Consent 4.
Regular Board of Supervisors Meeting
Community Development
- Meeting Date:
- 11/01/2016
- Title:
- Assurance Agreement extension request for Linda Vista Subdivision Phase 4
- Submitted By:
- Paul Esparza, Community Development
- Department:
- Community Development
- Division:
- Planning & Zoning
Presentation:
No A/V Presentation
Recommendation:
Approve
Document Signatures:
BOS Signature Required
# of ORIGINALS
Submitted for Signature:
Submitted for Signature:
1
NAME
of PRESENTER:
of PRESENTER:
Paul Esparza
TITLE
of PRESENTER:
of PRESENTER:
P&Z Director
Docket Number (If applicable):
S-94-01
Mandated Function?:
Not Mandated
Source of Mandate
or Basis for Support?:
or Basis for Support?:
Information
Agenda Item Text:
Approve an extension of the Linda Vista Subdivision Assurance Agreement with Pioneer Title Agency, Inc. as trustee for Phase 4 subdivision improvements to March 22, 2020.
Background:
This item is a request for an extension of an Assurance Agreement for the Linda Vista Subdivision, Phase 4 (Docket S-94-01). The Linda Vista subdivision is comprised of 76 lots, located at the corner of Hereford Road and Edward V. Drive. The Board of Supervisors approved the final plat March 15, 2005; since then, the lots for Phases 1 – 3 have been released. The extension is requested in order to complete subdivision improvements for Phase 4, consisting of lots 60-76.
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 is currently set to expire on March 22, 2017 if not extended by Board action. Although the owner has made substantial progress on the required improvements, and while 56 of the 60 released lots have been sold from previous phases, lot sales remain slow due to market conditions. The owner hopes that the requested extension would allow more time for the market conditions to change.
This request is from beneficiary Edward O. Garcia, President Garcia Development, LLC. Pioneer Title Agency, Inc. is Trustee under Trust #305619. Mr. Garcia is requesting that the Assurance Agreement be extended for three years to March 22, 2020.
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 is currently set to expire on March 22, 2017 if not extended by Board action. Although the owner has made substantial progress on the required improvements, and while 56 of the 60 released lots have been sold from previous phases, lot sales remain slow due to market conditions. The owner hopes that the requested extension would allow more time for the market conditions to change.
This request is from beneficiary Edward O. Garcia, President Garcia Development, LLC. Pioneer Title Agency, Inc. is Trustee under Trust #305619. Mr. Garcia is requesting that the Assurance Agreement be extended for three years to March 22, 2020.
Department's Next Steps (if approved):
If the Board approves the extension request, the Board Chairman will sign and the assurance agreement extension will be recorded with a new expiration date of March 22, 2020.
Impact of NOT Approving/Alternatives:
If the Board does not approve the extension request, the assurance agreement will expire on March 22, 2017. The 60 lots in Phases 1-3 have been completed and released. The subdivision improvements for the remaining 16 lots in Phase 4 have not been completed. Those lots would likely not be completed nor could they be released for sale.
To BOS Staff: Document Disposition/Follow-Up:
When the assurance agreement extension has been signed, please return the original to the Planning Department for recording and filing.