City of Corona
Staff Report
400 S. Vicentia Ave.
Corona, CA 92882
File #: 22-0485
REQUEST FOR CITY COUNCIL ACTION
DATE: 06/15/2022
TO: Honorable Mayor and City Council Members
FROM: Planning and Development Department
SUBJECT:
Public Improvement Agreements and security substitutions associated with Tract Map 37644, Lots 12 through 23, 30 through 37, and Lots X-Right, Z-Left, AA and BB located south of Eagle Glen Parkway and west of Interstate 15.
EXECUTIVE SUMMARY:
Council consideration of an agreement with the New Home Company Southern California LLC, a Delaware limited liability company, for public improvements and post replacement securities for the street, alley, and landscape improvements on Lots 12 through 23, 30 through 37, and Lots X-Right, Z -Left, AA, and BB of Tract Map 37644. The project site is within the second development phase of the Arantine Hills Specific Plan (Bedford Communities). The proposed request will release the original improvement bonds posted by the master developer, Arantine Hills Holdings, LP, for the Bedford Communities and replace them with new securities posted by The New Home Company Southern California LLC. The New Home Company purchased lots from the master developer and the new securities will cover the improvements being constructed by The New Home Company.
RECOMMENDED ACTION:
That the City Council:
a. Approve the Mayor to execute Improvement Agreements between the City and New Home Company Southern California LLC, a Delaware limited liability company. b. Authorize the Mayor to accept replacement securities for the street, alley, and landscape improvements from The New Home Company Southern California LLC for Lots 12 through 23, 30 through 37, and Lots X-Right, Z-Left, AA and BB of Tract Map 37644. c. Release the existing securities posted by Arantine Hills Holdings, LP (PB02497501115 FP and LM, PB02497501116 FP and LM, PB02497501117 FP and LM, PB02497501118 FP and LM, PB02497501119 FP and LM, PB02497501120 FP and LM, PB02497501124 FP and LM, City of Corona Page 1 of 4 Printed on 6/9/2022
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File #: 22-0485
PB02497501125 FP and LM, PB02497501126 FP and LM, PB02497501137 FP and LM, PB02497501138 FP and LM, PB02497501141 FP and LM, PB02497501144 FP and LM, PB02497501145 FP and LM).
BACKGROUND & HISTORY:
Tract Map 37644 is a subdivision of approximately 51 acres into 45 lots for condominium purposes and is the second development phase of the Arantine Hills Specific Plan. The City Council approved the second development phase on July 22, 2019. The map facilitates the construction of 490 residential units, which includes 88 single-family detached condominiums, 66 detached units in clusters of six, 72 triplex units, 78 paired units in clusters of eight, and 186 townhomes. The project also includes open space areas, trails, and an active park and recreational facility.
On January 15, 2020, Arantine Hills Holdings, LP, entered into Public Improvement Agreements with the City and posted bonds for the development of Tract Map 37644. New Home Company Southern California LLC has since purchased Lots 12 through 23, 30 through 37, and Lots X-Right, Z-Left, AA and BB for the construction of 66 detached townhomes in clusters of 6 and 78 townhomes in clusters of 8, including 8 model home units within the subdivision.
ANALYSIS:
New Home Company Southern California LLC is requesting to post replacement security for the street and alley improvements on Lots 12 through 23, 30 through 37, and Lots X-Right, Z-Left, AA and BB within Tract Map 37644. The new improvement agreements will replace the existing securities posted by Arantine Hills Holdings, LP, the master developer. The following tables show the existing securities in place with the City and the new securities that will replace the existing securities.
