HomeMy WebLinkAbout2004-10-12; City Council; Resolution 2004-3271
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CITY COUNCIL RESOLUTION NO. 2004-327
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, APPROVING $2,000,000 IN
DOWNPAYMENT FINANCIAL ASSISTANCE FROM THE
HOUSING TRUST FUND TO THE 100 LOW INCOME HOME
BUYERS WITHIN THE MULBERRY RESIDENTIAL
DEVELOPMENT OF THE BRESSI RANCH MASTER PLAN,
AND APPROVING AND AUTHORIZING THE CITY MANAGER
TO EXECUTE THE RELATED LOAN DOCUMENTS.
APPLICANT: LENNAR COMMUNITIES
WHEREAS, the City of Carlsbad has identified a need to provide housing which is affordable to
low income households in a variety of different forms; and
WHEREAS, a project known as “Mulberry, Bressi Ranch” has been approved for construction
which will provide one hundred (100) for-sale, two and three bedroom, condominium units on property
generally located south of Palomar Airport Road and east of El Camino Real, in Planning Area 15 of the
Bressi Ranch Master Plan Area which will provide housing affordable to low income households; and
WHEREAS, the affordability level and the unit mix of the proposed project are consistent with
the City of Carlsbad’ s Housing Element objectives, Consolidated Plan, and Inclusionary Housing
Ordinance; and
WHEREAS, on September 9, 2004, the City of Carlsbad Housing Commission held a public
meeting and recommended that, based upon the financial analysis of the project, City financial
participation in the project is necessary, appropriate and exceeded by the public benefit received by the
City; and
WHEREAS, the City Council did hold a public meeting to consider a request to approve loan
documents for City financial assistance for the buyers of said one hundred (100) for-sale, two and three
bedroom, condominium housing units affordable to low income households and;
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Page 2 of CC Resolution No. 2o04-327
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:
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 request for City financial assistance for home buyer down payments for the Mulberry
development in the Bressi Ranch Master Plan has been determined to be consistent with
the goals and objectives of the City of Carlsbad’s Housing Element and Consolidated
Plan, the Inclusionary Housing Ordinance, and the Carlsbad General Plan.
3. The request for City financial assistance will assist low income households to purchase a
total of one hundred (100) for-sale, two and three bedroom, condominium housing units in
the Mulberry development of the Bressi Ranch Master Plan. The project, therefore, has
the ability to effectively serve the City’s housing needs and priorities as expressed in the
Housing Element and the Consolidated Plan.
4. That based on the information provided within the City Council Staff Report, the Housing
Commission Staff Report, dated September 9, 2004, and the testimony presented during
the public meeting of the City Council, the City Council hereby APPROVES the
Borrower Promissory Note, Borrower Deed of Trust and Security Agreement, Borrower
Resale Restriction Agreement and Option to Purchase, and Borrower Disclosure
Statement between the City of Carlsbad and the individual home buyer within said project
and APPROVES a total amount of $2,000,000 from the City of Carlsbad’s Housing Trust
Fund to provide down payment assistance to low income buyers of said one hundred (100)
for-sale, two and three bedroom, condominium housing units in the Mulberry
development of the Bressi Ranch Master Plan.
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Page 3 of CC Resolution No. 2004-327
5. That the City Council authorizes the City Manager or his designee to execute all
documents related to provision of the City assistance, including but not limited to a
Borrower Promissory Note, Borrower Deed of Trust and Security Agreement, Borrower
Resale Restriction Agreement and Option to Purchase, and Borrower Disclosure
Statement, in substantially the forin presented to the City Council and subject to review
and final 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 12th day of October, 2004 by the following vote, to wit:
AYES: Council Members Lewis, Finnila, Kulchin, Hall, and
NOES : None
Packard
ATTEST:
v Karen R. Kundtz, Assistant City Clerk
(SEAL)