COUNCIL COMMUNICATION
TO: Honorable Mayor and Council
FROM: Kelly Garry, City Attorney
SUBJECT:Title
Approve Notice of Termination of Development Agreement as Against Parcels A, B, and C-1, Grand Island Estates (Kelly Garry)
Body
FUNDING SOURCE:
N/A
PURPOSE:
To approve a Notice of Termination of Development Agreement for certain parcels in the Grand Island Estates development.
BACKGROUND:
In 1996, Lake Havasu City and MCO Properties entered into a Development Agreement for the development known as Grand Island Estates, which was supplemented in 1998 by a Supplementary Development Agreement (collectively, “Development Agreement”).
Since that time, the development was sold to various developers. Some parcels are approaching full development, while others remain untouched.
According to its terms, the Development Agreement as a whole automatically terminates on May 19, 2028, or on May 19, 2013, as to any portion of the property in which a developer/owner fails to obtain a permit for development of any improvements by May 19, 2013. It also automatically terminates as to any lot which has been fully subdivided and individually (not bulk) sold or leased, or sold to the end purchaser or user.
The owner of Parcels A, B, and C-1, the western tip of Grand Island Estates, requests the City to execute the proposed Notice of Termination as to his three parcels. The owner and City staff agree, that the Development Agreement has terminated as explained above as to Parcels A, B, and C-1. The owner wishes to record a Notice of Termination as to these three parcels to formally acknowledge the understanding of the parties.
Grand Island Estates is a planned development zoning district. This action in no way affects the planned development zoning related to Grand Island Estates or the three parcels.
COMMUNITY IMPACT:
Providing clarification in a complex development issue.
FISCAL IMPACT:
N/A
ATTACHMENTS:
Notice of Termination of Development Agreement
Grand Island Estates Images
SUGGESTED MOTION:Recommended Action
I move to approve the Notice of Termination of Development Agreement as Against Parcels A, B, C-1, Grand Island Estates.