DATE: March 25, 2025
TO: Board of Supervisors
SUBMITTED BY: Steven E. White, Director
Department of Public Works and Planning
SUBJECT: Release of Indemnification Agreement and Financial Security for Friant Ranch Limited Partnership
RECOMMENDED ACTION(S):
TITLE
Consider and approve the following actions related to the requested release of the Indemnification Agreement, dated March 8, 2011 (County Agreement #11-071) (Indemnification Agreement) between the County and Friant Ranch, Limited Partnership (Friant Ranch), for certain 2011 land use approvals relating to the Friant Ranch Project:
1. In reliance upon the Opinion of Applicant's Counsel, dated February 5, 2025, provided by Wagner and Wagner, attorneys for Friant Ranch, determine that the County no longer has the need for the Indemnification Agreement, and that the requested termination of the Indemnification Agreement is in the best interest of the public and the County;
2. Approve and authorize the Chairman to execute the Release of Indemnification Agreement (Release);
3. Authorize the Director of Public Works and Planning or his designee (Director) to deliver the County-executed Release to Friant Ranch; and
4. If Friant Ranch, under the terms of the Release, timely delivers its signed acknowledgement of the County-executed Release to the Department of Public Works and Planning, authorize the Director to return directly to the issuing banks: (A) the $150,000 Irrevocable Letter of Credit, dated March 19, 2019 (No. 200519), issued by Premier Valley Bank to the County as beneficiary (2019 Letter of Credit), as financial security for the Indemnification Agreement; and (B) the $150,000 Irrevocable Letter of Credit, dated January 24, 2024 (No. 200519) issued by Premier Valley Bank, a Division of HTLF Bank Fresno Office, to the County as beneficiary (2024 Letter of Credit).
REPORT
The recommended actions are being brought before your Board to release the Indemnification Agreement to Friant Ranch and retur...
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