Title
Approve and authorize the Chair to execute Amendment No. 5 to the Subdivision Improvement Agreement for the York Highlands Resubdivision for an extension of 48 months (December 31, 2026).
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors approve and authorize the Chair to execute Amendment No. 5 to the Subdivision Improvement Agreement for the York Highlands Resubdivision for an extension of 48 months (December 31, 2026).
SUMMARY/DISCUSSION:
On May 22, 2012, the Board of Supervisors approved the Subdivision Improvement Agreement ("Agreement") for the York Highlands Resubdivision ("Resubdivision") between the County of Monterey and Monterey County Bank and United Security Bank. (Attachment A). On May 13, 2014, the Board approved Amendment No. 1 to the Agreement to extend the time for completion of the subdivision improvements. On March 22, 2016, the Board approved Amendment No. 2 to the Agreement to extend the time for completion of the subdivision improvements to May 22, 2018. On June 26, 2018, the Board approved Amendment No. 3 to the Agreement to extend the time for completion of the subdivision improvements to December 31, 2020. On February 9, 2021, the Board approved Amendment No. 4 to the Agreement to extend the time for completion of the subdivision improvements to December 31, 2022 and add MCBL-1, Inc. and York Monterey Properties, Inc. as parties to the Agreement.
It is contemplated in the Agreement that the Resubdivision would be transferred to one or more developers who would in turn complete the subdivision improvements contemplated under the Agreement. Signature York Highlands LLC, a California limited liability company, purchased certain real property in the Resubdivision, installed the first $5,000,000 of subdivision improvements, and the County released its security in ten lots in the Resubdivision as contemplated under the Agreement. As such, the parties to the Agreement have agreed that Signature York Highland...
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