Title
a. Approve Amendment No. 4 to the Subdivision Improvement Agreement for the York Highlands Resubdivision for an extension of 24 months (May 22, 2022); and
b. Authorize the Chair to execute the Amendment and direct the Clerk of the Board to record the Amendment with the County Recorder.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve Amendment No. 4 to the Subdivision Improvement Agreement for the York Highlands Resubdivision for an extension of 24 months (May 22, 2022); and
b. Authorize the Chair to execute the Amendment and direct the Clerk of the Board to record the Amendment with the County Recorder.
SUMMARY:
An additional two-year extension is needed because further regulatory delays have delayed the transfer of the York Highlands Resubdivision property. Over fifty (50) percent of the subdivision improvements have been completed, and there is ongoing work at this time. The banks and developer are working through regulatory, agency and other delays to secure the final buy-out and construction for the remaining buildout of York Highlands. There have been considerable delays due to difficulties in separating York Highlands from the Monterra HOA in terms of the ongoing management of the CC&R's that are part of the York Highlands approvals. Monterey County Bank and United Security Bank intend to transfer the Resubdivision entitlements and improvement obligations to one or more developers who would in turn complete the subdivision improvements.
Amendment No. 4 amends the names of the corporations through which the banks now hold title. It also would allow the time for completion of the subdivision improvements by extending the Agreement timeline to May 22, 2022. The Banks require the additional time provided in Amendment No. 4 to accomplish the transfer and complete the subdivision work. Amendment No. 4 also specifically includes an indemnification agreement whereby United Securities Bank agrees to immediately ...
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