31681 Coral Option I - NO SIAOUTSTANDING BOND REPORT
Name: Coral Option I LLC
Tract No. 31681
Date of Contract: no SIA as of 10/27/03
Required Bond Amounts:
Dates of Bond Reductions:
Outstanding Bonds and Bond Company: Travelers Casualty & Surety of America
Amount:
$948,000 (PM10)
Bond No.
104027114
$135,000 (PM 10) LOC# 1308
Date Cancelled/Released:
ft
pMM DESERT NATIONAL�K October 8, 2003
IRREVOCABLE STANDBY LETTER OF CREDIT NO. 1308
Beneficiary: Amount: $135,000.00
City of La Quinta
78-495 Calle Tampico
La Quinta, Ca. 92253
To Beneficiary:
We hereby establish our irrevocable Standby Letter of Credit in your favor, by order of
Coral Option I, LLC, 530 Beacon Parkway West, Suite 800, Birmingham, AL, 35209.
The amount set forth above will be available to you by submission of your Sight Draft(s),
through proper clearing channels (consult your bank), accompanied by this original
Letter of Credit and Beneficiary's officially -signed statement certifying that:
Coral Option 1, LLC, a Delaware Limited Liability Company, has failed to perfonn dust
abatement for development of the Coral Mountain property (golf course and residential
area) between; Avenue 58 and Avenue 60, and Madison Street and Monroe Street, and
that Coral Option 1, LLC has been notified in writing of the failure to perform at least ten
(10) days prior to drawing(s).
Each draft must state on its face, "Drawn under Palm Desert National Bank Letter of
Credit No. 1308 dated October 8, 2003' .
Drafts may not be presented for purposes which pre -date this Letter or, under any
circumstances, later than the expiration of the Letter on October 3, 2004. This Letter of
Credit is transferable only upon our prior approval and payment of an appropriate
transfer fee.
We hereby agree to duly honor drafts properly drawn on, and in strict compliance with
the terms of, this Letter of Credit, on presentation during normal banking hours to this
bank at 73-745 El Paseo, Palm Desert, CA 92260, ATTN: Note Dept. This Letter of
Credit is subject to law of the State of California, including the Uniform
Commercial Code, and International Chamber of Commerce rules pertaining to
Uniform Customs and Practice for Documentary Credits (ICC Publication #500,
1993 revision).
TO BE VALID, THIS LETTER OF CREDIT MUST BE SIGNED BY TWO OF THIS
BANK'S CORPORATE OFFICERS.
PALM DESERT NATIONAL BANK
By: By:
Lozan Stephign Christian
Senior Vice President Senior Vice President
73-745 E4 Paseo, Palm Desert, CA 92260 - 70-390 Highway 111, Rancho Mirage, CA 92270 - 47000 Washington Street, La Quinta, CA 92253
(760) 340-1145 - WWW.PDNO.COM
BOND NO.: #104027114
PREMIUM:
TRACT/PARCEL MAP. NO.:
PERFORMANCE BOND
Coral Option I, L.L.C., a Delaware Company, as Principal, and Travelers Casualty &
Surety Company of America, As Surety, are bound unto the City of* La Quinta, State of
California, in the penal sum of Nine Hundred Forty -Eight Thousand Dollars and Zero Cents
($948,000.00), for the payment of which sum, we bind ourselves, our heirs, executors, successors
and assigns, jointly and severally, as follows:
The condition of the obligation is that Coral Option I, L.L.C. is the developer of the Coral
Mountain Property (golf course and residential area) between Avenue 58 and Avenue 60; and
Madison Street and Monroe Street.
And Whereas the City of La Quinta, California's Fugitive Dust (PM-10) Mitigation Plan
requires that this bond be filed with the City as a condition precedent to development of said
property.
