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2021-06-28 Final Escrow Docs - Final Settlement StatementLqj L4 r. w * HOME ow four - on• e S r n 78070 Calle Cadiz, La Quinta, CA 92253 Phone (760) 564-4044 Fax (760) 771-2999 June 28, 2021 CITY OF LA QUINTA JON MCMILLEN, CITY MANAGER 78495 Calle Tampico La Quinta, CA 92253 Escrow No.: FS3245- Property Address: 46400 Dune Palms Road, La Quinta, CA 92253 We are pleased to inform you that your transaction has closed. In connection therewith the following items are enclosed: ❑ Our check in the amount of $366,134.48 ❑ Buyer's final closing statement ❑ Copy of California Form 593 ❑ Copy of recorded Grant Deed ❑ NOTE: Title Policy to follow under separate cover Any recorded documents to which you are entitled will be mailed to you by the County Recorder's office. Thank you for using Four Seasons Escrow, Inc. for your escrow needs. We look forward to working with you in the future. Your Escrow Officer's e-mail is: leeta@4seasonsescrow.com Sincerely, eSI Escrow Officer LS /RO Enclosure(s) as noted. Via: Hand Deliver _ four seasons escrow, inc. 78070 Calle Cadiz, La Quinta, CA 92253 Phone (760) 564-4044 Fax (760) 771-2999 TAX INFORMATION Tax bills are furnished to you as an accommodation of the Tax Assessor's Office, USUALLY by November 1 It each year. The payment of taxes is your responsibility; if they are not paid prior to the delinquency date, penalties will be assessed. The delinquency dates each year are December 10 and April 10. If there has been a change in ownership, additional taxes may be due. Supplemental Tax Bills will be sent to you from the Tax Collector separately from your regular tax bill. You normally must pay these taxes by the delinquency date which is separate from your regular tax billing. Please read these supplemental tax bills for the particulars concerning same and contact the Tax Assessor's Office with any questions you may have. If your loan is being impounded for payment of taxes, the taxes will be paid by your -Lender; however, Supplemental Tax Bills may be your responsibility. Please check with your Lender regarding payment of any Supplemental Tax Bills. —THE RED THERMO SECURED "SP"LOGO IN THE LOWER CORNER OF THIS CHECK MUST FADE TEMPORARILY WHEN WARMED BY TOUCH OR FRICTION. SEE BACK FOR ADDITIONAL FEATURES. FOUR SEASONS ESCROW, INC. City National Bank (TRUST ACCOUNT) One Centerpointe Drive, Ste 160 78070 CALLE CADIZ La Palma, CA90623 1029111 LA QUINTA, CA 92253 760-564-4044 FAX: 760-771-2999 FILE # DATE 42-34/1220 FS3245-LS 6/30/2021 ESCROW ACCOUNT PAY TO THE Three Hundred Sixty -Six Thousand Six Hundred.Thirty-Four and 48 /100 Dollars $366,634.48 ORDER OF City of La Quinta, a California municipal corporation Void after 90 days PROP ID 600-030-010 TRA: 020-026 MEMO Buyer Refund r J a - o 'S u w 11101029LLIII, 1:1,220L60661: OL360L75Sill File #: FS3245-LS 6/30/2021 1029111 Buyer: City of La Quinta, a California municipal corporation Seller: Chin Family Properties Limited Partnership, a California Prop Addr: 46400 Dune Palms Road, La Quinta, CA 92253 Buyer Refund Borrower Refund 366634.48 City of La Quinta, a California municipal corporation Rutan& Tucker LLP -Attn: William H. Ihrke, Esq. 611 Anton Boulevard Suite 1400 Costa Mesa CA 92626 Page 1 FS3245 As of 6/30/2021 10:08:02 AM Four Seasons Escrow, Inc. 78070 Calle Cadiz La Quinta CA 92253 —, 11LPhone: (760) 564-4044 1111111111111111 W Fax: (760) 771-2999 ]F FS3245-LS Escrow Officer: Leeta Slama Escrow Officer Email: leeta@4seasonsescrow.com Buyer's / Borrower's Settlement Statement - Final Property: 46400 Dune Palms Road Closed Date: 6/25/2021 La Quinta, CA 92253 Loan Number: Disbursement Date: 6/25/2021 Buyer: City of La Quinta, a California municipal corporation Escrow Number: FS3245-LS Debits Credits Purchase Price Purchase Price $6,125,000.00 Deposits $352,296.11 Deposit by Buyer $63,274.39 Deposit by Buyer Prorations / Credits: TOTAL CREDIT AMOUNT OF $18,345.99 Annual Operating Permit $ 00 .76 Credit for Burrtec Waste (1/4/21) 5,15 $1,195.62 Credit for Payroll (l/15/21 -one week in December and one week in January) $ Credit for Roadrunner Pool (1/18/21) $195.00 $6 Fredit for Payroll (l/19/21) 2.62 $2,841.99 Credit for Payroll (2/12/21) $$3 .00 Credit for Frazier Pest Control (1/4/21) Credit for prorated tax years 2018 thu 2021 630.00 $5,600.00 $5,146,500.00 Funds deposited into state condemnation account on 12/16/2020 $618,000.00 Funds deposited into state condemnation account on 07/23/2020 $301,000.00 Funds deposited into state condemnation