Way, are more than 75% complete; and
WHEREAS, the Faithful Performance Bond, and the Labor and Materials Bond for the
Tract 7982 Improvements to be constructed with Tract 7983 at Giovanni Way, can be partially
released, in accordance with the authority contained in §66499.7 of the Government Code of
the State of California; and
WHEREAS, the developer has submitted a Rider for the original Faithful Performance
and Labor and Materials Bonds, to reduce each bond amount to $81,000.00, being 25% of the
original bond amounts, to guarantee construction of the remainder of the improvements;
NOW, THEREFORE, BE IT RESOLVED that:
1. The original Faithful Performance Bond issued by Safeco Insurance Company of
America in the amount of $324,000.00 for "Tract 7982 Improvements to be
constructed with Tract 7983" at Giovanni Way (Bond No. 6753800), be reduced;
and
2. The original Labor and Materials Bond issued by Safeco Insurance Company of
America in the amount of $324,000.00 for "Tract 7982 Improvements to be
constructed with Tract 7983" at Giovanni Way (Bond No. 6753800) be reduced;
and
3. The submitted Rider, dated October 3, 2012, for the Faithful Performance and
Labor and Materials Bonds issued by Safeco Insurance Company of America in
the reduced amount of $81,000.00 for "Tract 7982 Improvements to be
1
constructed with Tract 7983" at Giovanni Way (Bond No. 6753800) be accepted
as security to guarantee the construction of the remainder of these improvements;
and
PASSED, APPROVED AND ADOPTED this 16th day of October, 2012, by the following
vote
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
City Clerk
2
Mayor