MVF nears completion of MOU with Monument Realty

At the July 28 Montgomery Village Foundation (MVF) Board of Directors meeting, the MVF Board authorized Executive Vice President (EVP) Dave Humpton to negotiate and execute the Memorandum of Understanding (MOU) with USL2 MR Montgomery Village Business Trust (Monument Realty). The motion was seconded and passed unanimously.

The goal of the MVF Board has been to annex any proposed new housing on the former golf course property, providing new homeowners the same rights and obligations as current property owners in the Village. If aligned in the same manner as existing MVF members, new property owners would pay assessment fees, comply with Architectural Standards, have access to MVF parks and amenities and assume voting privileges. Any governing documents for newly formed associations would clearly define the relationship between MVF, the association and its members.

Article II, Section 3(c) of the Declaration for Whetstone states that the developer (Kettler Brothers) and MVF have the authority to annex additional properties into existing communities, new communities and MVF. In the original Declaration, the right to annex is reserved solely for the developer (Kettler Brothers), their heir’s and assigns, with no time limit or requirement that Kettler be an owner of the property proposed for annexation. In order for annexation to proceed, Kettler has assigned a limited Declaration of Rights to Monument Realty.

The MOU outlines roles and obligations of MVF and Monument Realty as the property goes through the Montgomery County development process. It further outlines the dedication of certain properties (parkland) and improvements to MVF, as outlined in the concept plan approved by the MVF Board in March 2014.

Per the document, MVF would support all development applications made to improve the former golf course property, provided they are materially consistent with the concept plan, recognizing that Monument Realty may need to implement some changes in subsequent detailed plans. Structures can be built to prescriptions in the applicable zoning for the property, and after reasonable review, MVF will execute documents required for the project such as easements and authorizations. MVF would also agree to cooperate with the developer and other parties, including government agencies to support the overall project.

Monument Realty would be responsible for obligations including:

• Paying an initial one-time Capital Contribution Fee for each improved residential lot sold, as per the schedule in the MOU.
• Submitting architectural plans for new homes to MVF for review and comment, although for initial review, MVF comments are non-binding in nature. The developer will provide architectural criteria and guidelines to MVF for the new homes, and subsequent modifications to the homes would then be subject to review and approval by the MVF Architectural Review Board. This is in line with the historic process of Montgomery Village original development.
• Dedicating a prescribed acreage of parkland to MVF, and constructing a recreational park with amenities generally shown in the Concept Plan and commonly referred to a Central Park.
• Contracting with MVF for management services of the newly formed HOA(s).

EVP Humpton and MVF General Counsel will be finalizing language in the MOU with Monument Realty, per the direction of the Board. Once complete and executed, all heirs, successors and assigns of the property will be bound by the terms specified in the MOU.