Action 25.
Regular Board of Supervisors Meeting
Community Development
- Meeting Date:
- 08/14/2012
- Title:
- Extension of Assurances for Sonora Verde 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 12-37, approving an extension of The Sonora Verde Subdivision Assurance Agreement with Fidelity National Title Agency, Inc. as Trustee under trust number 10353 to a date of May 17, 2014.
Background:
TO: Board of Supervisors
Through: Michael J. Ortega, County Administrator
FROM: Beverly Wilson, Senior Planner
For: Michael Turisk, Planning Manager
SUBJECT: Extension of Assurance Agreement, Sonora Verde Subdivision (S-87-07)
DATE: July 19, 2012 for the August 14, 2012 Meeting
This item is a request for an extension of an Assurance Agreement for The Sonora Verde Subdivision, which was first approved and recorded in the late 1980s. The original Assurance Agreement expired in October of 1989. In 2005, the project was revived and a new Assurance Agreement approved for the 18-remaining undeveloped lots. The subdivision is located on the southwest side of Pomerene Road. Improvements are nearly complete, with all but six lots released from the Assurances. The owner has requested an extension citing an unforeseen issue concerning water as well as the adverse economic conditions in the overall real estate market (Request, attached). 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 17, 2011. If approved, the Assurances would be extended to May 17, 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 May 17, 2012, at the request of the owner.
Suggested Motion
Mr. Chairman, I move to adopt the resolution extending The Sonora Verde Subdivision Assurance Agreement with Fidelity National Title Agency, Inc., as trustee under trust number 10353 to May 17, 2014.
Attachments:
Request
Partial Release of Assurance Agreement (4)
Through: Michael J. Ortega, County Administrator
FROM: Beverly Wilson, Senior Planner
For: Michael Turisk, Planning Manager
SUBJECT: Extension of Assurance Agreement, Sonora Verde Subdivision (S-87-07)
DATE: July 19, 2012 for the August 14, 2012 Meeting
This item is a request for an extension of an Assurance Agreement for The Sonora Verde Subdivision, which was first approved and recorded in the late 1980s. The original Assurance Agreement expired in October of 1989. In 2005, the project was revived and a new Assurance Agreement approved for the 18-remaining undeveloped lots. The subdivision is located on the southwest side of Pomerene Road. Improvements are nearly complete, with all but six lots released from the Assurances. The owner has requested an extension citing an unforeseen issue concerning water as well as the adverse economic conditions in the overall real estate market (Request, attached). 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 17, 2011. If approved, the Assurances would be extended to May 17, 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 May 17, 2012, at the request of the owner.
Suggested Motion
Mr. Chairman, I move to adopt the resolution extending The Sonora Verde Subdivision Assurance Agreement with Fidelity National Title Agency, Inc., as trustee under trust number 10353 to May 17, 2014.
Attachments:
Request
Partial Release of Assurance Agreement (4)
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 17, 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 Assurances are kept with the subdivision files.