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Action 5.

Regular Board of Supervisors Meeting

Community Development

Meeting Date:: 08/27/2013
Title:: Substitute Assurance Agreement for Walnut Valley Ranch Subdivision
Submitted By:: Beverly Wilson, Community Development
Department:: Community Development
Division:: Planning & Zoning

Presentation:

PowerPoint

Recommendation:

Approve

Document Signatures:

BOS Signature Required

# of ORIGINALS
Submitted for Signature:

NAME
of PRESENTER:

Beverly Wilson

TITLE
of PRESENTER:

Planning Director

Docket Number (If applicable):

S-05-01

Mandated Function?:

Not Mandated

Source of Mandate
or Basis for Support?:

Information

Agenda Item Text:

Approve a Substitute Assurance Agreement for the Walnut Valley Ranch Subdivision with Pioneer Title Agency as trustee under trust number 321705, and extending the deadline to complete improvements to August 27, 2016.

Background:

Pioneer Title Agency has submitted a Substitute Assurance Agreement for consideration and approval to guarantee that improvements to the Walnut Valley Ranch Subdivision will be completed prior to the sale of lots. The Subdivision was approved on June 6, 2006, and is located south of Highway 82 about 2-miles west of Highway 80, north of Tombstone. The 80.32-acre site is zoned RU-4 with 23-lots for single-family site-built residences were platted.
On February 17, 2010, a Trustee’s Deed was recorded as the result of a foreclosure action. Subsequently, Pioneer Title Agency released the Assurance Agreement recorded on January 4, 2006. The agreement was between David B. McCartney, the original developer of the Walnut Valley Ranch Subdivision, and Cochise County. While Community Development was never notified of the foreclosure, Staff discovered this action in the summer of 2010 at which time the Cochise County Attorney’s Office and Staff began immediate discussion with the new Owners to replace the Assurances, or pursue abandonment of the subdivision. Mr. Jim Beck of CSI Secured Loan Fund represented the new Owners, who are listed as follows (and shown in Exhibit B, Attached):
- G&E TD’s, LLC, 34.42% Interest;
- Equity Trust Co. Custodian FBO Gregory Allen Barth IRA, 32.25% Interest;
- CSI Secured Loan Fund, LLC, 20.83% Interest;
- Harvey R and Joanne H Price Living Trust, 5.00% Interest; and
- NTC & Co., FBO Karen L. Gleich, 7.5% Interest.
Three conditions for plat approval were recorded with the original Assurance Agreement, and have been included with the new Assurance Agreement (see Exhibit C, attached.)

Department's Next Steps (if approved):

Record the Assurance Agreement for the Subdivision File.

Impact of NOT Approving/Alternatives:

The Subdivision Plat will be abandoned.

To BOS Staff: Document Disposition/Follow-Up:

Record and return the Original, signed Assurance Agreement to the Planning Department.

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