HomeMy WebLinkAboutBEAUCAIRE TREATMENT CENTER - PDP - 4-03 - CORRESPONDENCE - (10)Beaucaire Closing Letter
August 11, 2003 Page 2
FOR CLOSING;
1) I'm assuming that the seller will be at the closing.
He needs to sign a "Voluntary Sale" letter at or before closing. We will bring it.
2) 1 will be bringing the Promissory Note, Deed of Trust and Deed Restrictions to closing for
signatures
3) The following people need to be at closing
• Yourself
• Your Board President (I need your Board President's name in advance for the
documents)
4) We will need to have a final settlement sheet using a HUD-1 form
5) We need to have a fresh round of census sheets for clients who are residing at 302 Cherry
Street as of the closing date. We cannot release funds at closing without these census
sheets.
LEGAL AGREEMENTS TO REMEMBER:
1) This is a due -on -sale, 0% interest loan.
2) The property needs to stay affordable for 20 years.
3) You may not rent the property out. You need to either be actively doing business there, or
you need to sell it.
4) This list is not all-inclusive, but highlights some of the main items from the legal
documents.
Please remember that you have until September 30, 2003 to complete a successful property
purchase transaction. Thanks for continuing to keep us informed in a timely fashion as things
are moving toward closing.
Sincerely,
ROW
Heidi Phelps, Administrator
CDBG/HOME Programs
City of Fort Collins
Staff Liaison to Beaucaire
CC: Matthew Henkel, Commercial Loan Officer, First National Bank
Bob Barkeen, Current Planning Department, City of Fort Collins
Ruthanne Kastner, Neighborhood Resources Office, City of Fort Collins
Project File
G " "
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Commtn. ! Planning and Environmental Se. _ces
Advance Planning Department
City of Fort Collins
August 11, 2003
Lynette McClain, Executive Director
Beaucaire Youth Services
406 N. College Avenue
Fort Collins, CO 80524
via CERTIFIED MAIL: RETURN RECEIPT REQUESTED
RE: Due Diligence and Items for Closing on 302 Cherry Street Property Purchase
Dear Lynette:
We're glad to see First National come alongside as the primary financing partner for
Beaucaire's 302 Cherry Street residential treatment center project. It's my understanding that .
you have been working with Matt Henkel as your Loan Officer. We have also established
contact with Mr. Henkel, since there is some information that First National needs to provide
the City.
There are some "next steps" and due diligence that need to happen in order to ensure a
successful closing.
First National has agreed to provide the following by TWO WEEKS before closing:
1) copy of "as -if -built" appraisal
2) financial analysis for loan
3) notification of closing date, place, time and title company
The City is agreeing to the following:
1) subordinate to second position on the mortgages (the City will hold the Second Deed of
Trust)
Beaucaire needs to provide the City with:
TWO WEEKS before closing --
1) a memo requesting the amount of CDBG funds. Items in the memo need to include: a)
amount requested ($35,200*); b) place, date and time of closing; and c) statement of intent
to purchase property at 302 Cherry Street
2) a copy of a current contract to purchase the property (we do not have on file)
3) a prelimina�a settlement sheet (the title company will squawk. at this, but we need it to
submit to our finance department)
4) a census sheet (template enclosed) for each client residing at 302 Cherry
* $400 was already spent on the environmental, so only $35,200 remains on the grant
281 North College Avenue • P.O. Box 580 • Fort Collins, CO 80522-0580 • (970) 221-6376
FAX (970) 224-6111 • TDD (970) 224-6002 • E-mail: aplanning@fcgov.com