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Regular Agenda Item 3. B.

Regular BOS Meeting

Meeting Date:	10/16/2018
Submitted For:	Mary Springer	Submitted By:	Mary Springer, Finance Director
Department:	Finance

Information

Request/Subject

Authorize the Administration and Finance Departments to instruct Pioneer Title Agency to release remaining funds for the Elk Rim LLC project to the developer per Section 5.2 of the escrow agreement dated February 16, 2018.

Background Information

On February 6, 2018, the Board of Supervisors voted unanimously to approve Planning and Zoning Department Case No. S-17-01, a Final Plat for Elk Rim, Lots 1-18, that was submitted by Terry Gorton on behalf of Javalina Sky LLC to subdivide parcel numbers 301-69-196 and 301-69-197 into 18 lots of the proposed Elk Rim Subdivision located on Lots 1 and 2, Portal Pine Creek Canyon, Unit IV, Tract B, with the following stipulated conditions: 1) A copy of the Portal IV HOA and Elk Rim road maintenance agreement would be provided to the Gila County Manager. 2) No lots shall complete the sales process until the Final Plat map is recorded with the County Recorder. 3) The escrow agent for the financial assurances agreement will be Pioneer Title Agency. On March 13, 2018, the Board of Supervisors voted unanimously to modify Board action taken on February 6, 2018, to approve Planning and Zoning Department Case No. S-17-01 (as stated above) by deleting the condition of requiring a copy of the Portal IV HOA and Elk Rim road maintenance agreement to be provided to the Gila County Manager prior to recording of the Elk Rim Final Plat and that no lot sales to the general public be completed prior to the subdivision improvements being completed and approved by the Gila County Public Works Director rather than after the recordation of the Final Plat. The subdivision improvements have been completed and inspected and approved by Mark Guerena, Gila County Engineer. County Administration and the Finance Department has been working with Public Works engineering, the escrow agent and developer each time a payment request was made. The final release of funds per the escrow agreement Section 5.2 requires the Board of Supervisors authorization to release the remaining funds.

Evaluation

Subdivision improvements were inspected and approved as completed by Gila County Engineer per Section 5.2 of the escrow agreement. Board approval is required to release funds to developer by the escrow agent, Pioneer Title Agency.

Conclusion

All Parties (Gila County; Terry Gorton acting as agent for both Javelina Sky Development LLC and Woodshire at Elk Rim LLC; and Pioneer Title Agency) to the Escrow Agreement recommend release of funds.

Recommendation

Staff recommends the Board of Supervisors approve the release of final funds in the amount of $18,677 by Pioneer Title to Elk Rim, LLC

Suggested Motion

Information/Discussion/Action to approve the release of $18,677 remaining funds by Pioneer Title Agency for the Elk Rim Project per section 5.2 of the escrow agreement. (Mary Springer)

Attachments
Escrow Agreement
Acceptance Letter
Elk Rim Waivers