2021 - 30138 Diamante - La Quinta 47, LLC Assignment & Assumption DIA from Socal Portfolio I LPMEMORANDUM
DATE:
TO:
FROM:
RE:
Please list the Contracting Party / Vendor Name, type of agreement to be executed, including any change orders or
amendments, and the type of services to be provided. Make sure to list any related Project No. and Project Name.
Authority to execute this agreement is based upon:
___ Approved by City Council on ___________________________________________
___ City Manager’s signing authority provided under the City’s Purchasing Police
[Resolution No. 2019-021] for budget expenditures of $50,000 or less.
___ Department Director’s or Manager’s signing authority provided under the City’s
Purchasing Policy [Resolution No. 2019-021] for budget expenditures of $15,000 and
$5,000, respectively, or less.
Procurement Method (one must apply):
___ Bid ___ RFP ___ RFQ ___ 3 written informal bids
___ Sole Source ___ Select Source ___ Cooperative Procurement
Requesting department shall check and attach the items below as appropriate:
___ Agreement payment will be charged to Account No.: _____________________
___ Agreement term: Start Date ________________ End Date ________________
___ Amount of Agreement, Amendment, Change Order, etc.: $____________________
REMINDER: Signing authorities listed above are applicable on the aggregate Agreement amount,
not individual Amendments or Change Orders!
___ Insurance certificates as required by the Agreement for Risk Manager approval
Approved by: ______________________________ Date: _______________
___ Bonds (originals)as required by the Agreement (Performance, Payment, etc.)
___ Conflict of Interest Form 700 Statement of Economic Interests from Consultant(s)
NOTE: Review the “Form 700 Disclosure for Consultants” guidance to determine if a Form 700 is
required pursuant FPPC regulation 18701(2)
___ Business License No. __________________; Expires: __________________
___ Requisition for a Purchase Order has been prepared (Agreements over $5,000)
October 27, 2021
Monika Radeva, City Clerk
Amy Yu, Associate Engineer
Assignment and Assumption Agreements and Amendment to Development
Improvement Agreement for TM 30138
✔October 19, 2021 - consent #8
City of La Quinta
CITY COUNCIL MEETING: October 19, 2021
STAFF REPORT
AGENDA TITLE: APPROVE ASSIGNMENT AND ASSUMPTION AGREEMENT
AND AMENDMENT TO DEVELOPMENT IMPROVEMENT AGREEMENT FOR TRACT
MAP NO. 30138, A RESIDENTIAL DEVELOPMENT LOCATED ON THE NORTH
SIDE OF AVENUE 52 WEST OF MADISON STREET
RECOMMENDATION
Approve Assignment and Assumption Agreement and Amendment to
Development Improvement Agreement for Tract Map No. 30138 and authorize
the City Manager to execute said agreement.
EXECUTIVE SUMMARY
•SoCal Portfolio I LP has sold its interest in this tract (Attachment 1) to
La Quinta 47, LLC (New Developer) and desires to assign the
Development Improvement Agreement’s rights, interest, and
obligations to the New Developer.
•New Developer requests approval of Assignment and Assumption
Agreement and Amendment to Development Improvement Agreement
(Agreement) (Attachment 2) for Tract Map No. 30138.
FISCAL IMPACT
None. Developer reimbursements will be from settlement funds received from
Surety bond.
BACKGROUND/ANALYSIS
Tract Map No. 30138 is a residential development located at the north side of
Avenue 52 west of Madison Street.
In May 2013, SoCal Portfolio I LP entered into a Development Improvement
Agreement for Tract Map No. 30138. The Development Improvement
Agreement allows reimbursements to SoCal Portfolio I from settlement funds
received from Surety bond for the design and construction of certain off-site
CONSENT CALENDAR ITEM NO. 8
NO.
81
and on-site improvements listed in the agreement for the tract. SoCal Portfolio
I LP just recently sold its interest in this tract to New Developer and desires
to assign the Development Improvement Agreement’s rights, interest, and
obligations to the New Developer.
ALTERNATIVES
Staff does not recommend an alternative.
Prepared by: Amy Yu, Associate Engineer
Approved by: Bryan McKinney, P.E., Public Works Director / City Engineer
Attachments: 1. Vicinity Map
2. Assignment and Assumption Agreement and Amendment
to Development Improvement Agreement
82
V I C I N I T Y M A P
NOT TO SCALE
Tract Map No. 30138
ATTACHMENT 1
83