account on 05/31/2018 $59,500.00 Funds deposited into state condemnation account on 05/31/2018 TOTAL FUNDS DEPOSITED TO STATE CONDEMNATION ACCOUNT = $6,125,000.00 Escrow Charges $9,500.00 Settlement or Closing fee per section 2.4 pg 5 $950.00 Misc. Escrow Fee Courtesy Discount- repeat client Title Charges $5,650.00 Owner's Coverage ($6,125,000) to Stewart Title Company $5,650.00 Add'1 Title Charge -- > Owner's Coverage- Easement Recording Fees / Transfer Taxes $254.00 Add'1 Recording -- > Order of Condemnation Additional Settlement Fees 20/21 2nd installment + penalty Property Tax to Riverside County Tax $10,486.03 Collector Refund $366,634.48 Totals: $6,541,520.50 $6,541,520.50 Save this Statement for Income Tax purposes. 1 TAXABLEYEAR E CALIFORNIA FORM --� 2020 Real Estate Withholding Statement 593 AMENDED: • ❑ Part I Remitter Information • ® REEP ❑ Qualified Intermediary ❑ Buyer/Transferee ❑ Other Business name ❑✓ FEIN ❑ CA Corp no. ❑ CA SOS file no. FOUR SEASONS ESCROW INC. 74-3137125 First name Initial Last name SSN or ITIN Address (apt./ste., room, PO box, or PMB no.) 78070 CALLE CADIZ City (If you have a foreign address, see instructions.) State ZIP code 1701aphone number LA QUINTA I CA 192253 (760) 564-4044 Part fl Seller/Transferor Information If a grantor or nongrantor trust, check the box that applies. A ✓❑ Grantor ❑ Nongrantor Trust First name (Grantor) Initial Last name (Grantor) SSN or ITIN Spouse's/RDP's first name (if jointly owned) Initial Last name Spouse's/RDP's SSN or ITIN (if jointly owned) Businn�e77ss/Nongra/ntorTrust name (if applicable) F-PA { L f l 1 S Le.r i'� t W f a il"M PJ FEIN ❑ CA Corp no. 11CA SOS file no. - Add �s (apt./ste., room, PO box, or P B no. a7Q Lace- City (Ify u have a forei address, see instructions.) S�tate^ CA ZIP ede Teleau, hnrniimhar Property address (provide street address, parcel number, and county) I Ownership percentage 46400 DUNE PALMS ROAD, LA QUINTA, CA 92253 1 /6) 0 r O,Q% )Part III Certifications which fully exempt the sale from withholding (see instructions) Determine whether you qualify for a full withholding exemption. Check all boxes that apply to the property being sold or transferred. 1. * ❑ The property qualifies as the seller's principal residence under Internal Revenue Code (IRC) Section 121. 2. ❑ The seller last used the property as the seller's principal residence under IRC 121 without regard to the two-year time period. 3. ❑ The seller has a loss or zero gain for California (CA) income tax purposes on this sale. Complete Part VI, Computation. 4. gThe property is compulsorily or involuntarily converted, and the seller intends to acquire property that will qualify for nonrecognition of gain under IRC Section 1033. 5. ❑ The transfer qualifies for nonrecognition treatment under IRC Section 351 or IRC Section 721. 6. ❑ The seller is a corporation (or a limited liability company (LLC) classified as a corporation), qualified through the CA Secretary of State or has a permanent place of business in CA. 7. ❑ The seller is a CA partnership or a partnership qualified to do business in CA (or an LLC classified as a partnership for income tax purposes that is not a single member LLC disregarded for income tax purposes). S. ❑ The seller is a tax-exempt entity under California or federal law. 9. ❑ The seller is an insurance company, individual retirement account, qualified pension/profit sharing plan, or charitable remainder trust. Part IN Certifications that may partially or fully exempt the sale from withholding or if no exemptions apply (see instructions) Determine whether you qualify for a full, partial, or no withholding exemption. Check all boxes that apply to the property heing sold or transferred. 19. © ❑ The transfer qualifies as either a simultaneous or deferred like -kind exchange under IRC Section 1031. 11. ❑ The transfer of this property is an installment sale where the buyer must withhold on the principal portion of each installment payment. Copy of the promissory note is attached. Complete Part V Buyer/Transferee Information on Side 2. 