HomeMy WebLinkAbout12/1/1999 - STAFF REPORTS (6) i •
DATE: December 1, 1999
TO: City Council
FROM: City Engineer
SUBSTITUTION OF SECURITY FOR FINAL MAP NO.17470 , SECTION 36 , T 4 S, R 4 E
FOR PALM CANYON RANCH, A GENERAL PARTNERSHIP
RECOMMENDATION:
That the City Council approve substitution of security for Final Map No. 17470 for Palm
Canyon Ranch, a General Partnership, said property located at 1699 Avenida Sevilla
(APN 510-340-003 thru 016), Section 36, T 4 S, R 4 E.
BACKGROUND:
The Subdivision was recorded as Map Book148, Pages 14 and 15 in the Riverside
County Recorder's Office. The Improvement Plans have been approved by the City
Engineer. The City currently has a Subdivision Improvement Agreement with Letters of
Credit as security from Jerry Epstein, original owner/subdivider. The title to the
properties covered under Tract Map No. 17470 has been transferred to Palm Canyon
Ranch, a General Partnership.
Palm Canyon Ranch is requesting that the land as security be substituted for the Letters
of Credit via a new Subdivision Improvement Agreement with the Deed of Trust. An
appraisal was done by Yeomans &Company, Real Estate Appraisers and submitted to the
City Engineer for review and approval.
The total cost of such improvements has been estimated by the City Engineer to be
approximately $362,724.00(including Desert Water Agency Faithful Performance and
Labor/Material Bonds) and the combined appraisal value of the three lots is $585,000.00
which adequately covers the estimated cost of said Improvements. Staff recommends that
the substitution be accepted.
APPROVED:
D VID J. BARAKIAN
City Engineer
APPROVED: laaa—.—�' `
aCity Manager
ATTACHMENTS:
1. Map
2. Council Resolution
3. Subdivision Agreement and Bond
CITY OF PALM SPRINGS
SUBDIVISION IMPROVEMENT AGREEMENT
THIS AGREEMENT,made and entered into this IIto day of AlayZogl0t 199 9 ,by and
between Palm Canyon Ranch, a General Partnership, hereinafter collectively referred to as
"Subdivider" and CITY OF PALM SPRINGS,a municipal corporation of the State of California,
hereinafter referred to as "CITY';
WITNESSETH:
WHEREAS, Subdivider has prepared,filed,and recorded a final subdivision map of Tract
Map No. 17470 in the City of Palm Springs, County of Riverside,as approved by City; and
WHEREAS, Subdivider, by said map, has secured the required street and sewer
improvements via a Subdivision Improvement Agreement and Letters of Credit;and
WHEREAS,Subdivider desiresto substitute said Letters of Credit with a Deed ofTrustusing
Lots 8, 11, and 12 of said Tract Map No. 17470 as security;and
WHEREAS, the total cost of such improvements has been estimated by the City Engineer
to be approximately S 362,724.00(inclusive of the Desert Water Agency Faithful Performance and
Labor/Material Bonds) ;
NOW THEREFORE, IT IS AGREED by and between the parties hereto as follows;
1. Subdivider, at his sole cost and expense, shall construct and install the street,
drainage, domestic water, sanitary sewer and other improvements required to be constructed or
agreed to be constructed as a condition precedent to the approval of said final map and acceptance
of such streets and easements,as shown on the "Improvement Plans for Tract Map No. 17470", a
copy of which is now on file in the office of the City Engineer of the City and which is referred to
and incorporated herein as though set forth in full.
2. Subdivider shall execute a Deed of Trust encumbering the properly upon which the
subdivision map is being recorded, in the form attached hereto, to secure the performance by
subdivider of its obligations hereunder. It is hereby agreed that the amount secured by the Deed of
Trust is the cost to construct the improvements,which cost is currently estimated to be $362,724.00.
Subdivider shall procure for the City, at subdivider's sole cost and expense, an ALTA Lender's
Policy of Title Insurance,in a form and content satisfactory to the City,insuring the priority of said
Deed orTrust.
The City shall reconvey the Deed of Trust upon acceptance by the City of the improvements, the
payment by subdivider of any fees and costs necessary to reconvey the Deed of Trust and the
furnishing of a maintenance bond at the time of the acceptance in the amount of 9 4.94. Said
0 0
maintenance bond shall remain in effect for a period of one(1)year from date of acceptance of the
improvements.
