HomeMy WebLinkAboutReso 32-11 Positano Rel of Sec Tr 7855RESOLUTION NO. 32 -11
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
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PARTIAL RELEASE OF SECURITY FOR TRACT 7855,
NEIGHBORHOOD C-3, POSITANO/ FALLON VtLl.AGE
WHEREAS, Braddock and Logan Services, Inc., dba Dublin RE Investors, LLC, the
subdivider of Tract 7855, filed on August 30, 2010, in Book 305 of Maps at Pages 97-107,
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
128-10); and
WHEREAS, the improvements for Tract 7855 are more than 80% complete in
accordance with said plans, and any approved modifications thereto, 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 Insco Insurance Services, Inc. in
the amount of $2,418,570 for the in-tract improvements (Bond No. 723855S) be
released and replaced by a bond rider issued by Insco Insurance Services, Inc. in
the amount of $604,642.50 (Bond No.723855S); and
2. The original Performance Bond issued by Insco Insurance Services, Inc Arch
Insurance Company in the amount of $2,418,570 for the in-tract improvements
(Bond No. 723855S) be released and replaced by a bond rider issued by Insco
Insurance Services, Inc. in the amount of $604,642.50 (Bond No.723855S); and
3. The original Labor and Materials Bond issued by Insco Insurance Services, Inc in
the amount of $444,040 for the La Strada Drive improvements (Bond No.
723856S) be released and replaced by a bond rider issued by Insco Insurance
Services; Inc. in the amount of $111,010 (Bond No.723856S); and
4. The original PerFormance Bond issued by Insco Insurance Services, Inc in the
amount of $444,040 for the La Strada Drive improvements (Bond No. 723856S) be
released and replaced by a bond rider issued by Insco Insurance Services, Inc. in
the amount of $111,010 (Bond No.723856S).
Page 1 of 2
PASSED, APPROVED AND ADOPTED this 5th day of April, 2011, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN
Councilmembers Biddfe, Hart, Hildenbrand, Swalwell, and Mayor Sbranti
None
None
None
V ~^"" ~~~CI~/I~` ,
Mayor
ATTEST:
/
-~~~ City Clerk
Reso No.32-11, Adopted 4-5-11, Item 4.5 Page 2 of 2