Action 11.
Regular Board of Supervisors Meeting
Community Development
- Meeting Date:
- 01/25/2011
- Title:
- Request for a New Assurance Agreement for the Ramsey Reserve Estates Subdivision (S-06-10)
- Submitted By:
- Mike Turisk, Community Development
- Department:
- Community Development
- Division:
- Planning
Presentation:
PowerPoint
Recommendation:
Approve
Document Signatures:
BOS Signature Required
# of ORIGINALS
Submitted for Signature:
Submitted for Signature:
2
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?:
Agenda Item Text:
Adopt Resolution 11-4 (Docket S-06-10), approving the new Ramsey Reserve Estates Subdivision Assurance Agreement with Pioneer Title Agency, Inc. as trustee under trust number 521092, and extending the deadline to complete improvements to January 25, 2014.
Background:
This is a request for a new Assurance Agreement for the Ramsey Reserve Estates Subdivision (Docket S-06-10) that will allow for three additional years to complete improvements. The Ramsey Reserve Estates subdivision is comprised of 27 lots located west of State Route 92, and south of Ramsey Rd. in unincorporated Sierra Vista. Access is via Richards Rd. and E. Astro St. The Board of Supervisors approved the final plat on December 11, 2007.
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 completed. The current Assurance Agreement with the former property owner, Ramsey Reserve, LLC, expired on December 11, 2010. Few of the agreed development improvements were commenced or completed by Ramsey Reserve, LLC.
This Assurance Agreement is requested by Sierra Vista 41 Lender, LLC, the new owner of the property ("SV41"). In 2008, SV41 gave notice of default to Ramsey Reserve, LLC, and on December 12, 2008, SV41 obtained title to the collateral property at a trustee’s sale. Thus, Ramsey Reserve, LLC no longer holds ownership in the property which is the subject of the Assurance Agreement.
The owner could have requested substitution as beneficiary under the existing Assurance Agreement, and then requested an extension, but the County Attorney suggested that the owner simply request a new Assurance Agreement in light of the fact that the old one has expired. SV41, as the new property owner, hopes that the additional three years provided by the new Assurance Agreement will allow time for market conditions to improve and to see the project through to completion.
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 completed. The current Assurance Agreement with the former property owner, Ramsey Reserve, LLC, expired on December 11, 2010. Few of the agreed development improvements were commenced or completed by Ramsey Reserve, LLC.
This Assurance Agreement is requested by Sierra Vista 41 Lender, LLC, the new owner of the property ("SV41"). In 2008, SV41 gave notice of default to Ramsey Reserve, LLC, and on December 12, 2008, SV41 obtained title to the collateral property at a trustee’s sale. Thus, Ramsey Reserve, LLC no longer holds ownership in the property which is the subject of the Assurance Agreement.
The owner could have requested substitution as beneficiary under the existing Assurance Agreement, and then requested an extension, but the County Attorney suggested that the owner simply request a new Assurance Agreement in light of the fact that the old one has expired. SV41, as the new property owner, hopes that the additional three years provided by the new Assurance Agreement will allow time for market conditions to improve and to see the project through to completion.
Department's Next Steps (if approved):
If the Board of Supervisors approves the new Assurance Agreement, the next step would be for the Chairman to sign Resolution 11-___, and the Ramsey Reserve Assurance Agreement Signature Form, and to send copies of the recorded documents to the Planning Department for Docket S-06-10.
Impact of NOT Approving/Alternatives:
The Assurance Agreement provides authorization for the County to abandon the subdivision final plat and convert the property to un-subdivided land if the required improvements fail to be completed in compliance with the County's standard specifications within three years.
To BOS Staff: Document Disposition/Follow-Up:
If approved, an original Assurance Agreement and original Resolution are to be signed by the Chairman of the Board and the Clerk of the Board. The Chief Civil Deputy will sign these documents the week of January 17 and forward them to the Board of Supervisors for the required signatures prior to the January 25 meeting.