Loading...
HomeMy WebLinkAboutRescind Approval and Release Security TM32655-1 CiTY OF PALl�� DESERi� PUBLIC WORKS DEPARTMENT STAFF REPC�RT REQUEST: Rescind Approval of Tract Map 32655-1 and Release Security SUBMITTED BY: Mark Greenwood, P.E., Director of Public Works APPLICANT: Hover Development Company, Inc. 3 San Joaquin Plaza, Suite 215 CITY COUNCIL ACTIp2v; Newport Beach, CA 92660 APPROVED �/' RECEIVEY� D�NIED BANK: Rabobank N.A. OTHER """'— 74-199 EI Paseo Drive, Suite 102�'��'��'T €��.�s'.�°�' �-.._.__,_ Palm Desert, CA 92260 ��E�d _ — . � ���J�Q - ____ DATE: August 28, 2008 `}���if���Nrj''���F 4`]�U���i�• CONTENTS: Securit Letter and Vicinit Ma �E�`IFIED By; y y p ��'ic�inal on File with it� Clerk's pj Recommendation: By Minute Motion, authorize the City Clerk to rescind approval of Tract Map 32655-1 and release the related security. Discussion: On April 27, 2006, City Council adopted resolution 06-59 approving Tract Map 32655-1. Since that time, Hover Development has decided to delay the final recording of Tract Map 32655-1 and would like to begin construction of this subdivision at a later date. Prior to the beginning of construction, Public Works will require that Hover Development submit the map for approval to Council and submit security for the related construction. Therefore, staff recommends that City Council, by Minute Motion, rescind approval of Tract Map 32655-1 and release the related security. Prepared By: Departme a � � /� �� .��.�,Vll'a, ('.G�.YLC,I�E'� � Christina Canales Mark Green ood, P.E. ` Assistant Engineer Director of Public Works Approval• ���' omer Cr -��r Carlos L. O ACM for Dev ment Services City Manag i�� (:� f�,_. Rabobank,N.A. EI Paseo Financial Services Center R�bobank Office Address 74-199 f!Paseo Drive,Ste.102 April 12, 2006 Palm Desert CA 92260 7'elephone (7b0J 776-4100 Fax (760)776-4433 City of Paim Desert Mark Greenwood Public Works 73-510 Fred Waring Drive Palm Desert, CA 92260-2678 Re: Setaside construction funds for Palm DeserE�unding Company, LP (University (Park) Gentlemen: Rabobank N.A. {the "Bank") has provided a construction loan to Pafm Desert Funding Company, LP (the "Borrower") in the amaunt of USD 42,360,000 for the aequisitian and horiz�nfial development of two residential planning areas totaling approximately 87 acres in the area known as University Park, Paim Desert. The project is legally described as: (See attac�ed Exhibit "A"). The Bank has set as9de funds from #he proceeds of the pramissory note for the following: Gradin_�f tracts 32655. and 32655-1 Labor and Materials USD 181,109 Faithful Pe�Formance USD 