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2021-07-28 CC Packet
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2021-07-28 CC Packet
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7/26/2021 10:17:02 AM
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Issue #2 – Force majeure clause <br />Feedback received: Council is concerned about open-ended force majeure conditions, <br />and proposed capping the period of delay at 24-months. <br />We agree to cap at 24 months. <br />Issue #3 – Homeowners’ HOA cost burden in the event of a Developer default after phase 1 <br />construction. <br />Feedback received: LOC for a period of 10 years to protect early buyers from <br />carrying an unproportionate cost of community maintenance, in the event Centra does <br />not complete all buildings. <br /> Our Counter-Proposal: <br />Centra Homes will pre-fund the HOA with a cash reserve that will be <br />available as a cushion to homeowners IF Centra Homes does not complete <br />the project. <br />The amount pre-funded will be:$60,000 <br />This amount reflects the max estimated cost that homeowners may <br />need to maintain or replace/repair common areas and infrastructure <br />that is not incremental/unit, for a period of 4 years: $15,000/year * <br />4 years = $60,000 <br />Snow Removal - Private Street & Trail <br />Lawn Care / Landscaping / Irrigation - common area <br />Reserve Fund Share <br />After each unit closes, the HOA will refund Centra Homes in the amount <br />of $2,307.69/unit ($60,000 / 26 units) until all 26 units are sold <br />Mark - let us know how you want to proceed in working towards resolution on these points. <br />Are these items you wish us to speak to and negotiate directly with the Council in the closed <br />session on the 28th? <br />Sincerely, <br />CARLA DUNHAM <br />Land Acquisition & Development Manager <br />CENTRA HOMES LLC <br /> <br />Phone:763.360.6720 <br />Email:carla.dunham@centrahomes.com <br />Website: www.centrahomes.com <br /> <br /> <br />Address:11460 ROBINSON DR NW MINNEAPOLIS, <br /> <br />MN 55433 <br /> <br />
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