HomeMy WebLinkAboutReso 125-13 Schaefer RchTr 6765 RESOLUTION NO. 125 - 13
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
APPROVING PARTIAL RELEASE OF SECURITY ASSOCIATED WITH
TRACT 6765, SCHAEFER RANCH -PHASE 2 IMPROVEMENTS
(SCHAEFER RANCH HOLDINGS, LLC,
A CALIFORNIA LIMITED LIABILITY COMPANY)
WHEREAS, Schaefer Ranch Holdings, LLC, a California Limited Liability Company, is
the subdivider of Tract 6765, filed on March 8, 2007, in Book 297 of Maps at Pages 1 -51; and
WHEREAS, the City of Dublin and Schaefer Ranch Holdings, LLC, previously entered
into an Improvement Agreement that governed the Phase 2 Improvements on February 20,
2007, to improve said Tract in accordance with plans and specifications on file with the City
Engineer (Resolution 17-07); and
WHEREAS, said Improvement Agreement is secured by one bond for faithful
performance and payment in the amount of $4,371,055.00 (Bond No. 104757051) for the park
improvements, issued by Travelers Casualty and Surety Company of America; and
WHEREAS, the improvements for the park, are more than 90% complete in accordance
with said plans, and any approved modifications thereto, to the satisfaction of the City Engineer;
and
WHEREAS, the work governed by this Improvement Agreement is currently under
construction and is not considered approved or accepted; and
WHEREAS, the improvements are secured by one bond covering both faithful
performance and payment and Schaefer Ranch Holdings, LLC, has agreed to replace the
existing bond with separate bonds for Performance and Payment; and
WHEREAS, the Performance Bond for Schaefer Ranch Park Improvements 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 the City Council authorizes the City
Manager to approve a reduction in the performance bond once conditions have been met by
accepting two replacement bonds for the original Performance and Payment Bond issued by
Travelers Casualty and Surety Company of America in the amount of $4,371,055.00 (Bond No.
104757051) for the Park Improvements.
BE IT FURTHER RESOLVED that the replacement bonds shall include a new Payment
Bond in the amount of $4,371,055.00 and a new Performance Bond in the reduced amount of
$180,500.00.
Page 1 of 2
PASSED, APPROVED AND ADOPTED this 16th day of July, 2013, by the following
vote:
AYES: Councilmembers Biddle, Gupta, Hart, Haubert, and Mayor Sbranti
NOES: None
ABSENT: None
ABSTAIN: None QL
Mayor
ATTEST:
avp [
City Clerk
Reso No. 125-13,Adopted 7-16-13, Item 4.13 Page 2 of 2