382,218 Total USD 543,327 These funds are to secure Borrower's obligations pursuant to the Improvement Agreement between the Borrower and the City o#Palm Desert dated Aprilla, 2006, and are subject to withdrawal in one lump sum only. Said funds are to be di�bursed to Borrower only with the priar consent or request of the City of Palm Desert. {n the event Palm Desert Funding Company, LP fails to complete andlor pay for improvemertts or mee# its obligations to pa�ties with which Palm Desert Funding Campany, LP has contracted to da the work (as required by the City o# Palm Desert, County of Riverside described herein), all funds remaining in said impound account shall be immedia#ely payable to the City Palm �esert to complete and pay costs of said improvements, and such event, Palrn Desert Funding Company, LP waives any claim or interest in remaining funds. . i The City of Pafm Desert shall not in any way be obligated to repay said funds so used, fio Rabobank N.A. Palrr� Desert Funding Company, LP shall b� responsible for repayment af said amounts pursuant fo a promissory note signed by Palm �esert �unding Company, LP. Sinc efy, � teve M. Stearman, Regional Vice President Commercial Division Acceptect and Agreed ta: Patm C�esert Funding Company, LP Jl+ / � By� � " �,!�� � I 'V -� � Ci#y of Paim Dese�t ATT�sT: By: `� 3e Benson, yor Rachel e D. Klassen, C Clerk Palm Desert Funding Company,LP April 12,2006 R�SOL.I�'�'BOf'� il�O. 06-59 i A RESOLUTPOi� O� TH� C17"1'COlJPJCtL O� 7'F-1� C[1'Y OF P�4Li�fl DESERT, CAUFORNiA,, .4PPROVIIdG �F�E FiN�lL SUBDIVlSIOfV �AP OF TF2/ACl" NO. 32655-1 A,ND APPRO!!!NG THE /�GREEME�T RELATIiVG i"HERETO. BE IT HEREBY RESOLVED, by the City Council of Palm Desert, Califiornia, as fallows: (1) The Final Subdivision Map 32655-1 of City of Palm Desert, California, is hereby approved as the officiaf subdivisian map of said #ract, subject to canditions of the Tenfiative Map. (2) The Mayor and City Clerk are authorized to execute on behalf of the City a Standard Subdivision Agreemenfi guaranteeing completion of the public improvements required by law. (3) The City Engineer is authorized to r�ceive the improvement security, as required by law, on behalf of the Ci#y, subjeet to the approvaf of the City Attorney as to form. (2) The City Engineer is direcfied to process the Final Map for recording upon receipt ofi the required improvement security and the payment of all fiees. PASSED, APPROVED, and ADOPTED by#he City Council of the City of Palm Desert, Califarnia, on this 27th day of April, 2006 by fhe following vote, to wit: AYES: s�xsoN, cuz��s, K�LLY, �gc�rso� NOES: rrorr� ABSENT: srr����, .rr� ABSTAlN: r�ou� � _ i 3 �� JIM ER ��Of�; MAYOR CIT �Q_F ALM�DESERT, CAUFQRNIA ATTEST: � ss� CHELLE D. KLASS N, CITY CLER CITY OF PALM DESERI`, CALIFORNIA =sn —._-�-��� � — - . . .