Existing Securities - PWLE2019-0028
Security Security No. Faithful
Performance
Security No. Labor &
Materials
Lots 12 & 13 PB02497501115 $239,600 PB02497501115$119,800 Lots 14 & 15 PB02497501116 $226,600 PB02497501116$113,300 Lots 16 & 17 PB02497501117$208,000 PB02497501117$104,000 Lot 18 PB02497501118$113,600 PB02497501118$56,800
Lot 19 & 20 PB02497501119$208,000 PB02497501119$104,000 Lots 21,22 & 23 PB02497501120$353,600 PB02497501120$176,900 Lot 30 & 34 PB02497501124$759,200 PB02497501124$379,600 Lots 31, 32, 35, 36 & 37 PB02497501125$546,400 PB02497501125$273,200 Lot 33 PB02497501126$143,800 PB02497501126$71,900
Lot X Right Pomelo Drive Parkway
Landscaping
PB02497501137$45,400 PB02497501137$22,700
Lot Z Left Shanda Lane Parkway
Landscaping
PB02497501138$50,600 PB02497501138$25,300
Lot AA Summer Way
Parkway Landscaping
PB02497501141$127,000 PB02497501141$63,500
Lot BB Spring Lane Street
Improvements
PB02497501144$1,292,000 PB02497501144$646,000
Lot BB Spring Lane ParkwayPB02497501145$112200 PB02497501145$56100 City of Corona Page 2 of 4 Printed on 6/9/2022
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File #: 22-0485
Lot 33 PB02497501126$143,800 PB02497501126$71,900
Lot X Right Pomelo Drive Parkway
Landscaping
PB02497501137$45,400 PB02497501137$22,700
Lot Z Left Shanda Lane Parkway
Landscaping
PB02497501138$50,600 PB02497501138$25,300
Lot AA Summer Way
Parkway Landscaping
PB02497501141$127,000 PB02497501141$63,500
Lot BB Spring Lane Street
Improvements
PB02497501144$1,292,000 PB02497501144$646,000
Lot BB Spring Lane Parkway
Landscaping
PB02497501145$112,200 PB02497501145$56,100
Replacement Securities - PWGR2022-0014
Security Security No. Faithful
Performance
Security No. Labor &
Materials
Lots 12 & 13PB02497501364 $239,600 PB02497501364 $119,800 Lots 14 & 15PB02497501365 $226,600 PB02497501365 $113,300 Lots 16 & 17 PB02497501366 $208,000 PB02497501366 $104,000 Lot 18 PB02497501367 $113,600 PB02497501367 $56,800
Lot 19 & 20 PB02497501368 $208,000 PB02497501368 $104,000 Lots 21,22 & 23 PB02497501369 $353,600 PB02497501369 $176,900 Lot 30 & 34 PB02497501358 $759,200 PB02497501358 $379,600 Lots 31, 32, 35, 36 & 37 PB02497501359 $546,400 PB02497501359 $273,200 Lot 33 PB02497501360 $143,800 PB02497501360 $71,900
Lot X Right Pomelo Drive Parkway
Landscaping
PB02497501370 $45,400 PB02497501370 $22,700
Lot Z Left Shanda Lane Parkway
Landscaping
PB02497501371 $50,600 PB02497501371 $25,300
Lot AA Summer Way
Parkway Landscaping
PB02497501363 $127,000 PB02497501363 $63,500
Lot BB Spring Lane Street
Improvements
PB02497501361 $1,292,000 PB02497501361 $646,000
Lot BB Spring Lane Parkway
Landscaping
PB02497501362 $112,200 PB02497501362 $56,100
FINANCIAL IMPACT:
The bond substitution fee has been paid by the developer.
ENVIRONMENTAL ANALYSIS:
The project was previously evaluated by an Environmental Impact Report that was certified pursuant to CEQA Sections 15162 and 15163 of the State Guidelines for Implementing the California Environmental Quality Act in 2012, and the Supplemental Environmental Impact Report adopted in 2016. Therefore, no further environmental analysis is required for the posting of project securities.
City of Corona Page 3 of 4 Printed on 6/9/2022
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File #: 22-0485
PREPARED BY: CHRISTOPHER HORN, P.E., ACTING DEVELOPMENT SERVICES MANAGER REVIEWED BY: JOANNE COLETTA, PLANNING AND DEVELOPMENT DIRECTOR Attachments:
1. Exhibit 1 - Locational map
2. Exhibit 2 - Agreements
City of Corona Page 4 of 4 Printed on 6/9/2022
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