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Dear Eastern Columbia Resident,
This Email is being sent to Eastern Columbia Residents who lease parking spaces at 843 S Broadway directly from Coast Prime Properties. As you are aware, our 55-year Parking Agreement with Eastern Columbia HOA calls for adjustment of the parking rate to a market rate every five years. The start of the 1st 5-year period was January 26, 2012.
The HOA commissioned a study to determine the market rate, and we commissioned a study as well. We both came up with vastly different numbers! We attended a mediation proceeding with the HOA which created some optimism that we could work out our differences. After the mediation, we suggested to the HOA that we jointly select a new consultant to perform an independent study of the parking structure’s market rate without any influence from either party. We would both accept that as the final figure. The HOA has advised us that they are not interested in this option.
Coast has also offered to terminate the Parking Agreement, and allow a third party parking operator to manage the parking structure and determine the market rate. This option would allow each resident the option to park at the parking structure or elsewhere and pay accordingly. The HOA has indicated that they are not interested in this option either.
Unfortunately, the attorney for the HOA has advised us that they are not able to discuss any options or settlements at this time! The attorney also informed us that the HOA does not want any extensions on market rent increases to allow us to keep talking. Unfortunately, this means we are left with providing you with notice that effective March 1, 2012, your monthly rent is increasing to $213 per space. This is the rate determined by our parking consultant. We remain hopeful that a friendly and informal solution may be reached with the HOA.
Whatever compromise or determined rent we reach with the HOA will apply in establishing your rate. Since we are still hopeful that we will reach an amicable settlement with the HOA, we have decided to provide you with a unilateral credit of $63 for March and April such that you need only pay $150 for each of those two months. We are also temporarily changing our requirement for a 15-day cancellation notice to a 1-day notice for anyone who wishes to terminate the agreement through April 30, 2012. We will consider prolonging the credit if it looks like we can resolve our differences with the HOA amicably.
If you have any questions please feel free to contact us.
Coast Prime Properties, LLC
15250 Ventura Blvd, Suite 508
Sherman Oaks, CA 91403
Phone: (818) 907-0070
Fax: (818) 907-0050
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