HomeMy WebLinkAbout1998-07-07; Housing & Redevelopment Commission; Resolution 3001
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HOUSING AND REDEVELOPMENT COMMISSION RJZSOLUTION NO. 300
A RESOLUTION OF THE HOUSING AND
REDEVELOPMENT COMMISSION OF THE CITY OF
CARLSBAD, CALIFORNIA, TO APPROVE A LOAN
AGREEMENT, PROMISSORY NOTE, DEED OF TRUST
AND SECURITY AGREEMENT7 REGULATORY
AGREEMENT AND DECLARATION OF RESTRICTIVE
COVENANTS7 AND MORTGAGE LOAN RIDER
BETWEEN THE CITY OF CARLSBAD AND THE
CARISBAD LAUREL TREE APARTMENTS, L.P., IN THE
AMOUNT OF $700,000 TO ASSIST THE CONSTRUCTION
OF 138 APARTMENT UNITS AFFORDABLE TO LOW
INCOME HOUSEHOLDS, AND TO APPROVE A
REDEVELOPMENT HOUSING FUND ADMINISTRATION
AGREEMENT BETWEEN THE CITY OF CARLSBAD AND THE CARLSBAD REDEVELOPMENT AGENCY TO
ALLOW FOR TRANSFER OF FUNDS AND
ADMINISTRATION OF THE LOAN BY THE CITY OF
CARLSBAD
APPLICANT: CARLSBAD LAUREL TREE APARTMENTS. L.P.
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 “Laurel Tree Apartments” has been approved for
construction which will provide 138 apartment units which will provide housing affordable to low
income households on property generally the west side of the future Laurel Tree Road, south of
Palomar Airport Road and north of Flame Tree Road; and
WHEEAS, the Redevelopment Agency of the City of Carlsbad, hereinafter referred to as
“Agency”, is a Community Redevelopment Agency organized and existing under the Community
Redevelopment Law, Health and Safety code Section 33000, etseq., hereinafter referred to as the
“Act”; and
WHEREAS, the Agency is authorized to implement the Redevelopment Plan for the Carlsbad
Village Redevelopment Project Area; and
WHEREAS, Section 33334.2 of the Act requires that not less than twenty percent (20%) of
all taxes which are allocated to the Agency be used for purposes of increasing and improving the
community’s supply of low and moderate income housing; and
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WHEREAS, pursuant to Section 33334.6(a) of the Act, the legislature declares that the
provision and improvement of affordable housing outside of the redevelopment project area can be of
direct benefit to those projects in assisting the accomplishment of project objectives whether or not
those redevelopment projects provide for housing with the project area; and
WHEREAS, to carry out the purposes of increasing and improving the comrnunity7s supply
of low and moderate income housing, Section 33334.2(e) of the Act states that the Agency may
exercise any or all of its powers, including without limitations, acquiring land or building sites,
improving land or building sites with onsite or offsite improvements, donating land to private or
public persons or entities, constructing buildings or structures, acquiring buildings or structures,
providing subsidies to, or for the benefit of, very low income households, lower income households,
or persons or families of low and moderate income, or other powers to carry out the purposes of the
Act; and
WHEREAS, on June 28, 1994, the Redevelopment agency of the City of Carlsbad authorized
the expenditure of $500,000 from the Carlsbad Redevelopment Agency’s Low and Moderate Income
Housing Set-aside Fund outside the Redevelopment Project Area for the purposes of providing
financial assistance for construction of new affordable rental housing units within the proposed Laurel
Tree Project; 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, the Housing and Redevelopment Commission did hold a public meeting to
consider a request to approve loan and related documents for Agency financial assistance for the
construction of the Laurel Tree Project; and;
WHEREAS, at said public meeting, upon hearing and considering all testimony, if any, of all
persons designing to be heard, said Council considered all factors relating to said request:
NOW, THEREFORE, BE IT HEREBY RESOLVED by the Housing and Redevelopment
Commission of the City of Carlsbad, California, as follows:
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The above recitations are true and correct.
That the expenditures of monies from the Carlsbad Redevelopment Agency’s Low
and Moderate Income Housing Fund for the purposes of providing financial
assistance to a new rental housing construction project affordable to very low income
households outside the Redevelopment Project Area, in which such funds are
generated, are and will be of benefit to the respective Project Area
The request for City financial assistance in the amount of $500,000 was previously
approved by the Redevelopment Agency of the City of Carlsbad on June 28, 1994 as
recorded in Housing and Redevelopment Commission Resolution No. 241. The
financial assistance 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.
The Housing and Redevelopment Commission hereby APPROVES the
Redevelopment Housing Fund Administration Agreement between the City of
Carlsbad and the Carlsbad Redevelopment Agency which will provide for the
transfer of $500,000 from the Agency’s Low and Moderate Income Housing Fund
to the City of Carlsbad for the purpose of allowing the City to administer a loan to the
Laurel Tree project on behalf of the Agency.
That based on the information provided within the Housing and Redevelopment
Commission Staff Report, the testimony presented during the public meeting of the
Housing and Redevelopment Commission, the Housing and Redevelopment
Commission hereby APPROVES the Loan Agreement, Promissory Note, Deed of
Trust and Security Agreement, Regulatory Agreement and Declaration of Restrictive
Covenants, and Mortgage Loan Rider between the City of Carlsbad and Carlsbad
Laurel Tree Apartments, L.P., in the amount of $700,000 to assist the construction of
138 apartment units affordable to low and very-low income households.
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6. That the Housing and Redevelopment Commission recommends that the Executive
Director or his designee be authorized to execute all documents related to provision
of the City assistance, including but not limited to a Loan Agreement, Promissory
Note, Deed of Trust and Security Agreement, Regulatory Agreement and Declaration
of Restrictive Covenants, Mortgage Loan Rider and Redevelopment Housing Fund
Administration Agreement Loan Agreement, Note, and Deed of Trust, in
substantially the form presented to the Housing and Redevelopment Commission on
July 7, 1998, and subject to review and approval by the City Attorney.
PASSED, APPROVED, AND ADOPTED at a special meeting of the Housing and
Redevelopment Commission of the City of Carlsbad, California, held on the 7" day of July, 1998, by
the following vote, to wit:
AYES: Commissioners Lewis, Finnila, Kulchin and Hall
NOES: None
ABSENT: Commissioner Nygaard ,n A
ABSTAIN: None
ATTEST:
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