HomeMy WebLinkAbout1999-07-13; City Council; Resolution 99-2591
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' CITY COUNCIL RESOLUTION NO. ' 99-259
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNIA, APPROVING A REQUEST
TO PROVIDE $1,350,000 IN FINANCIAL ASSISTANCE
FROM THE REALLOCATION OF FUNDS FROM THE
CARLSBAD HOMEBUYER ASSISTANCE (CHAP)
PROGRAM TO CONTINENTAL HOMES, INC., FOR
TWO AND THREE BEDROOM CONDOMINIUM UNITS IN
ORDER TO SATISFY THE REQUIREMENTS OF THE
INCLUSIONARY HOUSING ORDINANCE FOR THE
RANCHO CARRILLO MASTER PLAN AND APPROVING
THE RELATED LOAN AGREEMENT, DEEDS OF TRUST,
PROMISSORY NOTES, REGULATORY AGREEMENT AND
BORROWER DISCLOSURE.
APPLICANT: CONTINENTAL HOMES, INC.
CASE NO: CT 98-15/CP 98-08/SDP 98-17
CONSTRUCTION OF NINETY, FOR-SALE, AFFORDABLE
WHEREAS, Continental Homes is the developer of the Rancho Carrillo Master Plan; and
WHEREAS, Continental Homes intends to construct a total of 1,711 residential housing 1
within the Rancho Carrillo Master Plan; and
WHEREAS, pursuant to the City of Carlsbad's Inclusionary Housing Ordinance, Chapter 2
of the Carlsbad Municipal Code, fifteen percent of all residential development within the Ra:
Carrillo Master Plan is required to be affordable to low income households; and
WHEREAS, the City Council has previously approved three affordable housing projects tot;
256 residential units which allows for the total development of 1,711 residential units within the Rar
Carrillo Master Plan; and
WHEREAS, the developer is proposing to construct 124 two and three bedroom, for-:
attached condominium units, of which 90 will be restricted for sale to low income households as a m
to satisfy the remaining affordable housing obligations for the Rancho Carrillo Master Plan; and
WHEREAS, on May 13, 1999, the Housing Commission held a public meeting to considel
developer's request for financial assistance to construct said affordable housing units; and
WHEREAS, at said public meeting, upon hearing and considering all testimony, if any, o
persons desiring to be heard, said Commission considered all factors relating to the request for finar
assistance and unanimously recommend to the City Council that said assistance be granted;
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WHEREAS, the City Council did hold a public meeting to consider the developer's reque:
financial assistance to construct said affordable housing units, Continental Homes, Inc., and;
WHEREAS, at said public meeting, upon hearing and considering all testimony, if any, (
persons designing to be heard, said Council considered all factors relating to the application and rec
for financial assistance:
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the Ci
Carlsbad, California, as follows:
1. The above recitations are true and correct.
2. The request for City financial assistance is consistent with the goals and objectives
City of Carlsbad's Housing Element, the Consolidated Plan, the Inclusionary Hc
Ordinance, and the Carlsbad General Plan.
3. The project will provide a total of 90, for-sale, two and three bedroom att
condominium units affordable for purchase to households at 80% or below of the c
median income which meets a "medium priority" affordable housing need as ou
within the City of Carlsbad's approved 1995-2000 Consolidated Plan. The PI
therefore, has the ability to effectively serve the City's housing needs and priorit
expressed in the Housing Element and the Consolidated Plan.
4. That based on the information provided within the City Council and Hc
Commission Staff Reports, the testimony presented during the public meeting of thl
Council and Housing Commission, and the Conditions of Approval contained here;
City Council hereby APPROVES a request to provide $1,350,000 in financial assir
fi-om the reallocation of hds from the Carlsbad Homebuyer Assistance Prc
(CHAP) to Continental Homes, Inc., for construction of ninety, for-sale, affordabl
and three bedroom condominium units in order to satisfy the requirements (
Inclusionary Housing Ordinance for the Rancho Carrillo Master Plan.
5. That the City Council hereby authorizes staff to provide a thirty (30) day written
to the Bank of America indicating the Council's decision to reallocate funds fi-c
Carlsbad Homebuyer Assistance Program (CHAP) pursuant to the CHAP opt
agreement between the City of Carlsbad and the Bank of America.
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CC Resolution No.
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6. That the City Council hereby authorizes the City Manager or his designee to exec
documents related to provision of the City assistance, including but not limited to 2
Agreement, Note, Deed of Trust and Regulatory Agreement, in substantially the
presented to the City Council, subject to review and approval by the City Attorney.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the
Council of the City of Carlsbad, California, held on the 13 th day of July 1999 1
following vote, to wit:
AYES; Council Members Lewis, Nygaard, Finnila, Hall & Kulchi
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
2, City Clerk
KAREN R. KUNDTZ, Assistant City Clerk
(SEAL)
CC Resolution No.
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