HomeMy WebLinkAboutResolution 99-111 canyon pass public improvementsMARANA RESOLUTION NO. 99-111
A RESOLUTION OF THE MAYOR AND COUNCIL OF THE TOWN OF MARAN& ARIZONA,
AUTHORIZING THE SUBSTITUTION OF AN IRREVOCABLE STANDBY LETTER OF
CREDIT NO. S21970Z WITH AMENDMENT AS ASSURANCE FOR THE COMPLETION OF
PUBLIC IMPROVEMENTS IN CANYON PASS AT DOVE MOUNTAIN, LOTS 1-48 AND
COMMON AREA A (PRIVATE STREETS) AND AUTHORIZING THE RELEASE OF THE
SUBSTITUTE ASSURANCE AGREEMENT ORIGINALLY SUBMITTED BY COTTONWOOD
PROPERTIES, INC., UNDER TRUST NO. 7825-T, AND LAWYERS TITLE OF ARIZONA,
INC., FOR THE COMPLETION OF SUBDIVISION IMPROVEMENTS.
WHEREAS, the Town has previously entered into Substitute Assurance Agreement with
Cottonwood Properties, Inc., (beneficiary) under Trust No. 7825-T and Lawyers Title of Arizona,
Inc. (trustee), recorded at the Pima County Recorder's Office at Docket 10989, Page 556 assuring
the completion of public improvements; and
WHEREAS, Cottonwood Properties, Inc., is requesting release from the third party trust
Substitute 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 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
Marana, Lots 1-48 and Common Area A (Private Streets) are released form the Third-Party Trust
Substitute Assurance Agreement for Completion of Subdivision Improvements and the Irrevocable
Letter of Credit No. S21970Z with Amendment in the amount of $70,000.00 posted by Cottonwood
Properties, Inc., as assurances, is hereby accepted, and Town staff is directed to take any necessary
action to effectuate this resolution.
Page 1 of 2
Arizona Resolution No. 99-111
PASSED AND ADOPTED by the Mayor and Council of the Town of Marana, Arizona, this
16TM day of November, 1999.
ATTEST:
Town Cle}l~ (~
APPROVED AS TO FORM:
Daniel J. Hochuli
As Town Attorney and not personally
Page 2 of 2
Mnrana. Arizona Resolution No. 99-111