HomeMy WebLinkAboutReso 182-12 Giovanni Way Imprv Rel Sec RESOLUTION NO. 182 - 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
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
Page 1 of 2
PASSED, APPROVED AND ADOPTED this 16th day of October, 2012, by the following
vote:
AYES: Councilmembers Biddle, Hart, Hildenbrand, Swalwell, and Mayor Sbranti
NOES: None
ABSENT: None
ABSTAIN: None
Cji,-4,_
ATTEST: Mayor
:LAX L-e P. 97
City Clerk
Reso No. 182-12,Adopted 10-16-12, Item 4.9 Page 2 of 2