HomeMy WebLinkAbout19608 - RESOLUTIONS - 7/7/1999 RESOLUTION NO. 19608
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 1
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 1
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 7th day of- July __, 19_.
AYES: Members Barnes, Hodges, Oder, Reller-Spur ' i Mayor Kleindienst
NOES: None
ABSENT: None
/ATTEST: F PALM CALIFORNIA
OL
City Clerk City anager
REVIEWED&APPROVED AS TO FORM:
a 9•�3 1