HomeMy WebLinkAbout1994-03-22; City Council; Resolution 94-89...r I1 0 0
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CITY COUNCIL RESOLUTION NO. 94-89
A RESOLUTION OF THE CITY COUNCIL OF THE CITJ
CARLSBAD, CALIFORNIA APPROVING THE REIMBURSER
AGREEMENT BETWEEN THE CITY OF CARLSBAD AND
CARLSBAD REDEVELOPMENT AGENCY FOR ACQUISITIOB
AFFORDABLE HOUSING PROPERTY WITH FEDERAL CDBG FT
AND AUTHORIZATION TO EXECUTE AN "OPTION TO LE,
PROPERTY TO THE BRIDGE H:OUSING CORPORATION
WHEREAS, the City of Carlsbad hss identified a need to provide at least
housing units affordable to households of low and very low income by 1996; and
WHEREAS, on October 26, 1993, afi;er making the required findings, the Car
Redevelopment Agency agreed to assist in providing interim financing in the amount I
million to acquire real property outside the Village Redevelopment Area for the purpos
developing affordable housing for persons/families within low and very low income house1
and
WHEREAS, the City of Carlsbad exercised a "purchase option" held by A
Land Associates to acquire real property at 91 56 El Camino Real, through use of the Age]
Low and Moderate Income Housing Set-Aside funds on November 15, 1993 for the purpos
developing the approved Villas at El Camino Real .Affordable Housing Project; and
WHEREAS, the City agreed to reimburse the Agency for the interim fins!
assistance when feasible and appropriate through the City's Community Development Block C
(CDBG) Program; and
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2 WHEREAS, the U.S. Department of Housing and Urban Developme1
3 provided the City with environmental clearance to release CDBG funds for the purpo
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financing the acquisition of property for the Villas at El Camino Real Affordable Hc
Project.
NOW, THEREFORE, BE IT HIEREBY RESOLVED by the City
Council as follows:
1. That the foregoing recitations are true and correct.
2. That the City Council shall reimburse the Carlsbad Village Redevelopment AI
for two (2) million dollars in financial assistance provided through the use (
Agency’s Low and Moderate Income Housing Set-Aside funds to acqt
twenty-one (2 1) acre vacant parcel of property located adjacent to and west
Camino Real between Camino Vida Roble and Alga Road.
3. ’ That the City of Carlsbad shall reim.burse the Carlsbad Redevelopment AI
with two (2) payments from the City’s federal Community Development 1
Grant (CDBG) Program. The first reimbursement payment shall be made
$800,000 in CDBG funds previously allocated for affordable housing pro
acquisition. The City shall use funds from a $1.2 million Section 108 CDBG
to make the second reimbursement payment to the Agency.
4. That the City of Carlsbad’s Finance Director is authorized to draw dow
CDBG funds from the City’s Letter (of Credit for the CDBG program and 1
the first reimbursement payment to the Carlsbad Redevelopment Agency no
than April 30, 1994.
5. That the City of Carlsbad shall lease the subject property to the BRIDGE Hol
Corporation, or acceptable limited partnership, for a rental housing project u
will provide 344 units of housing affordable to households of low and very
income as approved by the City Council on October 26, 1993.
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6. That the City Manager is authorized to execute an "option to lease'' agrel
with BRIDGE Housing Corporation andor a limited partnership, of
BRIDGE is a general partner, for the subject property to be used for develo;
of the Villas Affordable Housing Project.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the
Council of Carlsbad, California, held on the 22hd day of MARCH , 1994 by the folk
~ vote, to wit:
AYES: Council Members Lewis, Stanton, Nygaard, Finnila
NOES: None
ABSENT: Council Member Kulchin
ABSTAIN: None
ATTEST:
ALETHA RAUTENKRANZ, City Clerk \