Action 19.
Regular Board of Supervisors Meeting
Community Development
- Meeting Date:
- 09/13/2011
- Title:
- Extension Request for Assurance Agreement for The Oaks
- 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:
`Interim Planning Manager
Docket Number (If applicable):
S-04-03
Mandated Function?:
Not Mandated
Source of Mandate
or Basis for Support?:
or Basis for Support?:
Agenda Item Text:
Adopt Resolution 11-43, approving an extension of The Oaks Subdivision Assurance Agreement with Pioneer Title Agency, Inc. an Arizona Corporation, as trustee under trust number 319061 to May 9, 2014.
Background:
This item is a request for an extension of an Assurance Agreement for The Oaks Subdivision. The subdivision consists of 113 lots, and is located on the East side of South State Route 92 at Three Canyons Boulevard. The Board of Supervisors approved the final plat May 1, 2007, and both the Final Plat and the Assurances were recorded on May 9, 2007. The owner has requested an extension citing adverse economic conditions in the overall real estate market (Request, attached).
This Plat was approved with a Phasing Plan (Exhibit C, attached). Castle and Cooke, Inc. is requesting approval of a new Phasing Plan which will extend the completion date for the remaining four Phases to December 31, 2014. Phase one of this project was completed with 29 lots released in February of 2008 (Partial Release of Assurance Agreements, attached). 84 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 May 9, 2010. If approved, the Assurances would be extended to May 9, 2014.
Two documents are presented for the Chairman's signature – a resolution extending the date for the completion of improvements to May 9, 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.
Suggested Motion
Mr. Chairman, I move to adopt the resolution extending The Oaks Subdivision Assurance Agreement with Pioneer Title Agency, Inc. an Arizona Corporation as trustee under trust number 319061 to May 9, 2014.
This Plat was approved with a Phasing Plan (Exhibit C, attached). Castle and Cooke, Inc. is requesting approval of a new Phasing Plan which will extend the completion date for the remaining four Phases to December 31, 2014. Phase one of this project was completed with 29 lots released in February of 2008 (Partial Release of Assurance Agreements, attached). 84 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 May 9, 2010. If approved, the Assurances would be extended to May 9, 2014.
Two documents are presented for the Chairman's signature – a resolution extending the date for the completion of improvements to May 9, 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.
Suggested Motion
Mr. Chairman, I move to adopt the resolution extending The Oaks Subdivision Assurance Agreement with Pioneer Title Agency, Inc. an Arizona Corporation as trustee under trust number 319061 to May 9, 2014.
Department's Next Steps (if approved):
If approved, the Chairman will sign and the Extension will be recorded with a new expiration date of May 9, 2014.
Impact of NOT Approving/Alternatives:
The subdivision could be abandoned and the zoning reverted back to the original RU-4 designation.
To BOS Staff: Document Disposition/Follow-Up:
After all signatures are gathered, return originals to Interim Planning Manager for recording. Original Subdivision Assurances are kept with the subdivision files.