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Neighborhood Forum on Tuesday night, April 22 from 7:00 - 8:00pm at the Capital Senior Center
Developers and Future Five fans may think the development at the former Kenny's site is a done deal, but some community leaders are hoping to to have their voice heard this Tuesday evening.
E-mail sent to those who signed a petition to the proposed development:
"Neighbors and Friends,
The contract between the City and a private developer for the Kenny’s project in Five Points is now posted.* The final vote by the City on this project will be taken at the next City Council meeting (May 7).
If Council votes yes, $5,800,000 of public funds will be used to add two floors of metered parking spaces to the project, creating a 6-story high rise.** The 200 metered spaces will cost the City $29,000 per parking space. The new District 3 Council member-elect has asked City Council to defer their vote on the contract so that she can participate in this decision.***
There will be (1650 Park Circle) with Mayor Bob Coble, Tameika Isaac Devine, and Daniel Rickenmann. This is a community issue that affects everyone and it is critical that our citywide elected officials hear our concerns.
We are gathering names of those that wish to speak or have their comments read. Just hit "reply" and send us the person's name and topic they would like to raise or comment you would like to have us read. There will also be cards at the door for requests to speak or to write questions or comments.
Whether or not you speak, it is critical that you come. The meeting will be informative and interactive. Please mark your calendars and plan to attend.
Andrew Marion"
RELATED NEWS: PUBLIC OPINION SPLIT ON FUTURE FIVE DEVELOPMENT
Actual contract off of City of Columbia Web site:
CONTRACT OF SALE
Agreement made as of the _____ day of _____________, 2008, between CITY OF COLUMBIA ("Purchaser") and WASHINGTON SQUARE, LLC ("Developer").
RECITAL: Developer intends to develop a multi-level mixed use condominium project in Five Points, Columbia, SC, which shall include a vehicle parking deck on the second and third levels. Purchaser has agreed to purchase the parking deck and to make the progress payments in connection with the construction thereof provided that it is secured. Developer has agreed to dedicate the Project to a horizontal property regime and the parking deck shall constitute a condominium unit which shall be conveyed to Purchaser upon completion of construction.
1. DEFINITIONS. As used herein the following terms shall have the following meanings:
a. Closing Date - The twentieth (20th) day following notice from Developer to Purchaser that construction has been completed (as hereinafter provided) or such earlier date as Purchaser may elect.
b. Common Components - The physical components of the Project that are for the benefit of more than one condominium unit within the Project.
c. Construction Cost - The actual cost of constructing the Parking Deck including Purchaser's allocated share of the actual cost of constructing the Common Components including, without limitation, reasonable design costs and permitting but expressly excluding development fees (or similar fees) and construction interest.
d. Construction Price - The lesser of the Construction Cost and the Maximum Cost.
e. Delivery Date - Sixteen (16) months following the earlier of the giving of notice to proceed to the general contractor for the Project or ninety (90) days from the date hereof.
f. Initial Payment - One Million Dollars ($1,000,000.00).
g. Land - Land at Saluda Avenue, Blossom Street, and Devine Street, Columbia, SC more particularly described on the attached Exhibit "A".
h. LOC - The letter(s) of credit hereinafter mentioned.
i. Maximum Cost - Twenty-four Thousand Dollars ($24,000.00) per parking space.
j. Parking Deck - The parking areas to be constructed on the second and third levels of the Project, including access drives and ramps incidental to the operation of the Parking Deck. The Parking Deck shall contain a minimum of 200 parking spaces with the exact number to be established during the design approval process.
k. Permitted Exceptions - The title exceptions set forth on the attached Exhibit "B".
l. Project - A multi-level mixed use project to be constructed on the Land consisting of retail and/or office space and related parking on the ground level, parking deck on level two and level three, and a residential platform starting on the fourth level. Fee simple title to the Land shall be deemed to be included in the Project.
m. Purchase Price - The Initial Payment plus the Construction Cost.
2. PURCHASE AND SALE. Purchaser agrees to purchase the Parking Deck from Developer and Developer agrees to develop the Project and sell the Parking Deck to Purchaser for the Purchase Price in accordance with the provisions hereof.