3. Before final approval of street improvements, the Subdivider will place survey
monuments in accordance with the provisions of the State Subdivision Map Act and the Subdivision
Ordinance of the City of Palm Springs as shown on the Final Map.
The Subdivider,after setting the monuments,shall frnish the City Engineer of the City of
Palm Springs, written notice of the setting of monuments and written proof of having paid the
engineer or surveyor for the setting of said monuments,or as provided for in the Subdivision Map
Act.
4. in accordance with the terms of said subdivision regulation aforesaid,the Subdivider
does hereby agree to furnish a good and sufficient bond in the amount of S N/A(included in the total
monies for security)to guarantee payment of the cost of setting monuments as stated in Item No. 3
of this agreement.
5. The City Engineer or his duly authorized representative, upon written request of
Subdivider, shall inspect the improvements herein agreed to be constructed and installed by
Subdivider, and, if determined to be in accordance with the applicable City standards, shall
recommend the acceptance of such improvements by the City.
6. Subdivider has delivered to city and City has approved plans and specifications and
related documents for certain"Works of Improvement"(as hereinafter defined)which are required
to be constructed and installed in order to accommodate the development of the property.
7. Subdivider shall perform any changes or alterations in the construction and
installation of such improvements required by City,provided that all such changes or alterations do
not exceed 10 percent of the original total estimated cost of such improvements.
8. Subdivider shall guarantee such improvements for a period of one(1)year rol lowing
the completion by Subdivider,and acceptance by City,against any defective work or labor donc,or
defective materials furnished, in the performance of this Subdivision Improvement Agreement by
Subdivider and shall repair or replace any such defective work,or materials discovered during said
one(1)year period.
9. Subdivider shall commence the construction and installation of such improvements
within eighteen (18) months from the approval of this amended Subdivision Improvement
Agreement and shall complete such construction and installations within nine m&nt
1M from such
date of commencement.This Agreemetn is to be considered a part of Planned Development District
No. 79 (PDD 79) and any time extensions applicable to said PDD 79 shall also apply to this
Agreement inclusive of the required security for the Works of Improvement.
10. in the event that Subdivider fails to perform any obligation hereunder, Subdivider
authorizes City to perform such obligation twenty(20)days after mailing written Notice of Default
443
dy
to Subdivider at the address given below,and agrees to pay the entire cost of such performance by
City.
11. In the event that Subdivider fails to perform any obligation hereunder, Subdivider
agrees to pay all costs and expenses incurred by City in securing performance of any such
obligations, including costs of suit and reasonable attorney's fees.
12. Subdivider hereby binds itself,its executors,administrators and assigns,and agrees
to indemnify,defend,andhold the City harmless from any losses,claims,demands,actions or causes
of action of any nature whatsoever,arising out of or in any way connected with the improvements
agreed to be constructed and installed hereunder by the Subdivider, including costs of suit and
reasonable attorney's fees.
IN WITNESS WHEREOF,the parties hereto have executed this Agreement as ofthe day and
year first above written.
SUBDIV E aln Can n Ranch,
A Gene sh
By:
ey TIneral
bun
Its: Partner
Address:
Mr. Stanley Tananbaum
C/O Selzer,Ealy, Hemphill &Blasdel,LLP
777 East Tahquitz Canyon Way,Suite 328
Palm Springs,CA 92262
City Clerk City Manager
Reviewed and Approved:
Order No. • •
Escrow No.
Loan No.
WHEN RECORDED MAIL TO:
City of Palm Springs
P.O. Box 2643
Palm Springs, CA 92263
Attn: City Clerk
SPACE ABOVE THIS UNE FOR RECOMMS USE
DEED OF TRUST WITH ASSIGNMENT OF RENTS
(LONG FORM)
This DEED OF TRUST, made this if 9iN day of Alp item a m , 19 9C1 between
PALM CANYON RANCH, a general partnership herein called TRUSTOR,
c/o Selzer, Ealy, Hemphill & Blasdel LLP
whose address is 777 E. Tahquitz Canyon Way, Ste. 32 . Palm Springs, Cali pornia 922
(Number end Slreel) ( (State)
FIRST AMERICAN TITLE INSURANCE COMPANY,a California corporation, herein called TRUSTEE, and
The CITY OF PALM SPRINGS, a municipal corporation herein called BENEFICIARY,
WITNESSETH: That Trustor grants to Trustee in Trust,with Power of Sale, that property in the City of
Palm Springs County of Riverside Sta:e of California, described as:
Lots 8, 11 and 12 of Tract 17470, as shown by Map on file in Book
148, of Maps, pages 14 and 15, Records of Riverside County, California.
