REQUEST FOR CITY COUNCIL ACTION
DATE: 03/16/2022
TO: Honorable Mayor and City Council Members
FROM: Planning & Development Department
SUBJECT:
Title
Public Improvement Agreements and security substitutions associated with Tract Map 37644, Lots 38 through 45, located south of Eagle Glen Parkway and west of Interstate 15.
End
EXECUTIVE SUMMARY:
Tri Pointe Homes Holdings, Inc., a Delaware Corporation, is requesting to enter into an agreement with the City for public improvements and post replacement securities for the street and alley improvements on Lots 38 through 45 of Tract Map 37644. The project site is within the second development phase of the Arantine Hills Specific Plan (Bedford Communities). The proposed request will release the original improvement bonds posted by the master developer, Arantine Hills Holdings, LP, for the Bedford Communities and replace them with new securities posted by Tri Pointe Homes. Tri Pointe Homes purchased lots from the master developer. The new securities will cover the improvements being constructed by Tri Pointe Homes.
RECOMMENDED ACTION:
Recommended action
That the City Council:
a. Authorize the Mayor to execute Improvement Agreements between the City and Tri Pointe Homes Holdings, Inc., a Delaware Corporation.
b. Authorize the Mayor to accept replacement securities for the street and alley improvements from Tri Pointe Homes Holdings, Inc. for Lots 38 through 45 of Tract Map 37644.
c. Release the existing securities posted by Arantine Hills Holdings, LP (PB02497501127 FP and LM, PB02497501128 FP and LM, PB02497501129 FP and LM, PB02497501146 FP and LM, and PB02497501147 FP and LM).
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BACKGROUND & HISTORY:
Tract Map 37644 is a subdivision of approximately 51 acres into 45 lots for condominium purposes and is the second development phase of the Arantine Hills Specific Plan. The second development phase was approved by the City Council on July 22, 2019. The map facilitates the construction of 490 residential units, which includes 88 single-family detached condominiums, 66 detached units in clusters of six, 72 triplex units, 78 paired units in clusters of eight, and 186 townhomes. The project also includes open space areas, trails, and an active park and recreational facility.
On January 15, 2020, Arantine Hills Holdings, LP, entered into Public Improvement Agreements with the City and posted bonds for the development of Tract Map 37644. Tri Pointe Homes has since purchased Lots 38 through 45 for the construction of 186 townhomes, including 6 model home units within the subdivision.
ANALYSIS:
Tri Pointe Homes Holdings, Inc. is requesting to post replacement security for the street and alley improvements on Lots 38 through 45 within Tract Map 37644. The new improvement agreements will replace the existing securities posted by Arantine Hills Holdings, LP, the master developer. The following tables show the existing securities in place with the City and the new securities that will replace the existing securities.
|
Existing Securities - PLE170022 |
|
Security |
Security No. |
Faithful Performance |
Security No. |
Labor & Materials |
|
Lavine Way Street Improvement Bond (Lots 38 through 41) |
PB02497501146 |
$2,549,200 |
PB02497501146 |
$1,274,600 |
|
Sprout Lane Street Improvement Bond (Lot 42,43 and 45) |
PB02497501147 |
$1,922,800 |
PB02497501147 |
$961,400 |
|
Duplex Alley Improvement Bond (Lots 43) |
PB02497501128 |
$230,000 |
PB02497501128 |
$115,000 |
|
Duplex Alley Improvement Bond (Lot 44) |
PB02497501127 |
$460,400 |
PB02497501127 |
$230,200 |
|
Townhome Alley Improvement Bond (Lot 39) |
PB02497501127 |
$595,800 |
PB02497501129 |
$297,900 |
|
Replacement Securities - PLE170022 |
|
Security |
Security No. |
Faithful Performance |
Security No. |
Labor & Materials |
|
Lavine Way Street Improvement Bond (Lots 38 through 41) |
PB03010408364 |
$2,549,000 |
PB03010408364 |
$1,274,600 |
|
Sprout Lane Street Improvement Bond (Lot 42,43 and 45) |
PB03010408366 |
$1,922,800 |
PB03010408366 |
$961,400 |
|
Townhome Alley Improvement Bond (Lots 43) |
PB03010408368 |
$230,000 |
PB03010408368 |
$115,000 |
|
Townhome Alley Improvement Bond (Lot 44) |
PB03010408367 |
$460,400 |
PB03010408367 |
$230,200 |
|
Townhome Alley Improvement Bond (Lot 39) |
PB03010408365 |
$595,800 |
PB03010408365 |
$297,900 |
FINANCIAL IMPACT:
The bond substitution fee has been paid by the developer.
ENVIRONMENTAL ANALYSIS:
The project was previously evaluated by an Environmental Impact Report that was certified pursuant to CEQA Sections 15162 and 15163 of the State Guidelines for Implementing the California Environmental Quality Act in 2012, and the Supplemental Environmental Impact Report adopted in 2016. Therefore, no further environmental analysis is required for the posting of project securities.
PREPARED BY: CHRISTOPHER HORN, P.E., SENIOR ENGINEER
REVIEWED BY: JOANNE COLETTA, PLANNING & DEVELOPMENT DIRECTOR
Attachments:
1. Exhibit 1 - Location Map
2. Exhibit 2 - Agreements