HomeMy WebLinkAboutELIZABETH STREET APTS - REZONE - 19-99 - CORRESPONDENCE - CORRESPONDENCE-HEARING (4)OCT-21-1999 16:11 KAUFMAN & BROAD
562 2562004 P.04iO4
SELLER fC/ / DATE
Colorado State University earch Foundation
BUYER
DATE
David W. Gough, and/or assigns
ASSIGNEE:
Elizabeth Street Housing Inxestors, L.P., a Colorado Limited Partnership
By: DUE
IBborrah Willard, President, Affordable Housing Alliance II, Inc. (General Partner)
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GCT-21-1999 16:10 KRILFMAN & BROAD
401 West Mulberry
TM IAk Collins, CO 80521
GROUP
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THIS FORM HAS IafPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOUID CONSULT LEGAL AND TAX OR OTHER COUNSEL K10RE SIGNING
AGREEMENT TO AMEND/EXTEND CONTRACT
RE: Cwtrwt dosed February 11. 1999 beawecn
David W. Gough, and/or assigns
(Bu)er) ad
Colorado State University Research Foundation
(Belle),
relating to the sale and purNas of ds following descHbed red estate in the County of timer
Calondo:
TR IN 15-7-69
known as Na.TBO N. Elizabeth St.CO 80524 (Property)
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Buyer and Seller hereby ague to amm l the aforesaid cootrad as Polbws:
1. The dam for dosing and ddimy of dmd b tlwaged to October 29, 1999
2 The dare for fiasishing commitment for title instaatas policy or almo ss of tide b chwgd to n/a
3. The date far delivering possession of Property is cbmpd to n/a
4. The data for approvalof new loan is dmnged to n/a
i. The data (kX lender's coos= to low assumption or trawler of Property is dmnged to n/a
6. Other dares sit forth in said comma shall be ehwrged as follows:
7. Additional amatthnetm: (The mrtgterge of these additional amendments has rot been approved by the Colorado Real ERam Commission)
1.) This contract shall be assigned to Elizabeth Street Housing Investors, LP, a
Colorado Limited Partnership as the Buyer.
2.) Paragraph 2.E. Form of deed shall be changed to Special warranty Deed.
3.) Paragraph 3.6. Cash at Closing.
Cash due at closing shall be $126,000.00, less $10,000.00, received in the form of a
note and redeemed on June 17, 1999, and is being held until closing by Transnation
Title Company.
4.) Paragraph 3: Purchase Price and Terms.
Seller agrees to amend original terms as follows: For balance due Seller,
$504,000.00, Buyer shall execute a promissory note payable to Seller secured by a 1st
Deed of Trust, encumbering the property, using a strict due -on -sale note. The note
shall be paid interest only at the rate of 8 percent per annum with payment
commencing November 29, 1999, payable each month on the first day of each month for a
total of 6 months. The final payment shall be due April 29, 2000. Each payment
shall be in the amount of $3,360.00. If any payment is not received within 5
calendar days after the due date, a late charge of 1.5 percent of such payment shall
be due. Buyer may prepay without a penalty.
5.) Paragraph 21. Additional Provisions. Add:
21.D. Access, improvements and storm drainage: Buyer accepts the drainage plan for
the site as prepared by Ayres and Associates, dated August 30. 1999. Buyer, upon and
as of the date of execution of this agreement to amend the contract dated February
11, 1999. hereby grants Seller, its agents, employees, and others contracted by
Seller, the right to enter upon the property to conduct necessary surveys, soil
engineering tests, and all other such reasonable tests necessary in connection with
the analysis and to construct the storm water drainage improvements as detailed
on Exhibit "A" attached hereto. Seller shall hold Buyer harmless for legal action
arising from said actions.
Final design and costs will be provided to Buyer prior to construction of said
improvements on or before December 31, 1999. Construction of improvements shall be
complete by March 31. 2000. Cost of improvements shall be shared equally between
Buyer and Seller, however, costs to Buyer shall not exceed $22,500.00, as previously
agreed by Buyer, unless Buyer agrees to participate in an additional amount.
5.) Paragraph 11. Date of Closing
The date of closing shall be changed to October 29, 1999.
All other tents and conditions of aid annRst shall remain the samc
r m Perrmee of am form (lose been
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OCT-21-1999 16:09 KAUFMAN & BROAD
562 2562004 P.02/04
WUFMAN.&,BRO
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October 21, 1999
Troy Jones
Current Planning
City of Fort Collins
P.O. Box 580
Fort Collins, CO 80522
Re: Partnership Structure
Elizabeth Street Senior Apartments
Dear Mr_ Jones:
The land will be purchased and owned by a limited partnership, Elizabeth Street Housing
Investors, L.P., pursuant to the attached amended Purchase Agreement (currently in
circulation for signatures). Affordable Housing Alliance 11, Inc. ("AHA"), a 501 (c) (3)
non-profit corporation, is the managing General Partner of the Partnership. Kaufman &
Broad Multi -Housing Group ("KBMH') is the developer of the project on behalf of the
Partnership.
AHA has an established record of promoting community development in the State of
Colorado and will bring favorable financing and local community knowledge and support
to the partnership as its manager. KBMH will provide additional financial capacity and
development expertise to assure the successfW completion of the project on behalf of the
Partnership_
It should be noted that David Gough, of Gough Property Management, is a consultant to
KBMH. He is responsible for locating and securing real estate properties, and applying
for and securing tax credit financing. As such, he first contracted with CSURF for the
Elizabeth Street property. However, he will assign his interests in the property as shown
in the attached Purchase Agreement.
For further information or questions regarding this matter, please don't hesitate to call.
Sinc ely,
Anders.Plett
Project Manager
KAVFMA14 AND BROAD MVITI•MOUSING GROUT. INC.
.110 COLOE.N SNORE SUITE 200 SONC. 2FACM CA 90102-421F TEL S61.2S6.2000 FAY. S61.156.1001