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HomeMy WebLinkAboutAgenda Statement 1980/03/11 Item 08COUNCIL AGENDA STATEMENT Item 8 Meeting Date 3-11-80 ITEM TITLE: Resolution /009 Approving Final Map and Subdivision Improvement Agreement for Chula Vista Tract No. 80-4, Twin Oaks Condominiums SUBMITTED BY: City Engineer l~Y (4/5ths Vote: Yes_ Nom) On November 20, 1979, by Resolution No. 9850, Council approved the Tentative Map for Twin Oaks Condominiums. The Final Map and Subdivision Improvement Agreement are now before Council for approval. RECOMMENDATION: That Council adopt resolution. BOARD/COMMISSION RECOMMENDATION: Not applicable. DISCUSSION: The Final Map for Chula Vista Tract No. 80-4, Twin Oaks Condominiums, has been checked by the Engineering Department and found to be in conformity with the Tentative Map. The subdivision is for the conversion of 10 existing apartment units into condominiums and for the construction of 14 new condominiums, all on one lot, at the southeast corner of Twin Oaks Avenue and "E" Street. A construction permit has already been issued for the widening of a driveway and for the construction of a wheelchair ramp. All other improvements are existing and meet the approval of the City Engineer. Twin Oaks Investors, LTD, has submitted the required copies of the Subdivision Improvement Agreement. The agreement provides for the construction of interior and exterior building improvements and storage facilities for the 10 existing units. Each of these units is required to provide 150 cubic feet of storage space, 40~ of which must be adjacent to the units. The entire 150 cubic feet is being provided adjacent to each unit. Twin Oaks Investors, LTD, the subdivider, has paid all fees and submitted all required documents, including surety guaranteeing improvements. A transparency is available for Council viewing. FISCAL IMPACT: None RAR:fpw/EY113 ti~ ~U~ ~t_. , .... I , _., ...,..,_ - ~ -- _. ,; 6. 3- //~~~ --- ~~,,,,-, /r _(~IK ~~~ °~ a .Tim "~~ a~ Form A-113 (Rev. 11/79) WELLS FARGO BANK NATIONAL ASSOQ ATION March 14, 1980 Re: Loan No. 528 Set-Aside Letter for Twin Oaks Realty Investors, Ltd. Chula Vista Tract City of Chula Vista Office of the City Attorney 276 - 4th Avenue Chula Vista, California 92101 Attention: Mr. Thomas J. Barron Gentlemen: TN EPn [ siON P EPL ES TnTE ^INO O5i R1^ES GPOIIP )TO WILS NIPE 000LE VgRO P, 0,90X 30GI S,iE RMINAL ANNEX LOS AnG ELE $~GALIFORNIA 90030 (213) 683-J3W We understand that the City of Chula Vista, California (the "City") will require a set-aside of funds in the amount of $7,500.00 on behalf of Twin Oaks Realty Investors, Ltd. ("Borrower"), in favor of the City covering the estimated cost of refurbishing 10 existing apartment units and the adjacent construction of ten storage lockers, at the corner of Twin Oaks Avenue and E Street in Chula Vista. This letter will confirm that, upon recordation of the above referenced final subdivision map approved by the City in full compliance with all requirements of the California Subdivision Map Act and applicable ordinances of the City, and upon satisfaction of our loan require- ments and recordation of a construction loan in favor of Borrower, we will set aside from the loan funds the sum of $7,500, to cover such estimated cost of such improvements. In consideration of execution of our Building Loan Agreement and other loan documents by Borrower, Wells Fargo Bank agrees that the funds to be set aside are for the use and benefit of the City in connection with its interest in the satisfactory com- pletion of said improvements and that said funds will be disbursed directly to Borrower after prior approval of such disbursements by the City (which approval or disapproval the City shall give within five working days after written request to the City Engineer, and City of Chula Vista Page 2 in the event the City fails to do so, such failure shall conclusively be deemed to be approval by the City) and for no other purpose. Wells Fargo Bank shall have no obligation for subsequent disposition of these funds. Bank also agrees to provide City with confirmation of the date of recordation of the construction loan prior to consenting to initiation of any work covered by said loan. In the event that Borrower fails to complete and pay for said improvements as required by the City, all funds remaining in said set-aside account, if any, shall be immediately made available to the City by Bank to be used solely for the purpose of completing said improvements. Each disbursement of funds from the set- aside account whether to Borrower or to the City after default by Borrower, shall be treated as an advance on the loan to Borrower and will bear interest, payable to Borrower from the date of advance in accordance with the terms of the loan. Bank agrees to set-aside said amount for the benefit of the City and agrees to disburse said amount only in accordance with the terms of this Agreement, it being agreed between the parties that said funds shall be held for the account and use of the City, and disbursed by Bank, and the Borrower shall have no claim or right to such funds once set-aside except that, upon completion of all said public improvements and acceptance thereof by the City and upon the termination of any applicable period for the recording of