Loading...
HomeMy WebLinkAbout1998-02-17; City Council; Resolution 98-45s 0 a c 1 CITY COUNCIL RESOLUTION NO. 97-45 2 3 4 5 6 7 S 9 10 11 12 13 14 15 16 17 1s 19 20 21 22 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, TO APPROVE A REQUEST TO PROVIDE UP TO A "IJM OF $1,160,000 IN FINANCIAL ASSISTANCE FROM THE HOUSING TRUST FUND TO CARLSBAD FAMILY HOUSING PARTNERSHIP FOR CONSTRUCTION OF ONE HUNDRED SIXTEEN (116) AFFORDABLE APARTMENT UNITS WITHIN THE RANCHO CARRILLO MASTER PLAN. APPLICANT: CARLSBAD FAMILY HOUSING CASE NO: SDP 97-15 PARTNERSHIP WHEREAS, the master developer of the Rancho Carrillo Master Plan, Continental Homes h; proposed to construct 116 apartment units affordable to lower income households as a means to satisfy portion of their affordable housing obligation as permitted by Carlsbad Municipal Code Section 2 1 .X5 ( the City's Inclusionary Housing Ordinance; and ' WHEREAS, said Housing Commission did, on the 12th day of February, 1998, hold a pub1 meeting to consider the request for City financial assistance for the construction of said 1 16 affordab housing apartment units by the affordable housing developer, Carlsbad Family Housing Partners; and WHEREAS, the City Council did hold a public meeting to consider said request for City financi, assistance for the construction of said 116 affordable housing apartment units by the affordable housir developer, Carlsbad Family Housing Partners; and; WHEREAS, at said public meeting, upon hearing and considering all testimony, if any, of a persons designing to be heard, said Council considered all factors relating to the application and reque, for financial assistance: NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City of Carlsbal 23 24 California, as follows: 1. The above recitations are true and correct. 25 26 27 2s 2. The request for City financial assistance is consistent with the goals and objectives of tl City of Carlsbad's Housing Element and Comprehensive Housing Affordability Strateg the Inclusionary Housing Ordinance, and the Carlsbad General Plan. .... 1 t 1 2 3 4 5 6 7 8 9 10 11 12 13 14 ... 15 16 .” 17 18 19 20 21 22 23 ... ... .... .... .... .... 24 .... 25 .... 26 28 .... 27 .... 0 0 CC Resolution # 97-45 Page 2 3. The request for City financial assistance will assist the affordable housing developer . construct a total of 1 16, one, two and three bedroom affordable apartment units. Tl project, therefore, has the ability to effectively serve the City’s housing needs ar priorities as expressed in the Housing Element and the Consolidated Plan. 4. That based on the information provided within the City Council and Housir Commission Staff Reports, the testimony presented during the public meeting of the Ci Council and Housing Commission and the Conditions of Approval contained herein, tl City Council hereby APPROVES the request to provide up to a maximum of $1,160,00 in financial assistance from the Housing Trust Fund to Carlsbad Family Housin Partnership for construction of one hundred sixteen (1 16) affordable apartment uni within the Rancho Carrillo Master Plan, contingent upon approval of a Californ Housing Finance Agency (CHFA) Loan and 4% tax credit allocation. 5. That the City Council recommends that the City Manager or his designee be authorizc to execute all documents related to provision of the City assistance, including but nl limited to a Loan Agreement, Note, Deed of Trust and Regulatory Agreement, substantially the form presented to the Housing Commission on February 12, 1998 ar subject to review and approval by the City Attorney. 2 1 2 3 4 5 6 7 8 9 10 0 0 CC Resolution # 97-45 PAGE 3 Condition(s): 1. Carlsbad Family Housing Partnership shall be required to apply for and obtain a loan throug the California Housing Finance Agency (CHFA) and a 4% tax credit allocation from the Star of California Tax Credit Allocation Committee and also obtain all other financir commitments necessary to fund the construction of the subject project prior to any release ( City of Carlsbad funds for the subject project. Prior City Council approval shall be require for any alternate financing source for the subject project. The City of Carlsbad’s financi, assistance shall not exceed the amount indicated without prior approval of the City Council. 2. Carlsbad Family Housing Partnership shall be required to enter into appropriate agreemen for the provision of the financial assistance from the City of Carlsbad. These agreements mu be executed and recorded prior to any release of finds by the City of Carlsbad. 11 This resolution shall be automatically repealed if applicant receives an alternath form of assistance, other than CHFA and 4% tax credit, to finance the subject project 12 13 14 PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council ( the City of Carlsbad, California, held on the 17th day of February, 1998 by the following vote, to wit: AYES: Council Members Lewis, Finnila, Nygaard, Kulchin and Hall l5 II NOES: None 16 ABSENT: None ABSTAIN: None 17 18 19 20 21 22 23 ATTEST: 24 ALETHA &-A L. RAUTENKRANZ, 62- City Clerk 25 26 27 28 3