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HomeMy WebLinkAbout11/15/2005 Blue Sheet Saguaro Springs revision to general notes of Block Plat TOWN COUNCIL MEETING INFORMATION TOWN OF MARANA MEETING DATE: November 15, 2005 AGENDA ITEM: J. 5 TO: MAYOR AND COUNCIL FROM: Frank Cassidy, Town Attorney SUBJECT: Resolution No. 2005-143: Relating to Development; approving a revision to the general notes of the Saguaro Springs fmal block plat, adding general note 17 accommodating possible future com- munity facilities district infrastructure financing. DISCUSSION This item proposes to add a general note to the Saguaro Springs final block plat to accommodate possible future community facilities district (CFD) infrastructure financing for public infrastruc- ture in and benefiting the Saguaro Springs project. The subdivision plat general note language proposed to be added to the Saguaro Springs final block plat is identical to CFD language added to the Gladden and Vanderbilt plats to accommodate CFD infrastructure financing there. It was provided by bond counsel, Michael Cafiso, who has also reviewed the instrument presented to you tonight. This general note language will permit the developer to retain sufficient indicia of ownership of public infrastructure so that the CFD funding can be used to acquire the infrastructure. This lan- guage does not obligate the Town to create a Saguaro Springs CFD, but simply makes it possible for the CFD to acquire public infrastructure on the Saguaro Springs project if the CFD is formed and bonds are sold. RECOMMENDATION Staff recommends approving the Notice of Amendment to General Notes on Saguaro Springs Final Block Plat. A TT ACHMENT(S) Notice of Amendment to General Notes on Saguaro Springs Final Block Plat SUGGESTED MOTION I move to adopt Resolution No. 2005-143. {00001447.DOC /} FJC/cds 10/26/05 MARANA RESOLUTION NO. 2005-143 RELATING TO DEVELOPMENT; APPROVING A REVISION TO THE GENERAL NOTES OF THE SAGUARO SPRINGS FINAL BLOCK PLAT, ADDING GENERAL NOTE 17 ACCOMMODATING POSSIBLE FUTURE COMMUNITY FACILITIES DISTRICT INFRASTRUCTURE FINANCING. WHEREAS, the Town approved the final subdivision plat entitled "Final Plat of Saguaro Springs Blocks 1 thru 10 & A thru D and Lots 1 thru 9 & A and B" ("the Saguaro Springs Final Block Plat"), recorded at Book 58 of Maps and Plats, Page 23 in the Pima County Recorder's Office; and WHEREAS, the Saguaro Springs development project is depicted on the Saguaro Springs Final Block Plat; and WHEREAS, the Town and the Developer ofthe Saguaro Springs development project are negotiating the terms for the formation of a community facilities district ("CFD") for the Saguaro Springs development project; and WHEREAS, if formed, the CFD would fund public infrastructure improvements on and benefiting the Saguaro Springs development project; and WHEREAS, it is necessary to amend the general notes on the Saguaro Springs Final Block Plat to accommodate the potential future creation of a Saguaro Springs CFD. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF THE TOWN OF MARANA, ARIZONA, as follows: SECTION 1. The "Notice of Amendment to General Notes on Saguaro Springs Final Block Plat" substantially in the form attached to this resolution as Exhibit A is hereby approved, adding a new general note 17 to the Saguaro Springs Final Block Plat. {00001448.DOC I} FJC/cds 10/26/05 SECTION 2. The Town Manager and the Town officers and employees are authorized to do all things necessary to carry out the terms of this resolution, including without limitation indicating the Town's approval by signing the notice of amendment. PASSED AND ADOPTED BY THE MAYOR AND COUNCIL OF THE TOWN OF MARANA, ARIZONA, this 15th day of November, 2005. Mayor Ed Honea ATTEST: Jocelyn C. Bronson, Town Clerk APPROVED AS TO FORM: Frank Cassidy, Town Attorney {00001448.DOC I} - 2 - NOTICE OF AMENDMENT TO GENERAL NOTES ON SAGUARO SPRINGS FINAL BLOCK PLAT The undersigned, who are all and the only