2023-02-21 Polo Villas TM 33085 SIA Assignment & Assumption Agrmt by ABTS Polo Villas, LLCCONSENT CALENDAR ITEM NO. 7
City of La Quinta
CITY COUNCIL MEETING: February 21, 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.
• On January 17, 2023, City Council conditionally approved an Assignment and
Assumption Agreement and Amendment to Subdivision Improvement Agreement
(Agreement) for Tract Map No. 33085, assigning rights and obligations to Build to
Stay — Polo Villas, LLC upon receipt of a replacement security.
• Build to Stay — Polo Villas, LLC and capital partner recently created ABTS Polo
Villas, LLC (New Developer) and desires to assign the subdivision improvement
obligations to the New Developer.
• New Developer requests approval of a second Assignment and Assumption
Agreement and Amendment to Subdivision Improvement Agreement (Second
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).
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In December 2017, Desert Polo Land Company, LLC entered into a Subdivision
Improvement Agreement for Polo Villas. On January 17, 2023, City Council conditionally
approved the Agreement upon receipt of a replacement security. Build to Stay — Polo Villas,
LLC has not yet submitted a replacement security. Build to Stay — Polo Villas, LLC and
capital partner has recently created New Developer and is selling its interest in this tract to
New Developer. The City will execute the Second Agreement (Attachment 2) and release
Desert Polo Land Company's security upon receipt of the replacement security for Polo
Villas from New Developer.
ALTERNATIVES
Staff does not recommend an alternative.
Prepared by:
Approved by:
Amy Yu, Associate Engineer
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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