The URL can be used to link to this page

Home My WebLink About24343 RESOLUTION NO. 24343 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, AUTHORIZING ACCEPTANCE OF THE SUBDIVISION IMPROVEMENTS ASSOCIATED WITH TRACT MAP 35540 AND AUTHORIZING RELEASE OF SECURITIES REQUIRED BY THE SUBDIVISION IMPROVEMENT AGREEMENT WITH PINNACLE VIEW, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY, FOR PROPERTY LOCATED AT WESTERLY TERMINUS OF RACQUET CLUB ROAD, IN SECTION 4, TOWNSHIP 4 SOUTH, RANGE 4 EAST. WHEREAS, the Planning Commission of the City of Palm Springs, at its meeting of October 27, 2010, recommended approval of Tentative Tract Map 35540, subject to conditions; and WHEREAS, the City Council of the City of Palm Springs, (hereinafter the "City"), at its meeting of January 5, 2011, approved Tentative Tract Map 35540 subject to conditions; and WHEREAS, the City Council of the City of Palm Springs, (hereinafter the "City"), at its meeting of December 3, 2014, adopted Resolution No. 23720, approving Tract Map 35540 and a related Subdivision Improvement Agreement, (Agreement No. 6635), with Pinnacle View, 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 $9,270,058 to guarantee construction of certain public improvements required for and associated with Tract Map 35540, (the "Works of Improvement"); and WHEREAS, the Developer has filed with the City Clerk a performance bond in the amount of $9,270,058, a labor and materials (payment) bond in the amount of $4,635,029, and a Monumentation (payment) bond in the amount of $30,000 in accordance with the Subdivision Improvement Agreement; and WHEREAS, the Developer has completed construction of the Works of Improvement, and has requested that the City accept the Works of Improvement in accordance with Section 1.14 of the Subdivision Improvement Agreement; and WHEREAS, in accordance with Section 4.5 of the Subdivision Improvement Agreement, the Developer has requested that the City release the subdivision improvement securities filed with the City Clerk to guarantee construction of the Works of Improvement; and Resolution No. 24343 Page 2 WHEREAS, the City Engineer has examined the Works of Improvement, and has found them to be constructed and completed in accordance with the Subdivision Improvement Agreement, and the associated plans and specifications; and WHEREAS, the City Engineer recommends that the City Council accept the Works of Improvement, and authorize the City Clerk to release the subdivision improvement securities filed with the City Clerk to guarantee construction of the Works of Improvement, with the exception of the warranty security required by Section 4(b) of Subdivision Improvement Agreement. 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 finds and determines that the Works of Improvement have been completed in accordance with the relevant provisions of the Subdivision Improvement Agreement and the approved plans and specifications, and the City Council hereby accepts the completed Works of Improvements. Section 3. The City Council's acceptance of the Works of Improvement effectuated by this resolution shall not in any way supersede or relieve Pinnacle View, LLC, a California limited liability company, or its successors and assigns, of any other obligations required by the Subdivision Improvement Agreement or the conditions of approval associated with Tentative Tract Map 35540. Section 4. The City Council's acceptance of the Works of Improvement effectuated by this resolution shall not in any way impose an obligation on the City of Palm Springs to maintain those improvements that are required to be privately maintained by a Homeowners Association through Covenants, Conditions and Restrictions (CC&R's), including the private streets associated with Tract Map 35540. Section 5. Subject to Section 6, in accordance with Section 4.5(a) of the Subdivision Improvement Agreement, the City Clerk is hereby authorized to release the following Security Instruments previously filed with the City Clerk to guarantee construction of the Works of Improvement: Faithful Performance Letter of Credit, No. IS0256140U; $9,270,058 • Labor and Materials Letter of Credit, No. IS0256141 U; $4,635,029 Monumentation Letter of Credit, No. IS0256139U; $30,000 Section 6. Pinnacle View, LLC, a California liability company, shall submit cash security in the amount of $50,000 in a form acceptable to the City Attorney guaranteeing completion of public trails and related improvements. The cash security shall be held until the City Manager has confirmed the public trails and related improvements have been completed in accordance with the City's requirements. The Resolution No. 24343 Page 3 cash security may be released by the City Manger without any further action by the City Council. Section 7. In accordance with Section 4.5(b) of the Subdivision Improvement Agreement, the City Clerk is hereby authorized to release the Bond for Maintenance and Warranty of Improvements, Letter of Credit No. IS000020283U, in the amount of $1,390,508 upon expiration of the warranty period following one year of the City Council's acceptance of the Works of Improvement, and upon receipt of the City Engineer's verification that no claims regarding defective work associated with the Works of Improvement have been received. Section 8. The City Clerk, following adoption of this resolution, shall file with the Riverside County Recorder, the Acceptance of the Works of Improvement Certificate attached hereto. ADOPTED THIS 3RD DAY OF JANUARY, 2018. David H. Ready, City anager ZTEST: V 7�TWhony City Clerk CERTIFICATION STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF PALM SPRINGS ) I, ANTHONY MEJIA, City Clerk of the City of Palm Springs, hereby certify that Resolution No. 24343 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 January 3, 2018, by the following vote: AYES: Councilmembers Holstege, Kors, Middleton, Mayor Pro Tern Roberts, and Mayor Moon NOES: None ABSENT: None �R ABSTAIN: None l Ar�tfio y J. City Cle Acceptance of the Works of Improvement Certificate follows this page. RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: City Clerk City of Palm Springs 3200 E. Tahquitz Canyon Way Palm Springs, CA 92262 SPACE ABOVE THIS LINE FOR RECORDER'S USE Exempt from recording fees under Government Code§6103 Acceptance of the Works of Improvement Certificate Tract Map 35540 Subdivision Improvement Agreement (A6635) The undersigned, City of Palm Springs, a California charter city and municipal corporation, (hereafter the "City"), hereby confirms that on January 24, 2018, the City Council of the City accepted the Works of Improvement associated with Tract Map 35540 to be constructed by or on behalf of Pinnacle View, LLC, a California limited liability company, and/or its successors and assigns, (collectively, hereafter the "Developer"), pursuant to that certain Subdivision Improvement Agreement (A6635) by and between the City and Developer recorded as Document No. 2015-0020182, 1/16/2015, records of Riverside County Recorder, (hereafter the "Agreement"). The City hereby releases the Developer from its performance obligations to construct the Works of Improvement as set forth in the Agreement, and hereby releases the Security Instruments filed with the City Clerk pursuant to and in accordance with the Agreement. This Acceptance Certificate is applicable to those Works of Improvement associated with Tract Map 35540, identified as that certain real property more particularly described in Exhibit "A" attached hereto. [SIGNATURES ON NEXT PAGE] City of Palm Springs, a California charter city and municipal corporation Dated: David H. Ready, City Manager Attest: Approved as to form: Anthony J. Mejia, MMC Edward Z. Kotkin, City Attorney City Clerk EXHIBIT "A" Tract Map No. 35540 filed in the office of the County Recorder, County of Riverside, State of California, on December 11, 2014, in Book 443 of Maps at Pages 65 through 78.