2023-01-17 Polo Villas TM 33085 SIA Assignment & Assumption Agrmt by Build to Stay - Polo Villas LLCCONSENT CALENDAR ITEM NO. 7
City of La Quinta
CITY COUNCIL MEETING January 17, 2023
STAFF REPORT
AGENDA TITLE: APPROVE ASSIGNMENT AND ASSUMPTION AGREEMENT
AND AMENDMENT TO SUBDIVISION IMPROVEMENT AGREEMENT FOR TRACT
MAP NO. 33085, POLO VILLAS, A RESIDENTIAL DEVELOPMENT LOCATED
WEST OF MADISON STREET BETWEEN AVENUES 50 AND 52
RECOMMENDATION
Approve Assignment and Assumption Agreement and Amendment to
Subdivision Improvement Agreement for Tract Map No. 33085, Polo Villas,
and authorize the City Manager to execute said agreement upon receipt of a
replacement security.
EXECUTIVE SUMMARY
• Tract Map No. 33085 was approved by City Council on December 5,
2017, for seven (7) units.
• Desert Polo Land Company, LLC has sold its interest in this tract to Build
to Stay - Polo Villas, LLC (New Developer) and desires to assign the
subdivision improvement obligations to the New Developer.
• New Developer requests approval of Assignment and Assumption
Agreement and Amendment to Subdivision Improvement Agreement
(Agreement) for Tract Map No. 33085, Polo Villas.
FISCAL IMPACT
There is no fiscal impact to the City. New Developer will be submitting a
replacement security to guarantee construction of the improvements.
BACKGROUND/ANALYSIS
Polo Villas is a residential development located west of Madison Street
between Avenues 50 and 52 (Attachment 1).
In December 2017, Desert Polo Land Company, LLC entered into a Subdivision
Improvement Agreement for Polo Villas. Desert Polo Land Company, LLC
recently sold its interest in this tract to New Developer. The City will execute
the Agreement (Attachment 2) and release Desert Polo Land Company's
security upon receipt of the replacement security for Polo Villas from New
Developer.
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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 Subdivision Improvement Agreement
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ATTACHMENT 1
TRACT MAP NO. 33085
V/STA
BONITA
TRAIL
VICINITY MAP
NOT TO SCALE
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