HomeMy WebLinkAbout1993-10-26; City Council; Resolution 93-297ll 0 a
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CITY COUNCIL RESOLUTION NO. 93-297
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNIA APPROVING CITY
FINANCIAL ASSISTANCE TO AN AFFORDABLE
HOUSING PROJECT WHICH WILL PROVIDE A TOTAL
OF 344 RENTAL UNITS FOR LOW AND VERY LOW
INCOME HOUSEHOLDS TO BE LOCATED WITHIN THE
SOUTHWEST QUADRANT OF THE CITY.
CASE NAME: "THE VILLAS" AT EL CAMINO REAL
APN: 215-020-15
WHEREAS, the City of Carlsbad has identified a need to provide at I
housing units affordable to households of low and very low income by 1996; and
i WHEREAS, a project, known as "The Villas" at El Camino Real,
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proposed for construction which will provide 344 residential apartments on a 21 ac
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on parcel number 21 5-020-15 which will be affordable to low and very low income hc 16
located adjacent to and west of El Camino Real, between Camino Vida Roble and A
l8 /1 WHEREAS, the City of Carlsbad's comprehensive financial analysis of i
19 I concludes that city financial participation in the project is necessary , appropriate and
20 I by the public benefit received by the City; and 21
22 WHEREAS, the affordability level and the unit mix of the proposed I
23 consistent with the City of Carlsbad's Housing Element objectives, Comprehensivc
24 Affordability Strategy, Inclusionary Housing Ordinance, Redevelopment Low and
25 Income Housing Set-Aside Spending Plan and Density Bonus Ordinance; and
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ll WHEREAS, the project has been found to be consistent with the require
I. 11 the General Plan, the Carlsbad Zoning Ordinance, the Local Coastal Plan and the
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6 1. That the foregoing recitations are true and correct.
Management Ordinance.
NOW, THEREFORE, BE IT HEREBY RESOLVED by the Cit
Council as follows:
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2. That the City will purchase property for the Villas at El Camino Real A
Housing Project on an interim basis using up to $2 million in Redevelopn
and Moderate Income Housing Set-Aside Funds and on a permanent b:
$880,000 in previously approved CDBG Funds and $1.2 million in CDBl
108 Loan Funds, if approved by HUD.
3. That the City Council of the City of Carlsbad hereby approves financial i
to the proposed affordable housing project known as "The Villas" at E
Real in the following form and as outlined in the Housing Commis
reports dated August 12, 1993 and October 14, 1993:
a. Sell or lease city-owned land to project; .
b. Use of Redevelopment Low and Moderate Income Housing
Funds in the amount of $500,000 for project construction and F
financing, including on-site andor off-site public improvement
related to the project.
c. Exemption from payment of the Public Facilities Fee for enti:
based on City Council Policy 17.
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d. Guarantee of the project Grading Deposit from Redevelopment
Moderate Income Housing Set-Aside Funds thereby waiving t
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requirement for the developer.
e. Deferral of a portion of the Community Facilities District (CFD:
CFD fees will be paid in full for the first 108 units within the PI
remaining fees for the additional 236 affordable units, resultin1
project's proposed increase in density, will be deferred but paid
from proceeds of the sale of Affordable Housing Credits, provi
subject project, to eligible developers to meet their inclusiona
requirements.
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f. Deferral of public improvement costs related to construction of
Lane for the entire project.
4. That City Staff is authorized to initiate the process for applying fol
Section 108 Loan in the amount of $1.2 million for property acquisitic
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5. That the development team for the subject affordable housing project I
assistance as contained within the staff report to the Housing Commis 9
into appropriate agreements with the City of Carlsbad which outline th
city participation and the conditions to be met prior to commitme
October 14, 1993.
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PASSED, APPROVED, AND ADOPTED at a regular meeting o!
Council of the City of Carlsbad, California, held on the 26th day of October, 19 1: following vote, to wit: 14
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AYES: Council Members Lewis, Stanton, Kulchin, Nygaard,
NOES: None
.l7 I1 ABSENT: None
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ABSTAIN: None
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ATTEST:
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