Action 17.
Regular Board of Supervisors Meeting
Community Development
- Meeting Date:
- 06/07/2011
- Title:
- Extend Assurance Agreement for Rolling Hills Subdivision
- Submitted By:
- Beverly Wilson, 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:
Beverly Wilson
TITLE
of PRESENTER:
of PRESENTER:
Senior Planner
Docket Number (If applicable):
S-02-02
Mandated Function?:
Local Mandate or Policy
Source of Mandate
or Basis for Support?:
or Basis for Support?:
Agenda Item Text:
Adopt Resolution 11-22 (Docket S-02-02) extending the Rolling Hills Subdivision Assurance Agreement with Title Security Agency of Arizona, an Arizona Corporation, as trustee under trust number 897 to April 30, 2014.
Background:
This item is a request for an extension of an Assurance Agreement for the Rolling Hills Subdivision. The subdivision consists of 60 lots, and is located on the West side of Mescal Road, approximately ¾ of a mile North of I-10. The Board of Supervisors approved the final plat June 10, 2003 and an extension to the Assurance Agreement in April 2008. The owner has requested another extension citing adverse economic conditions in the overall real estate market. Improvements have been constructed for approximately half of the subdivision, with 31 lots released. 29 lots remain secured under the Assurance Agreement. 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 under current consideration expired on April 30, 2011. If approved, the Assurances would be extended to April 30, 2014.
Department's Next Steps (if approved):
Two documents are presented for the Chairman's signature – a resolution extending the date for the completion of improvements to April 30, 2014 at the request of the owner, and the Extension of Assurance Agreement, which is the contract between Cochise County, the Trustee, and the Beneficiaries.
Impact of NOT Approving/Alternatives:
Subdivision could not be completed and lots sold.
To BOS Staff: Document Disposition/Follow-Up:
Please record resolution and extension of assurance agreement -- and send copies to planning department.