City of Corona
Staff Report
400 S. Vicentia Ave.
Corona, CA 92882
File #: 22-0484
REQUEST FOR CITY COUNCIL ACTION
DATE: 07/06/2022
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 N through V located south of Eagle Glen Parkway and west of Interstate 15 in the Bedford Communities.
EXECUTIVE SUMMARY:
Council consideration of an agreement with Taylor Morrison of California, LLC, a California limited liability company, for public improvements and post replacement securities for the street, alley, and landscape improvements on Lots N through V 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 Taylor Morrison Company. The Taylor Morrison 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 Improvement Agreements between the City and Taylor Morrison of California, LLC, a California limited liability company, and authorize the Mayor to sign the Agreements. b. Authorize the Mayor to accept replacement securities for the street, alley, and landscape improvements from Taylor Morrison of California, LLC, a California limited liability company for Lots N through V of Tract Map 37644.
c. Release the existing securities posted by Arantine Hills Holdings, LP (PB02497501130 FP and LM, PB02497501131 FP and LM, PB02497501132 FP and LM, PB02497501133 FP and LM, PB02497501134 FP and LM, PB02497501135 FP and LM).
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File #: 22-0484
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 August 21, 2019. The map facilitates the construction of 490 residential units, which includes 88 single-family detached condominiums, 66 detached units in clusters of 6, 72 triplex units, 78 paired units in clusters of 8, 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. Taylor Morrison of California, LLC., a California Limited Liability Company has since purchased Lots N through V for the construction of 88 single-family detached condominiums, including 4 model home units within the subdivision.
ANALYSIS:
Taylor Morrison of California LLC., is requesting to post replacement security for the street and alley improvements on Lots N through V 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 (N, O & P )
Melogold Way,
Satsuma Lane and
Panama Drive
Street
Improvements
PB02497501130 $1,373,200 PB02497501130$686,600
Lots (N, O & P )
Melogold Way,
Satsuma Lane and
Panama Drive
Parkway Landscape
Improvements
PB02497501131 $171,200 PB02497501131$85,600
Lots (Q, R & S) Yuzu Street, Bergamot
Street and Stelamar Way Street
Improvements
PB02497501132$1,032,200 PB02497501132$516,100
Lots (Q, R & S) Yuzu Street, Bergamot
Street and Stelamar Way Parkway
Landscape Improvements
PB02497501133$152,400 PB02497501133$76,200
Lots (T, U and V) Florentine Drive, Ruby
Lane and Olvida Street Street
Improvements
PB02497501134$807,400 PB02497501134$403,700
Lots (T, U and V) Florentine Drive, Ruby
Lane and Olvida Street Parkway
PB02497501135$125,400 PB02497501120$62,700
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File #: 22-0484
Street and Stelamar Way Street
Improvements
Lots (Q, R & S) Yuzu Street, Bergamot
Street and Stelamar Way Parkway
Landscape Improvements
PB02497501133$152,400 PB02497501133$76,200
Lots (T, U and V) Florentine Drive, Ruby
Lane and Olvida Street Street
Improvements
PB02497501134$807,400 PB02497501134$403,700
Lots (T, U and V) Florentine Drive, Ruby
Lane and Olvida Street Parkway
Landscape Improvements
PB02497501135$125,400 PB02497501120$62,700
Replacement Securities - PLE190028
Security Security No. Faithful
Performance
Security No. Labor &
Materials
Lots (N, O & P )
Melogold Way,
Satsuma Lane and
Panama Drive
Street
Improvements
613-103590-8 $1,373,200 613-103590-8$686,600
Lots (N, O & P )
Melogold Way,
Satsuma Lane and
Panama Drive
Parkway Landscape
Improvements
613-103589-9 $171,200 613-103589-9$85,600
Lots (Q, R & S) Yuzu Street, Bergamot
Street and Stelamar Way Street
Improvements
613-103667-3$1,032,200 613-103667-3$516,100
Lots (Q, R & S) Yuzu Street, Bergamot
Street and Stelamar Way Parkway
Landscape Improvements
613-103591-7$152,400 613-103591-7$76,200
Lots (T, U and V) Florentine Drive, Ruby
Lane and Olvida Street Street
Improvements
613-103588-1$807,400 613-103588-1$403,700
Lots (T, U and V) Florentine Drive, Ruby
Lane and Olvida Street Parkway
Landscape Improvements
613-103587-2$125,400 613-103587-2$62,700
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 City of Corona Page 3 of 4 Printed on 6/27/2022
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File #: 22-0484
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.
PREPARED BY: CHRIS HORN, P.E., ACTING DEVELOPMENT SERVICES MANAGER REVIEWED BY: JOANNE COLETTA, PLANNING AND DEVELOPMENT DIRECTOR Attachments:
1. Exhibit 1 - Location map
2. Exhibit 2 - Agreements
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