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Home My WebLink AboutCT 02-17; Fair Oaks Valley LLC; 2006-0395073; Affordable Housing Agreement/Release*Recording Requested by: City of Carlsbad When Recorded Mail to: City of Carlsbad City Clerk's Office Attn: City Clerk 1200 Carlsbad Village Drive Carlsbad. California 92008 R coH DOC# 2006-0395073 JUN05, 2006 1:18PM OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE GREG DRY J.SMITH. CO UN T Y R E CO R D E R FEES: 23.00 PAGES: 6 2006-0395073 (Space above for Recorder's Use) AFFORDABLE HOUSING AGREEMENT THIS AFFORDABLE HOUSING AGREEMENT ("Agreement") is entered into this ay of3P>A), 200Jb^ by and between the CITY OF CARLSBAD, a municipal corporation (hereinafter referred to as the "City"), and Fair Oaks Valley, a limited liability corporation (hereinafter referred to as the "Developer"), is made with reference to the following: RECITALS A. Developer is the owner of certain real property in the City of Carlsbad, County of San Diego, State of California, described in "Attachment A", which is attached hereto and incorporated herein by this reference, and which is the subject of a Tentative Map CT 02-17 which provides conditional approval of the construction of forty-nine (49) single family residential parcels ("Project"). B. Chapter 21.85 of the Carlsbad Municipal Code requires that this Affordable Housing Agreement shall be entered into between the City and the Developer as a means of satisfying the Developer's affordable housing obligation ("Affordable Housing Obligation"), as such is defined under Chapter 21.85 of the Carlsbad Municipal Code. Planning Commission Resolution No. 5954 provides that the Affordable Housing Obligation of nine (9) units will be satisfied by the purchase of affordable housing credit or the provision of seven (7) units on site, as provided for in Chapter 21.85, Section 21.85.080. NOW, THEREFORE, incorporating the foregoing Recitals and in consideration of the mutual covenants contained herein, the parties agree as follows: 1. That the Recitals Are True And Correct. 2. THAT SATISFACTION OF DEVELOPER'S AFFORDABLE HOUSING REQUIREMENT WILL BE BY THE PURCHASE OF AFFORDABLE HOUSING CREDITS. June 11,2002 6237 (a) Performance under this Agreement satisfies the Developer's obligation for affordable housing under Chapter 21.85 of the Carlsbad Municipal Code as applied to the land covered by Carlsbad Tract No. CT02-17 by reason of the approvals of the Tentative Map of CT 02-17, including Finding No. 10(B) and Condition No. 15 listed in Planning Commission Resolution No.5954, and any other applicable approval. (b) The Developer shall purchase nine (9) Affordable Housing Credits for an amount established by resolution of the City Council and as required by Finding No.lO(B) and Condition No. 15 of Planning Commission Resolution No.5954. All credits shall be purchased prior to the Developer receiving any building permits for the project. If the Developer chooses to construct seven (7) units on site to satisfy the inclusionary obligation of said project, the Developer shall be required to amend this agreement and provide a Site Development Plan that identifies the lots within said project upon which the required units shall be constructed. The amended agreement shall set forth a description of the product type, bedroom size, and other details of the proposed on site units. The amended agreement shall also set forth a schedule for construction of said units and release of building permits. No building permits for market rate units shall be released until such time as either 1) the nine (9) housing credits are purchased; or 2) this agreement is appropriately amended and recorded against the property to allow for construction of seven (7) units on site. 3. REMEDIES Failure by the Developer to perform in accordance with this Agreement will constitute failure to satisfy the requirements of Chapter 21.85 of the Carlsbad Municipal Code and Finding No. 10(B) and Condition No. 15 of Planning Commission Resolution No.5954. Such failure will allow the City to exercise any and all remedies available to it including but not limited to withholding the issuance of building permits for the lots shown on Carlsbad Tract No. CT 02-17. 