City of Chino
13220 Central Avenue
Chino, CA 91710
September 3, 2024
VIA E-MAIL
Re:
Consent to Transfer Certain Ownership Interests:
Project: Seasons at Chino Apartments
Address: 13160 6th Street, Chino, CA
Tenant: Chino Housing Investors, L.P.
Landlord: City of Chino (“City”)
Ground Lease: Ground Lease dated March 17, 1998 by and between Landlord and Tenant (“Ground Lease”) Standard Communities:
The City received that certain letter dated May 13, 2024 from Standard Communities entitled “Request for Consent to Ground Lease Transfer” under the Ground Lease (“City Request Letter.)” The City of Chino as Successor Agency to the Redevelopment Agency of the City of Chino (“Successor Agency”) concurrently received that certain letter dated May 13, 2024 from Standard Communities entitled “Request for Consent to Transfer Certain Ownership Interests under the Disposition and Development Agreement (“DDA”). Standard’s letter to the Successor Agency is hereinafter referred to as the “Successor Agency Request Letter.” This letter constitutes the approval of City as landlord under the Ground Lease of the proposed organizational transfers in the Tenant entity as specified in the City Request Letter. City does NOT approve or consent to a general transfer of the Ground Lease by the Tenant. City issues the foregoing approval of the organizational transfers as of the date of this letter and in reliance on the specified partnership transfer information set forth in the Successor Agency Request Letter.
City as landlord under the Ground Lease further approves the potential engagement of the new property manager being Apartment Management Consultants, LLC, a Utah limited liability company as set forth in the in the City Request Letter. City issues the foregoing approval in reliance of the accuracy of the information provided in the City Request Letter and on the condition that upon any such change of the property manager, City will be formally and promptly notified in writing confirming the appointment of the new entity as property manager and specifying the contact information for the new property manager.
As the DDA is of no further force or effect, the City as Successor Agency will not issue any consent or approval under the DDA as requested in the Successor Agency Request Letter.
This Consent is valid until October 31, 2024, which date may be extended by the City Manager in writing. Upon consummation of the transfers, a written confirmation of same shall be promptly provided to Agency.
Very truly yours,
CITY OF CHINO
By:
Dr. Linda Reich, City Manager
3008/029060-0329
20712198.10 a08/16/24