HomeMy WebLinkAbout1995-09-12; City Council; 13294; Bramalea California, Inc. Affordable Housing- b
CITY OF CARLSBAD - AGEIuDA BILL
AB# /+ 49” TITLE: I’ DEPT. HD. d
MTG. $+& AFFORDABLE HOUSING MITIGATION AGREEMENT
BETWEEN THE CITY AND BRAMALEA CALIFORNIA, CmmfJb
DEPT. H/RED INC. CITY MGR.a
RECOMMENDED ACTION:
That the City Council ADOPT City Council Resolution No we, APPROVING the Affordable
Housing Mitigation Agreement between the City of Carlsbad and Bramalea California, Inc.
ITEM EXPLANATION:
On March 8, 1994, with the recommendations of the Planning Commission and the Housing
Commission, the City Council approved CT 91-12 and SDP 91-11, known as Mariner’s Point, a
development of Bramalea California, Inc. The Project is located on a 68 acre parcel directly north
of Camino de Las Ondas and east of Paseo del Norte.
In applying for Master Plan approval, Bramalea proposed an on-site option for satisfying their
inclusionary affordable housing requirement. SDP 91-I 1 provides for a 176 unit apartment project
that would be 100% affordable to lower-income households, thus exceeding the Mariner’s Point
inclusionary housing requirement. The Project was conceived as a Low-Income Housing Tax
Credit project, intending to tap into a primary source of deep-subsidy financing for affordable
housing.
The Combined Proiect
The lnclusionary Housing Ordinance provides options for satisfying the affordable housing
obligation. The option known as a Combined lnclusionary Housing Project is defined as one in
which “some or all of the inclusionary units which are associated with one development site are
produced and operated at an alternative site or sites” With this option, the Ordinance anticipated
that developers would combine efforts and resources dn contractual relationships to develop
affordable housing. Bramalea is proposing to shift fronftheir on-site proposal to the Combined
Project (off-site) option by participating in the project know-Laurel Tree Apartments, located
off Laurel Tree Lane, south of Palomar Airport Road in the Southwest Quadrant.
The Laurel Tree Apartments development application was submitted on January 6,1995 and has
been processed through the Planning Department. The project is tentatively scheduled for
Planning Commission consideration on September 20, 1995.
The Affordable Housing Mitiqation Aqreement
The Affordable Housing Mitigation Agreement between Bramalea California, Inc. and the City of
Carlsbad is attached as Exhibit 3 to this report. As required by the lnclusionary Housing
Ordinance, the Agreement insures that the Bramalea obligation will be satisfied in a manner
acceptable to the City Council prior to final map approval. In this case, the agreement requires
Bramalea to satisfy their obligation through participation in the construction of the Laurel Tree
Apartments or make a mandatory purchase of affordable housing credits in the Villa Loma project
(formerly La Terraza) in an amount equal to their obligation and at the price specified by the City.
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PAGE 2 OF AGENDA BILL NO. +79&
While the relationship between the Laurel Tree Apartments developer (MAAC) and Bramalea is
a private transaction between those parties, the City must be comfortable that the relationship
will effectively assist in the construction of affordable housing units. Therefore, the agreement
between these two parties is made an exhibit to the Affordable Housing Mitigation Agreement
between Bramalea and the City. Bramalea’s participation in the Laurel Tree Apartments consists
of a subsidy of approximately $900,000 to the project.
Since the Affordable Housing Mitigation agreement represents an alternative to a previously
proposed on-site inclusionary project, Bramalea will be required to amend its approved Master
Plan.
Summarv
Bramalea California’s proposal to satisfy their inclusionary housing obligation by participating in
an off-site Combined Project utilizes the flexibility of the lnclusionary Housing Ordinance to
achieve several positive outcomes. It provides needed subsidy capital to a capable development
team and greatly enhances the feasibility of a service-enriched quality affordable housing project
at a location that has advantages over a project proposed onsite. If the Combined Project is not
successful in receiving other necessary entitlement/permit approvals and/or financing, the
Bramalea requirement converts into financial participation, through the purchase of housing
credits, in the Villa Loma Apartment project (which is also a Combined Project as defined in the
lnclusionary Housing Ordinance).
Housinq Commission Review
The Housing Commission considered the subject Affordable Housing Mitigation Agreement at
their meeting held on March 9, 1995. The Commission approved a recommendation (6-2, 1
absent) to the Council to approve the agreement. Two (2) Commissioners (Wellman, Sato)
opposed the agreement because they did not agree with the provision that requires the developer
to purchase housing credits within the Villa Loma Affordable Housing Project if the Laurel Tree
Project is not successful; they felt that the developer should be required to go back on-site if the
Laurel Tree project cannot be constructed. This, however, would be extremely difficult given the
time which must be allowed for the Laurel Tree project to reach construction.
