HomeMy WebLinkAboutCD Village at Loch Lomond, BMR MOU Buyout Final PaymentMarina Village Associates, LLC
1999 Avenue of the Stars, Suite 2850
Los Angeles, CA 90067
(310) 824-7093
VIA E-MAIL
March 25, 2021
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 Modification Buyout Final Payment
Dear Mr. Jensen,
As discussed with Mr. DiPrima from our organization, the payment language in our executed
Memorandum of Understanding (MOU), Article I, Section 1. c. and Section 3 note the Developer
will make the final payment for the BMR Buyout by March 31, 2021, and as you are aware,
MARINA VILLAGE ASSOCIATES, LLC (MVA) has enter into an agreement with Trumark
Homes to purchase the remaining residential lots within the Village at Loch Lomond, which we
believe will greatly benefit the City and community through an expedited path for completion of
the homes at the Village of Loch Lomond community.
As part of the negotiated Purchase and Sale Agreement, a portion of the final BMR Buyout
payment proceeds, will be paid from the release of deposits per that agreement, which is now
scheduled to be released on or before Friday April 9, 2021, which would then allow for a project
closing between both parties on or before April 28, 2021.
MVA also understands 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, and in no way wants to delay our final payment.
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.
MVA respectfully requests, a small extension of the second and final payment of a few weeks,
and would agree to issue to the City the Final Payment on or before April 16, 2021, and
respectfully requests the City upon receipt of that payment, Record by weeks end, the
agreements, which would then facilitate the required clearing of Title for the remaining 6 BMR
units buyout, and allow the closing of the project to Trumark Homes by the following week April,
24, 2021.
Re: Village at Loch Lomond, Below Market Rate (BMR) Memorandum of
Understanding Modification Buyout Final Payment
Marina Village Associates, LLC
1999 Avenue of the Stars, Suite 2850
Los Angeles, CA 90067
(310) 824-7093
I would like to personally thank you in advance for all your continued help and support with this
project, and with the sale of this community, and with this request.
In agreement of this extension of time for final payment, both Marina Village Associates, LLC
(MVA) and the City of San Rafael (The City) agree to the revised terms and clarification for
Article 1, Section 3, (for a two-week extension) as noted in this letter dated March 25, 2021, and
agree to the changes, which are hereby 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 Buy o al Payment
Revised MOU as of the day, month and year first above written.
CITY OF SAN RAFAEL
am
ATTEST:
r LINDSAY LARA, City Clerk
APPROVED AS TO FORM:
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bL ROBERT F. EPSTEIN, djy Attorney
MARIN VILLA ASSOCIATES, LLC
A Dela are ii ed iiabi ity company
By: — - --
Name: Michael Rosenfeld
Title: Authorized Signatory
2 Re: Village at Loch Lomond, Below Market Rate (BMR) Memorandum of
Understanding Modification Buyout Final 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: Paul Jensen Extension: 415-485-5064
Contractor Name: Marina Village Associates, LLC
Contractor's Contact: Tom DiPrima Contact's Email: thomas@woodridgecapital.com
❑ FPPC: Check if Contractor/Consultant must file Form 700
Step RESPONSIBLE
DEPARTMENT
1 Project Manager
2 1 City Attorney
3 1 Department Director
4 [ Project Manager
5
Project Manager
` PRINT
6 Project Manager
7 City Attorney
8 City Attorney
9 City Manager/ Mayor
10 1 City Clerk
DESCRIPTION
a. Email PINS Introductory Notice to Contractor
b. Email contract (in Word) and attachments to City
Attorney c/o Laraine.Gittens@cityofsanrafael.org
a. Review, revise, and comment on draft agreement
and return to Project Manager
b. Confirm insurance requirements, create Job on
PINS, send PINS insurance notice to contractor
Approval of final agreement form to send to
contractor
Forward three (3) originals of final agreement to
contractor for their signature
When necessary, contractor -signed agreement
agendized for City Council approval *
*City Council approval required for Professional Services
Agreements and purchases of goods and services that exceed
$75,000; and for Public Works Contracts that exceed $175,000
Date of City Council approval
CONTINUE ROUTING PROCESS WITH HARD COPY
Forward signed original agreements to City
Attorney with printed copy of this routing form
Review and approve hard copy of signed
agreement
LMPLETED
DATE
NA
4/5/2021
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enter a date.
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date.
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Or
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Review and approve insurance in PINS, and bonds W-5
`�sj�
(for Public Works Contracts) '7
Agreement executed by City Council authorized �10
official
Attest signatures, retains original agreement and 'A
forwards forwards copies to Project Manager ,
REVIEWER
Check/Initial
❑X
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