Amador County – New owners of the Wildflower Subdivision in Ione have asked the Amador Water Agency board of directors for an extension on will-serves, and to look at the possibility of fee credit transfers from the previous ownership group. The AWA board directed its legal counsel to investigate the agreement and determine what the board and the owner can and cannot do with the fee credits, which were awarded to the past owners’ group for building a two million-gallon storage tank that would serve the Wildflower Subdivision. Wildflower Investments LLC (the new owner) requested that it be able to apply the credits for building the storage tank to debts of that new company. AWA General Manager Gene Mancebo said the transfer of credits required that the AWA board “must approve and acknowledge that assignment of credits to the new owner.” Mancebo said the AWA previously has extended conditional will-serves for a certain period, but they would have to pay $1,000 per “Equivalent Dwelling Unit” to make those extensions. He said Wildflower Investments LLC would like to have that extension for the Wildflower Subdivision, and the company wants to use the fee credits to pay for those extensions. Mancebo said that apparently was not allowed in the agreement with AWA for fee credits earned by building the storage tank. He said the agreement with original property owner, Ryland Homes, “has this assign-ability clause,” and the agency does not see that as unreasonable, but “wants to make sure that the paper trail is all correct,” as “part of our due diligence, and our assignment to the attorney.” He said the AWA “board is concerned about money,” and how it “can get more cash flowing.” The extension fee was not anticipated when the agreement was struck with Ryland, he said: “It was kind of a one-time extension, and the fee that our board had come up with if someone wanted to extend it was not in the agreement.” The Ryland agreement, in part, made a provision for extending conditional will-serve commitment for 201 lots in the Ryland property, if final maps for the lots were recorded by 2009. Mancebo said staff recommendations on the issue would likely be back to the board for its September 9th meeting, but it could be pushed back to October. In an engineering staff report, John Griffin recommended that the “board authorize use of fee credits in the amount of $201,000 for extension of the (conditional will-serves).” Griffin said that authorization would “reduce the fee credits to $1,971,563.” Story by Jim Reece This email address is being protected from spambots. You need JavaScript enabled to view it.
Friday, 27 August 2010 06:15
AWA looks into extension, fee credit transfers from Wildflower owners group
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Amador County – New owners of the Wildflower Subdivision in Ione have asked the Amador Water Agency board of directors for an extension on will-serves, and to look at the possibility of fee credit transfers from the previous ownership group. The AWA board directed its legal counsel to investigate the agreement and determine what the board and the owner can and cannot do with the fee credits, which were awarded to the past owners’ group for building a two million-gallon storage tank that would serve the Wildflower Subdivision. Wildflower Investments LLC (the new owner) requested that it be able to apply the credits for building the storage tank to debts of that new company. AWA General Manager Gene Mancebo said the transfer of credits required that the AWA board “must approve and acknowledge that assignment of credits to the new owner.” Mancebo said the AWA previously has extended conditional will-serves for a certain period, but they would have to pay $1,000 per “Equivalent Dwelling Unit” to make those extensions. He said Wildflower Investments LLC would like to have that extension for the Wildflower Subdivision, and the company wants to use the fee credits to pay for those extensions. Mancebo said that apparently was not allowed in the agreement with AWA for fee credits earned by building the storage tank. He said the agreement with original property owner, Ryland Homes, “has this assign-ability clause,” and the agency does not see that as unreasonable, but “wants to make sure that the paper trail is all correct,” as “part of our due diligence, and our assignment to the attorney.” He said the AWA “board is concerned about money,” and how it “can get more cash flowing.” The extension fee was not anticipated when the agreement was struck with Ryland, he said: “It was kind of a one-time extension, and the fee that our board had come up with if someone wanted to extend it was not in the agreement.” The Ryland agreement, in part, made a provision for extending conditional will-serve commitment for 201 lots in the Ryland property, if final maps for the lots were recorded by 2009. Mancebo said staff recommendations on the issue would likely be back to the board for its September 9th meeting, but it could be pushed back to October. In an engineering staff report, John Griffin recommended that the “board authorize use of fee credits in the amount of $201,000 for extension of the (conditional will-serves).” Griffin said that authorization would “reduce the fee credits to $1,971,563.” Story by Jim Reece This email address is being protected from spambots. You need JavaScript enabled to view it.
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