HomeMy WebLinkAbout2000-02-15; City Council; Resolution 2000-61-
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RESOLUTION NO. 2000-61
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, TO APPROVE A SUBORDINATION
AGREEMENT AND THE USE OF DOCUMENTS INSTRUCTIONS
AND INDEMNIFICATION BETWEEN PGP CARLSBAD
SENIORS, LTD. AND THE CITY OF CARLSBAD
APPLICANT: PGP CARLSBAD SENIORS, LTD.
CASE NO: RF"CUP 83-02
WHEREAS, in 1982 a Senior Housing Project commonly referred to as Jefferson House 1 wa:
7 approved and constructed which allowed for a density bonus and reduced parking requirements; and
a WHEREAS, the applicant as conditioned, submitted a conversion plan and a subordinatiol
9 agreement naming the City of Carlsbad as the holder of the second trust deed; and
10 WHEREAS, in 1990, Jefferson House, a General Partnership sold the property to PGI ''
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Carlsbad Seniors, LTD.
WHEREAS, on September 18, 1990, City of Carlsbad City Council approved the transfer 0:
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LTD., and l4
the subordination agreement fkom Jefferson House, a General Partnership to PGP Carlsbad Seniors
l5 I1 WHEREAS, the current property owner is seeking to refinance the funding for the properQ
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and is requesting that a new subordination agreement be executed between PGP Carlsbad Seniors
LTD. and the City of Carlsbad.
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City of
Carlsbad, California, as follows:
1. The above recitations are true and correct.
2. The City Council authorizes the City Manager to execute the Subordinatior
Agreement and the related Use of Documents Instructions and Indemnificatior
between PGP Carlsbad Seniors, LTD. and City of Carlsbad in substantially the fonr
presented to the City Council on February 15, 2000, and subject to review anc
approval by the City Attorney.
3. The City Council authorizes future subordination agreements and related documents
for this subject property or transfers of the subordination agreement to a new property
owner to be submitted to the Housing and Redevelopment Director for review, and to
be executed by the City Manager, subject to the review and approval of the City
Attorney.
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PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council o
the City of Carlsbad, California, held on the 15th day of February, 2000, by the following vote, tl
wit:
AYES: Council Members Lewis, Hall, Finnila, Nygaard and Kulclr
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
&b. m
LORRAINE M. WOOD, CITY CLERK
(SEAL)
CC RES0 NO. ~000-6 1
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