HomeMy WebLinkAboutResolution 2000-003 release of assurances for the bluffs at dove mountain
lVIARANA RESOLUTION NO. 2000-03
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ARESOLUTION OF THE MAYOR AND COUNCIL OF THE TOWN OF MARANA, ARIZONA,
AUTHORIZING THE RELEASE OF THE ASSURANCE AGREEMENT BETWEEN
COTTONWOOD PROPERTIES, INC., LAWYERS TITLE OF ARIZONA, INC., AND THE
TOWN OF MARANA FOR LOTS 79-81 & 93-95, COMMON AREAS A At'ID B; RELEASE OF
THE SUBSTITUTE ASSURANCE AGREEMENT BETWEEN SCOTIA JOINT VENTURE,
LAWYERS TITLE AND TRUST, AND TOWN OF MARANA FOR LOTS 1-78; RELEASE OF
THE SUBSTITUTE ASSURANCE AGREEMENT BETWEEN DAVID 1. BAIRD DESIGN AND
BUILDING, INC., AN ARIZONA CORPORATION, TITLE SECURITY AGENCY OF
ARIZONA, INC., AN ARIZONA CORPORATION, AND TOWN OF MARANA FOR LOTS 82-
92,96-101, 102-115 & 116-122; ACCEPTANCE OF AN IRREVOCABLE LETTER OF CREDIT
NO. S24134Z ASSURING THE COMPLETION OF REQUIRED SUBDMSION
IMPROVEMENTS AND ACCEPTING FOR MAINTENANCE THE PUBLIC IMPROVEMENTS
IN BLUFFS AT DOVE MOUNTAIN EXCLUDING THE ITEM LISTED IN THE
IRREVOCABLE LETTER OF CREDIT NO. S24134Z.
WHEREAS, Bluffs at Dove Mountain is a subdivision located east of Dove Mountain
Boulevard, no~h of Moore Road containing Lots 1-122, Common Areas A & B, and is recorded at
the Pima County Recorder's Office in Book 50 of Maps and Plats, Page 95; and
WHEREAS, the Town has previously entered into an Assurance Agreement with
Cottonwood Properties, Inc., (beneficiary) under Trust No. 7825- T and Lawyers Title of Arizona,
hIe., (trustee), recorded at the Pima County Recorder's Office at Docket 10762, Page 425; a
Substitute Assurance Agreement with Scotia Joint Venture (beneficiary) under Trust No. 7876- T and
Lawyers Title and Trust (trustee) recorded at the Pima County Recorder's Office at Docket 10889,
Page 612; a Substitute Assurance Agreement with David J. Baird Design and Building, Inc., an
Arizona Corporation (beneficiary) under Trust No. 642 and Title Security Agency of Arizona, Inc.,
an Arizona Corporation (trustee) assuring the completion of public improvements; and
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'WHEREAS, Cottonwood Properties, Inc., has fulfilled its obligation under the Assurance
Agreement for Lots 79-81 & 93-95, Common Areas A & B and has requested to be released from
the Assurance Agreement; and Scotia Joint Venture has fulfilled its obligation under the Substitute
Assurance Agreement for Lots 1-78 and has requested to be released from the Substitute Assurance
Agreement; and David 1. Baird Design and Building, Inc., an Arizona Corporation has fulfilled its
obligation under the Substitute Assurance Agreement for Lots 82-92, 96-101,102-115 & 116-122
and has requested to be released from the Substitute Assurance Agreement; and
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Marana. Arizona R~solu(ion No, 2000-03
WHEREAS, Cottonwood Properties, Inc. provided an Irrevocable Letter of Credit No.
S24134Z in the amount of $64,800.00 for the completion of the remaining sidewalk improvements.
WHEREAS, the release of assurances for the reasons set forth above and the affIrmation of
responsibility for maintenance of public improvements and streets, excluding the item guaranteed
by the Irrevocable Letter of Credit No. S24134Z, 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 Maran a
as follows:
1. Bluffs at Dove Mountain containing lots 1-122 are hereby released from the
Assurance Agreements subject to the following conditions:
a.
Common Areas A & B will be owned and maintained by an Association
of Individual Lot Owners.
Acceptance of the Irrevocable Letter of Credit No. S24134Z to assure
completion of the remaining sidewalk improvements.
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b.
2. The Town accepts for maintenance 1.02 miles of the following paved streets and their
associated appurtenances:
a. High Hawk Drive
b. Ocotillo Point Place
'., c. Pier Mountain Place
d. Pier Mountain Road
e. Rock Point Way
f. Saguaro Point Place
3. The Town accepts for maintenance a five foot public drainage easement adjacent to
lot 69, a six foot public utility easement adjacent to lots 1-122, a 20 foot public utility
easement adjacent to lots 2, 3, 87 & 88, a drainage easement varying in width from
18 feet to 28 feet adjacent to lot 90, regulatory traffic control signs and street signs.
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Marana. Arizona Resolution No. 2000-03
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PASSED AND ADOPTED by the Mayor and Council of the Town of Maran a, Arizona, this
4th day ofJanuary, 2000.
ATTEST:
~~TON'JR.
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APPROVED AS TO FORM:
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Daniel J. Hochuli, Esq.
As Town Attorney and not personally
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Marana. Arizona Rt:solution No. 2000-03