ADMINISTRATIVE REPORT
MEETING DATE: January 22, 2025 AGENDA CATEGORY: Consent - Agreements TO: Honorable Mayor and City Council
FROM: Darin Budak, Recreation and Parks Director
DATE: January 7, 2025
SUBJECT: Amendment No. 1 to Agreement No. 2021-005 with Summit Capital Ventures (deferring the construction of a private park, Horizon Park) for construction of parks located in Old River Ranch Specific Plan (Ward 5)
RECOMMENDATION:
Staff recommends approval of the amendment.
BACKGROUND:
On January 6, 2021, Council approved Agreement No. 2021-005 for the development of Old River Ranch (ORR), a mixed-use master planned community generally bounded by Panama Lane and Berkshire Road to the North, South Allen Road to the West, Taft Hwy to the south, and Old River Road to the east in the City of Bakerfield. The original owners of the development were Old River Ranch, LLC and RTS Orchards, LLC. Old River Ranch, LLC and RTS Orchards, LLC sold their ownership stakes and assigned all benefits and obligations of Agreement No. 2021-005 to Summit Capital Ventures Inc., (Owner).
The Owner is requesting to amend sectio n 3.3 of Agreement No. 2021 -005 as it pertains to the private park, which will be named Horizon Community Park, that is split between Tracts 7041 & 7042. The Owner and City have agreed that prior to the Notice of Completion for the last phase of either tra ct map which contains the respective park, the private park shall be constructed. This amendment will defer the construction of the private park until the last phase of either Tracts 7041 or Tract 7042, whichever is constructed last.
FISCAL IMPACT: There is no fiscal impact to the City as the private park will be constructed by the Developer.
COUNCIL GOAL:
Community Character & Quality of Life
Innovative and Efficient City Government
ATTACHMENTS:
Amendment