Council Grants Extension to One Carter Developers
By Morgan Carpenter
Published: Wednesday, July 29th, 2009
The owners of One Carter, known as CS One Carter LLC, is on their way to completing the improvements required for subdivision – but not quick enough to meet the original deadline. According to municipal code, the developer has the right to request an extension up to one year before the expiration date.The current expiration date is August 22, 2009.
CS One Carter LLC requested an extension of six months to complete the necessary improvements. Brian Sosner, representative for CS One Carter LLC, went before the Sierra Madre City Council at the meeting on July 28 and asked for the six-month extension, which was granted by the city council, though not without certain conditions.
Those conditions include that the applicant (1) executes an assignment and assumption agreement that assumes all obligations of the DIA, (2) makes good on a outstanding payment of $110,000, an amount that was a previously agreed upon, (3) provide updated bonds for faithful performance and labor and materials, and finally that they (4) execute an assignment and assumption of the third party fee reimbursement agreement.
The property at 1 Carter consists of 63 acres. CS One Carter LLC hopes to turn the property into 29 single-family luxury residential lots. The property has been a subject of controversy in recent years over the debate of development in Sierra Madre.
The current owner acquired the property from former owner Dorn-Platz after Dorn-Platz went into bankruptcy in December of 2008.
By Morgan Carpenter
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