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Home My WebLink AboutAGENDA REPORT 2003 0702 CC REG ITEM 10CITEM o . C. __Ty r� .x. C,�T, , -,W�IA MOORPARK CITY COUNCIL AGENDA REPORT TO: The Honorable City Council FROM: Hugh R. Riley, Assistant City Mana DATE: June 23, 2003 (CC Meeting of July 2, 2003) SUBJECT: Consider First Amendment to Regulatory Agreement for Vintage Crest Senior Apartments, L.P. Modifying Legal Description of the Project Site. DISCUSSION On July 10, 2002 the City Council adopted Resolution 2002 -1989 approving Residential Planned Development Permit No. 2002 -02 for the construction of a 190 -unit senior apartment project on a 9.48 acre site on Park Crest Lane at Park Lane. On November 20, 2002 the City Council authorized the issuance of bonds to provide financing for the project (Vintage Crest Senior Apartments). One of the Approval Conditions for the project required the project developer, USA Properties, to dedicate a certain portion of the site to the Ventura County Flood Control District for the Arroyo Simi Flood Control Channel. In order for USA Properties to make the required dedication the original project property description needs to be modified. The Regulatory Agreement for the project approved by the City Council and recorded on December 13, 2002 includes the property description. Therefore the Agreement must be amended to reflect the modified property description. STAFF RECOMMENDATION Approve First Amendment to Regulatory Agreement for Vintage Crest Senior Apartments, L.P. and Authorize the City Manager to Honorable City Council June 23, 2003 Page 2 sign the Amendment subject to final language approval by the City Manager and the City Attorney Attachment: First Amendment to Regulatory Agreement Recording Requested By And When Recorded, Mail To: USA Properties Fund, Inc. Attn.: Katherine Klein 2440 Professional Drive Roseville, CA 95661 Space Above This Line For Recorder's Use FIRST AMENDMENT TO REGULATORY AGREEMENT AND DECLARATION OF COVENANTS THIS FIRST AMENDMENT ( "First Amendment ") to that certain Regulatory Agreement and Declaration of Restrictive Covenants, dated December 1, 2002 (the "Regulatory Agreement "), by and among the CITY OF MOORPARK, a municipal corporation organized and existing under the laws of the State of California ( "Issuer "), U.S. BANK NATIONAL ASSOCIATION, a national banking association, organized and existing under the laws of the United States of America ( "Bondowner Representative ") and VINTAGE CREST SENIOR APARTMENTS, L.P., a California limited partnership ( "Borrower ") is entered into as of this _ day of June, 2003. RECITALS A. The parties entered into the Regulatory Agreement, which was recorded with the County Recorder of Ventura County on December 13, 2002, as document number 2002 - 316796 -00, as part of the financing for Borrower's acquisition and construction of a senior housing Project, commonly known as Vintage Crest Senior Apartments, located in the City Moorpark, County of Ventura, State of California. Exhibit "A" to the Regulatory Agreement contains a legal description of the land on which Borrower was to construct the Project. B. Among the conditions imposed by the Issuer for the development of the Project is that Borrower convey to the Ventura County Watershed District (now known as the Ventura County Watershed Protection District) ( "District ") a portion of the land owned by Borrower described on Exhibit "A" to the Regulatory Agreement, which portion is legally described on Exhibit "1" to this First Amendment (the "Watershed Area "). The plans, specifications and building permits for the Project provide that none of the improvements constituting the Project will be constructed on the Watershed Area. C. Section 12 of the Regulatory Agreement provides, in pertinent part, that Borrower may not transfer or convey any portion of the Project, without the prior written consent of the Issuer. D. The parties wish to amend the Regulatory Agreement to confirm the Issuer's consent to the conveyance of the Watershed Area to the District and document C ra .C� el-.4 " [10744.21/0056] v 6'.0—e- r the revised legal description of the land on which the Project will be constructed, following such conveyance. IN CONSIDERATION of the premises and other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. Consent to Conveyance. The Issuer hereby confirms its consent to the conveyance of the Watershed Area to the District as required by condition A.44 of Resolution No. 2002 -1989 of the City Council of the Issuer approving Residential Planned Development Permit No. 2002 -02. 