Now Therefore, if the principal shall fully comply with all requirements of the City of
La Quinta, California's Fugitive Dust (PM-10) Mitigation Plan for the development of said
property, then this obligation shall cease and be void, otherwise it shall remain in full force and
effect. If the principal fails to perform dust abatement pursuant to said Dust Mitigation Plan, the
Surety expressly agrees to pay the City of La Quinta the principal sum of this security, or any
portion thereof demanded, upon ten (10) days notification in writing of said failure to perform
from the City of La Quinta, California. If legal action is required to recover under this bond, the
protection afforded by it shall cover the payment of reasonable attorney fees to City.
PLEASE COMPLETE THIS INFORMATION
RECORDING REQUESTED BY:
JUNE S. GREEK, City Clerk
AND WHEN RECORDED MAIL TO:
CITY OF LA QUINTA
Attn: June Greek
P. 0. Box 1504
La Quinta, CA 92247-1504
DOC N 2004-0666863
07/22/2004 08:00A Fee:NC
Page 1 of 5
Recorded in Official Records
County of Riverside
Gary L. Orso
Assessor, County Clerk 8 Recorder
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Certificate of Tentative Cancellation of Land Conservation Contract for Coachella Valley
Agricultural Preserve No. 58.
Title of Document
THIS AREA FOR
RECORDER'S
USE ONLY
THIS PAGE ADDED TO PROVIDE ADEQUATE SPACE FOR RECORDING INFORMATION
($3.00 Additional Recording Fee Applies)
C:\MYDATA\WPDOCS\FORMS\Recorder.wpd
M
AM
RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:
City of La Quinta
78-495 Calle Tampico
P.O. Box 1504
La Quinta, CA 92253
Attention: City Clerk
(SPACE ABOVE FOR RECORDER'S USE)
EXEMPT FROM RECORDING FEE
PER Gov. CODE § 27383
CERTIFICATE OF TENTATIVE CANCELLATION
OF LAND CONSERVATION CONTRACT FOR
COACHELLA VALLEY AGRICULTURAL PRESERVE NO.58
(Cal. Gov't Code § 51283.4)
1. Tentative Approval of Cancellation. Pursuant to City of La Quinta Resolution No. 2003-
126, adopted by the City Council of the City of La Quinta at a public hearing held on
December 16, 2003, the City Council tentatively approved, subject to the findings,
conditions and contingencies in such Resolution, cancellation of the Land Conservation
Contract for Coachella Valley Agricultural Preserve No. 58, recorded on February 28, .
1974 as Document No. 23559 in Riverside County Official Records (the "Contract").
2. Certification of Amount of Fee Cancellation. The amount of the cancellation fee,
pursuant to section 51283 of the Goverment Code, has been determined and certified by
the City Council to be $1,168,125.
3. Certification of Tentative Cancellation. Pursuant to California Government Code
Section 51283.4(a), the Clerk of the City of La Quinta must record this certificate of
tentative cancellation of the Contract ("Tentative Certificate") in the office of the
Riverside County Clerk — Recorder. In conformity with California Government Code
section 51283.4(a), the following information is certified in connection with the tentative
cancellation of the Contract:
3.1.1 Name of Landowner Requesting Cancellation. The name of the
landowner requesting cancellation of the Contract is Coral Option I, LLC, a California limited
liability company ("Landowner").
3.1.2 Legal Description of Property. The property subject to this
Tentative Certificate is legally described as Riverside County Assessor Parcel Numbers 764-200-
007-8, 764-210-004-6, 764-210-005-7 (the "Property").
3.1.3 Conditions Precedent to Recordation of Certificate of
Cancellation. A certificate of cancellation of the Contract will be issued and recorded at the time
2156/015610-0002
458675.01 PM03
that the conditions and contingencies specified in this Tentative Certificate and in Resolution
No. 2003-126 are satisfied.
