HomeMy WebLinkAboutAGENDA REPORT 2000 0405 CC REG ITEM 10AITEM /0- 4
CITY OF MOORPARK, CALIFORNIA
City council Meeting
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ITEM 10.A.:
Consider Options in Lieu of a Subordination.
Agreement for Assessment District 92 -1 Loan
for Westgate Plaza (DeeWayne Jones).
This item is still being reviewed by the
City Manager and City Attorney. There may
be a written report prior to the April 5
meeting.
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A. DEEWAYNE JONES, D.D.S
FAMILY DENTAL CARE
722 E. MAIN STREET
SANTA PAULA, CALIFORNIA 93060
525 -7464 • 5M-"l
March 24, 2000 05)
Steve Kueny, City Manager
City of Moorpark
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799 Moorpark Avenue ry
Moorpark, California 93021 MAR 2 7 2000
Re: Subordination Agreement - Westgate Plaza. - Moorpark CITE" Cf O F-�,6;R =ti
{ ` ICCIv OF THE= 3<s T !
Dear Mr. Kueny:
Enclosed is my check # 1420 for $1200 to cover the additional legal fees for the
Subordination Agreement.
As we discussed last week the City would be given a 2nd T.D. on my Westgate Plaza
four acre commercial property (APN 511 -0 -141 -130) behind a 1.2 mil 11 T.D. by Standard
Savings. A recent Appraisal of 2.47 million is enclosed,
In addition, the City would hold a 1st T.D. on my 20 acre ranch property, Parcel 1 (APN
500 -0- 240 -165) located in the City of Moorpark, 1.3 miles north of City Hall off of Walnut
Canyon. It is across Walnut Canyon from the Bollinger golf course property.
Enclosed is an Appraisal on an adjacent 20 acres, Parcel 2 (APN 500 -0- 240 -195) which
is part of my forty acre ranch. Both parcels are zoned five acre minimum. The Appraiser is
processing an Appraisal on Parcel 1 (APN 500 -0- 240 -165) which will be ready by Friday. He
feels it should appraise for about 750K.
I'm in escrow to refinance the ranch property which will free up Parcel 1 for the City to
use as additional collateral. That escrow is scheduled to close Friday, March 31, 2000.
We must fund the Standard Savings Loan by Thursday, March 30, 2000 and close Friday,
March 31, 2000. Would the City be able to furnish the Subordination Agreement to escrow by
Thursday morning, March 30? Please call me Monday. And thanks for your help.
Si*rely,
A. DkeWayne Jones, D.D.S.
ADJ:sj
Enclosures
xc: Joe Knight