3. CONDITIONS. Prior to paying the Initial Payment the following conditions shall have been satisfied:
a. The parties shall have identified the Common Components of the Project and shall have determined a reasonable methodology for allocating the cost of constructing the Common Components.
b. Purchaser shall have reasonably approved the Project design including, without limitation, number of parking spaces and design specifications for use of the Parking Deck for public municipal parking. Design criteria shall conform to the design criteria currently used by the City of Columbia for its newly constructed (and under construction) parking decks.
c. Purchaser shall have reasonably approved the form and content of the master deed to be used for the Project in all material respects.
d. Purchaser shall have approved the form of the LOC (including amendments thereto) and the issuing bank.
4. PAYMENT / LETTER OF CREDIT. Upon satisfaction of the foregoing conditions, Purchaser shall pay the Initial Payment to Developer and Developer shall deliver the LOC to Purchaser in the amount of One Million Dollars ($1,000,000.00). As construction progresses Purchaser shall pay progress payments based on percentage completion of construction of the Parking Deck including Purchaser's share of Common Components less reasonable retainage. Simultaneous with each progress payment Developer shall provide Purchaser with an amendment to the initial LOC (or a new LOC as the case may be) increasing coverage to the total amount advanced by Purchaser so that Purchaser is fully secured for all sums advanced hereunder. The LOC shall be satisfactory to Purchaser in Purchaser's sole discretion. The expiration of the LOC shall be not less than sixty (60) days following the Delivery Date. Purchaser shall be entitled to unconditionally obtain payment under the LOC by certifying that an event of default has occurred under this Contract. If the LOC is for a term ending prior to the Delivery Date Purchaser shall accept same, however, failure of Developer to satisfactorily renew or replace the LOC and deliver same to Purchaser at least sixty (60) days before the expiration date shall constitute a default.
5. EXTENSION. Developer shall be entitled to extend the Delivery Date on written notice to Purchaser for causes beyond its control not to exceed six (6) months.
6. CLOSING. Upon completion of the construction of the Parking Deck and substantial completion of the other components of the Project other than interior finish of residential units within the residential component and tenant upfit within office space and retail space, Developer shall provide Purchaser with the following:
a. A copy of the recorded master deed in the form approved by Purchaser.
b. A duly executed affidavits and/or lien waivers as Purchaser's title insurance company may require in order to issue a title insurance policy without exceptions for unfiled mechanic's liens or similar liens and to delete any standard title exceptions.
c. A certificate of completion signed by Developer's architect in form reasonably satisfactory to Purchaser.
d. Evidence reasonably satisfactory to Purchaser that the Project has been completed in a good and workmanlike manner in accordance with plans approved by Purchaser.
e. If Developer is not a foreign person, a certificate and affidavit of non-foreign status (FIRPTA affidavit), and if Developer is not a qualified United States taxpayer the appropriate amount shall be withheld according to law.
f. A Form I-295 (Seller's Affidavit - South Carolina Withholding Tax) as prescribed by the South Carolina Department of Revenue, and if Developer is not a SC resident the appropriate amount shall be withheld and remitted to the Department of Revenue.
g. A Certificate of Tax Compliance from the South Carolina Department of Revenue dated within thirty (30) days of closing.
h. A duly executed limited warranty deed conveying the condominium unit comprising the Parking Deck to Purchaser free of all liens and subject only to the Permitted Exceptions.
i. Appropriate resolutions and other evidence reasonably required by Purchaser and its attorney or title company to evidence Developer's authority to execute and deliver the deed and other documents contemplated hereby.
j. Such other documents reasonably required by Purchaser's attorney or title insurance company.
