HomeMy WebLinkAbout1994-03-22; Housing & Redevelopment Commission; Resolution 2441
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HOUSING AND REDEVELOPMENT COMMISSION RESOLUTION NO.
A RESOLUTION OF THE HOUSING AND REDEVEI
COMMISSION OF THE CITY OF CARLSBAD, CAI
APPROVING THE REIMBURSEMENT AGREEMENT BETW
CITY OF CARLSBAD AND THE CARLSBAD REDEVEI
AGENCY FOR ACQUISITION OF AFFORDABLE HOUSING Pf:
WITH FEDERAL COMMUNITY DEVELOPMENT BLOCK
FUNDS
WHEREAS, the City of Carlsbad has identified a need to provide at
housing units affordable to households of low and very low income by 1996; and
WHEREAS, on October 26,1993, after making the required findings, tl
Redevelopment Agency agreed to assist in providing interim financing in the am
million to acquire real property outside the Village Redevelopment Area for the 1
developing affordable housing for persons/families within low and very low income h
and
WHEREAS, the City of Carlsbad acquired real property at 9156 El Ca
through use of the Agency’s Low and Moderate Income Housing Set-Aside funds on
15, 1993 for the purposes of developing the approved Villas at El Camino Real
Housing Project; and
WHERJCAS, the City agreed to reimburse the Agency for the interir
assistance when feasible and appropriate through the City’s Community Development B
(CDBG) Program; and
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WHEREAS, the U.S. Department of Housing and Urban Develc
provided the City with environmental clearance to release CDBG funds for the I
financing the acquisition of property for the Villas at El Camino Real Affordab
Project.
NOW, THEREFORE, BE IT HEREBY RESOLVED by the Hou:
and Redevelopment Commission as follows:
1. That the foregoing recitations are true and correct.
2. That the Carlsbad Redevelopment Agency shall be reimbursed by t
Carlsbad for two (2) million dollars in financial assistance provided t
use of the Agency’s Low and Moderate Income Housing Set-Asid
acquire a twenty-one (21) acre vacant parcel of property located adjal
west of El Camino Real between Camino Vida Roble and Alga Road
3. That the Carlsbad Redevelopment Agency shall be reimbursed by t
Carlsbad in two (2) payments from the City’s federal Community De
Block Grant (CDBG) Program. The first reimbursement payment sha
with $800,000 in CDBG funds previously allocated for affordabl
property acquisition. The Agency shall accept the second reimbursemer
from the City through use of funds from a $1.2 million Section 108 CI
4. That the Redevelopment Agency’s Finance Director is authorized to (
reimbursement payments from the CDBG funds into the Carlsbad Rede
Agency’s Low and Moderate Income Housing Fund upon receipt fror
The first payment shall be deposited no later than April 30, 1994.
5. That the City of Carlsbad shall use the subject property for a rent
project which will provide 344 units of housing affordable to househc
and very low income as approved by the City Council on October 26,
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6. That the Carlsbad Redevelopment Agency's Executive Director is a1
execute the reimbursement agreement with the City of Carlsbad an(
documents which may be related to the transaction of funds outlined
resolution.
PASSED, APPROVED, AND ADOPTED at a regular meeting oft
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and Redevelopment Commission of Carlsbad, California, held on the 23~ day c
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-9 1994 by the following vote, to wit:
AYES: Commission Members Lewis, Stanton, Nygaard, Pi.
NOES: None
ABSENT: Commissioner Kulchin
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ABSTAIN: None
l7 I1 ATTEST:
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