HomeMy WebLinkAbout2007-09-25; Housing & Redevelopment Commission; Resolution 4451 HOUSING AND REDEVELOPMENT COMMISSION RESOLUTION NO. 445
2 A RESOLUTION OF THE HOUSING AND REDEVELOPMENT COMMISSION OF THE
CITY OF CARLSBAD, CALIFORNIA, TO INCREASE THE HOUSING CREDIT
3 PURCHASE PRICE FOR THE ROOSEVELT STREET AFFORDABLE CONDOMINIUM
COMBINED PROJECT UNDER THE CITY OF CARLSBAD'S INCLUSIONARY
4 HOUSING ORDINANCE.
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WHEREAS, in 1993, the City of Carlsbad adopted an Inclusionary Housing Ordinance,
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Chapter 21.85 of the Carlsbad Municipal Code, which requires all housing developers to provide
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at least 15% of the housing units they construct to be affordable to lower income households; and,
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WHEREAS, pursuant to Chapter 21.85.080 of the Carlsbad Municipal Code, the City
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Council has sole discretion to authorize a residential site to be designated as a combined
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inclusionary housing project; and,
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WHEREAS, the City Council also has sole discretion as to which housing developments
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may satisfy their inclusionary housing obligations by financially participating in an off-site
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combined project; and
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WHEREAS, the Carlsbad Redevelopment Agency has partnered with Habitat for
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Humanity to construct a total of eleven (11) for-sale condominium units affordable to very low
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income households on property owned by the Agency and located at 2578 Roosevelt Street within
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the Village Redevelopment Project Area and the Northwest Quadrant of the City of Carlsbad; and
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WHEREAS, said units are excess units in that they will not be provided to meet the
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inclusionary requirement of a specific master housing development under the City's Inclusionary
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Housing ordinance, but may be used to do so if approved by the City Council; and
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WHEREAS, the Carlsbad Redevelopment Agency expressed a desire to sell the excess
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housing credits produced by said project, Roosevelt Street Condominiums, at 2578 Roosevelt
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Street to housing developers with a small inclusionary housing requirement for a housing
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development located within the Northwest Quadrant of the City; and
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1 WHERAS, the Carlsbad Redevelopment Agency received approval from the Carlsbad
2 City Council to designate the Roosevelt Street Condominiums at 2578 Roosevelt Street as a
3 combined housing project to assist small housing developers with projects located in the
4 Northwest Quadrant in their effort to satisfy their inclusionary housing requirements pursuant to
5 Chapter 21.85 of the Carlsbad Municipal Code; and
6 WHEREAS, the Carlsbad Redevelopment Agency is required to set the housing credit
7 purchase price for the Roosevelt Street Condominiums combined project; and
8 WHEREAS, the Carlsbad Redevelopment Agency originally set the housing credit
9 purchase price at $120,000 per credit on December 20, 2005 based on the financial assistance
10 proposed for the project at that time; and
11 WHEREAS, the project subsequently received approval of additional financial assistance
12 from the Carlsbad Redevelopment Agency in the amount of $258,677; and
13 WHEREAS, it is the policy of the Carlsbad Redevelopment Agency to receive full
14 reimbursement of its financial assistance when selling the housing credits to other developers,
15 which requires an increase in the credit price at this time.
16 NOW, THEREFORE , BE IT HEREBY RESOLVED by the Housing and
17 Redevelopment Commission of the City of Carlsbad, California, as follows:
18 1. The above recitations are true and correct.
1" 2. The Housing and Redevelopment Commission hereby reconfirms the designation
of the eleven (11) unit Roosevelt Street Affordable Condominium development to
20 be constructed on Carlsbad Redevelopment Agency owned property located at
2578 Roosevelt Street as a combined housing project pursuant to Carlsbad
21 Municipal Code 21.85.080.
22 3. The Housing and Redevelopment Commission hereby acknowledges that the City
Council has the authority to decide which private housing developments within
the Northwest Quadrant will be permitted to satisfy their inclusionary housing
obligations by financially participating in an off-site combined housing project
such as the Roosevelt Street Condominiums.
25 4. The Housing and Redevelopment Commission hereby increases the Housing
26 Credit Purchase Price for the Roosevelt Street Affordable Condominiums from
the initial price of $120,000 per unit/credit to $142,000 per unit/credit which
27 represents the full subsidy required from the Commission to ensure the
affordability of the subject project.. This price was determined by calculating the
2g total per unit subsidy provided by both the Carlsbad Redevelopment Agency and
the City of Carlsbad, including the cost of acquiring the property and providing
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pre-development and construction funding to the developer. This fee shall be
subject to increase on an annual basis to add interest, as approved by the Housing
and Redevelopment Commission.
The Housing Credit Purchase Price is not a development impact fee. Therefore, it
is not subject to the requirements of California Government Code Sections 66001
and/or 66006.
PASSED, APPROVED AND ADOPTED at a Specialmeeting of the Housing and
Redevelopment Commission of the City of Carlsbad, California, held on the 25th day
ofSepteriber ,2007, by the following vote, to wit:
AYES:Commission Members Lewis, Kulcbin, Hall, Packard and Nygaard.
NOES: None.
ABSENT: None.
ABSTAIN: None.
ATTESTx)
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RAYMOND R. PATCHETT, Secretary
1970