parties having any record title interest in the property depicted on the final subdivision plat entitled "Final Plat of Saguaro Springs Blocks 1 thru 10 & A thru D and Lots 1 thru 9 & A and B" (the "Saguaro Springs Final Block Plat") recorded at Book 58 of Maps and Plats, Page 23 in the Pima County Re- corder's Office, with the consent and approval of the Town of Marana, hereby modify the General Notes shown on the cover sheet of the Saguaro Springs Final Block Plat as fol- lows: A new General Note 17 is added to read as follows: Notwithstanding any other note found on the Saguaro Springs Final Block Plat, the Subdivider and its successors in interest retain an interest in the real property in or upon which what would be "public infrastructure" (as such term is defined in Section 48-701, Arizona Revised Statutes, as amended) has been or is to be constructed as described on. this Saguaro Springs Final Block Plat and any subdivision plats filed for any of the in- dividual blocks shown on this Saguaro Springs Final Block Plat in connec- tion with the First Amendment to Amended and Restated Development by and between the Town of Marana, Arizona (the "Town"), and Saguaro Reserve LLC, successor to Best Associates II, LLC approved simultane- ously herewith. Except if released prior thereto as hereinafter described, such interest is to be acquired by the proposed, yet to be formed "Saguaro Springs Community Facilities District" pursuant to a "District Develop- ment, Financing, Participation and Intergovernmental Agreement (Saguaro Springs Community Facilities District)" (the "SSCFD IGA") anticipated to be approved by the Town and Saguaro Spring Community Facilities District soon after the approval of the Notice of Amendment to General Notes that added this General Note 17. (Such interest is limited to one necessary to accommodate the financing of the acquisition of such public infrastructure (including of such interest in such real property) pursuant to the SSCFD IGA by Saguaro Springs Community Facilities District.) Such interest is to be released upon the earlier of the acquisition of such public infrastructure (including on a portion by portion basis) only by the Sa- guaro Springs Community Facilities District pursuant to the SSCFD IGA and the date the SSCFD IGA terminates. {00001427.DOC / 2} -1- Notice of Amendment to General Notes on Saguaro Springs Final Block Plat FIRST AMERICAN TITLE OF ARIZONA, an Arizona corporation, as Trustee under Trust No. 9089 only and not in its corpo- rate capacity By: STATE OF ARIZONA ) County of Pima ) 55 The foregoing instrument was acknowledged before me the day of , 2005 by the Authorized Agent of FIRST AMERICAN TITLE OF ARIZONA, an Arizona corporation, as Trustee under Trust No. 9089 only and not in its corporate capacity. My commission expires: Notary Public FIDELITY NATIONAL TITLE AGENCY, INC, an Arizona corporation, as Trustee under Trust No. 10,851 only and not in its cor- porate capacity By: STATE OF ARIZONA ) County of Pima ) ss The foregoing instrument was acknowledged before me the day of , 2005 by the Authorized Agent of FIDELITY NATIONAL TITLE AGENCY, INC, an Arizona corporation, as Trustee under Trust No. 10,851 only and not in its corporate capacity. My commission expires: Notary Public {OOO01427.00C /2} -2- Notice of Amendment to General Notes on Saguaro Springs Final Block Plat FIDELITY NATIONAL TITLE AGENCY, INC, an Arizona corporation, as Trustee under Trust No. 60,121 only and not in its cor- porate capacity By: STATE OF ARIZONA ) County of Pima ) ss The foregoing instrument was acknowledged before me the day of , 2005 by the Authorized Agent of FIDELITY NATIONAL TITLE AGENCY, INC, an Arizona corporation, as Trustee under Trust No. 60,121 only and not in its corporate capacity. My commission expires: Notary Public CONSENT AND APPROVAL: TOWN OF MARANA By Its ATTEST: Jocelyn C. Bronson, Town Clerk APPROVED AS TO FORM: Frank Cassidy, Town Attorney {OOO01427.DOC / 2} -3-