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Board approves third-amended Mountain Gate subdivision agreement; county to release long-held bond with new warranty security
Summary
Lake County commissioners approved a third-amended subdivision improvement agreement for Mountain Gate Subdivision, authorizing release of a $64,000 bond the county has held since 2009 while establishing warranty security by lien on two lots.
The Lake County Board of County Commissioners on May 20 adopted a resolution approving a third-amended subdivision improvement agreement (SIA) for Mountain Gate Subdivision.
Community Planning and Development Director Anne Schneider told the board the subdivision received its final plat in February 2008 and that in February 2009 the developer was determined to be in default under the original SIA. The county subsequently withdrew the surety bond the county held with Alpine Bank — $64,000 — to protect taxpayers while the developer’s required public improvements were completed.
Schneider said recent work by the developer, Marty Draper, and coordination between county engineering and counsel have resulted in the roadway and stormwater improvements being inspected and accepted. As part of the third amendment, the county will release the $64,000 it has held but will take other security: a first-position lot lien on Lots 1 and 2 to guarantee a warranty period for the improvements.
Schneider told the board that the warranty periods remain in place; she said the roadway warranty runs through October of this year and the stormwater/drainage warranty runs through December 2025 (as described in the agreement documents presented to the board). The third-amended agreement and the associated resolution memorialize the county’s acceptance of the installed improvements and the new warranty lien arrangement.
The board voted unanimously to adopt the resolution. Schneider said release of the bond will be processed with county accounting and that the lots will be marketed for sale, which should bring them onto property tax rolls.
Ending
Staff said they will coordinate with the county treasurer and county counsel to complete the paperwork needed to release the long-held bond and record the lot liens as warranty surety.