FISCAL IMPACT:
At this time, there is no fiscal impact as a result of approval of the attached Affordable Housing
Mitigation Agreement. The Agreement contains no financial commitments by the City. The City
Council, acting as the Housing and Redevelopment Commission, has previously approved
(6/28/94) a conditional commitment of $500,000 from Redevelopment Housing Set-Aside Funds
to the Laurel Tree Apartment Project. This assistance is conditioned upon the project being
approved by the City and receiving other necessary financing.
PAGE 3 OF AGENDA BILL NO. ~+29’&
Approval of the Agreement will allow Bramalea to continue processing their final map for
development of market rate units within the Mariner’s Point Master Plan. If the Laurel Tree
Apartment Project is not successful for any given reason, the Carlsbad Redevelopment Agency
will receive approximately $1.2 million from Bramalea for purchase of housing credits in the Villa
Loma Project; these funds would be available to assist with construction of additional affordable
housing units within Carlsbad. As previously stated, these funds will only be received by the
Agency if the Laurel Tree project is unsuccessful.
EXHIBITS:
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5.
City Council Resolution No. ~~-c7sy6
Housing Commission Resolution No. 95-002 recommending approval of the mitigation
agreement between the City and Bramalea
Affordable Housing Mitigation Agreement between City of Carlsbad and Bramalea California
Inc.
Housing Commission Staff Report Dated March 9, 1995, which includes a description of the
Laurel Tree Project. (The Affordable Housing Mitigation Agreement exhibit for the Housing
Commission report has been attached as Exhibit 3 to this Council report.)
Minutes from Housing Commission meeting of March 9, 1995.
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CITY COUNCIL RE!SOLUTION NO. 95-250
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA TO APPROVE AN
AFFORDABLEHOUSING MITIGATION AGREEMENT
BETWEEN THE CITY OF CARLSBAD AND
BRAMALEA CALIFORNIA INC.
WHEREAS, Bramalea California Inc. has a requirement to provide
housing units affordable to lower income households within the southwest
quadrant of the City; and,
WHEREAS, Bramalea California Inc. has expressed a desire to
fmancially participate in a Combined Inclusionary Housing Project known as the
Laurel Tree Apartment Project to satisfy the requirement to provide housing
affordable to lower income households; and,
WHEREAS, the Laurel Tree Apartment Project satisfies the City of
Carlsbad’s identified criteria for an acceptable Combined Inclusionary Housing
Project.
NOW, THEREFORE, BE IT HE3EBY RESOLVED by the City
Council of the City of Carlsbad, California, as follows:
1. The above recitations are true and correct.
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CC RESO. NO. 95-250
PAGE 2
2. That the City Council hereby approves the Affordable Housing
Mitigation Agreement, in substantially the form presented, between
the City of Carlsbad and Bramalea California Inc. which will allow
Bramalea California Inc. to financially participate in the
construction of housing units affordable to lower income households in an off-site Combined Inclusionary Housing Project
known as the Laurel Tree Apartments.
3. That the City Council hereby authorizes the City Manager, or his
designee, to execute said agreement in substantially the form
presented and with such modifications as City Attorney deems
necessary and appropriate.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the
City Council of the City of Carlsbad, California, held on the 12th day of
SEPTEMBER , 1995, by the following vote, to wit:
AYES: Council Members Lewis, Nygaard, Kulchin, Finnila, Hall
NOES: None
mm: None
ABSTAIN: None
Mayor
-AlTEBF
AIetba L. Rautenkram
City Clerk
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-. EXHIBIT 2
HOUSING COMMISSION RESOLUTION NO. 95-002
A RESOLUTION OF THE HOUSING COMMISSION OF THE
CITY OF CARLSBAD, CALIFORNIA TO RECOMMEND
APPROVAL OF AN AFFORDABLE HOUSING
MITIGATION AGREEMENT BETWEEN THE CITY OF
CARISBAD AND BRAMALEA CALIFORNIA. INC.
WHEREAS, Bramalea California, Inc. has a requirement to provide housing
units affordable to lower income households within the southwest quadrant of the
City; and,
WHEREAS, Bramalea California, Inc. has expressed a desire to financially
participate in a Combined Inclusionary Housing Project known as the Laurel Tree
Apartment Project to satisfy the requirement to provide housing affordable to lower
income households; and,
WHEREAS, the Laurel Tree Apartment Project satisfies the City of
Carlsbad’s identified criteria for an acceptable Combined Inclusionary Housing
Project.
