Laserfiche WebLink
<br />..~---..".;.;. <br /> <br />BEST COpy <br /> <br />"~ <br /> <br />..~.~~.l.'~~ <br /> <br />\ <br /> <br />.:':._- t,~_ .'.:'-,.. , <br />"..Thi X- Y Ranch properties acquired by LA WMA to date include approximately 4,600 acres of <br />-land. The Division of Wildlife and others have expressed an interest in acquiring about 3,300 . <br />. acres. LA WMA would like to offer the remaining 1,300 acres for sale at auction on or about <br />June 7 of this year. Attached is a draft auction notice. <br /> <br />LAWMA is requesting a partial release of the deed of trust and that the entire proceeds from <br />the sale be placed in an interest-bear...ng escrow account to serve as substitute collateral for t.1.e <br />. lands sold. Please see the attached letter of April 25 from Ameiia Vlhiting of Moses, <br />Wittemeyer, Harrison and Woodruff, the attorneys for LA WMA. <br /> <br />Tne 1,300 acres, more or less, to be sold at auction comprise the approximate lower one third <br />of the lands within the boundaries of the X- Y Ranch and are shewn on the attached man as <br />~ <br />, the South Ranch. About 300 aot<n. of the South Ranch have historically been irrigated with <br />X-V Canal water and "\-veIls. LA\\l}.1A's augmentation program proposes that these lands be <br />dried up and that the use..p:e.X- Y Canal water and well water be discontinued. <br />. . ~:~ .. _ .' f:.~_ . r . <br /> <br />RECOrvlivfEl.:.mATIONi,,',-, " <br />~;r ;;..c....:;.,..: ,', ,'.; ;~'. . <br /> <br />Staffrecommends.thattheBoard approve apartial release of the deed of trust for the <br />approximately 1,300 acres of land as described above and as shown on the attached map so <br />that the lands may be sold at auction on or about June 7, 1996 by LA WMA. Staff further <br />recommends that the partial release of the deed of trust be subject to the folloWing ,conditions <br />to be added by amendment to LA WMA's existing loan contract: . <br />i.fl'-;.;~-f ~;!.~~''H-.y':''J-''''';-'''''. I' .~, ':3- "I' ,t- " \ <br />.................~.. .~~.I_'I.....l...-r..J.I)...~... f{~ I ",!\._ \[~ '...~.. :,--1' .~_, :'~""t"~"lI'~~"""'''''';'"1~~.,' , . (':~ '.:.::.."_ __~ ~ '.., <br /> <br />~,~!(1) It\ll::proc&as,troiii~die isaie,~f.ilie"i~ds:~h~ljO; ~ pl~'~ an:~t~~~~beari~g :escrow.;: ,i <br />a~iinr:to::s~e'jasra)~rtio!lYofjthecOllateiil1f'on LA WMA's ;existip& ConsttiIction:6i , . <br />Fuiid/lo'iib.:uITi.rr ~rfT .Ui8i?alK~ftt,~~t/'. ~}d;' fiJ'!::Hf/-i!V+~:' ,'~ ,~",i(~(.:'if'J'::;" <br />n.i 1{)rrt5\~~O{) :3.dJ "c-J IJ:;}ngi~_: Gtrt! f.L~j~~~.~.;~!r -i-::',.~:~} ...~)q fj? ;--r; '/-;' ~. ;.;. . _ _', . .._~. _ , <br /> <br />(2) All interest earned in the escrow account shall be applied to the repayment of ,.' ,- <br />_~ LAWMA's..exi~g ~onstruction Fund ioan. <br />;:.'rE J ~ f QQ.~10f:!1.Jf:.r~"(i~)' :ir.r.;~ f1"1(/It :'j~) ~ }. l.~r,:'} ;,' ..: ~~: EI ~)d ~:~"f(.' i'f: ....... i ': ,-: ' . . \.'. . ,.' ,. : ..-'. J. -'i ':. . . <br />(3)"If$ee.'years:afterthe:sa1e:oftheland,LAWMA has not used th.e monies in the ' <br />,1 dscrow'accounttopurchase additional water rights for use in the Association's <br />, augmentation program C"'vvith the approval of the Board) tnen all monies in the escrow <br />, acCoUnt shall be applied to LA WMA's existing Construction Fund loan~ <br /> <br /> <br />(4) The lands to be sold at auction on or about June 7, 1996 and to be iIlcluded in the <br />partial release of the deed of trust must be sold at no less than fair market value. <br /> <br />(5) All 'conveyances of hnds sold under tills ~rrangement shall include covena'1ts <br />prohibiting use of X- Y Canal water and of those X- Y Ranch wells purchased by <br />LA WMA and further requiring compliance with any applicable revegetation <br />requirements. <br /> <br />cc: William Grasmick, LA WMA <br />Don Higbee, LA \VWA <br />Linda Bassi, AG's Office <br />Amelia Whiting, Moses, Wittemeyer, Harrison and Woodruff <br /> <br />Attachments <br /> <br />l?h n,~v <br />