BACKGROUND:
Tentative Tract 37124 (Tract) was approved by the city Planning Commission in 2017, for the development of 58 condominium units in the Rio Vista-Verano area, at the northwest corner of Landau and Verano Drive. A vicinity map is attached to this staff report for reference.
The subdivider at that time was NCP Verano, LLC (NCP Verano), which executed a subdivision agreement, and posted the required securities and fees. The final map of the tract was approved and recorded in September, of 2023.
Grading plans were submitted for checking, but no work was ever started by the subdivider.
DISCUSSION:
In November of 2023, NCP Verano sold the tract lots to Avante 58, LLC, (Avante) (aka Brenton Homes, Inc. in Temecula). As part of the sale agreement, Avante was to take over the subdivision agreement obligations from NCP Verano and thus build out the homes and complete the public and private improvements in the tract.
A termination, release and assumption agreement (TRA) for the change of subdividers has been drafted. In the TRA, Avante agrees to assume the obligations of the original subdivision agreement from NCP Verano. Avante also agrees to execute a new subdivision improvement agreement for the tract, secured by new surety bonds. Upon execution of the new subdivision agreement and posting of new bonds, the city agrees to release the old securities posted by NCP Verano and release NCP Verano from its previous subdivision agreement obligations.
NCP Verano and Avante have executed all the required agreements and Avante has posted the required substitute improvement bonds and securities. Additionally, Avante has deposited a cash bond to install missing and/or required new survey monuments within the tract.
Copies of the TRA agreement and the new subdivision agreements with Avante are attached, as well as a reduced copy of the tract map of Tract 37124.
Environmental Summary:
Tentative Tract 37124 was reviewed and received approval of a mitigated negative declaration. Since the original approval of this map, there have been no substantial changes to the overall project, no new significant environmental effects, no substantial increase in the severity of any previously identified impacts, and no new information of substantial importance which would modify the conclusions reached in the original negative declarations.
FISCAL IMPACT:
There are no fiscal impacts related to approving these agreements.