HomeMy WebLinkAboutKingfield Offering Plan Amendment 1 FIRST AMENDMENT TO OFFERING PLAN
for membership interests in a Lot Owners association known as
KINGFIELD LOT OWNERS ASSOCIATION, INC.
covering property located at International Drive, Rye Brook, New York 10573
(Village of Rye Brook, Town of Rye, Westchester County)
Amount of Offering: $21,300,000. (The cost of membership in the Lot Owners association is
included in the purchase price of the Lots).
Number of Lots offered (each Lot to be improved with a Home): 110
Name and principal business address of the Sponsor:
SC Rye Brook Partners LLC
3 Memorial Avenue
Pawling, New York 12564
Name and principal business address of the Selling Agent:
Rogull Realty, LLC
3 International Drive, Suite 110
Rye Brook, New York 10573
This Amendment modifies and supplements the foregoing Offering Plan (the "Plan"),
which was accepted for filing on July 25, 2017.
Terms used in the Plan as originally written have the same meanings herein, unless the
context clearly requires otherwise. References in the Plan or in any Amendment to the
"Plan" will now refer to the Plan as amended herein. References to numbered
"Paragraphs" or page numbers refer to the Plan as originally issued, unless specified
otherwise; references to paragraphs by use of the "¶" symbol refer to numbered
paragraphs in this Amendment. References to "Attachments" refer to items attached to
the Plan as originally issued. "Exhibits" are attached to this Amendment and
considered part of this Amendment as if set forth at length herein.
First Amendment to Offering Plan — Kingfield 2
1. NEW PROJECTED COMMENCEMENT DATE. Sponsor has ten Lots under
Contract. No closings have occurred. Sponsor now projects that the first closing will
occur on or about August 30, 2018, which is projected as the "Commencement Date"
for the beginning of the Association's financial operations. The Commencement Date
originally projected, at the head of Section 3 (Schedule A), was November 1, 2017.
2. BUDGET UPDATE. For the twelve-month period beginning on the new
Commencement Date, Sponsor adopts the same projected budget as was set forth in
Section 3 (Schedule A) in regard to the originally projected Commencement Date. The
Introductory Comments to the projected budget set forth in the Plan as originally issued,
beginning on page 29, still apply. For information, however, the first paragraph thereof
is repeated here, but should now be understood as referencing the new, projected
Commencement Date:
This budget is based on the twelve-month period beginning on the
commencement date shown, which Sponsor believes is a realistic projection of
when the first Lot will be conveyed and when the Association's financial
operations will begin. The actual commencement date may occur earlier or later,
but— if the actual commencement date occurs more than six months after the
projected commencement date - this Plan must be amended to include a revised
budget disclosing then-current projections. If the amended projections of
monthly Assessments exceed the original projections set forth herein by 25% or
more, Sponsor will offer all purchasers 30 days after presentation of such
amendment in which to rescind their Contracts of Sale and have their deposits
refunded, with interest only to the extent any was earned. If the actual
commencement is delayed by Sponsor for twelve months or more, Sponsor will
promptly present an amendment that offers all purchasers 30 days after
presentation of such amendment in which to rescind their Contracts of Sale and
have their deposits refunded, with interest only to the extent any was earned.
3. BUDGET CERTIFICATION. The certification by Sponsor's expert concerning the
adequacy of the projected budget, which appeared in Attachment P, is superseded by
the Expert's new certification in EXHIBIT 1 to this Amendment, which refers to the new,
projected Commencement Date.
4. TIMETABLE.
4.1 This Paragraph 4, together with the new projected Commencement Date
described in Paragraph 1 of this Amendment, supersede Paragraph 1.16 on page 26
("Timetable").
4.2 Sponsor has 30 Homes under construction, of which ten (located principally
along Rose Lane as described in Paragraph 6 of this Amendment) are nearing
completion. Sewer connections to those Homes are in place; water, electricity and gas
connections should be completed shortly.
First Amendment to Offering Plan — Kingfield 3
4.3 Sponsor expects to complete construction, and allow occupancy, of the
Recreational Facilities on or about September 15, 2018, except that the swimming pool
will not open for the summer, 2018, season.
5. CONTRACT OF SALE. Section 5.1 is amended to include Paragraph 5.1.10 which
states:
The Contract of Sale may be transmitted among the Sponsor, Selling Agent, Purchaser
and Purchaser's attorney by facsimile or electronic mail and, upon evidence of receipt of
same, shall constitute delivery of this Contract. The parties intend that faxed or
electronic signatures constitute original signatures and that a Contract containing the
signatures (original, facsimile or electronic) of all the parties is binding on the parties
once sent via facsimile or via electronic mail or delivered to the other party's counsel.
6. STREET NAMES. Attached in EXHIBIT 2 is a map of the Community, showing
street names, which were not available when the Plan was issued, together with a chart
showing the expected street addresses of the Homes.
7. EXTENSION OF PLAN. The Plan is extended, and will expire on the date that is six
months after the date on which this Amendment is accepted for filing.
