HomeMy WebLinkAbout2006-04-25; City Council; Resolution 2006-1081 CITY COUNCIL RESOLUTION NO. 2006-108
2 A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CARLSBAD, CALIFORNIA, APPROVING
3 $200,000 IN DOWNPAYMENT FINANCIAL
ASSISTANCE FROM THE HOUSING TRUST FUND TO
4 THE 10 VERY LOW INCOME HOME BUYERS WITHIN
THE BLUFFS RESIDENTIAL DEVELOPMENT
5 LOCATED IN THE NORTHWEST QUADRANT OF THE
CITY ON HARRISON AND LOCUST STREETS, AND
6 APPROVING AND AUTHORIZING THE CITY
MANAGER TO PREPARE AND EXECUTE THE
7 RELATED LOAN DOCUMENTS WITH APPROVAL OF
THE CITY ATTORNEY.
8 APPLICANT: ANASTASI DEVELOPMENT
9 WHEREAS, the City of Carlsbad has identified a need to provide housing which is
10 affordable to lower income households in a variety of different forms; and
11 WHEREAS, a project known as "The Bluffs" has recently completed construction which
12 provides for ten (10) for-sale, one and three bedroom condominium units on property generally
13 located on Harrison and Locust Streets, in the Northwest Quadrant of the City; and
14 WHEREAS, the affordability level and the unit mix of the proposed project are
15 consistent with the City of Carlsbad's Housing Element objectives, Consolidated Plan, and
16 Inclusionary Housing Ordinance; and
17 WHEREAS, on March 9, 2006, the City of Carlsbad Housing Commission held a public
18 meeting and recommended that the City Council approve financial assistance for the homebuyers
19 in the project and said assistance is necessary, appropriate and exceeded by the public benefit
20 received by the City; and
21 WHEREAS, the City Council did hold a public meeting to consider a request to provide
22 down payment assistance to the very low income buyers of said ten (10) for-sale, one and three
23 bedroom, condominium housing units affordable to very low income households in the Bluffs
24 residential development and;
25 ////
26
27
1 Page 2
2
3 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:
8
The above recitations are true and correct.
9
2. The request for City financial assistance for home buyer down payments for the
10 Bluffs residential development has been determined to be consistent with the
goals and objectives of the City of Carlsbad's Housing Element and Consolidated
11 Plan, the Inclusionary Housing Ordinance, and the Carlsbad General Plan.
12 3. The request for City financial assistance will assist very low income households
to purchase a total of ten (10) for-sale, one and three bedroom, condominium
13 housing units in the Bluffs residential development within the Northwest
Quadrant of the City of Carlsbad. The project, therefore, has the ability to
14 effectively serve the City's housing needs and priorities as expressed in the
Housing Element and the Consolidated Plan.
15
4. That based on the information provided within the City Council Staff Report, the
16 Housing Commission Staff Report, dated March 9, 2006, and the testimony
presented during the public meeting of the City Council, the City Council hereby
17 APPROVES the financial assistance for the individual very low income home
buyers within said project and APPROVES a total amount of $200,000 from the
18 City of Carlsbad's Housing Trust Fund to provide down payment assistance to
very low income buyers of said ten (10) for-sale, one and three bedroom,
19 condominium housing units in the Bluffs residential development.
20 ////
21 ////
22 ////
23 ////
24 ////
25 ////
26 ////
27
28
1 PageS
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
5. That the City Council authorizes the City Manager or his designee to prepare and
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, subject to review and final
approval by the City Attorney.
6. That the City Council agrees to subordinate the City's loans and agreements to
the lien of deeds of trust securing the financing provided by a private lender on
said very low income affordable condominium units with assurances that the
private lender will provide commitments reasonably designed to protect the
City's investment in the event of a default including but not limited to a notice of
default to the City and a right for the City to cure the default, 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 25th day of April , 2006 by the
following vote, to wit:
AYES: Council Members Lewis, Hall, Kulchin, Packard, Sigafoose
NOES:None
ABSENT: None
ABSTAIN: None
ATTEST:
.\\\»IU;;
**&»&
- OV\y R £*>...-?, C-&YCi
LORRAINE M. WOOD, City Clerk
(SEAL)
%
(f *