Title
a. Approve Amendment No. 1 to the Subdivision Improvement Agreement for the Carmel One Subdivision (September Ranch) replacing the form of improvement security and authorize the Chair to execute the Amendment; Approve the release of a Certificate of Deposit (CD) in the amount of $6,500,000 upon subdivider filing a replacement security with the department of Housing and Community Development.
b. Approve the release of the second deed of trust benefiting the County in the amount of $6,000,000 upon subdivider filing replacement security with the department of Housing and Community Development.
c. Approve the release of a deed restriction recorded against the property prohibiting the sale of the entire property or any individual or lots created by the recordation of the final map contingent upon subdivider filing a replacement security with County Housing and Community Development.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve Amendment No. 1 to the Subdivision Improvement Agreement for the Carmel One Subdivision (September Ranch) replacing the form of improvement security and authorize the Chair to execute the Amendment; Approve the release of a Certificate of Deposit (CD) in the amount of $6,500,000 upon subdivider filing a replacement security with the department of Housing and Community Development.
b. Approve the release of the second deed of trust benefiting the County in the amount of $6,000,000 upon subdivider filing a replacement security with the department of Housing and Community Development.
c. Approve the release of a deed restriction recorded against the property prohibiting the sale of the entire property or any individual or lots created by the recordation of the final map contingent upon subdivider filing a replacement security with County Housing and Community Development.
SUMMARY/DISCUSSION:
On December 18, 2020, the Board of Supervisors approved the Subdivision Improvement Agreement for Carmel One Sub...
Click here for full text