HomeMy WebLinkAbout7/7/1999 - STAFF REPORTS (30) DATE: July 7, 1999
TO: City Council
FROM: City Engineer
REPLACEMENT OF SUBDIVISION IMPROVEMENT AGREEMENT AND SECURITIES FOR
FINAL MAP NO. 24853-1
RECOMMENDATION:
That the City Council approve the request to approve the replacement of the Subdivision
Improvement Agreement and Securities for Final Map No. 24853-1 made by Far West
Industries, Inc. for property located at the Northeast corner of San Rafael Road and
Avenida Caballeros, Section 35, T 3 S, R 4 E. \
BACKGROUND:
San Rafael Partnership, the original developer, entered into a Subdivision Improvement
Agreement with the City of Palm Springs on June 13, 1990 and provided bonds as security
for said improvements. Certain improvement were constructed thereby reducing the amount
of security required. On May 27, 1993 the reduced cost of improvements was secured with
Instruments of Credit from Redlands Federal Bank. The Subdivision Improvement
Agreement did not need to be changed because the ownership didn't change.
On November 18, 1997 the new owner of the subdivision, Far West Industries, Inc.
contacted the City to request replacement of the Instruments of Credit. The City had
upgraded its Subdivision Improvement Agreement form and that also would be replaced.
Far West Industries, Inc. has provided the City Engineer with new security in the form of
Irrevocable Letters of Credit and a new signed Subdivision Improvement Agreement to
replace the pre-existing Subdivision Improvement Agreement and security.
Staff recormnends that the City Council accept and approve the above documents and
authorize the City Clerk to have the Subdivision Improvement Agreement recorded in the
Riverside County Recorder's Office.
APPROVED:
DAVID J. BARVAN
Engine
APPROVED:
City anager
ATTACHMENTS:
1. Council Resolution
2. Subdivision Agreement and Bond -t—
RESOLUTION NO.
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA, APPROVING REPLACEMENT OF
SUBDIVISION IMPROVEMENT AGREEMENT AND
SECURITIES FOR FINAL MAP NO. 24853-1 FOR PROPERTY
LOCATED AT THE NORTHEAST CORNER OF SAN RAFAEL
ROAD AND AVENIDA CABALLEROS, SECTION 35, T 3 S, R
4E
WHEREAS the original developer, San Rafael Partnership entered into a Subdivision Improvement
Agreement with the City of Palm Springs on June 13, 1990 and provided bonds as security for
Final Map No. 24853-1, recorded in the Riverside County Recorder's Office on July 11, 1990,
Book 221, Pages 8 through 11; and
WHEREAS the bonds were replaced with Instruments of Credit from Redlands Federal Bank by
Markham San Rafael Partnership on May 27, 1993 showing the reduced cost of improvements due
to construction of certain improvements being completed; and
WHEREAS the ownership of the property (Tract No. 24853-1) transferred to Far West Industries,
Inc. who now wishes to relieve Redlands Federal Bank of the responsibility of the Instruments of
Credit by replacing same; and
WHEREAS Far West Industries, Inc. has provided new Irrevocable Letters of Credit issued by
BYL Bank Group to replace said Redlands Federal Bank Instruments of Credit, and
WHEREAS the City uses a new Subdivision Improvement Agreement form approved by the City
Attorney and Far West Industries, Inc. has signed said new Agreement which will replace the
original Agreement,
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Palm Springs finds
that the securities and Subdivision Improvement Agreement are in conformance with the General
Plan, and conforms to all requirements of the Subdivision Map Act of the State of California, and
authorizes the City Clerk to record with the Riverside County Recorder the new Subdivision
Improvement Agreement between Far West Industries, Inc. and the City of Palm Springs and
replace the Instruments of Credit from Redlands Federal Bank with the Irrevocable Letters of
Credit from BYL Bank Group.
ADOPTED this — day of , 19_.
AYES:
NOES:
ABSENT: ��..
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ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By
City Clerk City Manager
REVIEWED&APPROVED AS TO FORM:
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