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<br />7.3-£2- <br /> <br />RESOLUTION NO. <br /> <br />RESOLUTION APPROVING AND AUTHORIZING EXECUTION <br />OF AGREEMENT FOR CONSTRUCTION OF IMPROVEMENTS <br />FOR BLOMQUIST STREETIEAST BA YSHORE ROAD <br />REALIGNMENT <br /> <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD <br /> <br />CITY, AS FOLLOWS: <br /> <br />1. <br /> <br />That certain Agreement entitled, "Agreement for Construction of <br /> <br />Improvements for Blomquist Street/East Bayshore Road Realignmenf' (form <br /> <br />dated 10/24/00), by and between the City of Redwood City, a municipal <br /> <br />corporation of the State of California, and Pacific Shores Development, LLC, a <br /> <br />Delaware limited liability company, a copy of which Agreement is on file in the <br /> <br />office of the City Clerk, to which copy reference is hereby made for the full <br /> <br />particulars thereof, is hereby approved, and the Manager and City Clerk are <br /> <br />hereby authorized and directed to execute, and to attest thereto, respectively, <br /> <br />said Agreement for and on behalf of the City of Redwood City, subject to the <br /> <br />following conditions: <br /> <br />(a) Before the commencement of any work on the Improvements specified <br />in the Agreement, 'Owner shall furnish to City and file with the City Clerk, a bond <br /> <br />or deposit securing the faithful performance of said Owner of all work and <br /> <br />construction of all improvements designated or mentioned in said Agreement, <br /> <br />within the time therein specified, in the amount of One Million Three Hundred <br /> <br />Sixty-five Thousand and No/100 Dollars ($1,365,000.00); and Owner shall also <br /> <br />furnish to City and file with the City Clerk, a bond or deposit securing the <br /> <br />payment by Owner of all bills for labor and materials incurred in the construction <br /> <br />Reso-1024 1 <br />F IShared/R edwood/Counci I <br />FXS:djk <br />10/24/00 <br />