Action 10.
Regular Board of Supervisors Meeting
Community Development
- Meeting Date:
- 01/25/2011
- Title:
- Request for a New Assurance Agreement for the Rio Corte Estates Subdivision (S-07-02)
- 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 11-3 (Docket S-07-02), approving the new Rio Corte Estates Subdivision Assurance Agreement with Pioneer Title Agency, Inc. as trustee under trust number 521012, and extending the deadline to complete improvements to January 25, 2014.
Background:
This is a request for a new Assurance Agreement for the Rio Corte Estates Subdivision (Docket S-07-02) that will allow for three additional years to complete improvements. The Rio Corte Estates subdivision is a 22 lot subdivision on 66 acres zoned RU-4 located approximately 1.2 miles south of Hereford Rd. Access is provided via Land Grant, Limousine and Windsock Roads. The Board of Supervisors approved the final plat on October 16, 2007. The Assurance Agreement with the former property owner, Rio Corte LLC, expired on October 16, 2010. Few of the agreed development improvements were commenced or completed by Rio Corte LLC.
Rio Corte Lender LLC gave notice of default to Rio Corte LLC, and eventually obtained title to the collateral property. Thus, Rio Corte LLC no longer holds ownership in the property which is the subject of the Assurance Agreement.
As with the Ramsey Reserve Estates subdivision, the new 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 agreement has expired. Rio Corte Lender LLC, 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.
Rio Corte Lender LLC gave notice of default to Rio Corte LLC, and eventually obtained title to the collateral property. Thus, Rio Corte LLC no longer holds ownership in the property which is the subject of the Assurance Agreement.
As with the Ramsey Reserve Estates subdivision, the new 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 agreement has expired. Rio Corte Lender LLC, 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 Rio Corte Assurance Agreement Signature Form, and to send copies of the recorded documents to the Planning Department for Docket S-07-02.
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 new 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.