NOW, THEREFORE, BE IT HEREBY RESOLVED by the Housing
Commission of the City of Carlsbad, California, as follows:
1. The above recitations are true and correct.
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HC RESO. NO. 95-002
PAGE 2
2. That the Housing Commission hereby recommends City Council
approval of the Affordable Housing Mitigation Agreement, in
substantially the form presented to the Housing Commission, between
the City of Carlsbad and Brarnalea California, Inc. which will allow
Bramalea California, Inc. to financially participate in the construction
of housing units affordable to lower income households in an off-site
Combined Inclusionary Housing Project known as the Laurel Tree
Apartments.
3. That the Housing Commission hereby recommends to the City Council
that the City Manager, or his designee, be authorized to execute said
agreement in substantially the form presented and with such
modifications as City Attorney deems necessary and appropriate.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the
Housing Commission of the City of Carlsbad, California, held on the 9th day of
March, 1995, by the following vote, to wit:
AYES: Vice-Chairperson Calverley, Commissioners: Scarpelli, Escobedo, Noble, Rombotis & Rose.
NOES: Commissioners: Wellman 6 Sato.
ABSENT: Chairperson Avis.
ABSTAIN: None.
ce-Chairperson
ATTEST: /
Evan Becker,
Housing and Redevelopment Director
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Recordinq Requested bv:
City of Carlsbad
When Recorded Mail to:
City of Carlsbad City Clerk's Office Attn: City Clerk 1200 Carlsbad Village Drive Carlsbad, California 92008
AFFORDABLE HOUSING MITIGATION AGREEMENT
THIS AFFORDABLE HOUSING MITIGATION AGREEMENT ("Agreement") is entered into as of September 13, 1995, by and among the CITY OF CARLSBAD, a municipal corporation ("City") and BRAMALEA CALIFORNIA, INC., a California Corporation ("Bramalea"), with regard to the following facts:
A. This is an affordable housing mitigation agreement entered into pursuant to Chapter 21.85 of the Carlsbad Municipal Code ("Code").
B. Chapter 21.85 of the Code establishes requirements for providing housing that is restricted to and affordable by lower- income households for all approved residential units. These requirements are generally referred to as "Inclusionary Housing Requirements."
C. Bramalea is the owner and developer of certain real property legally described on attached Exhibit "A" that is located in Local Facilities Management Zone 20 of City ("Bramalea Property"). The Bramalea Property is the subject of and has received all discretionary approvals from City for a Specific Plan and Tentative Subdivision Map (CT 91-12) commonly known as Mariners Point, and which approvals and conditions are contained in City Council Resolution No. 93-260 (Specific Plan) and Ordinance No. NS- 257 (Specific Plan), each dated December 7, 1993, and City Council Resolution No. 94-83 dated, March 15, 1994 (Tentative Subdivision
Map).
D. Pursuant to Chapter 21.85 of the Code and the approvals and conditions referred to in Recital C above, Bramalea must provide housing units restricted to and affordable to lower-income households in an amount equal to fifteen percent (15%) of the "Base Residential Units" as defined in Chapter 21.85 of the Code approved for developed on the Bramalea Property. It is estimated that this requirement will be forty-five (45) units but a final determination of the total number of affordable units required will be based on the actual maximum number of units approved for development on the Bramalea Property.
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E. Laurel Tree Investment, L.P., a California limited partnership ("Laurel Tree"), is the owner of certain real property legally described on attached Exhibit "B" that is located in Local Facilities Management Zone 5 of City ("Laurel Tree Apartment Property"). Metropolitan Area Advisory Committee on Anti-Poverty of San Diego; Inc. ("MAAC"), has acquired an option ("Option") to acquire the Laurel Tree Apartment Property and intends to develop it only with residential units that are restricted to and affordable by lower-income households in accordance with the Code. Exhibit "C" attached hereto outlines the unit mix and affordability levels of MAAC's intended development of the Laurel Tree Apartment Property.
F. Pursuant to Code Sections 21.85.110 and 21.85.120(f), City will allow a developer that owns real property that is subject to the Inclusionary Housing Requirements to participate in a Combined Inclusionary Housing Project where units are constructed and operated at an alternative development site within the same quadrant of City or contiguous quadrants if the Combined Inclusionary Housing Project is located on the quadrant boundary.
G. Both the Bramalea Property and the Laurel Tree Apartment Property are located within the Southwest Quadrant of the City, and the Laurel Tree Apartment Property generally conforms with the provisions for location criteria for affordable housing projects as described in Code Section 21.85.120.
