Title
Amendment 2 to the Purchase, Sale and Development Agreement with LAH Investors, LLC ("The Hill")
Recommended Action
I move that Council approve Amendment 2 to PURCHASE, SALE AND DEVELOPMENT AGREEMENT FOR REAL PROPERTY LOCATED IN THE INCORPORATED COUNTY OF LOS ALAMOS COMMONLY REFERRED TO AS A-13-2 AND A-12 SITES, with LAH Investors
County Manager's Recommendation
The County Manager recommends that Council approve the contract amendment as presented.
Body
In January of 2018 Los Alamos County Council unanimously approved the Purchase Sales and Development Agreement with LAH Investors to purchase and develop a 149-unit apartment complex on parcels A-13 and A-12 (the old LASO site off of Finch Street, map attached). Currently the Closing Date is scheduled for 10/30/19. Delays in the road and intersection engineering and design have occurred, due to both County and NMDOT approval processes(since the design decisions regarding Trinity Drive require NMDOT review and approval). In order to Close and start construction on The Hill apartments, the HUD lender must be provided with the (complete) construction drawings, construction pricing and a Building Permit. The current schedule reviewed now estimates that it will take the engineering and design consultants until mid-December to complete their plans and get final MNDOT approvals. The schedule shows that in order to complete the process of getting full construction drawings, pricing and Building Permit (required by the HUD Lender), the Due Diligence closing date, with then the purchase of the land immediately following, would occur on 4/23/20. Construction is scheduled to start immediately after Closing.
Part of the PSDA required that LAH Investors secure their financing prior to closing. LAH Investors have not been able to get HUD to approve their financing yet. LAH Investors has requested an extension of the Due Diligence Period based upon the reasons stated above. LAH Investors has already obtained Sit...
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