Title
Approve Amendment No. 1 to the Subdivision Improvement Agreement for the Briggs Minor Subdivision for an extension of 48 months (August 02, 2024) and authorize the Chair to execute the Amendment.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors approve Amendment No. 1 to the Subdivision Improvement Agreement for the Briggs Minor Subdivision for an extension of 48 months (August 02, 2024) and authorize the Chair to execute the Amendment.
SUMMARY:
The project applicant (subdivider) has requested a four-year extension (Attachment D) to complete required improvements because of the halt in construction and decline in investment that has resulted from the coronavirus pandemic. The subdivider had obtained an investor who was willing to proceed on the improvements; however, due to the uncertain economic conditions caused by COVID-19, the investor has backed out. The subdivider requests the additional time provided in Subdivision Improvement Agreement Amendment No. 1 (Attachment A) to complete the subdivision improvements.
DISCUSSION:
On August 02, 2016, the Board of Supervisors approved the Subdivision Improvement Agreement (Attachment B) for the Briggs Minor Subdivision between the County of Monterey and Briggs Investment Company. Amendment No 1 would extend the time for completion of the subdivision improvements to August 02, 2024. On July 06, 2016 the Briggs Investment company executed and recorded a first deed of trust (Attachment C) in favor of the County of Monterey for the purpose of securing the subdivider's obligations of the required Improvements and their acceptance or approval by the County.
OTHER AGENCY INVOLVEMENT:
The Office of County Counsel has approved Amendment No. 1 as to form.
FINANCING:
Staff time for this project is included in the FY2020-21 RMA - Development Services Adopted Budget Fund 001, Unit 8530, Appropriation Unit RMA110 to finance this work. Staff time in future years will be budgeted in the Housing and C...
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