Action 12.
Regular Board of Supervisors Meeting
Community Development
- Meeting Date:
- 03/27/2018
- Title:
- Extension request of the Assurance Agreement for Kings Ranch at Coronado Subdivision
- Submitted By:
- Paul Esparza, Community Development
- Department:
- Community Development
- Division:
- Development Services
Presentation:
PowerPoint
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:
Planning Manager
Docket Number (If applicable):
S-11-01
Mandated Function?:
Not Mandated
Source of Mandate
or Basis for Support?:
or Basis for Support?:
Information
Agenda Item Text:
Approve an extension request of the Assurance Agreement for Kings Ranch at Coronado Subdivision with Pioneer Title Agency, Inc, as Trustee under Trust No. 321365 for K Ranch, LLC as Beneficiary of Trust No. 321365 to February 14, 2021.
Background:
This request is from K Ranch, LLC for an extension of the Assurance Agreement for completion of subdivision improvements for the Kings Ranch at Coronado Subdivision, Phases 3 thru 6.
The Kings Ranch at Coronado Subdivision consists of 303 lots on 840 acres located along SR 92. The subdivision is zoned RU-4, located within the Southern San Pedro Valley Area Plan and Sierra Vista Sub-Watershed. This is a residential conservation subdivision with 426 acres or 50.7% of the total land designated as a conservation easement.
The Amended Final Plat for Kings Ranch at Coronado and Assurance Agreement were approved by the BOS on February 14, 2012. The Assurance agreement lapsed in February 2015. This extension request if approved will cover the lapse and extend the agreement for three additional years to February 14, 2021.
The BOS approved amendments to Section 501.01 Assurance Agreements in the Subdivision Regulations which includes five factors that the Board may consider in their decision to grant an Assurance Agreement extension. The following responses are provided in bold italics for this request:
1. Whether the property taxes on the subject parcel(s) are current. Yes, verified by staff.
2. If the subdivision is phased, whether the subdivision infrastructure improvements for at least 20% of the proposed phases have been completed. If it is not phased, whether at least 25% of the subdivision infrastructure improvements have been completed. There are 6 phases in this project. Two phases have been completed and 118 lots have been released. This represents 33% completion of the subdivision improvements.
3. The number of extensions previously granted. A maximum of three extensions, not exceeding a total of ten (10) years since either the original approval of the assurance agreement or the most recent release of a lot, whichever has occurred later. No previous extensions have been granted.
4. The economic conditions or other circumstances that are affecting the developer’s ability to complete subdivision improvements. The original Kinjockity Ranch subdivision was approved in 2006 and then sold in 2008. In 2010, a foreclosure notice was recorded and the property was sold to K Ranch LLC. The subdivision was replatted to Kings Ranch at Coronado in 2012. While the slow economy has been a factor in past years, more recently lot sales have improved and there are currently 5 new homes under construction in the subdivision.
5. Has the character of the area or physical factors such as drainage, floodplain, water issues or circulation patterns changed significantly since plat approval that compliance with current County Subdivision and/or Zoning Regulations is necessary. No
The Kings Ranch at Coronado Subdivision consists of 303 lots on 840 acres located along SR 92. The subdivision is zoned RU-4, located within the Southern San Pedro Valley Area Plan and Sierra Vista Sub-Watershed. This is a residential conservation subdivision with 426 acres or 50.7% of the total land designated as a conservation easement.
The Amended Final Plat for Kings Ranch at Coronado and Assurance Agreement were approved by the BOS on February 14, 2012. The Assurance agreement lapsed in February 2015. This extension request if approved will cover the lapse and extend the agreement for three additional years to February 14, 2021.
The BOS approved amendments to Section 501.01 Assurance Agreements in the Subdivision Regulations which includes five factors that the Board may consider in their decision to grant an Assurance Agreement extension. The following responses are provided in bold italics for this request:
1. Whether the property taxes on the subject parcel(s) are current. Yes, verified by staff.
2. If the subdivision is phased, whether the subdivision infrastructure improvements for at least 20% of the proposed phases have been completed. If it is not phased, whether at least 25% of the subdivision infrastructure improvements have been completed. There are 6 phases in this project. Two phases have been completed and 118 lots have been released. This represents 33% completion of the subdivision improvements.
3. The number of extensions previously granted. A maximum of three extensions, not exceeding a total of ten (10) years since either the original approval of the assurance agreement or the most recent release of a lot, whichever has occurred later. No previous extensions have been granted.
4. The economic conditions or other circumstances that are affecting the developer’s ability to complete subdivision improvements. The original Kinjockity Ranch subdivision was approved in 2006 and then sold in 2008. In 2010, a foreclosure notice was recorded and the property was sold to K Ranch LLC. The subdivision was replatted to Kings Ranch at Coronado in 2012. While the slow economy has been a factor in past years, more recently lot sales have improved and there are currently 5 new homes under construction in the subdivision.
5. Has the character of the area or physical factors such as drainage, floodplain, water issues or circulation patterns changed significantly since plat approval that compliance with current County Subdivision and/or Zoning Regulations is necessary. No
Department's Next Steps (if approved):
If approved, the Chairwoman will sign the Assurance Agreement and it will be recorded with a new expiration date of February 14, 2021.
Impact of NOT Approving/Alternatives:
The completion of subdivision improvements for Phases 3 thru 6 of Kings Ranch at Coronado would remain unsecured by a Assurance Agreement.
To BOS Staff: Document Disposition/Follow-Up:
Please secure the necessary signatures on the original Assurance Agreement document and send to Planning staff for recording of the document.