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Applicant #3 Leasing of the Historic Flanders Mansion

Applicant #3 Leasing of the Historic Flanders Mansion

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Published by L. A. Paterson
City of Carmel-by-the-Sea, National Register of Historic Places, Outlands in the Eighty Acres
City of Carmel-by-the-Sea, National Register of Historic Places, Outlands in the Eighty Acres

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Published by: L. A. Paterson on Jul 21, 2013
Copyright:Attribution Non-commercial

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03/12/2015

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Proposal
The
proposal
Is
put forward
by
a
local
familynative
to the
Carmel area. Given
the
historical
significance
of
the
homeand
the
vestedcommunity
interest
to
limit
its
commercial
use.we
believe
this
proposal may lead
to
a
long termoutcome
for
theproperty
that
isin
the
best interest
·of
both
local
tax
payersand
the
immediate neighbors,
We
propose
an
1
&-year
single-family
lease.Exhibit
A
details
sufficient
liquidfinancial
resources
to
restore and
renovate
the
residence
and
grounds
consistent with
historic
preservation
standards.
We
agree
to
conformto
and
implement all
mitigation measuresmandated
by
the
CityCouncil.
We
agree
to
a
timelyrestoration
of
the
property(not
to
exceed
1
year).
We
agree to
pay
full
market rent
of
$5500
per
monthfrom
onset
of
agreement
with
City.
Upon
residency permit,
weask
the
City
tocredit
75%
of
rent
towards
our initialcapitalinvestment
for
the
first 5
years;
50%
..
for
years 5-10and
25%
for
remaining years
In
residency
up
throughlease
term.
To
illustrate:Year
1:
$5500/mo
=
$66,000 rent
due
Year2-5:
$5500/mo
less
75%
credit
($4125/mo)
=
16,500
peryear
Year
5-10:
$5500/mo
less
50%
credit
($2750/mo)
=
$33,000
per
year
Year 10-18:
$5500/mo
less
25%
credit
($1375/mo)
=
49,500
per year
This
would
net
the
city
$758,200
over
the
term
of
the
lease.
therefore
assume
a
total
investment
liability
of
$2,228.200 calculated
as
follows:
$1,000,000
(initial capital
investment)
$758,200
(rent)
$360,000
lifetime
upkeep/maintenance
(recurring annual costs
=
$20,000)
Cost overrun/transparency
Should
capital
investment
exceed $1,000,000 we
agree
to
seek
prior
approval
of
work
outlined.
We
also agree
to
independently
audited
financial
transparency.
We
agree
to
pay
an
expenses
for
ongoing maintenance, upkeep,
utilities
and
insurance. The
Flanders
property would
be added
to
the
same
umbrella
policythatcovers all
properties
(providing
for
comprehensive
fire
and
risk coverage). We
agree
todefend.indemnify
andhold
theCity harmless
from
any
liability
arisingfrom
our
use
of
the
property.

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