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HomeMy WebLinkAboutItem # 11 Supplemental Vested Tentative Tract Map Fact SheetVested Tentative Tract Map (VTTM) 28214 Frequently Asked Questions What is VTTM 28214? VTTM 28214 is a subdivision map that was originally approved by the City in 2004. This map is located in the Alberhill Ranch community and the project is comprised of 913 single-family lots, two multi-family residential lots, 5 private parks and a public park – with 428 lots and one multi- family residential left to be built. Castle & Cooke recorded phased final maps for their Alberhill Ranch development in 2004, 2005, 2006. What are vested rights under the Subdivision Map Act? Why are they important to developers? The vested rights doctrine generally refers to the notion that a land use application (e.g., a tract map application), once conditioned under the land use statutes and ordinances in effect at the time of the application's submission, will not be altered or modified. This “freeze” is important to developers and builders as it maintains competitive value in the marketplace and provides certainty to both the owner and the approving City. Why do developers extend maps? As housing development is solely dependent upon the economy and the housing market, developers often look to Cities to extend the vesting of their maps during an economic downturn until the demand for housing has picked back up. Has VTTM 28214 been extended before? Yes, the map was extended numerous times due to legislation. The map was first extended under the Subdivision Map Act, due to the recordation of several final maps and an obligation for offsite improvements. After the passage of various state Assembly and Senate bills during the recession, VTTM 28214 was extended to January 13, 2016. Why is Castle & Cooke looking to extend VTTM 28214 now? While it has always been Castle & Cooke’s objective to see that Alberhill Ranch be fully developed, economic downturns in recent years have slowed the housing market both in Lake Elsinore and throughout the county. In preparation of housing demand returning, Castle & Cooke spent significant dollars over the last 10 years on designing, securing ongoing entitlements and constructing infrastructure facilities for the benefit of VTTM 28214 and the community. Castle & Cooke has invested this money with the understanding from the City that they would be able to move forward in order to provide the growing need of rooftops in the Alberhill area. What are the benefits of extending this map for the residents of Alberhill? The extension of VTTM 28214 will allow development of homes in Alberhill Ranch to continue. A few of the benefits to residents in Alberhill include:  Lowers Alberhill HOA dues by an average of $30 a month – that’s a savings of $360 a year per family!  Secures future neighborhood infrastructure improvements, as many improvements are tied to a specific threshold of homes that will not be built if this map does not move forward.  Supports the planned Alberhill Ranch Elementary School, so that it can be built and open as soon as possible.