HomeMy WebLinkAboutAtascadero Highlands Deferred Imprv MID-STATE BANK
CITY MGR.
ARROYO GRANDE 805-489-42.93 1026 Grand Ave., P.O. Box 580, Arroyo Grande, CA 93420
October 1, 1990
City of Atascadero
PO Box 747
Atascadero, CA 93423
RE: Irrevocable Letter of Credit No. 1155-AG
Gentlemen,
Ude hereby establish our Irrevocable Letter of Credit No. 1155-AG in your favor, for
the account of Atascadero Highlands, to the extent of Twenty-five thousand and
No/100 Dollars ($25,000.00) , available by your draft(s) at sight, drawn on us
accompanied by the following document:
A signed statement from the City of Atascadero stating that improvements
contracted to be completed by Atascadero Highlands as set forth in
Exhibit "C" to Resolution No. 111-90, were not completed according to the
terms and conditions stated.
All drafts drawn under this Letter of Credit must be marked, "Drawn under Mid-State
Bank, Arroyo Grande, California, Letter of Credit No. 1155-AG dated October 1,
1990."
We hereby engage with you that drafts drawn under and in compliance with the terms
of this Letter of Credit will be duly honored if drawn and presented to us on or
before April 30, 1991.
This Letter of Credit is subject to the "Uniform Customs and Practices for
Documentary Credit", 1983 Revision, International Chamber of Commerce Publication
No. 400.
MID-STATE BANK
W. L. Kennedy
Asst. Vice-President
Asst. Manager
DEFERRED IMPROVEMENT AGREEMENT
This agreement, dated 10-04-90 is by and between the City
of Atascadero, California, a municipal corporation, hereafter
"City" and Bill Barnes, representating Atascadero Highlands, here-
after "Developer" .
RECITALS
WHEREAS, the City' s Public Works Director entered into certain
"Road Improvement Agreements" in 1983 and 1986 with the Developer;
WHEREAS, the City and the Developer agree as to the remaining
improvements to be constructed pursuant to these agreements;
WHEREAS, the City has adopted Resolution No. 111-90 , attached
and hereby incorporated herein, on September 11 , 1990;
WHEREAS, Resolution No . 111-90 exempts all subsequent single-
family development applications, including but not limited to
building permits, lot splits, parcel maps , precise plans , subdivi-
sions and resubdivis ions , from current road improvement conditions
and directs staff to condition such approvals on the conditions
contained in the 1983 and 1986 Agreements;
WHEREAS, Resclution No . 111-90 also authorizes City staff to
approve and release the specific plans covered by the 1983 and 1986
agreements when improvements are either completed or secured by an
approved security.
NOW, THEREFORE, in consideration of the approval and release
of the specific plans , the City and Developer agree as follows :
1 . Developer agrees to construct the improvements set forth
in Exhibit "C" to Resolution No. 111-90, attached hereto,
within a period of six months .
2 . Developer shall construct these improvements in accor-
dance with the plans and specifications approved by John
McCarthy, the City' s Consultant Engineer. The parties
agree that any dispute over when said improvements are
completed shall be subject to arbitration according to
the rules of the American Arbitration Association.
3 . The Developer agrees to perform said work at his sole
cost and expense and hereby agrees to furnish an improve-
ment security in the amount of $25,000.00
guaranteeing that they will faithfully and properly per-
form the construction required by this Agreement and
hereby securing payment for labor materials; and that the
securities and said bonds shall be of a corporate surety
which must be satisfactory to the City Attorney and, said
bond properly executed, must be filed with the City on
the date this Agreement is executed. The City agrees
that when the improvements are completed it shall prompt-
ly authorize the release of said surety and execute any
and all documents necessary to accomplish said release .
1
Deferred Improvement Agreement
City of Atascadero/Bill Barnes (Atascadero Highlands)
4 . The City shall approve and release the specific plans
subject to the 1983 and 1986 Agreements either when these
improvements are complete or when an appropriate security
is received. From the date of adoption of Resolution No .
111-90 forward, single-family residential development
applications for individual lots for property affected
by Resolution No. 111-90 shall be exempt from current
road improvement standards and conditions and shall be
subject only to such conditions as were set out in the
1983 and 1986 Agreements and agreed to in Exhibit "C" to
Resolution No. 111-90 . No additional conditions shall
be imposed for a period of two years from the date of
/'' this Agreement. Additional conditions may only be ap-
proved with the consent of the City Council .
IN WITNESS WHEREOF, the City has caused its seal to be
hereunto affixed by its Officers thereunto duly authorized, and
Developer has set their hands the day and year first above written.
ATTEST: DEVELOPER:
y'
LE~' DAY A, Ciff Clerk BILL BARNES
APPROVED BY: CITY:
ARTHER R. MON AND Ci ttorney ROBERT LILLEY ayor
2
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ADMINISTRATION BUILDING
5500 PALMA AVENUE
ATASCADERO.CALIFORNIA 93422
DATE: 10/8/90
TO: Mr. Bill Barnes, Atascadero Highland
FROM: Cindy Wilkfr(9/,r"City Manager's Office
SUBJECT: Deferred Improvement Agreement, dated 10/4/90
Enclosed, for your files, is an original signed copy of
the above document.
ATAS-002