HomeMy WebLinkAboutCD Village at Loch Lomond, BMR MOU Buyout Partial PaymentMarina Village Associates, LLC
1999 Avenue of the Stars, Suite 2850
Los Angeles, CA 90067
(310) 824-7093
VIA E-MAIL
August 14, 2020
Mr. Paul Jensen
Community Development Director
Ethan Guy Principal Analyst
City of San Rafael
1400 Fifth Avenue
San Rafael, CA 94901
Re: Village at Loch Lomond, Below Market Rate (BMR) Memorandum Of
Understanding Buyout Partial Payment
Dear Paul and Ethan,
As discussed with Mr. DiPrima from our organization, the payment language in the
Memorandum of Understanding (MOU), Article I, Section 1. c. and Section 3 discuss the
financial challenges due to the pandemic and COVID-19, which unfortunately MARINA
VILLAGE ASSOCIATES, LLC (MVA) is currently still feeling those effects. The aforementioned
language speaks to timing of the payment as being due 45 days after the lifting of the Stay at
Home Order, but does not address a partial or a full lifting of the Executive Order.
MVA also understand the importance of the City being able to start some of their proposed
supplemental affordable housing projects and potentially obtaining matching funding for these
projects, so as agreed, MVA is agreeing to the following clarification for Article 1, Section 3:
3. The Developer will make a 50% partial payment of $1,843,200.00 ("First Instalment') of
the Buyout Amount to the City within forty-five (45) days following execution by all the
Parties of the First Amendment and or by September 30, 2020 The remaining 50% balance
and or Final Payment of $1,843,200.00 would be made no later than the end of first quarter
of 2021 or by March 31, 2021, irrespective of any future, State of California Executive
Orders from the pandemic.
Along with this agreement, MVA has executed and is enclosing all three documents approved
by City Council:
■ Final Amendment to BMR Agreement.
■ Final MOU Loch Lomond BMR Buyout (with modified Article I, Section 3 language).
■ Final Consolidated Subdivision Improvement Agreement.
MVA understands and acknowledges that the Partial payment does not meet the full
requirements of the BMR buyout agreement, and their ("First Instalment') partial payment will
not be paid back by the City to MVA under any circumstance.
1 Re: Village at Loch Lomond, Below Market Rate (BMR) Memorandum Of
Understanding Buyout Partial Payment
Marina Village Associates, LLC
1999 Avenue of the Stars, Suite 2850
Los Angeles, CA 90067
(310)824-7093
Additionally, MVA understand Recordation of the BMR agreement amendment will only occur
once the full BMR "Buyout Amount" of $3,686,400.00 is received by the City.
These revised terms and clarifications for Article 1, Section 3 are acknowledged and accepted
by both the City and MVA as executed below.
IN WITNESS WHEREOF, the parties have executed this Village at Loch Lomond,
Below Market Rate (BMR) Memorandum of Understanding Buyout Partial Payment
Revised MOU as of the day, month and year first above written.
CITY OF SAN RAFAEL MARINALAGE SOCIATES, LLC
A Delaw limited ability company
By: By:
JIM CHUTZ, Hager
Michael Rosenfeld
Idle:, Manager
ATTEST:
Y.A1i_
AK LINDSAY LARA, City Clerk
APPROVED AS TO FORM.
L a
i
ROBERT F. EPSTEIN, LCity Attorney
2 Re: Village at Loch Lomond, Below Market Rate (BMR) Memorandum Of
Understanding Buyout Partial Payment
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CONTRACT ROUTING FORM
INSTRUCTIONS: Use this cover sheet to circulate all contracts for review and approval in the order shown below.
TO BE COMPLETED BY INITIATING DEPARTMENT PROJECT MANAGER:
Contracting Department: Community Development
Project Manager: Ethan Guy
Extension: x2392
Contractor Name: Woodridge Capital Partners, LLC 8/14/2020 Partial Repayment Letter
Contractor's Contact: Thomas DiPrima
Contact's Email: Thomas@woodridgecapital.com
❑ FPPC: Check if Contractor/Consultant must file Form 700
Step
RESPONSIBLE
DESCRIPTION
COMPLETED
REVIEWER
DEPARTMENT
DATE
Check/Initial
1
Project Manager
a. Email PINS Introductory Notice to Contractor
N/A
❑X
7/30/2020
EBG
b. Email contract (in Word) & attachments to City
❑X
Atty c/o Laraine.Gittens@cityofsanrafael.org
a. Review, revise, and comment on draft agreement
EBG
❑X LG
2
City Attorney
7/30/2020
and return to Project Manager
7/30/2020
❑X LG
b. Confirm insurance requirements, create Job on
(N/A)
PINS, send PINS insurance notice to contractor
3
Project Manager
Forward three (3) originals of final agreement to
❑
contractor for their signature
4
Project Manager
When necessary, * contractor -signed agreement
❑X N/A
agendized for Council approval
*PSA> $75,000; or Purchase > $75,000; or
Or
❑X EBG
Public Works Contract > $175,000
Date of Council approval
PRINT
CONTINUE ROUTING PROCESS WITH HARD COPY
5
Project Manager
Forward signed original agreements to City
8/26/20
Attorney with printed copy of this routing form
EBG
6 City Attorney
Review and approve hard copy of signed
agreement'/2���
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7 City Attorney
Review and approve insurance in PINS, and bonds
(for Public Works Contracts)�Z�r
Agreement executed by Council authorized official
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8
City Manager/ Mayor
9
City Clerk
Attest signatures, retains original agreement and
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forwards copies to Project Manager
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