12. ❑ No exemptions apply. Go to Part VI I, Line 31. If you checked one or more boxes in 1-9, go to Side 3, complete the perjury statement and sign. Provide Sides 1-3 to the remitter before the close of escrow or exchange transaction to submit to the Franchise Tax Board. STOP here. Withholding is not required. If you checked box 10, go to specific line instructions on Page 4, Part IV. If you checked box 11, go to Part V on Side 2. Withholding may be required. If you checked box 12, go to Part VI I on Side 3 for amounts to withhold. Withholding is required. —� 8601203 I_ Form 593 2019 Side 1 t Remitter Name SSN, nlN, FEI , CA corp no., or CA SOS file no. FOUR SEASONS ESCROW INC. 74-3137125 Part V Buyer/Transferee Information Complete it you checked box 11 in Part IV for an installment agreement. First name (Grantor) Initial y Last name (Grantor) SSN or ITIN Spouse's/RDP's first name (if jointly purchased) Initial I Last name Spouse's/RDP's.SSN or ITIN BusinessMongrantor Trust name (if applicable) ❑ FEIN ❑ CA Corp no. ❑ CA SOS file no. Address (apt./ste., room, PO box, or PMB no.) City (If you have a foreign address, see instructions.) State ZIP code Telephone number Principal Amount of Promissory Note Installment Amount Interest Rate Repayment Period Number of months Buyer's/Transferee's Acknowledgment to Withhold Read the "Buyer/rransferee" Information below. Go to Side 3, complete the perjury statement and sign. I acknowledge that I am required to withhold on the principal portion of each installment payment to the seller/transferor for the above shown California real property either at the rate of 31 /3% (.0333) of the total sales price or the Alternative Withholding Calculation, as specifed by the seller/transferor on Form 593, Real Estate Withholding Statement, of the principal portion of each installment payment. I will complete Form 593 for the principal portion of each installment payment and send one copy of each to the Franchise Tax Board along with Form 593-V, Payment Voucher for Real Estate Withholding, the withholding payment, and give one copy of Form 593 to the seller/transferor. I will send each withholding payment to the Franchise Tax Board by the 20th day of the month following the month of the installment payment. If the terms of the installment sale, promissory note, or payment schedule change, I will promptly inform the Franchise Tax Board. I understand that the Franchise Tax Board may review relevant escrow documents to ensure withholding compliance. I also understand that I am subject to withholding penalties if I do not withhold on the principal portion of each installment payment and do not send the withholding along with Form 593 to the Franchise Tax Board by the due date, or if I do not send one copy of Form 593 to the seller/transferor by the due date. Part VI Computation Complete this part if you checked and certified box 3 in Part III, or to calculate an alternative withholding calculation amount. 13. Selling price...................................................................................... * 13 14. Selling expenses .....................................................................................14 15. Amount realized. Subtract line 14 from line 13............................................................. 15 16. Enter the price you paid to purchase the property (see instructions, How to Figure Your Basis.) ...... 16 17. Seller/Transferor-paid points ............................ . ... . . .. . .. 17 18. Depreciation..................................................... 18 19. Other decreases to basis ............................................ 19 20. Total decreases to basis. Add line 17 through line 19 .............. . ................., .........20 21. Subtract line 20 from line 16................................................... :...... 21 22. Cost of additions and improvements ............................. . ...22 23. Other increases to basis ................................ . .. . . . . . . 23 24. Total increases to basis. Add line 22 and line 23................................... , ..... , . 24 25. Adjusted basis. Add line 21 and line 24 ....................... . . ......... . ........ . ................ . .... 25 26. Enter any suspended passive activity losses from this property .............................. 25 27. Add line 25 and line26..................................................................................27 j 28. Estimated gain or loss on sale. Subtract line 27 from line 15 and enter the amount here. If you have a loss or zero gain, certify on Side 3. No withholding is required. If you have a gain, go to line 29 and 30 to calculate your withholding ........... 