3.1.4 Description of Conditions and Contingencies. Each of the
following conditions and contingencies must be satisfied by prior to and as a condition precedent
of the City Council of the City of La Quinta authorizing the execution and recording of the
certificate of cancellation specified in California Government Code section 51283.4(b):
(a) The Landowner shall- have paid the full amount of the
cancellation fee of One Million One Hundred Sixty -Eight Thousand One
Hundred Twenty -Five Dollars ($1,168,125.00). Unless the fee is paid or a
certificate of cancellation is issued within one year from the date of the
recording of this Tentative Certificate, the fee shall be recomputed as of the
date on the notice described in California Government Code section 51283.4(b)
and the recomputed fee shall be paid in full as a condition of final cancellation
of the contract. Neither the cancellation fee nor any portion thereof shall be
waived.
(b) The Landowner shall obtain all permits and approvals necessary
to commence the project on the Property.
(c) The conditions and contingencies contained in Resolution
No. 2003-126, which are hereby incorporated herein by this reference as if
repeated in full, shall be satisfied.
IN WITNESS WHEREOF, the City of La Quinta provides the aforementioned
certification as required by California Government Code section 51283.4(a).
Executed this �` day of J yA 92004.
ATTEST THE CITY OF LA QUINTA, a publi body
copan olitic
hms-By
G eek, City Clerk By Z
Thomas P. Genovese, City Manager
APPROVED AS TO FO
By: Qom,Z�Z
M. Kat Brine Jenson, City Atto y
2156/015610-0002
458675.01 PM03 -2-
STATE OF CALIFORNIA )
• ) ss
COUNTY OF / V .51 dew )
On T 41 /4 =4�Do �, before me, NO �� c►
personally appeared '% e
personally known to me ( ) to be the
person(s) whose name(s) is/aye subscribed to the within instrument and acknowledged to me that
he/9hel4ey executed the same in his+�authorized capacity(ies), and that by his/ke"4heir
signature(s) on the instrument the person(s) or the entity upon behalf of which the person(s)
acted, executed the instrument.
Witness my hand and official seal.
�0_
� =-- , - t
REGENIA HENSLEY
[SEAL] CommNotclry a# 1�
m. javerside County
MyCortm.5q*MAug19,M
low
2156/015610-0002
458675.01 PM03 -3-
GOVERNMENT CODE SECTION 27361.7
I CERTIFY UNDER PENALTY OF PERJURY THAT THE NOTARY SEAL ON THE
DOCUMENT TO WHICH THIS STATEMENT IS ATTACHED READS AS
FOLLOWS:
NAME OF NOTARY: Regenia Hensley
NAME OF COUNTY: Riverside
DATE COMMISSION EXPIRES: 8-19-04
COMMISSION NUMBER: 1274458
SIGNATURE:
DATE VERIFIED:
LOCATION VERIFIED: COUNTY: Riverside
STATE: California
c� Sep
of9
COUNCIL/RDA MEETING DATE: July 6, 2004
ITEM TITLE: Public Hearing to Adopt a Resolution of
the City Council Approving Tentative Tract Map
31681, the Subdivision of ± 548 Acres into 472
Single -Family Lots, a Lot for 80 Casitas, a
Commercial Lot, Golf Course Lots and
Miscellaneous Lots, for the Property Located at the
Southeast Corner of Madison Street and Avenue 58.
Applicant: Coral Option I, LLC
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Adopt a resolution of the City Council approving Tentative Tract Map 31681, the
subdivision of ± 548 acres into 472 single-family lots, a lot for 80 casitas, a
commercial lot, golf course lots and miscellaneous lots, for the property located at
the southeast corner of Madison Street and Avenue 58, subject to Findings and
Conditions of Approval.
FISCAL IMPLICATIONS:
None.
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
The site contains ± 548 acres and is located at the southeast corner of Madison
Street and Avenue 58, south of the Greg Norman golf course and north of Trilogy
Country Club (Attachment 1). The project site is within the Andalusia at Coral
Mountain project.
