HomeMy WebLinkAbout28-Public Comments
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August 31, 2001
Via Facsimile Transmission (909) 888-9413
& General Delivery
CENTURY
VINTAGE
HOMES
Gary Van Osdel - Maggie Pacheco
Economic Development Agency
201 N. "E" Street, Suite 301
San Bernardino, California 92401
By Century Crowell
Dear Gary and Maggie:
RE:
EDA Properties
Pursuant to our meeting last week, the following is our proposal to purchase and
develop three residential properties held by the EDA in the City of San Bernardino;
subject to the 20% affordability set-aside:
1. Glazier's - $850,000 all cash at close, with right to assign 55 lots to
G.F.R. Enterprises should they desire to participate. No EDA subsidy
required.
2. 9th and Del Rosa - $1.00 cash. We would develop the property with only
limited MAP assistance. The City may have to approve some smaller lots
on a PRD basis in order to accommodate affordable prices. Other than
the Fee-Deferral program which the City currently offers and conveyance
of the property to Century Crowell at no cost, no other EDA subsidy would
be required.
3. Arrow Vista 38 (37 if well site is taken) - Per July 18th letter to Maggie
Pacheco (copy attached).
All three Durchases are tied toaether (Neither CentuN nor EDA may Dick and choose).
Century Crowell would have the right to assign one or more of these projects (most likely
Glaziers) to a limited liability company in which Century Crowell is the sole Managing
Member. DDA to be negotiated and signed by October 15, 2001. Century Crowell
would have 60 days to determine project feasibility, with close of escrow to occur 60
days thereafter.
We remain interested in the Bice and Foothill Drive properties. However, we would
pursue these separately. Gary, if you're ready to move forward, let's take this to council
for an exclusive right to conclude a DDA by October 15.
Sincerely,
Enfp,-
Cau
rl1/fd/
-fI. ;JK:
CENTURY CROWELL COMMUNITIES, LP
CE TURY HOM~~~~.f'-
o n W. Pavelak, President
by.
re r
:J
1535
;Ierk/COC Se.;y
1/ /I ' S~i~ [;~j iiduirH;
uth 0 Street, Suite 200, San Bernardino, California, 92408, (909) 381-6007, Fax (909) 381-0041
1.800-BUY -CENTURY!, http://www.centuryvintage.com
July 18, 2001
CENTURY
VINTAGE
HOMES
Via Facsimile Transmission (909) 888-9413
& General Delivery
By Century Crowell
Maggi!, Pacheco
Director, Housing and Community Development
Economic Development Agency
201 N. "En Street, Suite 301
San Bernardino, California 92401
RE: Arrow Vista - 38 Lots
Dear Maggie:
Based on the performance of Arrow Vista, and our recent discussions, Century Crowell
proposes to continue the project on the nearby 38 Lots owned by EDA on the follewing
terms and conditions:
1. EDA will convey the 38 . lots to Century, free and clear of all
encumbrarices;- including past due taxes. .
2.
EDA will assign 38 prepaid sewer capacity rights held by EDA to Century
for use on the 38 lots.
~..- . ~
3. EDA will'forgive the note on the Susie Lane House in the approximate
amount of $115,000. The proceeds of saie will 'be usedfcir ongoing
project costs for the 38 lots. .
4. EDA win, forego all distributions of profits from the Arrow Vista 24
($114,000 per pro forma). All such funds will be used to pay project costs.
of the 38 lots. First profits up to $114,000 on the entire 62 unit project as
a whole will be allocated to the EDA, with'any profits above that amount
going to Century. .
5. EDA will allow Century to roll-over any unused MAP assistance from the
24 lots to the 38 lots, it being understood that no further MAP assistance
on the 38 lots is available.
6. Century will pay school fees as a project cost. All other City Fees as
allowed per City Ordinance will be deferred until close of escrow on
completed homes. Century will guaranty payment of such fees.
7. Century will have 120 days to close escrow upon signing by EDA of a
new DDA refiecting the above. Close of escrow is conditioned on:
1535 South "0" Street, Suite 200, San Bernardino, Ghfornia, 92408, (909) 381-6007; Fax~909'5v~~qOO41
1-800-BUY.CENTURYJ, http://w\vw.centuryvintage.com .
a. Approval by City Design Review Committee of the side-yard set-back,
if required.
b. Our continuing ability to puii permits with a lock-in of school fees at
$2.50 per square foot.
c. Securing of new construction loan from Tokai Bank or other lender.
d. City Council approval to proceed with formation of a 1913/1915 Act
Assessment District in the net amount of $7,000 per lot. Century to
obtain such approval or disapprovai within 60 days of opening of
escrow.
8. All of the above is based on the assumption that the project will not have
to be built at prevailing wage as a. "public works" project (except for
improvements financed by the assessment district). Acccrdingly, EDA
will indemnify Century from any prevailing wage claims on the balance of
the project.
Attached for your infonmation is the pro fomna reflecting the above. Please review and
get back with me at your earliest ccnvenience.
Sincerely,
CENTURY CROWELL COMMUNITIES, LP
CENTURY HOMES COMMUNITIES
~r;;::f'
Ernest O. Vincent
Vice President Corporate Legal
2
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