See RIDER TO DEED OF TRUST attached hereto and incorporated herein
by reference.
together with the rents,issues and profits thereof,subject,however,to the right,power and awhority,hereinafter given to and
conferred upon Beneficiary to collect and apply such rents,issues and profits,for the purpose of securing(1)paymem W4he
st3F,+-ef& See RIIPR W®OF MM
(2) the
performance of each agreement of Trustor incorporated by reference or contained herein and(3)payment of additional sums
and interest thereon which may hereafter be loaned to Trustor,or his successors or assigns,when evidenced by a promissory
note or notes redting that they are secured by this Deed of Trust.
A. To protect the security of this Deed of Trust, Trustor agrees:
(1) To keep said property in good condition and repair, not to remove or demolish any building thereon; to complete
or restore promptly and in good and workmanlike manner any building which may be contacted, darrzged or destroyed
thereon and to pay when due all claims for labor performed and materials furnished therefor,b comply with aft laws affecting
said property or requiring any alterations or improvements to be made thereon;not to comrf or permit waste thereof; not
to commit suffer or permit any act upon said property in violation of law; to cultivate. Irrigate,fertilize,fumigate, prune and
(continued on reverse side) Ilra(,ts
�� Pane 1 or A
do all other acts which from the character or use of said property may be reasonably necessary,the specific enumeraliops
herein not excluding the general.
(2) To provide,maintain and deliver to Beneficiary fire insurance satisfactory to and with loss payable to Beneficiary
The amount collected under any fire or other insurance policy may be applied by Beneficiary upon any indebtedness secured
hereby and in such order as Beneficiary may determine,or at option of Beneficiary the entire amount so collected or any part
thereof may be released to Trustor.Such application or release shall not cure orwaive any default or notice of default hereunder
or invalidate any act done pursuant to such notice.
(3) To appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers
of Beneficiary or Trustee; and to pay all costs and expenses, including cost of evidence of title and attorney's fees in a
reasonable sum,in any such action or proceeding in which Beneficiary or Trustee may appear, and in any suit brought by
Beneficiary to foreclose this Deed.
(4) To pay: at least ten days before delinquency all taxes and assessments affecting said property, including
assessments on appurtenant water stock;when due,all encumbrances,charges and liens,with interest,on said property or
any part thereof, which appear to be prior or superior hereto; all costs,fees and expenses of this Trust.
Should Trustor fail to make any payment or to do any act as herein provided, then Beneficiary or Trustee, but without
obligation so to do and without notice to or demand upon Trustor and without releasing Trustor from any obligation hereof
may:make or do the same in such manner and to such extent as either may deem necessary to protect the security hereof
Beneficiary or Trustee being authorized to enter upon said property for such purposes; appear in and defend any action or
proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; pay,purchase, contest
or compromise any encumbrance,charge or lien which in the judgment of either appears to be prior or superior hereto;and,
in exercising any such powers, pay necessary expenses, employ counsel and pay his reasonable fees.
(5) To pay immediately and without demarid-all sums so expended by Beneficiary or Trustee,with interest from date
of expenditure at the amount allowed by law in effect at the date hereof, and to pay for any statement provided for by law
In effect at the date hereof regarding the obligation secured hereby any amount demanded by the Beneficiary not to exceed
the maximum allowed by law at the time when said statement is demanded.
B. It is mutually agreed:
(1) That any award of damages in connection with any condemnation for public use of or injury to said property or any
part thereof is hereby assigned and shall be paid to Beneficiary who may apply or release such moneys received by him in
the same manner and with the same effect as above provided for disposition of proceeds of fire or other insurance.
(2) That by accepting payment of any sum secured hereby after its due date,Beneficiary does not waive his right either
to require prompt payment when due of all other sums so secured or to declare default for failure so to pay.
(3) That at any time or from time to time,without liability therefor and without notice,upon written request of Beneficiary
and presentation of this Deed and said note for endorsement, and without affecting the personal liability,of any person for
payment of the indebtedness secured hereby,Trustee may:reconvey any part of said property;consent to the making of any
map or plat thereof,join in granting any easement thereon;or join in any extension agreement or any agreement subordinating
the lien or charge hereof.
