HomeMy WebLinkAbout19695 - RESOLUTIONS - 12/1/1999 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 SEVILLA, 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 substitutioq.
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
�-
City Clerk City Manager
REVIEWED&APPROVED AS TO FORM:
/ —6
G