Action 24.
Regular Board of Supervisors Meeting
Community Development
- Meeting Date:
- 08/14/2012
- Title:
- Request to Extend Assurance Agreement for Red Hawk II Units 2 & 3 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):
Mandated Function?:
Federal or State Mandate
Source of Mandate
or Basis for Support?:
or Basis for Support?:
Information
Agenda Item Text:
Adopt Resolution 12-36, approving an extension of The Red Hawk II Units 2 & 3 Subdivision Assurance Agreement with Title Security Agency, Inc. an Arizona Corporation, as Trustee under trust number 963 to a date of July 11, 2014.
Background:
TO: Board of Supervisors
Through: Michael J. Ortega, County Administrator
FROM: Beverly Wilson, Senior Planner
SUBJECT: Extension of Assurance Agreement, Red Hawk II Units 2 & 3 Subdivision
DATE: July 18, 2012 for the August 14, 2012 Meeting
This item is a request for an extension of an Assurance Agreement for the Red Hawk II Units 2 & 3 Subdivision. The subdivision consists of 192 lots, and is located south of Interstate 10 on J-6 Ranch Road. The Board of Supervisors approved the final plat and it was recorded on August 9, 2007, along with the Assurance Agreement. The owner has requested an extension citing adverse economic conditions in the overall real estate market.
On June 24, 2008, 11 lots were released and on December 18, 2008, another 36 lots were released for a total of 47 lots in this subdivision (Partial Release of Assurance Agreements, attached). 145 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 July 11, 2011. If approved, the Assurances would be extended to July 11, 2014.
Two documents are presented for the Chairman's signature – an agreement between the Owner, the Title Company and The Board, and a resolution extending the date for the completion of improvements to July 11, 2014 at the request of the owner.
Suggested Motion
Mr. Chairman, I move to adopt the resolution extending The Red Hawk II, Units 2 & 3 Subdivision Assurance Agreement with Title Security Agency of Arizona, an Arizona Corporation, as trustee under trust number 963 to July 11, 2014.
Attachments:
Request
Partial Release of Assurance Agreement (2)
Through: Michael J. Ortega, County Administrator
FROM: Beverly Wilson, Senior Planner
SUBJECT: Extension of Assurance Agreement, Red Hawk II Units 2 & 3 Subdivision
DATE: July 18, 2012 for the August 14, 2012 Meeting
This item is a request for an extension of an Assurance Agreement for the Red Hawk II Units 2 & 3 Subdivision. The subdivision consists of 192 lots, and is located south of Interstate 10 on J-6 Ranch Road. The Board of Supervisors approved the final plat and it was recorded on August 9, 2007, along with the Assurance Agreement. The owner has requested an extension citing adverse economic conditions in the overall real estate market.
On June 24, 2008, 11 lots were released and on December 18, 2008, another 36 lots were released for a total of 47 lots in this subdivision (Partial Release of Assurance Agreements, attached). 145 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 July 11, 2011. If approved, the Assurances would be extended to July 11, 2014.
Two documents are presented for the Chairman's signature – an agreement between the Owner, the Title Company and The Board, and a resolution extending the date for the completion of improvements to July 11, 2014 at the request of the owner.
Suggested Motion
Mr. Chairman, I move to adopt the resolution extending The Red Hawk II, Units 2 & 3 Subdivision Assurance Agreement with Title Security Agency of Arizona, an Arizona Corporation, as trustee under trust number 963 to July 11, 2014.
Attachments:
Request
Partial Release of Assurance Agreement (2)
Department's Next Steps (if approved):
If approved, the Chairman will sign and the Extension will be recorded with a new expiration date of July 11, 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 Senior Planner for recording. Original Subdivision Extensions of Assurances are kept with the subdivision files.
Attachments
- Red Hawk PP
- Staff Memo
- Partial Lot Release Forms
- Agreement to Extend
- Resolution to Extend
- Request to extend