�- - --���;_.����-r� � - � � .:aY ��� y ,•__ -tt�-,- ��- � __� ..�r-.,.wi.=�'i � ' �. M ` � � � ''r� .��` T'i' � ��� � F {�'cir�sc�o uK+ � +��F''-0¢t .�Y .' "},ti * ��\ j {'t'r' {.��-ii�-,F;'� 4,� il. I'� �- �r�l I 1 . � . 4 "�"{ #' y `�} � . -. .55.��t .:' , v�. . �'�:�' � '�{� �x�.• I� � Y.-y i�. �-N�CHk�,SxCti:+i.r: ��'. � ._ '. :� . �� . 4 '� ; . �Ln7:ilsl.�kr4,�xr J� 4'ro I . _ . �i� ti '� �J' *�YN ��Y �;�'YkE.{yp. � . �I . ���� ;� i ��� _ . . s '�T.# ��"+ � Ytk. .. � . , i. . ti v5 `A . :O " d�"' . . ��{:k � � . � - �� .- . . r � ' R s' � �s w.:: � �ti-- �i{' + i�-- � � �u {'14!?F�' �`u'1:'�. ICJBE71"- . �}�. _ /`� L��I' .1 I Y&YY�w? ��R. L71 �, � _ . J 1� ' •* I? . . � i t' S � ��� � ' � . . .'�Y` � � ��: 'l I S� ��"} H'�� Kr �`� ' � 'ry �I ''}r 4 4 _�r 5.���__ �4 ,5� � _ . . '' -�'.� � _:���...�-_. ' " '-Y -�'I =r _ _ - ' ' } �1� ;^'�;_'��ti' , I�'�^r z�.- ;���y� �+ �,,, �I � J - - ��,�1�{_�d�p;r S� ��L � . I �, � � . � �4M1�... , � " ��� ;aGHCL/�R..vs-' � noi�h�k.� �CN Y;,� I "�. �' �r-.- �'s��w:i-i�I � .�" ��� � . . . _.� ':i. .�--�' ; i� � �� : 2�. � . � .K. . 4'JtF.L`i_�OL'.`c{r:{,7 . '� iG. *' � i J+ r�"..L.�.. � K' . ' � � % +l . ��� 1 . ��.. ' � . . ��� �� � +{���t ' Ir�Y'k i " k ��' � ���'�F w� 4 ��;�t�e,:�..�� 0:�l3E•� _�5�¢� fl:. f '��� . �.��4•±.Ff��{ ~�` . ?�'s'h.,"�'• l 1 'ti{ri f. "�-..�v .. . � ' `r�, � �� ,:, k - . ��. �:<.. -;��'r� �,_ } ' . {'i+:�.1CYJ��5}�. .'3� 't. ��j..�-��"- - � . k � -�:w. .. . . r�+ .�..�. �,_3 ; .�?;�,��—�.. � • � � - _•:: �� -llul ���� i�`j} � �r�•+ '� * ' ' . �c.�:e`n`" .'xcnu-k�Y�kr:�. �� . ,�� t�� ;.;��` „i �� ��C'�711 LN� * 5��. . � {� ' + i .5 � .� . .. . ! _ �_r x '��{r�-�f�� � � " . �I �f ��t 'S1f'!17.R•. ��.S�I���i_5. 5.f 'k'. . ' l '.P� riCL'.3T.K' �'i7'E �-_ 'A�' - �J,i - Fti � � '#:f . k�` 'I'"_ I �J_ . : �#� � .;w,�,,..t�;�s -•i�r„�r'nr �C�. �a- I .,4M1�I{'..'!l = r.O:R'�: _��_ . #. J �! - . ', ._ � � J '�5 ���; '�'�.' �`�',.� s��y�;� " ,�. y `� .rEE�4y�f � ¢ � -'Sit.�U'+'h�=;' � "� ��`���tiC.'r��K ' '.a:�F.[c -� { �.� ._w ,,� ti' +�±� �.�: �f T� ��� ����. �,�tiF1 d''� '-=��-�''�r.i¢Ue f yH.�� .ri a:: ,', . � , �?"r'�i.i cGwK�-' :��t:10}S.'-� _. . ir4`�. c.iSY ` I {':eL �� y-7- 1 ��.1,�I .�;_���CL ,+, �� .��,i�:+.�es:-'��:yt'2.J.lJF..� I I��-�` �4�� _�.j�!'I�]�� ' �F � � - rrJ����riekn�Ux, ��.�)rift'� _:rti.�r.:�r,rii �, � ..1' I w� 3_5'��� ^��/� �:7=Z+ ' � ' �� a. .i� i �L �:. 'r ;;..