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 County and Friant Ranch, Limited Partnership (Friant Ranch), for certain 2011 land use approvals relating to Friant Ranch Project: 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 need for Indemnification Agreement, and that the requested termination of the Indemnification Agreement is in the best interest of the public and County; Approve and authorize Chairman to execute Release of Indemnification Agreement (Release); Authorize Director of Public Works and Planning or his designee (Director) to deliver the County-executed Release to Friant Ranch; and If Friant Ranch, under the terms of Release, timely delivers its signed acknowledgement of the County-executed Release to the Department of Public Works and Planning, authorize Director to return directly to 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 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)

Agenda Item Approved Introduced February 25, 2025

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