HomeMy WebLinkAboutAGENDA REPORT 2008 0220 CC REG ITEM 10MMOORPARK CITY COUNCIL
AGENDA REPORT
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TO: Honorable City Council
FROM: David A. Bobardt, Planning Director _
Prepared by Joseph R. Vacca, Principal Plan r
DATE: February 12, 2008 (CC Meeting of 02/20/08)
SUBJECT: Status Report on Transfer of Ownership of Meridian Hills
Development Project; Tracts 5187-1&2 and 5405 from William Lyon
Homes to Resmark Equity Partners, LLC
BACKGROUND
On January 10, 2008, a representative of William Lyon Homes verbally informed City
staff that their company's interests in the unbuilt portions of the Meridian Hills project
(approximately 183 lots in Tract 5187 and 17 lots in Tract 5405) had been completely
transferred to Resmark LLC. This transaction took place in violation of the terms of the
Development Agreement for this project, which requires City Council approval of an
amendment to the Implementation Plan to address the responsibilities of a new owner
prior to the transfer of ownership. Staff has directed William Lyon Homes to correct
their default on the terms of the Development Agreement and has directed them to
submit a formal application to the City seeking approval of an amendment to the
Implementation Plan. The following report provides a status update on this matter.
DISCUSSION
Staff has had initial conversations with representatives from William Lyon Homes and
Resmark Equity Partners, LLC to discuss the process of resolving the default on the
Development Agreement. Resmark Equity Partners, LLC indicated at this meeting that
they do not expect to be developing the remaining lots for at least two years. Since the
transfer of ownership has already occurred, Resmark LLC will be required to update the
implementation plan for the project and the revised implementation plan must be
reviewed and approved by the City Council before it is adopted. In order to ensure that
the area is safe, functional, and livable for the residents of the 65 homes, staff is
compiling a list of items to be immediately completed by William Lyon Homes /Resmark.
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Honorable City Council
February 20, 2008
Page 2
The list will include the following items at a minimum:
final paving cap on all streets with occupied homes
completion of the public multi -use trail
completion of the tennis / basketball court internal recreation facility
completion of improvements to the Peters' driveway
security fencing around the remaining phases
landscaping enhancements of areas visible from public rights of way
dust and soil erosion control for the remaining phases
The City Council will be considering an amendment
future meeting. A courtesy notice of this meeting will I
Tract 5187. Staff will attend the next Homeowner's
neighborhood concerns and answer questions on the
the Implementation Plan.
FISCAL IMPACT
None.
STAFF RECOMMENDATION
Receive and file.
to the Implementation Plan at a
)e provided to all homeowners in
Association meeting to hear the
City's role in the amendment to
\ \mor_pri_sery \City Share \Community Development \DEV PMTS \R P D \1999 -02 William Lyon (WestPointe) \agenda rpts \cc status
report on transfer of ownership 080220.doc
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