2. Revised Legal Description. The legal description of the land on which the Project shall be constructed, following the conveyance of the Watershed Area to the District, which shall replace and supersede that contained in Exhibit "A" to the Regulatory Agreement is attached hereto as Exhibit "2." 3. Opinion of Bond Counsel. Issuer has received an opinion of Bond Counsel to the effect that this First Amendment will have not have an adverse effect on the Tax- Exempt status of the interest on the Bonds. 4. Defined Terms. Unless the context otherwise requires, all capitalized terms used in this First Amendment shall have the definitions provided for in the Regulatory Agreement. 5. Regulatory Agreement Otherwise Unchanged. Except as amended by this First Amendment, all terms and conditions of the Regulatory Agreement shall remain in full force and effect. 6. Counterparts. This First Amendment may be simultaneously executed in multiple counterparts, all of which shall constitute one and the same instrument, and each of which shall be deemed to be an original. -2- IN WITNESS WHEREOF, the parties, by their duly authorized representatives, have executed this First Amendment as of the date first written above. CITY OF MOORPARK STEVEN KUENY, City Manager U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Bondowner Representative JENNIFER A. BARNES Vice President VINTAGE CREST SENIOR APARTMENTS, L.P., a California limited partnership By: USA Vintage Crest, Inc., a California corporation Its: Administrative General Partner GEOFFREY C. BROWN, President By: Riverside Charitable Corporation, a California nonprofit corporation Its: Managing General Partner IN KENNETH S. ROBERTSON, Chairman of the Board -3- LEGAL DESCRIPTION of WATERSHED AREA A portion of Lot "L" of Tract "L" of the Rancho Simi, County of Ventura, State of California, as per Map recorded in Book 5, Page 5, of Maps and Parcel B of Parcel Map No. 5316, in the City of Moorpark, County of Ventura, State of California, as shown on a Parcel Map recorded in Book 60, Page 87, of Parcel Maps, in the office of the County Recorder of said county, shown as Parcel 1 on the Lot Line Adjustment No. 2002 -05 recorded October 24, 2002, as Instrument No. 2002 - 0259095 -00, Official Records, in the office of the County Recorder of said county. Beginning at the southeast corner of said Lot Line Adjustment; thence, the following numbered courses: 1st: North 66° 00' 24" West, 547.50 feet, along the southerly line of said Lot Line Adjustment, to the southwest corner of said Lot Line Adjustment. 2nd: North 0° 03' 00" West, 213.96 feet, along the westerly line of said Lot Line Adjustment. 3rd: South 68° 34' 26" East, 537.30 feet, along the northerly line of Document No. 98 -15807 of Official Records, recorded February 4, 1998, to a point in the easterly line of said Lot Line Adjustment. 4th: South 00° 03' 00" East, 240.31 feet, along the easterly line to the Point of Beginning. The area of the above - described property is 2.607 acres, more or less. 0 f1h () EXHIBIT "1" � % ; LEGAL DESCRIPTION A portion of Lot "L" of Tract "L" of the Rancho Simi, as per Map recorded in Book 5, Page 5, of Maps and Parcel B of Parcel Map No. 5316, in the City of Moorpark, County of Ventura, State of California, as shown on a Parcel Map recorded in Book 60, Page 87, of Parcel Maps, in the office of the County Recorder of said county, shown as Parcel 1 on the Lot Line Adjustment No. 2002 -05 recorded October 24, 2002, as Instrument No. 2002 - 0259095 -00, Official Records, in the office of the County Recorder of said county; EXCEPTING the following described property which is 2.607 acres, more or less: Beginning at the southeast corner of said Lot Line Adjustment; thence, the following numbered courses: 1st: North 66° 00' 24" West, 547.50 feet, along the southerly line of said Lot Line Adjustment, to the southwest corner of said Lot Line Adjustment. 2nd: North 0° 03' 00" West, 213.96 feet, along the westerly line of said Lot Line Adjustment. 3rd: South 68° 34' 26" East, 537.30 feet, along the northerly line of Document No. 98 -15807 of Official Records, recorded February 4, 1998, to a point in the easterly line of said Lot Line Adjustment. 4th: South 00° 03' 00" East, 240.31 feet, along the easterly line to the Point of Beginning. v Fv� Y' hat EXHIBIT "2"