(4) That upon written request of beneficiary stating that all sums secured hereby have been paid,and upon surrender
of this Deed and said note to Trustee for cancellation and retention or other disposition as Trustee in its sole discretion may
choose and upon payment of its fees,Trustee shall reconvey,without warranty,the property then held hereunder.The recitals
In such reconveyance of any matters or facts shall be conclusive proof of the truthfulness thereof.The Grantee in such
reconveyance may be described as "the person or persons legally entitled thereto."
(5) That as additional security, Trustor hereby gives to and confers upon Beneficiary the right, power and authority,
during the continuance of these Trusts,to collect the rents,Issues and profits of said property,reserving unto Trustor the right,
prior to any default by Trustor in payment of any Indebtedness secured hereby or in performance of any agreement hereunder,
to collect and retain such rents,issues and profits as they become due and payable.Upon any such default, Beneficiary may
at any time without notice, either in person,by agent,or by a receiver to be appointed by a court, and without regard to the
adequacy of any security for the indebtedness hereby secured,enter upon and take possession of said property or any part
thereof, in his own name sue for or otherwise collect such rents,issues, and profits, including those past due and unpaid,
and apply the same, less costs and expenses of operation and collection, Including reasonable attorney's fees, upon any
Indebtedness secured hereby, and in such order as Beneficiary may determine.The entering upon and taking possession
of said property,the collection of such rents,Issues and profits and the application thereof as aforesaid,shall not cure or waive
any default or notice of default hereunder or invalidate any act done pursuant to such nctice.
(continued on next page) 1193 t1/9-1
Page 2 of
(6) That upon default by Trustor in payment of any indebtedness secured hereby or in performance of any agreement
hereunder, Beneficiary may declare all sums secured hereby immediately due and payable by delivery to Trustee of written
declaration of default and demand for sale and of written notice of default and of election to cause to be sold said property,
which notice Trustee shall cause to be filed for record. Beneficiary also shall deposit with Trustee this Deed,said note and all
documents evidencing expenditures secured hereby.
After the lapse of such time as may then be required by law following the recordation of said notice of default,and notice
of sale having been given as then required by law,Trustee,without demand on Trustor,shall sell said property at the time and
place fixed by it in said notice of sale,either as a whole or in separate parcels,and in such order as it may determine,at public
auction to the highest bidder for cash in lawful money of the United States, payable at time of sale.Trustee may postpone sale
of all or any portion of said property by public announcement at such time and place of sale,and from time to time thereafter
may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to
such purchaser its deed conveying the property so said,but without any covenant or warranty,express or implied.The recitals
in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof.Any person,including Trustor,Trustee,
or Beneficiary as hereinafter defined, may purchase at such sale.
After deducting all costs,fees and expenses of Trustee and of this Trust, including cost of evidence of btle in connection
with sale,Trustee shall apply the proceeds of sale to payment of.all sums expended under the terms hereof,not then repaid,
with accrued interest at the amount allowed by law in effect at the date hereof; all other sums then secured hereby; and the
remainder, if any, to the person or persons legally entitled thereto.
(7) Beneficiary,or any successor in ownership of any indebtedness secured hereby,may from time to time,by instrument
in writing,substitute a successor or successors to any Trustee named herein or acting hereunder,which Instrument,executed
by the Beneficiary and duly acknowledged and recorded in the office of the recorder of the county or counties where said
property is situated,shall be conclusive proof of proper substitution of such successor Trustee or Trustees,who shall,without
conveyance from the Trustee predecessor, succeed to all its title, estate, rights, powers and duties. Said instrument must
contain the name of the original Trustor,Trustee and-Beneficiary hereunder,the book and page where this Deed Is recorded
and the name and address of the new Trustee.
(8) That this Deed applies to, inures to the benefit of, and binds all parties hereto, their heirs, legatees, devisees,
administrators,executors,successors and assigns.The term Beneficiary shall mean the owner and holder,including pledgees,
of the note secured hereby,whether or not named as Beneficiary herein.In this Deed,whenever the context so requires,the
masculine gender includes the feminine and/or neuter,and the singular number includes the plural.
(9) That Trustee accepts this Trust when this Deed, duly executed and acknowledged. is made a public record as
provided by law. Trustee is not obligated to notify any party hereto of pending sale under any other Deed of Trust or of any
action or proceeding in which Trustor, Beneficiary or Trustee shall be a party unless brought by Trustee.
