Title
Department of Transportation recommending the Board:
1) Approve and authorize the Chair to sign Assignment, Assumption, & Consent Agreement 25-55107 between the County, Silver Springs 181 Venture, LLC, Silver Springs, LLC, and TTLC El Dorado - Silver Springs, LLC;
2) Approve and authorize the Chair to sign the First Amendment to the Agreement to Make Subdivision Improvements for Class 1 Subdivision Between County, Owner And Subdivider for Silver Springs Unit 3, TM 97-1330 (Agmt 24-55066) between the County, the Owner, Silver Springs, LLC, and the Developer, TTLC El Dorado - Silver Springs, LLC, reflecting the change in ownership, with no change to amount or term; and
3) Approve and authorize the Chair to sign the First Amendment to the Offsite Road Improvement Agreement for Offsite Pioneer Place Lift Station Force Main Extension, TM 97-1330, Between County and the Developers, Silver Springs, LLC and TTLC El Dorado - Silver Springs, LLC (Agmt 24-55068), reflecting the change in ownership, with no change to amount or term.
(District 2)
FUNDING: Developer Funded.
Body
DISCUSSION / BACKGROUND
In March 2025, the Department of Transportation (Transportation) was notified that effective January 13, 2025, the owner Silver Springs, LLC (“Assignor Owner”) and developer TTLC El Dorado - Silver Springs, LLC (“Assignor Subdivider”) had formed a new joint Delaware limited liability company, Silver Springs 181 Venture LLC (“Assignee”), which will act as both owner and developer on the projects related to the Silver Springs Unit 3 project. After consultation with County Counsel, it was determined that an Assignment, Assumption, & Consent Agreement (AA&C Agreement) would be required to acknowledge and consent to the change in ownership, and to transfer the assumption of responsibility for the Assignor Owner’s and Assignor Subdivider’s ongoing projects to the new joint limited liability company.
The County, Assignor Owner, and Assignor Subdivider have entered into a ...
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