HomeMy WebLinkAboutAgenda Statement 1981/05/19 Item 14
COUNCIL AGENDA STATEMENT
Item 14
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Meeting Date 5-19-81
Resol uti on !O'f'-;LRel easi ng 1 i en agreement for Chul a Vi sta Tract 80-8,
Park Way Place
SUBMITTED BY: City Engineer-~ (4/5ths Vote: Yes No~)
In conjunction with the approval of the Final Map for the subject subdivision, the developer
was required to enter into a lien agreement with the City. The agreement provided for the
developer to pay to the City the cost of drainage improvements at Park Way. These improve-
ments were constructed under a City contract and paid for from Residential Construction Tax
Funds, Block Grant Funds, and other sources. It is my
ITEM TITLE:
RECOMMENDATION: That Council adopt resolution releasing said lien.
DISCUSSION:
Four of the five lots of the Park Way Place Subdivision were intended to be improved with
single family homes. The lien agreement provided that a lien of $5,452 plus interest at
8% per year had to be paid to the City prior to close of escrow for each lot. The lots
have now been sold and the full original amount of $21,808 plus a total of $1,565.34 in
interest has been paid to the City through escrow. The developer's obligation under
this agreement has been satisfied in full.
FISCAL IMPACT:
A total of $23,373.34 has been made available for future City projects.
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Dated
Form A-113 (Rev. 11/79)
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EXHIBITS
Agreement_____ Resolution~ Ordinance_____ Plat_____ Notification List
Other
ENVIRONMENTAL DOCUMENT: Attached
Submitted on
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