��' . ���Yj+',=�6'Y'i�,��':�`�Cu��jY ..�',: " �l�f ]f �s -ft.. .O �.n�+� �' `"5r� y �,h..Iv}'-�' r k�' fj-'1.{}'r5. 1'5L r �,' ' . o��` * �-Yy`'�� �'���('r'�$�' f��5{� i~F 4'.�x�'�I�yl�f ,L r�+� ,�,+„ ' �*,L' w� •F"�' {L��"�y': �s.Yrv,•' ,.��. .'T/�rI/ GL';41r.5'�4�4Ir�C?fr�4'.'`1nr5y� � , • .sfir'. ��Iv.X ��. 4' .�*1. -ti. �" ��'�.f 1r i'�I:�i-Yf:T (, iI:LP 7`�' ./.f" k'%� .�c:' �z� �.{,x�j"�-�F I{'� •�4'���.�I'.f'J4�.#.'Y� 'f'. i *. �• �r:_� .f' ��.'fi .'�f1y ��� ' ' I r' .ax��i^n.���'e:. ��ti:(��� �*A4+u �a_n sa'.n - '.uLvr.'�,�i� . . � �� G�µ'� s 't`�f�".'.� "�,{'��i ir��i�I _ 'f�ur.ir'�i � # s��y}Y"+a� a'�1�f -57 .Y%'.�'#,_�" � � _ � *t�-'�;. '=i�?4,��,.�' ? �!;-; .t.� ,,,�'L'I:I",I;�._`�f �' -r.i Yi�i�:x7�.: f i �,i.� ��x7, �:w. FCEtr�� ' I `'+��b��....���.Li.�;r}��,J� _�j.F{_�{~ ��1������•�• f"` _ � ' ' ' �-niT �+F�� - ��GL_;. ��.lil��\' �����^�^�Y1 �� � � ,x �.; �i� . T '�►{- �� r '.IM������T`w�l �v_ ... o .- ."�"' 'k�,:��4" :{��R.Y."_' " �'-'�f���,ck � � '�.- �4.. c•,�,r�t. . � - _ . _„- �}, •� " w - ' r ., i`i_ � � • ..; i';. . _ , .. ��c:;,� .� %�i.'�[;�. •�'w' ' _ •I*'i l`.�'� , _ -'' -. M1 �� � 's, �'. - � r ;' :F�� "��':a, . ' . ' • � rI +ti� F:�� -' '_ �+�- ,:!- I��,� �' ,_� .�'I`•�+i`,�I '. y �` Q�+^r 'i-�t-' ' ' � ' '�I �.ti' . � I x.■i��"� ti.�:-.w , ���"� � i � ��- 4 'y � }-' '� Qt r . . �.3�; r. . �` . . _ .s , . � +,:� 0'ti�x�nr F . ' 'k * F� r ti ; '"}{xi'F��', d'��a�,�'�' '8'� ` �' =��Y,y�''`�f r C 'ti -y�J•.� ��`.��'�- ..�;��y��-. {r � +� ' ;." �� ��'ti--�i "•-�:'� TMi4 i �'� +�, �,,•--� ,x:y. �_*' � '�� := 5�' nsz`cz.;3'w � . {�. .I I k�� 5� F%� . ��� �r,.,,i� •�s�� f�•Yr ��4�a�.�, j xF :Y'` 'I �' ., . i . I ,�� ;""''w� {` �?:r �� .� -.4�n.�..�.�:# ¢• �'� '� 'a +; 1 i1 ,� �!�L' , �# � '}'± TE'�' } i .� �t �_��y - . i � ti� ��, . X �� .,f��� .ti.� ���,.a.^ '1" .� Y'+�. A� '� 'w"y� �.r t�! p�,, '.�i.,+r` � .Y"� .f� � x�' ;��' ,� y r�, 1� :3�s ' . (� 9 f��, 7 •�*yfy'Ltiis���iy.�+ .{�-'?� _�i'�.�l�y.,_f � ��' �+. � ,�. i�, t , � { ' !s.?." .+�'=.:Y;- �- ,�� -`. 5 �s �r�'� ke�u5i,nn'G'�it-% ' ~'�. 1�"{.."?"- �k f, +�} ' -1. _ .4�*`I4' .L .3+f �.y i3C,'tC�,�e+ 4h '„ - l �I_ f+� �1...� ��� . � 1.rr. . L��' J� f .},r.� +�� 1 5 .�t'�. �c' �' [' r �L.�:.y�, �`� -3y ." _i ' �. . . 5 `. . ..��' i�ry�i�,,���� +� r F Y J �� � iv��ti��lLL* - '' +/ {a 4" Y f.�kh_.. 1�.. �:4;.+�1�.`lil.� 1 - � •�.f.� . J.Y����-':ii,'1 i$_� -�. . +'`l'T�1 4 _ �'}.`.�_. _._� - .T - ����� LOCATO R MAP � ��: � � f�'<;�-z ��r����n TM 325G6-1 F` ��,.__ ��'� r-� l� � �•� 'S�',�`f'_�r l �i{.�f —� I _.-_._ :� ��ti '� DATE: �-- � ��_ :•-��y ��� 1 inch = 9,OaO feet � Y ; �,� 8/12.2Q08 I r��1,