Letter of credit replaces lien contract for The Groves of San Luis Rey Downs

A lien contract for The Groves of San Luis Rey Downs has been replaced by a letter of credit as the source of security to ensure that the necessary public facilities are constructed for the Bonsall subdivision.

A5-0 San Diego County Board of Supervisors vote March 21 approved the amendment to the Joint Agreement to Improve Subdivision and also approved the release of the joint lien contract and the termination of the joint holding agreement. The supervisors also granted a time extension for the performance completion date, extending the deadline to January 29, 2009.

The project at the southwes...