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Home My WebLink About02/06/1993, C-1 - CONSIDERATION OF AN AMENDMENT TO THE SUBDIVISION AGREEMENT FOR TRACT NO. 1750 (UNITS 1 & 2), EXTENDING THE TIME TO SUBMIT THE SURETY TO GUARANTEE THE SUBDIVISION IMPROVEMENTS PRIOR TO RECORDATION OF THE FINAL MAP. (ROB ROSSI, SUBDIVIDER) illll�lysll�l�llln�lAll�ll� � MEETING DATE: cio san tuts oBispo Feb. 6 1993 Im COUNCIL AGENDA REPORT ITEM NUMBER�'/ FROM: Wayne A. Peterson, Acting Public Works Director Prepared by: Gerald W. Kenny, Supervising Civil Engineer SUBJECT: Consideration of an amendment to the subdivision agreement for Tract No. 1750 (Units 1 & 2) , extending the time to submit the surety to guarantee the subdivision improvements prior to recordation of the final map. (Rob Rossi, Subdivider) CAO RECOMMENDATION: Adopt resolution amending the subdivision agreement to allow for an additional 90 days to submit the surety guaranteeing the subdivision improvements for Tract No. 1750 (Units 1 & 2) . BACKGROUND: Tract No. 1750 was conditionally approved on November 10, 1992 per Resolution No. 8086 (1992 Series) . All conditions were met to allow the recordation of the final map except submittal of the surety. The Subdivider had been working on securing bonds and was confident that they would be issued soon after that approval. Apparently, due to the economy and other unknown factors, 90 days was not adequate to complete the issuance of the bonds. He feels, however, that they should be finalized and submitted in the near future, but has requested another 90 days to do so. The Faithful Performance and Labor & Materials bonding amounts are: $ 1,966,500. 00 and $ 983 , 250. 00, respectively. The final map has not been recorded, nor have the Islay Hill open-space and Islay Park deeds, pending the submittal of the surety. All fees have been received as noted on the Fee and Bond List. If the time extension is not granted, certain fees would also need to be returned to the Subdivider. The Subdivider has executed the attached amendment to the Subdivision Agreement providing for a 90 day extension to May 11, 1993 in order to submit the necessary surety. ALTERNATIVES: Option 1: Adopt resolution approving an amendment to the subdivision agreement for Tract No. 1750 (Units 1 & 2) extending the time to submit the surety guaranteeing the subdivision improvements by 90 days and authorizing the Mayor to approve same. STAFF RECOMMENDED ACTION Option 2: Deny approval of the amendment to extend the time to submit the subdivision improvement surety. ��wiiiwilllll11IP1° IIIIII� city of San WIS OBISpo COUNCIL AGENDA REPORT Tract No. 1750 (Units 1 & 2) Amendment to Subdivision Agreement Meeting of February 6, 1993 Page Two CONSEQUENCES OF NOT TAKING THE RECOMMENDED ACTION: The final map would not be recorded and the Subdivider would need to process a new tentative and final map. Under the Subdivision Agreement, the Subdivider agrees to install "all" of the park improvements without any City capital funds. This savings to the City of several thousand dollars, as compared to the phasing and financial plan approved with the tentative map for this tract and provided for in the Edna-Islay Specific Plan would be lost. The residents in the existing homes in the Arbors development have been eagerly awaiting the park development, having contributed towards its development via $ 750 per lot assessments, paid to the City through escrow, as the homes were sold. The Open-Space easement deed for Islay Hill would be returned. It would still be a condition of a new subdivision, but may not be dedicated as early in the development of the area per the Specific Plan. The lot for the Housing Authority would not be created for development until a new subdivision was processed and recorded. FISCAL IMPACT: There are no new fiscal impacts related to the recommended action. CONCURRENCES: The Community Development Director and City Attorney concur with the recommended action. RECOMMENDATION: Adopt resolution approving an amendment to the Subdivision Agreement for Tract 1750 (Units 1 & 2) allowing an additional 90 days to submit satisfactory surety guaranteeing the installation of the subdivision improvements and authorizing the Mayor to execute same. Attachments: 1 - Resolution and Subdivision Agreement Amendment 2 - Map r . P: \WP51\DReview\T1750EXT.wp ev-a- RESOLUTION NO. (1993 SERIES) A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN LUIS OBISPO APPROVING AN AMENDMENT TO THE SUBDIVISION AGREEMENT FOR TRACT NO. 1750 (UNITS 1 & 2) EXTENDING THE TIME TO SUBMIT SURETY (Rob Rossi, Subdivider) WHEREAS, the City Council conditionally approved the final map for Tract 1750 (Units 1 & 2) per Resolution No. 8086 (1992 Series) , subject to submittal of adequate surety by February 10, 1993, guaranteeing installation of the required subdivision improvements , and . WHEREAS, the Subdivider has requested an additional 90 days in order to provide said surety. NOW THEREFORE, BE IT RESOLVED that the amendment to the Subdivision Agreement. for Tract No. 1750 (Units 1 & 2) is hereby approved and the Mayor is authorized to execute the amendment. The surety shall be submitted on, or before, May 11, 1993, or this approval shall become null and void. The final map shall not be recorded until submittal and approval of the surety, to the satisfaction of the City Attorney. On motion of , seconded by and on the following roll call vote: AYES: NOES: ABSENT: the foregoing Resolution was passed and adopted this day of , 1993. ATTEST: MAYOR CITY CLERK Resolution No. (1993 Series) Page Two APPROVED AS TO FORM: t tt ne APPROVED: CiZministrative Officer zolz/ Coypment Director City EiLgineer P:\WP51\DRevIew\T1750ExLwp EXHIBIT A SUBDIVISION AGREEMENT AMENDMENT THIS AGREEMENT, dated this day of , 1993 by and between Robin L. Rossi, herein referred to as "SUBDIVIDER", and the City of San Luis Obispo, herein referred to as "City". WITNESSETH: Reference is hereby made to that certain real property in the City of San Luis Obispo, County of San Luis Obispo, State of California, as shown on the final map of Tract No. 1750 (Units 1 & 2) , as approved by the City Council on November 10, 1992. WHEREAS, a Subdivision Agreement was entered into between the above-mentioned parties to guarantee completion of the subdivision requirements, and WHEREAS, the subdivision agreement provided for satisfactory surety to be submitted by February 10, 1993, and WHEREAS, the subdivider has requested an additional 90 days to submit said surety. NOW THEREFORE BE IT RESOLVED that the subdivision agreement dated November 10, 1992 for Tract No. 1750 (Units 1 & 2) is hereby modified pursuant to the attached Exhibit A, so as to extend the time to submit the required Faithful Performance and Labor & Materials surety by 90 days to May 11, 1993. All other provisions of the aforementioned Subdivision Agreement shall remain in force. Tract No. 1750 (Units 1 & 2) Subdivision Agreement Amendment Page Two IN WITNESS WHEREOF, this agreement has been executed by: S IIDER in L. Rossi APPROVED: City of San Luis Obispo MAYOR - Peg Pinard ATTEST: CITY CLERK - Diane Gladwell APPROVED AS TO FORM: J y J rge ity At e sme APPR ,Mayne A. Peterson Acting Public Wor s Director oe n d B. Jo as Community Development Director G:\WP51\DRevievAT1750ExLwp Vat crn 2 co � Pit JR it t V ky�a� S ��.�� f �sOJ�• �. / 3� - I 4 • � ci 1 Y lzJ_J �• � � :;iY,�'y ['. til �l lei It k Via . a s ; trr `I -a i