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HomeMy WebLinkAbout24639RESOLUTION NO. 24639 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, AUTHORIZING THE REDUCTION OF SECURITIES ASSOCIATED WITH TRACT MAP 36689 AND THE SUBDIVISION IMPROVEMENT AGREEMENT WITH JEN CALIFORNIA 3, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY, FOR PROPERTY LOCATED AT THE NORTHEAST CORNER OF FARRELL DRIVE AND BARISTO ROAD, IN SECTION 13, TOWNSHIP 4 SOUTH, RANGE 4 EAST. WHEREAS, the Planning Commission of the City of Palm Springs, at its meeting of July 23, 2014, recommended approval of Tentative Tract Map 36689, subject to conditions; and WHEREAS, the City Council of the City of Palm Springs, (hereinafter the "City"), at its meeting of September 14, 2014, approved Tentative Tract Map 36689 subject to conditions; and WHEREAS, the City Council of the City of Palm Springs, (hereinafter the "City"), at its meeting of June 20, 2018, adopted Resolution No. 24448, approving Tract Map 36689 and a related Subdivision Improvement Agreement, (Agreement No. 7158), with Jen California 3, LLC, a California Limited Liability Company, (hereinafter the "Developer"), in accordance with Section 66462 of the California Government Code; and WHEREAS, in accordance with Section 4.1 of the Subdivision Improvement Agreement, the Developer was required to submit subdivision improvement securities in the amount of $5,684,000.00 to guarantee construction of certain public improvements required for and associated with Tract Map 36689, (the "Works of Improvement"); and WHEREAS, the Developer has filed with the City Clerk a performance bonds in the amount totaling $5,684,000.00, labor and materials (payment) bonds in the amount totaling $2,842,000.00, maintenance and warranty (payment) bonds in the amount totaling $852,600.00 and a Monumentation (payment bond) in the amount of $30,000.00 in accordance with the Subdivision Improvement Agreement; and WHEREAS, the Developer has completed portions of the Works of Improvement, and has requested that the City Council authorize a reduction in the subdivision improvement securities to reflect its progress with completing a portion of the Works of Improvement; and WHEREAS, the City Engineer has examined the Works of Improvement, and recommends that the performance bond in the amount of $5,684,000 be reduced by 93% to $400,000 and that the labor and materials (payment) bond be reduced by 93% to $200,000, to reflect completion of portions of the Works of Improvements. Resolution No. 24639 Page 2 NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM SPRINGS DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. The recitals above are found to be true and correct and constitute the findings of the City Council made in support of this resolution. SECTION 2. The City Council hereby authorizes a reduction in the Security Instruments previously filed with the City Clerk to guarantee construction of the Works of Improvement associated with Tract Map No. 36689, as required by that certain Subdivision Improvement Agreement, (Agreement No. 7158), as follows: Faithful Performance Bond No. EACX137000017 to be reduced 93% to $400,000.00 Labor and Material Bond No. EACX137000017 to be reduced 93% to $200,000.00 SECTION 3. The City Clerk is hereby authorized to submit a letter to the Surety documenting the City's approval to reduce the face amount of the Security Instruments as noted in Section 2 of this Resolution. ADOPTED THIS 10TH DAY OF JULY, 2019. David H. Ready, Esq. City Manager ATTEST: Resolution No. 24639 Page 3 CERTIFICATION STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE) ss. CITY OF PALM SPRINGS) I, ANTHONY J. MEJIA, City Clerk of the City of Palm Springs, hereby certify that Resolution No. 24639 is a full, true and correct copy, and was duly adopted at a regular meeting of the City Council of the City of Palm Springs on the 10th day of July, 2019, by the following vote: AYES: Councilmembers Middleton, Roberts, Mayor Pro Tern Kors, and Mayor Moon NOES: None ABSENT: Councilmember Holstege ABSTAIN: None IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Palm Springs, California, this day of 201-1 nthony City Cler Resolution No. 24639 Page 4 EXHIBIT "A" Tract Map No. 36689 filed in the office of the County Recorder, County of Riverside, State of California, in Book 462 of Maps at Pages 89 through 96.