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HomeMy WebLinkAboutCC Res 5360 2005-07-11 RESOLUTION NUMBER 5360 I A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEAL BEACH ACCEPTING PUBLIC UMPROVEMENTS AND AUTHORIZING THE RELEASE OF SECURITY FOR OLD RANCH TOWN CENTER AREA B (13 ACRE) SITE RELATIVE TO CITY OF SEAL BEACH AND BIXBY RANCH COMPANY IMPROVEMENT AGREEMENT DATED APRIL 3, 2005 NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SEAL BEACH DOES HEREBY RESOLVE, DECLARE, DETERMINE AND ORDER AS FOLLOWS: SECTION 1. All public improvements for Old Ranch Town Center, Area B (13 Acre) site located at the southeast corner of Seal Beach Blvd, and Lampson Ave, in the City of Seal Beach, State of California related to the City of Seal Beach and Bixby Ranch Company Improvement Agreement Dated April 3, 2001, be and the same are hereby accepted and the following bonds posted with the City of Seal Beach securing the installation of said public improvements and related work are hereby exonerated and released: A. Faithful Performance Bond No, KF2220 in the amount of $800,000 provided by St. Paul Fire and Marine Insurance Company, B. Labor and Materials Bond No, KF2220 in the amount of $800,000 provided by St. Paul Fire and Marine Insurance Company, I SECTION 2. That the following bonds, reduced as noted, remain in effect for one (1) year from the date of approval of the Seal Beach City Council Resolution Accepting Public Improvements and Authorizing Release of Security for Old Ranch Town Center, Area B (13 Acre) site located at the southeast corner of Seal Beach Blvd, and Lampson Ave, related to the City of Seal Beach and Bixby Ranch Company Improvement Agreement Dated April 3, 2001 in the City of Seal Beach, State of California, in order to provide for repair of defective work and to provide security for labor and material claims that may be filed against the City of Seal Beach and recommend that said following bonds, at the end of the one (I) year period, be automatically exonerated and released at that time unless during which time the City Council of the City of Seal Beach by resolution modifies such exoneration and release: A. Warranty Bond No. KF2220 in the amount of $200,000 provided by St. Paul Fire and Marine Insurance Company, I PASSED, APPROVED AND ADDOPTED by the City Council of the City of Seal Beach this II th day of, Julv 2005 by the following vote: AYES: CouncilM~~b~ On~1 ~lc/pdI; ')fb.lM", ~ff NOES: Council Members ~ ABSENT: Council Members -1'Q.I 1:/.1 a~~ Mayor ATTEST: Resolution Number 5360 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) SS CITY OF SEAL BEACH ) I, Linda Devine, City Clerk of the City of Seal Beach, California, do hereby certify that the foregoing Resolution is the original copy of Resolution Number 5360 on file in the I office of the City Clerk, passed, approved, and adopted by the City Council of the City of Seal Beach at a meeting thereof held on the llth day of Julv .2005, ~-'};iIt Mu~( ~lerk I I I. ...A...:':'....'"