HomeMy WebLinkAbout2003-08-12; City Council; Resolution 2003-2191
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CITY COUNCIL RESOLUTION NO. 2003-219
THAT THE CITY COUNCIL APPROVE THE REALLOCATION OF
$244,161 FROM THE COMMUNITY DEVELOPMENT BLOCK GRANT
FOR THE DEVELOPMENT OF AN AFFORDABLE HOUSING
PROJECT AT 2578 ROOSEVELT STREET
HOUSING RESERVE FUND TO PAY PRE-DEVELOPMENT COSTS
WHEREAS, on March 1 1,2003, the Carlsbad Redevelopment Agency acquired property
located at 2578 Roosevelt Street for the purposes of developing an affordable housing project;
and
WHEREAS, after acquiring the subject property, the Redevelopment Agency issued a
Request for Qualifications for the purpose of selecting a non-profit affordable housing developer
to develop, own and operate an affordable housing development on the subject site; and
WHEREAS, the Redevelopment Agency received three responses to the Request for
Qualifications; and
WHEREAS, after reviewing the responses to the Request for Qualifications and
interviewing each the responding firms, Wakeland Housing and Development Corporation was
determined to be the most qualified organization to develop the affordable housing project; and
WHEREAS, the Redevelopment Agency has approved a Pre-Development Loan
Agreement with Wakeland Housing and Development Corporation to fund the pre-development
activities to allow the proposed project to receive necessary entitlement permits; and
WHEREAS, the Housing Commission did, on the 23rd day of July, 2003, hold a public
meeting to consider the reallocation of $244,161 from the Community Development Block Grant
Housing Reserve Fund to provide funding for the pre-development costs related to the
development of the subject affordable housing project at 2578 Roosevelt Street; and
WHEREAS, upon hearing and considering all testimony, if any, of all persons desiring to
be heard, said Commission considered all factors relating to the proposed Pre-Development Loan
Agreement and recommended approval of the loan to the developer of the project; and
Y
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2003-219 CC RESOLUTION NO.
PAGE 2
WHEREAS, the City Council did, on the 12* day of August, 2003, hold a public hearing
to consider the reallocation of $244,16 1 from the Community Development Block Grant Housing
Reserve Fund to provide funding for the pre-development costs related to the development of the
subject affordable housing project at 2578 Roosevelt Street; and
WHEREAS, upon hearing and considering all testimony, if any, of all persons desiring to
be heard, said Council considered all factors relating to the reallocation of the funding within the
Community Development Block Grant Housing Reserve Fund.
WHEREAS, the City Council finds that the he reallocation of $244,161 from the
Community Development Block Grant Housing Reserve Fund to the Roosevelt Street Affordable
Housing Project is consistent with the goals and objectives of the Housing Element of the City of
Carlsbad’s General Plan, Consolidated Plan, the Inclusionary Housing Ordinance, and the Village
Master Plan.
WHEREAS, the City Council finds that the reallocation of $244,161 from the
Community Development Block Grant Housing Reserve Fund will assist with the development of
approximately ten to twelve (10-12) affordable housing units which will be affordable to lower
income households. The project, therefore, has the ability to effectively serve the Agency/City’s
housing needs and priorities as expressed in the Housing Element of the City of Carlsbad’s
General Plan, the Consolidated Plan and the Village Master Plan.
WHEREAS, the City Council finds that the Pre-Development Loan shall not be required
to meet the general investment requirements set forth within the City’s Investment Policy since
the goals and objectives of affordable housing financial assistance recognize that the assistance is
in actuality more in the nature of a subsidy than an investment. The subject housing loan shall be
excluded from the investment policies with this approval.
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NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City of
Carlsbad, California, as follows:
1.
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The above recitations are true and correct.
That based on the information provided within the City Council Staff Report and
testimony presented during the public meeting of the Housing Commission on July
23,2003, the City Council hereby ADOPTS Resolution No. 2003-219 ,
APPROVING the reallocation of $244,161 from the Community Development
Block Grant Housing Reserve Fund to pay pre-development costs for the
development of an affordable housing project at 2578 Roosevelt Street.
That the City Manager or his or her designee be authorized to execute all
documents related to the reallocation of $244,161 from the Community
Development Block Grant Housing Reserve Fund to the Roosevelt Street
Affordable Housing Project, subject to review and final approval by the City
Attorney.
That the use or expenditure of Community Development Block Grant funds in the
form of a subsidy or loan, including pre-development loans, to affordable housing
projects made pursuant to applicable state or federal law and approved by the City
Council are not considered investments of City funds subject to the control of the
City Council’s Investment Policy dated January 14,2003, and are excluded from
the definition of Pooled Investments subject to management and reporting by the
City Treasurer.
Page 3 of 4 of Resolution No. 2003-219 B
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PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council of
the City of Carlsbad, California, held on the 12* day of August, 2003, by the following vote, to
wit:
AYES: Council Members Lewis, Finnila, Kulchin
NOES: Council Members Hall, Packard
ABSENT: None
ABSTAIN: None
ATTEST:
LORRAINE M. W~D, City Clerk '4
(SEAL)
CC Resolution No. 2003-219
Page 4