4. HOLD HARMLESS Developer will indemnity and hold harmless (without limit as to amount) City and its elected officials, officers, employees and agents in their official capacity (hereinafter collectively referred to as "Indemnitees"), and any of them, from and against all loss, all risk of loss and all damage (including attorneys' fees and expenses) sustained or incurred because of or by reason of any and all claims, demands, suits, or actions, obtained, allegedly caused by, arising out of or pertaining in any manner to Developer's actions or defaults pursuant to this Agreement, and shall protect and defend Indemnitees, and any of them with respect thereto. 5. NOTICES All notices required pursuant to this Agreement shall be in writing and may be given by personal delivery or by registered or certified mail, return receipt requested to the party to receive such notice at the address set forth below: June 11, 2002 6238 TO THE CITY: City of Carlsbad Housing and Redevelopment Department Attn: Housing & Redevelopment Director 2965 Roosevelt Street, Suite B Carlsbad, California 92008-2389 TO THE DEVELOPER: Fair Oaks Valley, LLC C/O Chuck Du Vivier P.O. Box 230638 Encinitas, Ca. 92023 Any party may change the address to which notices are to be sent by notifying the other parties of the new address, in the manner set forth above. 6. ENTIRE AGREEMENT This Agreement constitutes the entire agreement between the parties and no modification hereof shall be binding unless reduced to writing and signed by the parties hereto. 7. DURATION OF AGREEMENT This Agreement shall terminate and become null and void upon the payment of the Affordable Housing Credits, or the repeal, termination, or modification of any applicable ordinance which act would render the Affordable Housing Obligation unnecessary or unenforceable. 8. SUCCESSORS This Agreement shall benefit and bind the Developer and any successive owners of Affordable Housing Lots. June 11,2002 6239 9. SEVERABILITY In the event any provision contained in this Agreement is to be held invalid, void or unenforceable by any court of competent jurisdiction, the remaining provisions of this Agreement shall nevertheless, be and remain in full force and effect. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed as of the day and year first above written. DEVELOPER By: NameCWx-U<i Q, Oi*.\iis/i«* Title Ka^cvttfer £x'\<- By: CITY City of Carlsbad, a Municipal corporation By: Sandra L. Holder Community Development Director If required by City, proper notarial acknowledgment of execution by Developer must be attached. If a Corporation, Agreement must be signed by one corporate officer from each of the following two groups. *Group A. Chairman, President, or Vice-President **GroupB. Secretary, Assistant Secretary, CFO or Assistant Treasurer Otherwise, the corporation must attach a resolution certified by the secretary or assistant secretary under corporate seal empowering the officer(s) signing to bind the corporation. APPROVED AS TO FORM: RONALD R. B/.LL, City Attorney By:. tant City Attorney June 11, 2002 ALL-PURPOSE ACKNOWLEDGMENT 6240 State of California County of San Diego ss. On before me.Ash Nickle (DATE) personally appeared C /|A//) (NOTARY] SICiNI-RlSl 'y £- (\/(//V/V.K personally known to me - OR - OFFICIAL SEAL I ASH NICKLE § NOTARY PUBLIC-CALIFORNIA" COMM. NO. 1538900 2 SAN DIEGO COUNTY • MY COMM. EXP. DEC. 26,2008 I proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) jstere subscribed to the within instrument and acknowledged to me that hejfefee/they executed the same in h**9tb«-r/their authorized capacity(ies), and that by his/hec/their signatures(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. OPTIONAL INFORMATION The information below is not required by law. However, it could prevent fraudulent attachment of this acknowl- edgment to an unauthorized document. CAPACITY CLAIMED BY SIGNER (PRINCIPAL) DESCRIPTION OF ATTACHED DOCUMENT G INDIVIDUAL n CORPORATE OFFICER TITLE OR TYPE OF DOCUMENT TITLE(S) G PARTNER(S) G ATTORNEY-IN-FACT G TRUSTEE(S) G GUARDIAN/CONSERVATOR G OTHER: NUMBER OF PAGES DATE OF DOCUMENT OTHER SIGNER IS REPRESENTING: NAME OF PERSON(S)OR ENTITY!IBS) RIGHT THUMBPRINT OF SIGNER APA 5/99 VALLEY-SIERRA. 800-362-3369 6241 ATTACHMENT A LEGAL DESCRIPTION OF SUBJECT PROPERTY That portion of the east half of Lot 6 of Rancho Las Encinitas, in the City of Carlsbad, County of San Diego, State of California, according to Map thereof No. 848, filed in the Office of the County Recorder of San Diego County, June 27, 1898. (APN 223-061-01-00 and 223-061-02- 00). June 11, 2002