HomeMy WebLinkAboutAGENDA REPORT 2004 1103 CC REG ITEM 10DDO
CITY OF MOORPARK, CALIFORNIA
City Council Mooting
Of // -19 -0700
Al-
ACTION:
MOORPARK CITY COUNCIL _
AGENDA REPORT BY:�,�
To: Honorable City Council
From: Nancy Burns, Senior Management Analyst
Date: October 26, 2004 (CC Meeting of November 3, 2004)
Subject: Consider Amendment to Purchase and Sale Agreement with
Moondance- Moorpark L.P.
BACKGROUND
A Purchase and Sale Agreement was executed August 9, 2004,
between Moondance-Moorpark L.P. and the City to provide for the
City to purchase the three (3) affordable units being developed
in the Moondance project, in the event that low and very low
income buyers were not identified by the time the affordable
units were ready for occupancy.
DISCUSSION
The units are ready for occupancy and buyer
for the affordable units. Prior to opening
the Purchase Documents (Promissory Note,
Resale /Refinance Restriction Agreement and
need to be finalized. These revisions are
ongoing affordability of the units.
-s have been selected
escrow, revisions to
Deed of Trust, and
Option to Purchase)
being made to assure
To compensate the developer for costs of maintaining and
insuring these units during this interim period before they are
sold, an amendment to the Purchase and Sale Agreement has been
prepared to identify the costs of property taxes, interest on
construction loan, gardening service, utilities, and final
clean -up. This will enable the City to reimburse the developer
for these costs, and will allow for the transfer of ownership of
the affordable units to occur prior to December 31, 2004,
directly from the developer to the Low or Very Low Income buyer.
1) `)00 ?4
Honorable City Council
Date 10/26/04
Page 2
STAFF RECOMMENDATION
Approve Amendment to Purchase and Sale Agreement, subject to
final approval by City Manager and City Attorney.
Attachment "A"
ATTACHMENT
A
AMENDMENT TO
PURCHASE AND SALE AGREEMENT
This amendment to the August 9, 2004 Purchase and Sale
Agreement, is made and entered into this 15th day of September,
2004 by and between MOONDANCE - MOORPARK L.P., a California
Corporation (the "DEVELOPER ") and the CITY OF MOORPARK "CITY ").
W I T N E S S E T H
WHEREAS, the DEVELOPER and the CITY entered into a Purchase
and Sale Agreement on August 9, 2004; and
WHEREAS, The Purchase and Sale Agreement provides for the
sale by the DEVELOPER of three dwelling Units to the CITY for an
amount specified in SECTION 2 of Said Agreement on property
owned by the DEVELOPER; and
WHEREAS, The dwelling units have been completed and made
ready for sale by the CITY as of September 15, 2004 on Lots 1,
11 and 25 of Tract 5307; and
WHEREAS, the CITY has yet to provide individual buyers for
said dwelling units and CITY desires that CONTRACTOR continue to
maintain and insure said units until buyers are selected.
NOW, THEREFORE, The parties hereto do agree as follows:
1. SECTION 3 Conditions of Purchase and Sale, shall be amended
to include the payment of certain costs incurred by the
CONTRACTOR to maintain and insure the Dwelling Units until
close of Escrow with CITY - Identified Buyers. Such costs to
accrue on a per day basis beginning September 15, 2004
through and including the date of close of escrow on each
unit as described in Exhibit A to this Amendment. This is
equal to $35.77 per day on each of Lots 1, 11 and 25 plus a
flat fee of $210 per unit.
2. CITY shall pay CONTRACTOR at close of Escrow.
3. CITY agrees to purchase Lots 1, 11 and 25 on or before
December 31, 2004.
4. All other terms and conditions of the original agreement
shall remain in full force and effect.
1)00 0 16
City of Moorpark:
Patrick Hunter, Mayor
ATTEST:
Deborah S. Traffenstedt
City Clerk
Exhibit "A"
Moondance- Moorpark, L.P.
Colmer Construction, G.P.
Wayne Colmer, President
()11)kI) Ij!'`i1
2.2 j 2, 1'
2 Shea
' 2w Sews
Ga;ac2 Sec §c
i L
689 02 $
225&202 § 6230.0)_&_
Fm i pe 4,a
Re- h.,.);-jse ,--,,)nln
J 0. C ti, S
12.00 s
cA@ re-c»ac $
on
1' homes c),)sa by Octobers: added costs tota;
taJ
2»66
3-3 3 T
Q.4 0
6,412 50
Per House
x
7S(
c 450 00
13&09
$ 81200
S 4 ,260.00
6,412 50