The undersigned Trustor requests that a copy of any notice of default and of any notice cf sale hereunder be mailed to
him at his address hereinbefore set forth.
ignature of or Signature of Trustor
FAMORKNZa
Stailer t c)ath al Pamtna'
}
STATE OF IFORMA AS.
COUNTY OF ASL }
on 10i 11Fih before me, �' ^Cu ; L�enjr%,4'
personally appeared ��(irr� ? -TC %a.
personally known to me h afnro ryes te,r9)to be the person(c) wh:se name(,).Wafer subscribed to
the within instrument and acknowledged to me that ha4heAkey executed the same in his,befAheir aut-crized capacity(hes), and that by
Nwber}th*signature(*on the instrument the person(#or the entity upon behalf of which the person(,acted• exeated the Instrument.
WITNESS my hand and official seal.
Jn1NFER DOM
Signature CamhYrbnI1W7/15 i
NObyg6fo—Cafareo f
nWASM11
to 'Iwt&plhki4a6r hh.7aet
(continued on reverse si tagsn�h
Pate 3 of 4
Exhibit "A"
LEGAL DESCRIPTION OF PROPERTY
The property is that certain real properly in the City of Palm Springs,County of Riverside,State of
California,more particularly described as follows:
Lots 8, 11,and 12 of Tract Map No. 17470,as shown by map on file in Book 148,Pages 14 and 15
of Maps,records of the Riverside County Recorder's Office,Riverside County,California.
RIDER TO DEED OF TRUST
THIS RIDER TO DEED OF TRUST is attached to and incorporated by reference in that
certain Deed of Trust with Assignment of Rents datedNoVemesit it , M? , between Palm
Canyon Ranch, A General Partnership ("Trust&),First American Title Insurance Company
("Trustee"),and the CITY OF PALM SPRINGS, a municipal corporation("Beneficiary").
Said deed of trust is hereby modified/supplemented (and as modified/supplemented is
hereinafter referred to as "this Deed of Trust")in the following particulars only:
1. Obligations Secured. The grants,assignments and transfers made herein are given
for the purpose of securing full and timely observance and performance by Trustor of its obligations
under that certain City ofPalm Springs Subdivision Improvement Agreement executed concurrently
herewith("Subdivision Improvement Agreement").
2. Remedies. Trustor hereby agrees that the City's right to enforce any breach of
Trustor's obligations under the Subdivision Improvement Agreement shall include, but not be
limited to,the right of the City,its employees,agents,or contractors,to enter upon all or any portion
of the Property to remedy any such breach and/or perform any improvement under the Subdivision
Improvement Agreement at the expense of Trustor.Any expense incurred by City in remedying such
breach shall be payable by Trustor to City,in a form acceptable to City,within thirty(30)days of
City's written demand thereof. Should Trustor fail to pay City such amount as demanded by City
within such thirty(30)days,City shall have the right to lien the Property for the amount of the cost
of curing such breach of any provision of the Subdivision Improvement Agreement, plus any
additional costs,incurred by City in attempting to recover such costs,including but not limited to,
attorneys fees and costs.In addition to any and all other remedies of Beneficiary set forth under this
Deed of Trust or permitted at taw or inequity,if a default or event of default under the Deed of Trust
shall have occurred, Beneficiary,to the extent permitted by law and without regard to the value,
adequacy or occupancy ofthe security for the Subdivision improvement Agreement and other sums
secured hereby, shall be entitled as a matter of right it'it so elects to the appointment of a receiver
to enter upon and take possession of the Property and to collect all rents, income and other benefits
thereof and apply the same as any court of competent jurisdiction by ex parte application and without
notice,notice of hearing being hereby expressly waived. The expenses, including receiver's fees,
attorneys' fees, costs and agent's compensation, incurred pursuant to the power herein contained
shall be secured by this Deed of Trust.Furthermore,Trustor specifically acknowledges that certain
non-monetary defaults may occur under this Deed of Trust and in such event,Beneficiary and/or
Trustee shall have the right to commence foreclosure proceedings based solely upon such non-
monetary defaults.
3. Miscellaneous.
3.1 Severability. Many provision of this Deed ofTrust or the application hereof
to any person or circumstance shall be invalid or unenforceable to any extent,the remainder of said
Deed of Trust and the application of such provisions to other persons or circumstances shall not be
effective thereby and shall be enforced to the extent permitted by law.
