HomeMy WebLinkAboutItem 4.3 Positano Parkway Croak Rdor
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DATE:
TO:
FROM:
SUBJECT
STAFF REPORT
CITY COUNCIL
February 4, 2014
Honorable Mayor and City Councilmembers
CITY CLERK
File #600 -60
Christopher L. Foss, Acting City Manager "
Approving Partial Release of Securities for Positano Parkway /Croak Road
Extension Improvements, Parcel Map 10049, Positano /Fallon Village
Prepared by Jayson Imai, Senior Civil Engineer
EXECUTIVE SUMMARY:
Braddock and Logan Services, Inc., dba Dublin RE Investors, LLC, recently constructed more
than 75% of the required improvements along Positano Parkway and Croak Road in accordance
with the Tract Improvement Agreement for Parcel Map 10049. It is now appropriate for the City
to approve partial release of securities for these improvements.
FINANCIAL IMPACT:
Braddock and Logan Services, Inc. has provided Bond Riders to attach to the original Faithful
Performance and Labor & Materials Bonds in the reduced amounts to guarantee construction of
the remaining improvements.
Purpose o� Bond �
Bond Number �
� Bond Rider
Amount of Reduced Bond
Positano Parkway/ Croak Road
723868S
$750,354.00
Once the remaining improvements are completed and accepted by the City, the City will incur
maintenance costs for City- maintained improvements. Maintenance costs will be provided at the
time of improvement acceptance. The Homeowners' Association will be responsible for
maintaining the project - related landscape features within the public right -of -way.
RECOMMENDATION:
Staff recommends that
Securities for Positano
Positano /Fallon Village.
the City Council adopt Resolution Approving Partial Release of
Parkway /Croak Road Extension Improvements, Parcel Map 10049,
Page 1 of 2 ITEM NO. 4.3
"ubmitted By
Public Works Director
DESCRIPTION:
Reviewed By
Acting Assistant City Manager
Braddock and Logan Services, Inc., dba Dublin RE Investors, LLC, is required to construct
certain street improvements along Positano Parkway and Croak Road in accordance with the
Tract Improvement Agreement for Parcel Map 10049, executed on July 11, 2011 via City
Council Resolution No. 113 -11. The required improvements are now more than 75% complete.
It is now appropriate for the securities provided for those improvements to be reduced to 25% of
the full original bond amount.
At the time the City and Braddock and Logan executed the Tract Improvement Agreement, the
developer provided the following securities for the improvements listed above:
• Faithful Performance and Labor & Materials Bonds, each in the amount of $3,001,416.00,
issued by Insco Insurance Services, Inc. (Bond No. 723868S) for Positano
Parkway /Croak Road Improvements.
Now that the work associated with these improvements is more than 75% complete, the bonds
submitted as security guaranteeing these improvements may be reduced to 25% of the original
bond amounts, in accordance with the authority contained in §66499.7 of the Government Code
of the State of California.
The developer has provided Bond Riders to attach to the Faithful Performance and Labor &
Materials Bonds, each in the amount of $750,354.00, issued by Insco Insurance Services, Inc.
(Bond No. 723868S) to guarantee the construction of the remainder of these improvements.
NOTICING REQUIREMENTS /PUBLIC OUTREACH:
Copies of this staff report have been provided to Braddock and Logan.
ATTACHMENTS: 1. Location Map
2. Resolution Approving Partial Release of Securities for Positano
Parkway /Croak Road Extension Improvements, Parcel Map 10049,
Positano /Fallon Village
Page 2 of 2
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RESOLUTION NO. -14
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
APPROVING PARTIAL RELEASE OF SECURITIES FOR POSITANO PARKWAY/
CROAK ROAD EXTENSION IMPROVEMENTS
PARCEL MAP 10049, POSITANO/ FALLON VILLAGE
WHEREAS, the Developer, Dublin RE Investors, LLC, a California Limited Liability
Company, by Braddock and Logan Services, Inc., a California Corporation, Its Manager,
previously entered into a Tract Improvement Agreement, dated July 11, 2011, City Council
Resolution No. 113 -11, with the City of Dublin to complete improvements along Positano
Parkway and Croak Road with Parcel Map 10049, in accordance with plans and specifications
on file with the City Engineer; and
WHEREAS, Braddock and Logan originally provided Faithful Performance and Labor &
Materials Bonds issued by Insco Insurance Services, Inc., each in the amount of $3,001,416.00
(Bond No. 723868S), to guarantee said improvements; and
WHEREAS, the improvements at Positano Parkway and Croak Road are more than 75%
complete; and
WHEREAS, the Faithful Performance and Labor & Materials Bonds for the improvements
at Positano Parkway and Croak Road can be partially released, in accordance with the
authority contained in §66499.7 of the Government Code of the State of California, each to the
amount of 25% of the original bond; and
WHEREAS, Braddock and Logan Services, Inc., has provided Bond Riders to be
attached to the Faithful Performance and Labor & Materials Bonds, issued by Insco Insurance
Services, Inc., each in the amount of $750,354.00, which equals 25% of the original bond
amount, to guarantee the construction of the remainder of the improvements;
NOW, THEREFORE, BE IT RESOLVED that:
1. Said improvements at Positano Parkway and Croak Road required with Parcel
Map 10049 are hereby more than 75% complete; and
2. The original Faithful Performance Bond issued by Insco Insurance Services, Inc.,
in the amount of $3,001,416.00 (Bond No. 723868S) for Improvements at
Positano Parkway and Croak Road, be reduced to 25% the original amount; and
3. The original Labor & Materials Bond issued by Insco Insurance Services, Inc., in
the amount of $3,001,416.00 (Bond No. 723868S) for Improvements at Positano
Parkway and Croak Road, be reduced to 25% the original amount; and
4. The submitted Bond Rider to the Faithful Performance Bond issued by Insco
Insurance Services, Inc., in the reduced amount of $750,354.00, be accepted as
security to guarantee faithful performance for construction of the remaining
improvements at Positano Parkway and Croak Road; and
5. The submitted Bond Rider to the Labor & Materials Bond issued by Insco
Insurance Services, Inc., in the reduced amount of $750,354.00, be accepted as
security to guarantee labor and materials for construction of the remaining
improvements at Positano Parkway and Croak Road.
PASSED, APPROVED AND ADOPTED this 4th day of February, 2014 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
City Clerk
Mayor