Action 5.
Regular Board of Supervisors Meeting
Community Development
- Meeting Date:
- 04/23/2013
- Title:
- Linda Vista Subdivision Phase 4 Assurance Agreement Extension
- Submitted By:
- Keith Dennis, 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:
Keith Dennis
TITLE
of PRESENTER:
of PRESENTER:
Planner II
Docket Number (If applicable):
Docket S-94-01 (Linda Vista)
Mandated Function?:
Federal or State Mandate
Source of Mandate
or Basis for Support?:
or Basis for Support?:
Information
Agenda Item Text:
Approve an Assurance Agreement Extension for the Linda Vista Subdivision to March 22, 2017, at the request of the Developer, Mr. Edward O. Garcia.
Background:
MEMORANDUM
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 northeast 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. Developer Edward Garcia requests the extension in order to complete 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, 2014 if not extended by Board action. Although the owner has made substantial progress on the required improvements, and while 53 of the 60 released lots have been sold from previous phases (four of these being sold in the last three years), lot sales remain slow due to market conditions; the owner hopes that the requested extension would allow more time for the market climate to change.
This request is from beneficiary Edward O. Garcia, president of President Garcia Development, LLC. Pioneer Title Agency, Inc. is Trustee under Trust #305619. The Assurance Agreement Extension form is attached; if the Board approves the request, the Chair would sign the form extending the Assurance Agreement to March 22, 2017, whereupon staff will record the document.
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 northeast 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. Developer Edward Garcia requests the extension in order to complete 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, 2014 if not extended by Board action. Although the owner has made substantial progress on the required improvements, and while 53 of the 60 released lots have been sold from previous phases (four of these being sold in the last three years), lot sales remain slow due to market conditions; the owner hopes that the requested extension would allow more time for the market climate to change.
This request is from beneficiary Edward O. Garcia, president of President Garcia Development, LLC. Pioneer Title Agency, Inc. is Trustee under Trust #305619. The Assurance Agreement Extension form is attached; if the Board approves the request, the Chair would sign the form extending the Assurance Agreement to March 22, 2017, whereupon staff will record the document.
Department's Next Steps (if approved):
If the Board approves the request, the next step would be for the Board Chair to sign the Assurance Agreement Extension.
Impact of NOT Approving/Alternatives:
If the Board does not approve the request, the Assurance Agreement will remain in effect until March 22, 2014.
To BOS Staff: Document Disposition/Follow-Up:
If Madam Chair signs the Assurance Agreement Extension, the staff would then record the agreement and maintain the original in the Planning Division files.