7. PRORATIONS AND EXPENSES; COMMISSIONS.
a. Real property taxes attributable to the year of Closing shall be prorated at Closing with Developer giving Purchaser a credit against the Purchase Price for Developer's share. If current tax bills are not immediately available, such prorations shall be made on the basis of the taxes assessed for the preceding year and shall be adjusted when taxes for the year of sale are assessed. Any payment due by Developer or Purchaser to the other as a result of any such adjustment shall be paid by the party owing such amount within thirty (30) days after receipt of written notice of the amount of the adjustment.
b. Rents, water rent, and all other items customarily prorated shall be prorated at Closing.
c. Purchaser and Developer represent that each has dealt with no real estate companies in connection with this transaction and no sales commission shall be due in connection herewith.
d. Developer shall pay for its own attorneys' fees and for deed stamps, transfer tax, or other similar taxes or fees for recording based in whole or in part upon the consideration for or value of the Parking Deck. Purchaser shall pay all other closing costs, including its own attorneys' fees, title examination, and title insurance premiums.
8. MISCELLANEOUS.
a. This Contract and all terms, provisions, and covenants contained herein shall apply to, be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors and assigns.
b. The captions employed in this Contract are for convenience only and are not intended to in any way limit or amplify the terms and provisions hereof.
c. Any notices, requests, or other communications required or permitted to be given hereunder shall be in writing and shall be either (i) delivered by hand, (ii) mailed by United States certified mail, return receipt requested, postage prepaid, (iii) sent by a reputable, national overnight delivery service (e.g., Federal Express, Airborne, etc.), or (iv) sent by facsimile (with the original being sent by one of the other permitted means or by regular United States mail) and addressed to each party at the applicable address set forth beside the signature of each party or elsewhere herein. Any such notice, request, or other communication shall be considered given or delivered, as the case may be, on the date of hand delivery (if delivered by hand), on the day following deposit in the United States mail (if sent by United States certified mail), on the next business day following deposit with an overnight delivery service with instructions to deliver on the next day or on the next business day (if sent by overnight delivery service), or on the day sent by facsimile (if sent by facsimile, provided the original is sent by one of the other permitted means as provided in this paragraph or by regular United States mail). However, the time period within which a response to any notice or request must be given, if any, shall commence to run from the date of actual receipt of such notice, request, or other communication by the addressee thereof. Rejection or other refusal to accept or inability to deliver because of a changed address of which no notice was given shall be deemed to be receipt of the notice, request, or other communication. By giving a least five (5) days prior written notice thereof, any party hereto may, from time to time and at any time, change its mailing address hereunder.
d. This Contract constitutes the entire agreement between the parties and no changes shall be effective unless in writing signed by the party adversely affected.
e. All terms and conditions of this Contract which by their nature and effect if required to be observed, kept or performed after closing shall survive the closing and remain binding upon and for the benefit of the parties hereto until fully observed, kept or performed.
f. Any time period provided for in this Contract, the last day of which falls on a Saturday, Sunday, or legal holiday, shall be extended until the next following business day.
g. TIME IS OF THE ESSENCE HEREUNDER.
h. NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, ANY APPROVAL GRANTED BY PURCHASER PURSUANT TO THIS CONTRACT SHALL NOT BE DEEMED TO BE AN APPROVAL BY THE CITY OF COLUMBIA IN ANY OTHER GOVERNMENTAL OR REGULATORY CAPACITY.
SIGNED, SEALED AND DELIVERED as of the date first above set forth.
Address: CITY OF COLUMBIA
Attn: City Manager
1737 Main Street By:__________________________(SEAL)
Columbia, SC 29217 Charles P. Austin, Sr., City Manager
Telephone: 803-545-3039
Telecopy: 803-733-8317
with copy to:
Joel E. Gottlieb, Esquire
McNair Law Firm, P.A.
1901 Main Street, Suite 600
Columbia, SC 29201
Telephone: 803-765-9291
Telecopy: 803-239-4801
WASHINGTON SQUARE, LLC
1333 Main Street
Columbia, SC 29201 By: __________________________(SEAL)
Telephone: 803-779-1234 Ronald O. Swinson, Jr., member
Telecopy: 803-931-8989
By:__________________________(SEAL)
A.S. Harpe, II, member
with copy to:
Lanneau Wm. Lambert, Jr., Esquire
Turner Padget Graham & Laney, PA
1901 Main Street, 17th Floor
Columbia, SC 29201
Telephone: 803-254-2200
Telecopy: 803-799-3957
EXHIBIT "A"
Land
EXHIBIT "B"
Permitted Exceptions
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