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File #: 18-0308    Version: 1 Name: Village Garden Subdivision Reimbursement Agreement
Type: CC- Report Status: Agenda Ready
File created: 4/9/2018 In control: City Council
On agenda: 5/1/2018 Final action:
Title: REPORT - SUBDIVISION IMPROVEMENTS AND BOND PROCEEDS DISBURSEMENT AGREEMENT BETWEEN THE CITY OF SANTA ROSA AND SECTARIAN PROPERTIES, INC. BACKGROUND: The Village Gardens project, a 110 lot residential subdivision located at the intersection of Sebastopol Avenue and Boyd Street, was left dormant with incomplete public improvements during the recent economic downturn. Performance bonds were obtained from the original developer to ensure the successful completion of the public improvements associated with the project. The City and bonding company entered into a Takeover Agreement, whereupon the surety accepted the obligation of completing the remaining improvements. The surety ultimately determined that it would not complete the work and instead tendered a sum of $1,186,340.98 to cover the cost of completing the remaining public improvements. Sectarian Properties, Inc., the current developer of the Village Gardens project, is requesting a reimbursement equaling a portion of the amount...
Sponsors: Planning and Economic Development
Indexes: Exempt Project
Attachments: 1. Staff Report, 2. Resolution, 3. Exhibit A, 4. Presentation