28 Form 593 2019 Side 2 8602203 �— 0 Remitter Name SSN, MIN, FEIN, CA corp no., or CA SOS fife no. FOUR SEASONS ESCROW INC. 74-3137125 29. Alternative withholding calculation amount. Check the applicable box for the filing type. ❑ Individual 12.3% ❑ Corporation 8.84% ❑ Bank and Financial Corporation 10.84% ❑ Trust 12.3% ❑ Non -California Partnership 12.3% ❑ S Corporation 13.8% ❑ Financial S Corporation 15.8% Multiply the amount on line 28 by the tax rate for the filing type selected above and enter the amount here. This is the alternative withholding calculation amount. If you elect the alternative withholding calculation amount, then check the appropriate box on line 35, Boxes B-H, and enter the amount on line 36.......................................... , .29 30. Total sales price withholding amount. Multiply the selling price on line 13 by 31/3% (.0333). This is the total sales price withholding amount. If you select the total sales price withholding amount, check box A on line 35 below and enter the amount on line 36.......................... :............................... .....30 Part VII Escrow or Exchange Information 31. Escrow or Exchange Number ........................... ■ 31 FS3245 32. Date of Transfer, Exchange Completion, Failed Exchange, or Installment Payment .......... (nm,`ddtyyyy) O 32 ❑Lo l 33. Total Sales Price, Failed Exchange, or Boot Amount $ Ownership Percentage kG°A O 33 34. Type of Transaction (Check One Only): 0 A 1111 Conventional Sale/Transfer C ❑ Boot B ❑ Installment Sale Payment D ❑ Failed Exchange 35. Withholding Calculation (Check One Only): Total Sales Price Method A ❑ 31/3% (.0333) x Total Sales Price, Boot, or Installment Sale Payment Alternative Withholding Calculation Election B ❑ Individual 12.3% x Gain on Sale F ❑ S Corporation 13.8% x Gain on Sale C ❑ Non -California Partnership 12.3% x Gain on Sale G ❑ Financial S Corporation 15.8% x Gain on Sale D ❑ Corporation 8.84% x Gain on Sale H ❑ Trust 12.3% x Gain on Sale E ❑ Bank and Financial Corp. 10.84% x Gain on Sale 36. Amount Withheld from this SellerfFransferor ............................... 936 e-_:,-{�oo Fw le and escrow persons, and exchange accommodators are not authorized to provide legal or accounting advice for purposes of determining thholding amounts. Transferors are strongly encouraged to consult with a competent tax professional for this purpose. To learn about your privacy rights, how we may use your information, and the consequences for not providing the requested information, go to ftb.ca.gov/forms and search for 1131. To request this notice by mail, call 800.852.5711. Under penalties of perjury, I hereby certify that the information provided above is, to the best of my knowledge, true and correct. I further certify that: Check the applicable box(s): XThe sale is fully exempt from withholding as indicated by a check mark(s) in Part III. ❑ The sale is fully or partially exempt from withholding as indicated by a check mark(s) in Part IV. ❑ The seller has elected the Alternative Withholding Calculation as indicated by a check mark in Part VII, line 35 (B-H). ❑ The Buyer/Transferee understands and accepts the withholding requirements as stated on the Buyer's/Transferee's Acknowledgment to Withhold in Part V. This box should eply be checked by thgsf vim are involved in an installment sale. Sign Here ,x._ IBBuyuyer's/rransferee's signature It is unlawful to forge a spouse's/RDP's .A IBuyer's/Transferee's spouse's/RDP's signature signature. 'Y Date Ja )3 znza 1o/.L-?/zzZ_0 Ilreparer's name and Title/Escrow business name Telapbane Number :X FOUR SEASONS ESCROW INC. (760) 564-4044 —1 8603203 �— Form 593 2019 Side 3 i 0 U r s e a s o n s e S C r O w I n C 78070 Calle Cadiz, La Quinta, CA 92253 Phone (760) 564-4044 Fax (760) 771-2999 QUALIFIED SUBSTITUTE DECLARATION OF POSESSION OF TRANSFEROR'S AFFIDAVIT OF NONFOREIGN STATUS RE: 46400 Dune Palms Road, La Quinta, CA 92253 Escrow Number: FS3245 In compliance with Internal Revenue Code Section 1445, the undersigned qualified substitute states as follows: QUALIFIED SUBSTITUTE NAME: FOUR SEASONS ESCROW, INC. is an escrow company responsible for closing the above reference transaction. 2. TRANSFEROR'S AFFIDAVIT: Chin Family Properties Limited Partnership, a California limited partnership have each furnished to the Qualified Substitute an affidavit stating under penalty of perjury the Transferor's United States taxpayer identification number and that the Transferor is not a foreign person ("Transferor's Affidavit"). 3. DECLARATION UNDER PENALTY OF PERJURY: The undersigned Qualified Substitute declares under Penalty of perjury under the laws of the State of California that he, she or it is in possession of the Transferor's Affidavit, for each Transferor named in paragraph 2 above. Qualified Substitute: Four Seasons Escrow. Inc. Date: f l By Leeta Slama, Escrow Officer