All material changes of fact or circumstance affecting the Property or this offering
since the date on which the Plan was filed are included in this Amendment. This
Amendment does not effect any change in the terms of this offering that is both
material and adverse to purchasers who have signed Contracts of Sale to
acquire Lots.
File No.: H 17-0004
Accepted for filing: August 20, 2018
First Amendment to Offering Plan — Kingfield 4
EXHIBIT 1: New Budget Certification
[see two pages attached]
CERTIFICATION BY EXPERT CONCERNING ADEQUACY OF BUDGET
(Part 22)
Plaza Realty and Management Corporation
1010 Hope Street, 2nd Floor
Stamford, Connecticut 06907
New York State Department of Law
Real Estate Finance Bureau
120 Broadway, 23d Floor
New York, New York 10271
Re: Kingfield, International Drive, Rye Brook, New York 10573
Ladies and Gentlemen:
The sponsor of the homeowners association offering plan for the captioned property
retained our firm to prepare Schedule A, containing projections of income and expenses
for the first year of operation as a homeowners association. Our experience in this field
over 30 years includes management of 50 homeowners associations and
condominiums. Our firm is a member of the Community Associations Institute (CAI),
and Richard Smeriglio is designated by CAI as a Certified Manager of Community
Associates (CMCA). His experience includes the management of Oakridge
Condominiums in South Salem, New York, The Classic Condominium in Stamford,
Connecticut and The Commons Condominium in Greenwich, Connecticut.
We understand that we are responsible for complying with Article 23-A of the General
Business Law and the regulations promulgated by the Department of Law in Part 22,
insofar as they are applicable to Schedule A.
We have reviewed the Schedule (updated to reflect a revised, projected date of
August 30, 2018, for the commencement of the first year of operation as a homeowners
association), and investigated the facts set forth in the Schedule and the facts
underlying it with due diligence in order to form a basis for this certification. We have
also relied on our experience in managing residential property.
We certify that the projections in Schedule A appear reasonable and adequate under
existing circumstances, and the projected income appears to be sufficient to meet the
anticipated operating expenses for the projected first year of operation as a
homeowners association. We certify that the Schedule:
(i) ) sets forth in detail the projected income and expenses for the first year of
HOA operation;
Budget Certification 2
(11) affords potential investors, purchasers and participants an adequate basis
upon which to found their judgment concerning the first year of operation as a
homeowners association;
(iii) does not omit any material fact,
(iv) does not contain any untrue statement of a material fact;
(v) does not contain any fraud, deception, concealment, or suppression;
(vi) does not contain any promise or representation as to the future which is
beyond reasonable expectation or unwarranted by existing circumstances;
(vii) does not contain any representation or statement which is false, where we:
(a) knew the truth; (b) with reasonable effort could have known the truth;
(c) made no reasonable effort to ascertain the truth-, or (d) did not have
knowledge concerning the representation or statement made.
We further certify that we are not owned or controlled by the sponsor.
We understand that a copy of this certification is intended to be incorporated into the
offering plan. This statement is not intended as a guarantee or warranty of the income
and expenses for the first year of operation as a homeowners association.
This certification is made under penalty of perjury for the benefit of all persons to whom
this offer is made. We understand that violations are subject to the civil and criminal
penalties of the General Business Law and Penal Law.
Sworn to before me tlhis .,-,,..� day of Plaza Re y a d M agement
4--, 20 18 Corpo flon
e t7y a ion
by,
Smeriglio,
\R" ha 7r ce President
jEAN A, sMERIGUO
NOTARY POSUC
W MMMISSION EMRES:
ACTIVE/78176.1/ACASSIDY/7586441 vI
First Amendment to Offering Plan — Kingfield 5
EXHIBIT 2: Street Map
[see four pages attached]
ACTIVE/78176.1/AGLI CKSON/7462898v4
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EXPECTED STREET ADDRESSES
Phase 'I
Cluster Unit# Unit Tyqe Floor Plan Address
34 CAM Cypress 2 Rose Lane
35 A Aspen 4 Rose Lane
36 C1 Chestnut B Rose Lane
P 37 132M Birch 8 Rose Lane
Q 38 C21M Cypress 10 Rose Lane
39 A Aspen 12 Rose Lane
40 C1 Chestnut 14 Rose Lane
R 41 C1 Chestnut 3 Rose Lane
42 A Aspen 5 Rose Lane
43 C2M Cypress 7 Rose Lane
S 44 C2M Cypress 16 Rose Lane
45 A Aspen 18 Rose Lane
46 C1E Chestnut 20 Rose Lane
7 47 C'[ Chestnut 9 Rose Lane
48 A Aspen 11 Rose Lane
49 C2M Cypress 13 Rose Lane
U 50 132 Birch 15 Rose Lane
V 51 132M Birch 22 Rosy lane
W 52 C1 Chestnut 25 Honeysuckle Lane
53 A Aspen 23 Honeysuckle Lane
54 C2M Cypress 21Honeysucicle Lane
X 55 C'I chestnut 19 Honeysuckle Lane
56 A Aspen 17 Honeysuckle Lane
57 C2M Cypress 15 Honeysuckle Lane
OW,W---- --------
Y 58 C'I Chestnut 13 Honeysuckle Lane
59 A Aspen 11 Honeysuckle Lane
60 C2M Cypress 9 Honeysuckle Lane
Z 61 02 Dogwood 7 Honeysuckle Lane
AA 62 132M Birch 5 Honeysuckle Lane
BB 63 BZM Birch 3 Honeysuckle Lane
CG 64 D2 Dogwood 1 Honeysuckle Lane
Phase 2
Cluster Unit# Unit Type Floor Plan Address
A 7 C1 Chestnut 27 Lavender Lane
2 A Aspen 25 Lavender Lane
3 C1 Chestnut 23 Lavender Lane
B 4 C1 Chestnut 18 Lavender Lang
5 A Aspen 16 Lavender Lane
6 G1 Chestnut 14 Lavender Lane
C T B Birch 21 Lavender Lane
D 8 C1 Chestnut 12 Lavender Lane
9 A Aspen 10 Lavender Lane
10 C2 Cypress 8 Lavender lane
1
EXPECTED STREET ADDRESSES
--------------
E 11 ClChestnut 1 La en e r'La rye
12 A Aspen 17 Lavender Lane
13 Cl Chestnut 15 Lavender Lane
F 14 Cl Chestnut 13 Lavender Lane
15 A Aspen 11 Lavender Lane
16 Cl Chestnut 9 Lavender Lane
17 C2 Cypress 7 Lavender Lane
18 A Aspen 5 Lavender Lane
19 Cl Chestnut 3 Lavender Lane
H 20 D2 Dogwood 1 Lavender Lane
1 21 Cl Chestnut 6 Lavender Lane
Aspen 4 Lavender Lane
Cypress Lavender Lane
Affordables
1 24 z 1 Gardenia Lana
25 Y 3 Gardenia Lane
Y 5 Gardenia Lane
Gardenia Lane
L 28 Y 9 Gardenia Larne
29 Y 11 Gardenia Lane
M 30 ? 13 Gardenia Lane
1 Y 15 Gardenia Lane
N 32 Y 17 Gardenia Larne
19 Gardenia Lane
Phase 3
Cluster Unit# UnI Type Floor Plan Address
DC 65 B Birch 2 Primrose Lane
66 B Birch 1 Primrose Lane
1+1= 67 D2 Dogwood 4 Primrose Lane
l Chestnut 3 Primrose Lane
Aspen 5 Primrose Lane
70 C2 Cypress 7 Primrose Lane
HH 71 B Birch 6 Primrose Lane
11 72 B Birch 9 Primrose Lane
ji 73 C2 Cypress Primrose Lane
74 A Aspen 10 Primrose Lane
75 Cl Chestnut 12 Primrose Lane
KK 7Cl Chestnut 11 Primrose Lane
77 A Aspen 13 Primrose Lane
78 C2 Cypress 15 Primrose Lane
Phase 4
Cluster Unit# Unit l pe Floor Plan Add r ss
LL 79 B Birch 27 Jasmine Lane
M M 80 B Birch 20 Jasmine Lane
NN 81 C2 Cypress Jasmine Lane
2
EXPECTED STRE ET ADDRESS ES
82 A Aspen 23 Jasmine Lane
83 C1 Chestnut 21 Jasmine Lane
00 84 D2 Dogwood 18 Jasmine Lane
PP 85 13 Birch 19 Jasmine Lane
QQ 86 D2 Dogwood 16 Jasmine Lane
RR 87 13 Birch 14 Jasmine Lane
SS 88 C2 Cypress 17 Jasmine Lane
89 A Aspen 15 Jasmine Lane
90 CI Chestnut 13 Jasmine Lane
TT 91 D2 Dogwood 12 Jasmine Lane
UU 92 B Birch 10 Jasmine Lane
vv 93 D2 Dogwood 8 Jasmine Lane
WW 94 C2 Cypress 11 Jasmine Lane
95 A Aspen 9 Jasmine Lane
96 C1 Chestnut 7 Jasmine Lane
xx 97 CI Chestnut 6 Jasmine Lane
98 A Aspen 4 Jasmine Lane
99 C2 Cypress 2 Jasmine Lane
YY 100 C2 Cypress 5 Jasmine Lane
101 A Aspen 3 Jasmine Lane
102 C1 Chestnut 1 Jasmine Lane
Phase 5
Cluster Unit# Unit Type Floor Plan Add ress
zz 103 C1 Chestnut 8 Mulberry Court
104 A Aspen 6 Mulberry Court
105 C2 Cypress 4 Mulberry Court
A" 106 C2 Cypress 7 Mulberry Court
107 A Aspen 5 Mulberry Court
108 CI Chestnut 3 Mulberry Court
131313 109 D2 Dogwood 2 Mulberry Court
CCC 110 D2 Dogwood 4-M-6-1berry C-o---ur---t
3