Action 21.
Regular Board of Supervisors Meeting
Community Development
- Meeting Date:
- 06/25/2013
- Title:
- Docket S-03-02 (Rancho Arizona Subdivision) - Assurance Agreement Extension Request
- Submitted By:
- Keith Dennis, Community Development
- Department:
- Community Development
- Division:
- Planning & Zoning
Presentation:
PowerPoint
Recommendation:
Approve
Document Signatures:
BOS Signature Required
# of ORIGINALS
Submitted for Signature:
Submitted for Signature:
1
NAME
of PRESENTER:
of PRESENTER:
Keith Dennis
TITLE
of PRESENTER:
of PRESENTER:
Planner II
Docket Number (If applicable):
S-03-02 (Rancho Arizona Subdivision)
Mandated Function?:
Not Mandated
Source of Mandate
or Basis for Support?:
or Basis for Support?:
Information
Agenda Item Text:
Approve Extension of Assurance Agreement for the completion of the Rancho Arizona Subdivision improvements, Docket S-03-02, to July 6, 2016, per the request of developers James W. Sandlin and Terry L. Russell.
Background:
REQUEST TO EXTEND ASSURANCE AGREEMENT
This is a request for an extension of an Assurance Agreement for the Rancho Arizona Subdivision (Docket S-03-02). The subdivision consists of 48-lots, and is located about ½-mile West of Palominas Road, and about ½-mile South of Three Canyons Road in Hereford. When complete, the development would take access from Rancho Arizona Drive, a private street which would extend from Palominas Road to the East. The Board of Supervisors approved the final plat June 13, 2006. An Assurance Agreement is a contract between the Board of Supervisors and a trust company that guarantees lots will not be offered for sale until all improvements are constructed. The Assurance Agreement under current consideration would expire on July 6, 2013 if not extended by Board action. The owner has requested this extension citing adverse economic conditions in the overall real estate market.
This request is from Pioneer Title Agency, Inc. as trustee under trust number 515034; James W. Sandlin and Terry L. Russell are the beneficiaries of this trust. An Assurance Agreement Extension reflecting a new expiration date of July 6, 2016 is presented for the signature of the Board Chair.
Attachments:
A. Request for Assurance Agreement Extension
B. Assurance Agreement Extension
This is a request for an extension of an Assurance Agreement for the Rancho Arizona Subdivision (Docket S-03-02). The subdivision consists of 48-lots, and is located about ½-mile West of Palominas Road, and about ½-mile South of Three Canyons Road in Hereford. When complete, the development would take access from Rancho Arizona Drive, a private street which would extend from Palominas Road to the East. The Board of Supervisors approved the final plat June 13, 2006. An Assurance Agreement is a contract between the Board of Supervisors and a trust company that guarantees lots will not be offered for sale until all improvements are constructed. The Assurance Agreement under current consideration would expire on July 6, 2013 if not extended by Board action. The owner has requested this extension citing adverse economic conditions in the overall real estate market.
This request is from Pioneer Title Agency, Inc. as trustee under trust number 515034; James W. Sandlin and Terry L. Russell are the beneficiaries of this trust. An Assurance Agreement Extension reflecting a new expiration date of July 6, 2016 is presented for the signature of the Board Chair.
Attachments:
A. Request for Assurance Agreement Extension
B. Assurance Agreement Extension
Department's Next Steps (if approved):
If the Board approves the request, the next step would be for Madam Chair, the Clerk of the Board and the Deputy County Attorney to sign the extension. A copy of the extension is attached; the original will be delivered to the Board prior to the hearing.
Impact of NOT Approving/Alternatives:
If the Board does not approve the request, the Assurance Agreement for this subdivision will expire on July 6, 2013.
To BOS Staff: Document Disposition/Follow-Up:
When the document has been signed by all parties, please return the original to the Planning Department for recordation and filing.