3.2 Attorney's Fees. Should it be necessary for any party to commence an
action at law or in equity against the other to enforce the terms of any provision of this Deed of
Trust, the prevailing party shall have a right to judgement against the losing party for reasonable
attomy's fees and costs as set by the court. In the event of nonjudicial foreclosure of this Deed of
Trust,Beneficiary shall be entitled to recover its reasonable attorneys fees and costs,which shall be
deemed secured by this Deed of Trust,from proceeds of the sale and/or a condition to reinstatement
of this Deed of Trust.
3.3 Conflict In the event of any conflict between the terms ofthis Rider to
Deed of Trust and the Deed of Trust to which this Rider is attached, the terms of this Addendum
shall control.
G6#10
Palm Canyon tcb, neralJ, lp
By:
Stanley TWanbaum
Its: Manaaina General Pier
"Trustor"
(TRUSTOR MUST HAVE SIGNATURES NOTARIZED)
2
i
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
"! ti
State of C���7r1ri.a
County of a.V et:St a,L
On ?c e.T4,ati 1c1, &M before me, —arinhQ,r Zr, %'S
pw �l Nam and Tab o1 taker(e.g..'Jam Doe.NOWV PIOIO
I personally appeared n1ci,�. y^ ,
Nama(51 d Swer(si
impersonally known to me—OR be the person(&),
1 / ` whose name(s)Ware,subscribed to the within Instrument
and acknowledged to me that he/sheAhey executed the
same in hislhsFM%ir authorrzed capacity(uls)and that by
hisft*#their signature(&)on the instrument the person(s)7-
or the entity upon behalf of which the person(st acted,
aaaamoE►+as executed the instrument.
a Com ision 011V415
t rammviao_cawno
pm"Coa.w a WITNESS my hand and official seal.
1Mconrn r>�w.aMa n.tioor
4)7signet"ofNo"Nd PNAL Though the mfortnea n below is not required by law,it valuable to persons relying on the document and Could prevent K
fraudulent removal and reattachment of H&form b another document.
Description of Attached Document
Title or Type of Document: 1' t,A n, Ar, l t t sr nQ Q-L
Document Date: �I t.t G, il�T1 �j� l Number of Pages:
Signer(s) Other Than Named Above: —
Capacity(les) Claimed by Signer(s)
r
Signer's Name:;26 n . Signer's Name:
13
❑ Individual ❑ Individual
❑ Corporate Officer ❑ Corporate Officer
Tiffe(s): Title(s):
11 Partner—❑ Limited ❑General ❑ Partner—❑ Limited ❑General
❑ Attorney-in-Fact ❑ Attomey-in-Fact
❑ Trustee ❑ Trustee
L Guardian or Conservator ❑ Guardian or Conservator
Other: Top a thumb here ❑ Other; Top of thumb hale
Signer Is Representing: Signer Is Representing:
I
01995 NabonM NdaryASWishon-8236 Flemmol Ave..PO.Bw 7184-Camp Palk,CA 91309-7184 Pwd.No SM (*AN dw 1.e90-e764e27
RESOLUTION NO. 19695
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA, APPROVING SUBSTITUTION OF SECURITY
FOR FINAL MAP NO. 17470 FOR PROPERTY LOCATED AT
1699 AVENIDA SEVI LA, SECTION 36, T 4 S, R 4 E
WHEREAS,Subdivider has prepared,filed and recorded a final subdivision map of Tract Map No.
17470 in the City of Palm Springs, County of Riverside, as approved by City; and
WHEREAS Subdivider, by said map, has secured the required street and sewer improvements via
a Subdivision Improvement Agreement and Letters of Credit; and
WHEREAS Subdivider desires to substitute said Letters of Credit with a Deed of Trust using Lots
8, 11, and 12 of said Tract Map No. 17470 as security; and
WHEREAS, the total cost of such improvements has been estimated by the City Engineer to be
approximately $362,724.00 (including Desert Water Agency Faithful Performance and
Labor/Material Bonds) and the combined appraised value of the three lots is $585,000.00 which
adequately covers the estimated cost of said Improvements;
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Palm Springs finds
that the new Subdivision Improvement Agreement and substitution of Security for Final Map No.
17470 is equitable and accepts said agreement and substitutioi).
ADOPTED this 1st day of December 1999
AYES: Members Hodges, Jones, Oden, Reller-Spurgin and Mayor Kleindienst
NOES: None
ABSENT: None
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By.
City Clerk City Manager
REVIEWED&APPROVED AS TO FORM: