FROM:
Engineering
SUBJECT:
Title
Approve Security Substitution for Tract No. 16897, located south of Miller Avenue and west of Lime Avenue, for 5A Holdings, LLC.
End
RECOMMENDATION:
Recommendation
Approve security substitution for infrastructure improvements of Tract No. 16897 and authorize the City Manager to enter into a Subdivision Improvement Agreement with 5A Holdings, LLC for construction of infrastructure improvements.
End
COUNCIL GOALS:
• To invest in the City’s infrastructure (streets, sewers, parks, etc.) by maintaining and improving the city's existing infrastructure.
• To invest in the City’s infrastructure (streets, sewers, parks, etc.) by providing for the development of new infrastructure.
DISCUSSION:
Tentative Tract No. 16897 was approved by Planning Commission on June 18, 2019. The final tract map for Tract No. 16897 was recorded on September 1, 2022. As a requirement of the project, the developer was conditioned to build infrastructure improvements of Tract No. 16897 located south of Miller Avenue and west of Lime Avenue.
Bayrich Development USA, LLC posted a Subdivision Improvement Agreement and Securities for infrastructure improvements on August 11, 2022. Recently, 5A Holdings, LLC purchased the development from Bayrich Development USA, LLC and has posted a Subdivision Improvement Agreement and Securities in the amount of $1,030,244.00 to complete the required infrastructure improvements. Therefore, this action will allow the securities from 5A Holdings, LLC to replace securities from Bayrich Development USA, LLC, which will be released. The requirements for the development of the subdivision have not changed.
FISCAL IMPACT:
There is no fiscal impact following the approval of this item.
MOTION:
Approve staff recommendation.