HomeMy WebLinkAboutResolution 2015-104 Approving release of Deed of Trust for construction of a right turn laneMARANA RTSOLUTION NO. 2015 -104
RELATING TO PUBLIC WORKS; APPROVING AND AUTHORIZING THE MAYOR r:T�
SIGN A RELEASE OF DEED OF TRUST IN CONNECTION WITH A PUBLIC
IMPROVEMENT PARTICIPATION AGREEMENT FOR THE CONSTRUCTION OF A
RIGHT TURN LANE FOR THE TANGERINE RIDGE DEVELOPMENT PROJECT AS
PART OF THE TANGERINE ROAD DOVE MOUNTAIN BOULEVARD/TWIN PEAKS
ROAD TO L.A. CANADA DRIVE PUBLIC WORKS PROJECT
WHEREAS the Town and the developer of the Tangerine Ridge development project,
which lies adjacent to the Tangerine Road Dove Mountain Boulevard /Twin Peals Road to La
Cahada Drive public works project, entered into a public improvement participation agreement
(Marana Resolution No. 2014 -075) for the Town to construct a right turn lane for the Tangerine
Ridge development project as part of the Tangerine Road public works project; and
WHEREAS the developer recorded a deed of trust in the amount of $75,000 against the
Tanger Ridge property, to secure the developer's financial obligations under the public
improvement participation agreement; and
WHEREAS the developer has requested the option of replacing the deed of trust with
$75,000 cash, to remove the deed of trust from title to the Tangerine Ridge property in the event
of sale to a third party; and
WHEREAS the Mayor and Council of the Town of Marana find that cash is better
security than a deed of trust for purposes of securing the developer's financial obligations to the
Town under the public improvement participation agreement.
NOW 1 'r IEREF ORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF THE
TOWN OF MARANA, that Mayor is hereby authorized to sign and deliver into escrow a release
in a form approved by the Town Attorney, releasing the deed of trust recorded in the office of the
Recorder of Pima County, Arizona, on August 6, 2014, at Sequence 20142180068, with
instructions that the release be recorded upon delivery of $75,000 in cash to the order of the
Town.
IT IS F UR"I "HER. RESOLVED that the $75,000 shall be held by the Town as security for
the developer's obligations under the public improvement participation agreement, and any
balance remaining after the developer's obligations are satisfied shall be returned to or as
directed in writing by the developer.
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Marana Resolution No. 2015 -104 - - 9/21/2015 1:27 PM F'JC_,
PASSED AND ADOPTED by the Mayor and Council of the Town of Marana, Arizona,
this 6th day of October, 2015.
z
MARANA Mayor Ed Honea
ATTEST: APPROV AS To FORM:
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celyn Bronson, Town Clerk Fr k Cass' , Town Attorne
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Marana ReSOILItian No. 2015 -104 -2- 9121/2015 1 :27 PM FJC