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File #: 09-0005    Version: 1
Type: Agenda Item Status: Approved
File created: 12/17/2008 In control: Board of Supervisors
On agenda: 1/13/2009 Final action: 1/13/2009
Title: Transportation Department recommending the Chairman be authorized to sign Amendment I to Subdivision Improvement Agreement AGMT 06-1047 with Toll Land XXIII Limited Partnership extending the time to complete subdivision improvements for The Promontory Village 5 - Unit 3 to be on or before August 22, 2009. RECOMMENDED ACTION: Approve. FUNDING: Developer, Toll Land XXIII Limited Partnership.
Attachments: 1. Blue Unit 3.pdf, 2. Amend I AGMT 06-1047.pdf, 3. AGMT 06-1047 SIA.pdf, 4. Unit 3 Vicinty Map.PDF
Related files: 18-0504
Title
Transportation Department recommending the Chairman be authorized to sign Amendment I to Subdivision Improvement Agreement AGMT 06-1047 with Toll Land XXIII Limited Partnership extending the time to complete subdivision improvements for The Promontory Village 5 - Unit 3 to be on or before August 22, 2009.
RECOMMENDED ACTION:  Approve.
 
FUNDING:      Developer, Toll Land XXIII Limited Partnership.
Body
BUDGET SUMMARY:
N/A
 
Total Estimated Cost
 
$
 
 
 
     Funding
 
 
          Budgeted
$
 
          New Funding
$
 
          Savings
$
 
          Other
$
 
     Total Funding Available
$
 
Change To Net County Cost
 
$
      
Fiscal Impact/Change to Net County Cost:
There is no fiscal impact from the proposed Amendment. There is no cost to the General Fund associated with this Amendment.
 
Background:
On August 22, 2006, the Board of Supervisors approved the Subdivision Improvement Agreement (SIA) and Final Map for the development known as The Promontory Village No. 5 - Unit 3. The SIA required completion of all the subdivision improvements no later than August 22, 2008. The Developer submitted a request to the Department of Transportation (Department) to extend the required completion date for one year to August 22, 2009.
 
Reason for Recommendation:
The Developer has assured the Department that they have not abandoned the project, however, due to current market conditions the anticipated absorption rates have slowed substantially and caused delays in their ability to complete the subdivision improvements.
 
Action to be taken following Board approval:
1.  The Chairman will sign two originals of Amendment I to Subdivision Improvement Agreement # AGMT 06-1047 with Toll Land XXIII Limited Partnership.
2.  The Department will forward one fully executed original to the Developer.
 
Contact:
James W. Ware
Deputy Director, Engineering
 
Concurrences:
County Counsel, Risk Management