HomeMy WebLinkAbout2000-12-12; City Council; Resolution 2000-375RESOLUTION NO. 2000-375
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, APPROVING A REQUEST BY PACIFIC
VISTA LAS FLORES, L.P. FOR ADDITIONAL FINANCIAL
ASSISTANCE IN THE AMOUNT OF $36,193 FROM THE CITY OF
CARLSBAD’S HOUSING TRUST FUND, AND APPROVAL OF A
LOAN AGREEMENT, PROMISSORY NOTE, DEED OF TRUST AND
SECURITY AGREEMENT, AND REGULATORY AGREEMENT AND
DECLARATION OF RESTRICTIVE COVENANTS BETWEEN THE
CITY OF CARLSBAD AND PACIFIC VISTA LAS FLORES FOR THE
DEVELOPMENT OF THE 28 UNIT VISTA LAS FLORES
AFFORDABLE APARTMENT PROJECT.
APPLICANT: PACIFIC VISTA LAS FLORES,, L.P.
CASE NO: SDP 97-16
WHEREAS, a project known as the Vista Las Flores Apartments has been approved by the City
of Carlsbad City Council for construction of 28 apartment units which will provide housing affordable to
low and very low income households; and
WHEREAS, on July 13, 1999, the City of Carlsbad City Council authorized the appropriation of
$327,755 from the Housing Trust Fund for the purposes of providing financial assistance for construction
of new affordable rental housing units within the proposed Vista Las Flores Project; and
WHEREAS, Pacific Vista Las Flores, L.P., has submitted a request to the City of Carlsbad for
additional financial assistance for the Vista Las Flores Project; and
WHEREAS, on December 12, 2000, the City Council of the City of Carlsbad held a public
meeting to consider the request for additional fmancial assistance and to approve the related loan
documents; and
WHEREAS, at said public meeting, upon hearing and considering all testimony, if any, of all
persons desiring to be heard, said Council considered all factors relating to said request for financial
assistance and loan documents.
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.
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2. The City Council hereby APPROVES a request by Pacific Vista Las Flores, L.P., for
additional financial assistance in the amount of $36,193 from the City of Carlsbad’s Housing
Trust Fund, and approval of the Loan Agreement, Promissory Note, Deed of Trust and
Security Agreement, Promissory Note, and Regulatory Agreement and Declaration of
Restrictive Covenants for the development of the 28 unit Vista Las Flores Affordable
Apartment Project.
3. That the City Council authorizes the City Manager or his/her designee to execute all
documents related to provision of the additional City financial assistance, including but not
limited to the Loan Agreement, Promissory Note, Deed of Trust and Security Agreement,
Promissory Note, and Regulatory Agreement and Declaration of Restrictive Covenants in
substantially the form presented to the City Council, and subject to review and approval by
the City Attorney.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council of the
City of Carlsbad, California, held on the .@’ day of December, 2000 by the following vote, to wit:
AYES: Council Members Lewis, Hall, Finnila, Nygaard and Kulchin.
NOES: None
ABSTAIN: None
ATTEST:
. WOOD, CITY CLERK
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CC RESO NO. 2000-375
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