Title
Amendment 5 to the Purchase, Sale and Development Agreement with LAH Investors, LLC ("The Hill")
Recommended Action
I move that Council approve Amendment 5 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 approved the Purchase Sales and Development Agreement (PSDA) with LAH Investors to purchase and develop a 149-unit apartment complex on parcels A-13-2 and A-12 (the old LASO site off of Finch Street, maps attached). Amendment 1 was an execution of an extension considered within the original agreement and was executed by the County Manager in April 2019. Council approved Amendment 2 to this agreement on October 29, 2019, Amendment 3 was approved on May 5, 2020 and Amendment 4 was approved by Council on July 14, 2020. Amendments 1, 2, 3 and 4 are attached for reference.
This item is to consider approval of Amendment 5 to the PDSA. This proposed amendment would extend the closing and completion dates of the project by 120 days. The buyer will be providing an additional non-refundable $25,000 in Earnest Money towards the property sale price as part of this Amendment. The buyer is requesting this extension due to delays they have experienced in finalizing the project FHA financing due to the impact of COVID 19 and a backlog of loan applications nationwide. A copy of a recent letter from LAH's financing partner is included as Attachment B to further explain this issue.
Fiscal and Staff Impact/Planned Item
There is minimal staff and fiscal impact associated with this amendment.
Attachments
A - Amendment No. 5 to Purchase Sale Agreement_FINAL
B - The Hill FHA Residential Loan Update
C - Original PSDA LAC and LAH Investors fully executed
D - Amendment No. 1 to Purchase Sale Agreement
E - Amendment No. 2 to Purchase Sale Agreement
F - Amendment No. 3 to Purchase Sale Agreement
G - Amendment No. 4 to Purchase Sale Agreement
H - The Hill Apartments Site Plan
I - The Hill Residential Rendering