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Mr. Roush stated the only consequence of being in default would be that the bond rating <br />for Presley would be affected for future bonding. It would not have an impact in terms of the <br />PUD or final map. <br /> <br /> Mayor Tarver asked if there were any speakers on this item. <br /> <br /> Hilde Harper Chan, Director of Project Management for Presley Homes, indicated she <br />had just assumed the coordination of this project. Market conditions only recently recovered to <br />the point that the company feels it can proceed with the project. The company has the financial <br />capability to proceed and it would like to get on with the project. She did not feel that declaring <br />the company in default would accomplish anything. <br /> <br /> Ms. Dennis asked if the project would proceed whether Council extended the subdivision <br />agreement or not. <br /> <br /> Mr. Roush said yes. <br /> <br /> There were no further speakers on this item. <br /> <br /> Ms. Mohr felt the most expeditions way to get the work done on the public improvements <br />is to grant the extension and let them continue. <br /> <br /> It was moved by Ms. Mohr, seconded by Ms. Michelotti, to authorize the City <br />Manager to sign a one year extension of the Subdivision Agreement with the Presley <br />Companies. <br /> <br /> Mr. Tarver did not support this project. The Agreement has been extended twice already <br />and he did not want to continue this. It may not be necessary to find Presley in default, but he <br />was not willing to extend the agreement. <br /> <br /> Ms. Michelotti said this will not stop the development, it just means the bonding <br />company would take over the development. <br /> <br /> Mr. Lum explained the bonding would insure completion of improvements and seek <br />assurance from the developer that it could complete the project. If the developer is able to finish <br />the project, the bonding company would allow that to occur. <br /> <br /> Mr. Tarver felt there was a principle involved. He is frustrated that Council cannot <br />require developers to build their projects on time. Nothing Council does seems to mean <br />anything. <br /> <br /> Ms. Dennis was not a fan of the project, but the subdivision agreement does not seem <br />to have anything to do with the project. It has more to do with the street improvements. <br /> <br /> 09/17/96 <br /> -20- <br /> <br /> <br />