City Council
259 N. Wilma Avenue
Ripon, CA 95366
MEMO
To: Honorable City Council
From: Ken Zuidervaart, Planning Director
Date: 05/14/2024
Subject: Assignment and Assumption Agreement - Meadowood RECOMMENDED ACTION:
Consent to the Assignment and Assumption Agreement allowing Lennar Homes of California, LLC to purchase the project and land from Dasco Greenwood, LLC located on the west side of Fulton Avenue between Arc Way and W. Colony Road and authorize the Mayor to sign the acknowledgement and acceptance by the City.
DISCUSSION/ANALYSIS:
The Meadowood development project was initially approved on February 13, 2018 and a Development Agreement was entered into between the City of Ripon and Meadowood Ripon, LLC. The development project is located between Fulton Avenue and Goodwin Drive about halfway between Colony Road and Arc Way. The project is a medium density single family home development project containing eighty-eight (88) homes.
Previously on February 2, 2022 the City received a request to assign the Development Agreement to Dasco Greenwood, LLC. As such, the City Council approved an assignment and assumption to that buyer at the March 8, 2022 City Council meeting.
On February 13, 2024 Staff received another request from Mid-Valley Engineering (MVE) to allow assignment and assumption of the Meadowood Development Agreement to Lennar Homes of California, LLC (a home builder). The attached assignment and assumption agreement allows for this transaction.
Attachments:
1. Assignment and Assumption of DA - Dasco Development to Lennar Homes
2. Request to Assign Meadowood DA_02.13.2024