FROM:
Engineering
SUBJECT:
Title
Approve Security Substitution for Tract No. 20382, located south of Foothill Boulevard and west of Banana Avenue, for Serena Village 206 Owner, LLC.
End
RECOMMENDATION:
Recommendation
Approve security substitution for infrastructure improvements of Tract No. 20382 and authorize the City Manager to enter into a Subdivision Improvement Agreement with Serena Village 206 Owner, 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. 20382, located south of Foothill Boulevard and west of Banana Avenue, was approved by Planning Commission on September 21, 2021. The final tract map for Tract No. 20382 was recorded on October 19, 2022. As a requirement of the project, the developer was conditioned to build the infrastructure improvements to support the development of Tract No. 20382. Inland Senior Development, LLC posted a Subdivision Improvement Agreement and Securities for infrastructure improvements on September 29, 2022. Recently, Serena Village 206 Owner, LLC purchased the development from Inland Senior Development, LLC and has posted a Subdivision Improvement Agreement and Securities in the amount of $49,536.63 to complete the required infrastructure improvements. Therefore, this action will allow the securities from Serena Village 206 Owner, LLC to replace securities from Inland Senior Development, LLC, which will be released. The requirements for the development of the subdivision have not changed.
FISCAL IMPACT:
There is no fiscal impact associated with the approval of this item.
MOTION:
Approve staff recommendation.