HomeMy WebLinkAboutResolution 2000-028 substitution of of an irrevocable letter of standby credit relating to canyon pass at dove mountain phase IIMARANA RESOLUTION NO. 2000-28
A RESOLUTION OF THE MAYOR AND COUNCIL OF THE TOWN OF MARANA,
ARIZONA, AUTHORIZING THE SUBSTITUTION OF AN IRREVOCABLE STANDBY
LETTER OF CREDIT NO. S24212Z WITH AME.~~NT AS ASSURACE FOR THE
COMPLETION OF PUBLIC IMPROVEMENTS IN CANYON PASS AT DOVE MOUNT~
PHASE II, LOTS 49-110 AND CO~ON AREAS A (PRIVATE .STREETS) & B (NA~
OPEN SPACE) AND AUTHORIZING THE RELEASE OF THE ASSURANCE AGREEMENT
ORIGINALLY SUBMITTED BY COTTONWOOD PROPERTIES, INC., UNDI~ TRUST NO.
?804-T-7805-T, AND LAWYERS TITLE OF ARIZONA, INC., FOR THE COMPLE-~ON OF
SUBDMSION IMPROVEMENTS.
WttEREAS, the Town has previously entered into an Assurance Agreement with
Cottonwood Properties, Inc., (beneficiaxy) under Trust No. 7804-T/7805-T and Lawyer~ Title of
Arizona, Inc. (trustee), recorded at the Pima County Recorder's Office at Docket 11186, Page 989
assuring the completion of public improvements; and
WHEREAS, Cottonwood Properties, Inc., is requesting release from the Third Party Tnmt
Assurance Agreement, and desires to provide an Irrevocable Letter of Credit with Amendment as
an assurance for completion of the remaining subdivision improvements; and
WHEREAS, the Mayor and Council have found that the required subdivision improvements
have not been completed for Canyon Pass, Lots 49-110, and in non-conformance with the plans and
specifications of the Town of Marana; and
WHEREAS, the release of the third-party trust substitute assurance agreement and
acceptance of the irrevocable letter of credit as assurance for completion of subdivision
improvements is in the best interests of the residents of the Town of Marana.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of.the Town of
Mar, ma, Lots 49-1 I0 and Common Areas A (Private Streets) & B (Natural Open Space) are released
form the Third-Party Trust Assurance Agreement for Completion of Subdivision Improvements, and
the Irrevocable Letter of Credit No. S24212Z with Amendment in the amount of $1,792'715, posted
by Cottonwood Properties, Inc., as a substitute assurance, is hereby accepted, and Town staff is
directed to take any necessary and proper action to effectuate this Resolution.
Marana, Arizona Rmolution No. 2000-~
Page 1 of 2
PASSED AND ADOPTED by the Mayor and Council of the Town ofMarmm, Arizo~ this
21 ~ day of March, 2000.
ATTEST:
Town Clerk
- ~rFrON, JR.
APPROVED AS TO FORM:
As Town Attorney and not personally
Marana, ~ Re~olution No. 2000-28
Page 2 of 2