mechanic's lien or stop notice claims, any balance held in said account shall be disbursed in accordance with the terms of the loan. This agreement is an irrevocable commitment of funds which is rot subject to recall or modification except with written approval of the City. This commitment will become effective upon recordation of the above mentioned final subdivision map and construction loan. ^vOAV 1 City of Chula Vista Page 3 Wells Fargo Bank's obligation to disburse funds under this agreement is subject to laws affecting Wells Fargo's ability to disburse funds, such as but not limited to bankruptcy laws or court orders. Very truly yours, WELLS FARGO BANK, N.A. By We hereby concur in the foregoing agreement and agree to be bound by each and every term thereof. TWIN OAKS REALTY INVESTORS, LTD. By l~i~~'JraV to 1'o.rm _..® ,- _..~ ~v\ 1 Q~ f¢'e March 14, 1980 WELLS FARC30 BA N,K ~. _. NATIONAL ASSOCIATION Re: Loan No. 528 Set-Aside Letter for Twin Oaks Realty Investors, Ltd. Chula Vista Tract City of Chula Vista Office of the City Attorney 276 - 4th Avenue Chula Vista, California 92101 Attention: Mr. Thomas J. Barron Gentlemen: souTe EaN uuroR rvlA mmsloN a eAL Bsrac Irv ou s*aies caoua no wlLSw RE souLEVARo P O, Bo% 30<IS.TERMINAL ANNEX LOS ANGELE S~GLIEORNIA 90030 Qi31 6e3 o33o We understand that the City of Chula Vista, California (the "City") will require a set-aside of funds in the amount of $7,500..00 on behalf of Twin Oaks Realty Investors, Ltd. ("Borrower"), in favor of the City covering the estimated cost of refurbishing 10 existing apartment units and the adjacent construction of ten storage lockers, at the corner of Twin Oaks Avenue and E Street in Chula Vista. This letter will confirm that, upon recordation of the above referenced final subdivision map approved by the City in full compliance with all requirements of the California Subdivision Map Act and applicable ordinances of the City, and upon satisfaction of our loan require- ments and recordation of a construction loan in favor of Borrower, we will set aside from the loan funds the sum of $7,500, to cover such estimated cost of such improvements. In consideration of execution of our Building Loan Agreement and other loan documents by Borrower, Wells Fargo Bank agrees that the funds to be set aside are for the use and benefit of the City in connection with its interest in the satisfactory com- pletion of said improvements and that said funds will be disbursed directly to Borrower after prior approval of such disbursements by the City (which approval or disapproval the City shall give within five working days after written request to the City Engineer, and ti~ ~O~ ~, ~r a. . ie ~ n ~` dr, rt;~~,"• ~~': "`-~r,, P yb ': ~' ~- +:"; ^~ '. .- ~_ .,~, A ; ~. l 1. K3r: ~ ~:3i. ~- ~ro , City of Chula Vista Page 2 yv ,.. t„ in the event the City fails to do so, such failure ~i shall conclusively be deemed to be approval by the City) and for no other purpose. Wells Fargo Bank shall '~~' have no obligation for subsequent disposition of these funds. Bank also agrees to provide City with confirmation of the date of recordation of the construction loan prior to consenting to initiation of any work covered by said, ~~, loan. ~a'= f #;/'", In the event that Borrower fails to complete and pay for said improvements as required by the City, all funds remaining in said set-aside account, if any, shall be immediately made available to the City by Bank to be used solely for the purpose of completing said improvements. Each disbursement of funds from the set- aside account whether to Borrower or to the City after ;,: default by Borrower, shall be treated as an advance on ~~ the loan to Borrower and will bear interest, payable to. '~'° Borrower from the date of advance in accordance with ~~ the terms of the loan. Bank agrees to set-aside said amount for the benefit of the City and agrees to disburse said amount only in accordance with the terms of this Agreement, it being agreed between the parties that said funds shall be ~,y~•,,;, held for the account and use of the City, and disbursed. .+.:z' by Bank, and the Borrower shall have no claim or right ~'~'~Y to such funds once set-aside except that, upon completion of all said public improvements and acceptance thereof ~...~.-. by the City and upon the termination of any applicable period for the recording of mechanic's lien or stop notice claims, any balance held in said account shall r..-, be disbursed in accordance with the terms of the loan. This agreement is an irrevocable commitment of funds which is rot subject to recall or modification except with written approval of the City. This commitment will become effective upon recordation of the above mentioned final subdivision map and construction loan. rr~~ ~~ ^^'v'\ ' ~V ~,- k'' City of Chula Vista Page 3 Wells Fargo Bank's obligation to disburse funds under this agreement is subject to laws affecting Wells Fargo's ability to disburse funds, such as but not limited to bankruptcy laws or court orders. Very truly yours, WELLS FARGO BANK, N.A. By We hereby concur in the foregoing agreement and agree to be bound by each and every term thereof. TWIN OAKS R/E~A~LTY INnVESTORS, LTD. By~ ~ ~ / N/~n~-:Y ~'-~ -- o'~~ ~o r~ f ~~' . ,r!.a „,-. `'~`~ ~_ i ~• .z t~;, ~~~. ~~. ;~,. ,:~- ~~. ~._. PC-- ~.