HomeMy WebLinkAboutResolution 99-112 release of assurance agreement relating to cortaro ranch phase I
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MARANA RESOLUTION NO. 99-112
A RESOLUTION OF THE MAYOR AND COUNCIL OF THE TOWN OF MARANA, ARIZONA,
AUTHORIZING THE RELEASE OF THE SUBSTITUTE ASSURANCE AGREEMENT
BETWEEN KAUFMAN AND BROAD OF ARIZONA, INC., AN ARIZONA CORPORATION,
FIDELITY NATIONAL TITLE AGENCY, INC., AN ARIZONA CORPORATION, AND THE
TOWN OF MARANAFORLOTS 3-36, 71-78, 97,107-144, COMMON AREA A DETENTION
BASIN, COMMON AREA A PARK RETENTION BASIN, COMMON AREA A
PARKIDRAINAGE AREA AND WELL AND WATER STORAGE RESERVOIR, AND
ACCEPTING FOR MAINTENANCE THE PUBLIC IMPROVEMENTS IN CORTARO RANCH
PHASE I.
WHEREAS, Cortaro Ranch Phase I is a subdivision located east of I-I 0, north of Cortaro
Farms Road containing Lots 3-36, 71-78, 97, 107-144, Common Area A Detention Basin, Common
Area A Park Retention Basin, Common Area A ParkJDrainage Area and Well and Water Storage
Reservoir, and is recorded at the Pima County Recorder's Office in Book 51 of Maps and Plats, Page
6; and
WHEREAS, the Town has previously entered into a Substitute Assurance Agreement with
Kaufman and Broad of Arizona, Inc., an Arizona Corporation, (beneficiary) under Trust No. 50,070
and Fidelity National Title Agency, Inc., an Arizona Corporation (trustee), recorded at the Pima
County Recorder's Office at Docket 10889, Page 624 assuring the completion of public
improvements; and
WHEREAS, Kaufman and Broad of Arizona, Inc., an Arizona Corporation has fulfilled its
obligation under the Substitute Assurance Agreement for Lots 3-36, 71-78, 97, 107-144, Common
Area A Detention Basin, Common Area A Park Retention Basin, Common Area A ParklDrainage
Area and Well and Water Storage Reservoir and has requested to be released from the Substitute
Assurance Agreement; and
WHEREAS, the release of assurances for the reasons set forth above and the affirmation of
responsibility for maintenance of public improvements and streets is in the best interests of the
residents of the Town of Mar ana.
NOW, THEREFORE, BE IT RESOL YED by the Mayor and Council of the Town of Maran a
as follows:
l. Cortaro Ranch Phase I containing lots 3-36,71-78,97, 107-144, Common Area A
Detention Basin, Common Area A Park Retention Basin, Common Area A
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Marnna, Arizona Resolution No. 99.112
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ParklDrainage Area and Well and Water Storage Reservoir, is hereby released from
the Substitute Assurance Agreement subject to the following conditions:
a. Common Area A Detention Basin, Common Area A Park Retention Basin,
and Common Area A ParklDrainage Area will be owned and maintained
by the Cortaro Ranch Community Association.
2. The Town accepts for maintenance 0.966 miles of the following paved streets and
their associated appurtenances:
b. Deer Valley Drive.
c. Shady Grove Drive to return of lots 3 and 248.
d. Cortaro Crossing Drive to return oflots 145 and 247.
e. Cerius Stavenue to return oflots 97 and 145.
3. The Town accepts for maintenance the Well and Water Storage Reservoir adjacent
to lot 107, 13 survey monuments, regulatory traffic control signs and street signs.
PASSED AND ADOPTED by the Mayor and Council ofthe Town of Mar ana, Arizona, this
16th day of November, 1999.
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ATTEST: Mayo ~ ~ B · SUTTON, lR
APPROVED AS TO FORM:
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Daniel 1. Hoc uli
As Town Attorney and not personally
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Marana, Arizona Resolution No. 99-112