Action 15.
Regular Board of Supervisors Meeting
Community Development
- Meeting Date:
- 05/06/2014
- Title:
- Request for Substitute Assurance Agreement for the Ramsey Reserve Estates Subdivision
- Submitted By:
- Mike Turisk, 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:
Michael Turisk
TITLE
of PRESENTER:
of PRESENTER:
Planning Manager
Docket Number (If applicable):
Mandated Function?:
Not Mandated
Source of Mandate
or Basis for Support?:
or Basis for Support?:
Information
Agenda Item Text:
Approve a Substitute Assurance Agreement for the Ramsey Reserve Estates subdivision with Pioneer Title Agency as trustee under trust number 523986, and extending the deadline to complete improvements to May 6, 2017.
Background:
Pioneer Title Agency has submitted a Substitute Assurance Agreement for consideration and approval to guarantee that improvements to the Ramsey Reserve Estates subdivision will be completed prior to the sale of lots. The 31-acre site is zoned R-36 (Residential; one dwelling per 36,000 sq.-ft.), has 27-lots slated for single-family site-built homes, and was approved by the Board on December 11, 2007. The property is located west of State Route 92 and south of Ramsey Rd. in unincorporated Sierra Vista. Access is provided via Richards Rd. A Variance from the County's Road Construction Standards was granted at the time of plat approval to allow for 50-ft cul-de-sac right-of-way radii, rather than the minimum 52-ft per the Cochise County Subdivision Regulations.
A new Assurance Agreement and corresponding extension were granted by the Board on January 25, 2010 (to be valid until January 25, 2014) rather than the more typical substitution of beneficiary and extension of the existing Assurance Agreement. This new agreement was drafted due to foreclosure by the lender/new owner at that time, Sierra Vista 41 Lender, LLC. Notice of default was provided, and title to the collateral property was secured at a trustee’s sale. Few of the agreed development improvements were commenced or completed by Sierra Vista Lender, LLC, and that entity no longer holds ownership in the real property which is the subject of the Assurance Agreement.
In January 2014, Mr. Richard D. Lynton of Denver, CO assumed ownership and beneficiary designation at a trustee’s sale. Without a request by the original property owner, the County can choose to recognize a successor in interest. The new property owner hopes that a substitute and extended Assurance Agreement would allow time for market conditions to improve and to see the project through to completion.
A new Assurance Agreement and corresponding extension were granted by the Board on January 25, 2010 (to be valid until January 25, 2014) rather than the more typical substitution of beneficiary and extension of the existing Assurance Agreement. This new agreement was drafted due to foreclosure by the lender/new owner at that time, Sierra Vista 41 Lender, LLC. Notice of default was provided, and title to the collateral property was secured at a trustee’s sale. Few of the agreed development improvements were commenced or completed by Sierra Vista Lender, LLC, and that entity no longer holds ownership in the real property which is the subject of the Assurance Agreement.
In January 2014, Mr. Richard D. Lynton of Denver, CO assumed ownership and beneficiary designation at a trustee’s sale. Without a request by the original property owner, the County can choose to recognize a successor in interest. The new property owner hopes that a substitute and extended Assurance Agreement would allow time for market conditions to improve and to see the project through to completion.
Department's Next Steps (if approved):
Record the Assurance Agreement for the subdivision file.
Impact of NOT Approving/Alternatives:
There would be no Assurance Agreement in place to guarantee future improvements to the lots of this subdivision.
To BOS Staff: Document Disposition/Follow-Up:
Please record and return the original and signed Assurance Agreement to the Planning Department.