On December 16, 2003 the City Council approved Specific Plan 03-067 (Andalusia
at Coral Mountain), which included up to 1,400 homes, two championship golf
courses, a clubhouse with a spa and tennis facility, commercial lots, a major
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community facility, a gatehouse and associated amenities. Currently, the site is
being graded. The applicant has recently submitted plans to the Building & Safety
Department for the spa and tennis facility and the gatehouse.
The applicant is requesting approval of a Tentative Tract Map (Attachment 2) to
subdivide ± 548 acres into 472 single-family lots, a lot for 80 casitas, a commercial
lot, golf course lots and miscellaneous lots. This tract map makes up
approximately 60% of the Andalusia at Coral Mountain project.
The following table is a breakdown of the various land uses and acres assigned to
each within this tract:
Land Use
Acres
Residential
132
Private Streets
34
Landscape
79
Well Sites
3
Golf Course
264
Maintenance
3
Casitas
14
Recreation/Tennis Facilit
8
Commercial
5
Avenue 58 (ROW)
1
Monroe Street (ROW)
2
Avenue 60 (ROW)
3
Total
548
The residential lots range in size from ± 9,800 to ± 17,000 square feet. The
proposed lots meet the minimum lot size of 7,200 square feet as required in the
Low Density Residential Zone.
The commercial lot will comply with the development standards of the approved
Specific Plan (SP 03-067) .and the Zoning Code.
Access
Vehicular access is provided via Madison Street and Monroe Street. . Madison
Street provides two primary points of direct access into the project. Monroe Street
provides a secondary point of access. Private roadways are proposed within the
development, which will provide access to other land uses including the clubhouse,
golf courses, and swimming and tennis facility.
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Access to the commercial site at the southeast corner of Madison Street and
Avenue 58 is provided from these two streets.
The applicant does not anticipate development of the property at the southwest
corner of Madison Street and Avenue 58 at this time. When the applicant does
submit plans for this site, they will be processed in accordance with the Zoning
Code and Subdivision Map Act.
CEQA
The project has complied with the requirements and rules to implement the
California Environmental Quality Act (CEQA) of 1970, as amended (Resolution 83-
63), in that Environmental Assessment 03-483 was certified by the City Council on
December 16, 2003, under Resolution No. 2003-124 for Specific Plan 03-067.
There are no changed circumstances, conditions, or new information which would
trigger the preparation of a subsequent environmental analysis pursuant to Section
15162 of the Guidelines for the implantation of the California Environmental Quality
Act.
Planning Commission Action
At the June 8, 2004 meeting, the Planning Commission reviewed this project and
voted 5-0, to recommend approval of the Tentative Tract Map to the City Council
by adopting Resolution 2004-012, subject to Findings and Conditions of Approval.
Public Notice
This project was advertised in the Desert Sun newspaper on June 22, 2004, and
mailed to all property owners within 500 feet of the site. To date, no letters have
been received from adjacent property owners. Any written comments received will
be handed out at the meeting.
FINDINGS AND ALTERNATIVES
Findings necessary to approve the Tentative Tract Map can be made and are
contained in the attached Resolution. The alternatives available to the City Council
include:
1. Adopt a Resolution of the City Council approving Tentative Tract Map
31681, the subdivision of t 548 acres into 472 single-family lots, a lot for
80 casitas, a commercial lot, golf course lots and miscellaneous lots, for the
property located at .the southeast corner of Madison Street and Avenue 58,
subject to Findings and Conditions of Approval; or
S:\CityMgr\STAFF REPORTS ONLY\PH1 rpt TTM 31681.doc
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2. Do not adopt the Resolution approving the project; or
3. Provide staff with alternative direction.
Respectfully submitted,
rry Hi an
ommunity Development Director
Approved for submission by:
Thomas P. Genovese, City Manager
Attachments: 1. Site Location Map
2. Tentative Tract Map 31681
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ATTACHMENT #1
58TH AVF_
SITE LOCATION MAP
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