H. Bramalea and City desire for Bramalea to meet its affordable housing obligation to City and to comply with its applicable Tentative Subdivision Map conditions with respect to the Bramalea Property by participating in the Combined Inclusionary Housing Project proposed for the Laurel Tree Apartment Property through a participation payment to MAAC for the development of that project as provided for in that certain Agreement Regarding Payment between Lennar Corporation, a Florida corporation ("Lennar") and MAAC dated as of August 28 1995, as assigned by Lennar to Bramalea by assignment dated Sepiember 13, 1995, copies of which agreement and assignment are attached hereto as Exhibit "D" ("MAAC Agreement").
NOW, THEREFORE, in consideration of the foregoing and for other valuable consideration, Bramalea and City agree as follows:
1. SATISFACTION OF BRAMALEA'S INCLUSIONARY HOUSING REQUIREMENTS AND TENTATIVE MAP CONDITIONS
Bramalea shall fully satisfy the Inclusionary Housing Requirements applicable to the Bramalea Property as set forth in the Code by paying to MAAC pursuant to the MAAC Agreement (or to City or its designee as hereafter provided) the "Payment" as defined in the MAAC Agreement (referred to herein as the "Participation Payment"), which pursuant to the MAAC Agreement shall be not less than Nine Hundred Twenty Two Thousand Five Hundred Dollars ($922,500).
The Participation Payment represents the participation by Bramalea that is necessary to assist in the production of forty- five (45) restricted housing units to meet Bramalea's inclusionary
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housing requirement based on the intended development of the Bramalea Property. If the actual development of housing units on the Bramalea Property results in a restricted housing obligation applicable thereto that is: (a) less than forty-five (45) units then that difference may be tendered by Bramalea to MAAC for MAAC to offer to third parties in accordance with Chapter 21.85 of the Code; or (b) more than forty-five (45) units, then Bramalea must fully satisfy the Inclusionary Housing Requirements as to those excess units in accordance with the Code.
Bramalea satisfies Condition Nos. 30, 31 and 32 of the Tentative Subdivision Map (CT 91-12) for the Bramalea Property ("Conditions") by entering into this Agreement and by fully satisfying the Inclusionary Housing Requirements applicable to the Bramalea Property in accordance with this Agreement. If Bramalea or its successor-in-interest does not perform according to the terms of this Agreement, Bramalea or its successor-in-interest will not have satisfied the conditions of Tentative Subdivision Map (CT 91-12) for the Bramalea Property, and City may use any or all remedies available to it with respect to the Bramalea property and its failure to satisfy its Conditions of Approval.
2. ALTERNATE SATISFACTION OF OBLIGATION BY BMMALEA
In the event, prior to Bramalea's payment of the Participation Payment to MAAC pursuant to the MAAC Agreement: (i) MAX defaults under the MAAC Agreement; (ii) MAAC defaults under the Option; (iii) the Option terminates; (iv) MAAC is unable to receive discretionary project approvals from the City; (v) MAAC is unable to obtain a construction loan for its development of housing that meets the Inclusionary Housing Requirements on the Laurel Tree Apartment Property by June 30, 1997; (vi) the Low-Income Housing Tax Credits relating to affordable housing projects ("Tax Credits") are not allocated to MAAC for the Laurel Tree Apartment Property after no more than two attempts to receive an allocation; or (vii) MAAC does not acquire the Laurel Tree Apartment Property, then Bramalea shall fully satisfy the Inclusionary Housing Requirements applicable to the Bramalea Property and the Conditions by promptly paying directly to City or City's designee for application to the affordable housing project on that certain real property legally described on attached Exhibit "E" known as "La Terraza," a total amount ("La Terraza Payment") equal to the number of units which are Bramalea's Inclusionary Housing Requirement times an amount per unit established by the City Council by the adoption of City Council Policy No. 58 on September 12, 1995. Said Policy established an amount per unit of $28,000 plus interest as determined by the City. The interest rate will approximate the City's earnings on its investment funds. If the MAAC Agreement terminates or should any of the above events (i) through (vii) occur, then Bramalea shall cause the security provided to MAAC Agreement to be delivered to City, which City shall hold as security for Bramalea's payment obligations provided for in this Paragraph. Bramalea shall secure the difference between the security provided under the MAAC Agreement and the amount of the La Terraza Payment to the City or the City's designee with a form of security acceptable to the City. City may extend the time within which Bramalea may make the alternate payment in City's sole discretion.
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3. NO FUTURE OBLIGATIONS OF BRAMALEA
Except as provided for in this Agreement, Bramalea shall have no responsibility or any other obligation whatsoever as to the Inclusionary Housing Requirements or the Conditions for the Bramalea Property or as to the financial agreements for the development and construction of the affordable housing project on the Laurel Tree Apartment Property or any other project or the process for obtaining discretionary approvals from City for said projects. As additional consideration for City's entry into and performance of this Agreement, Bramalea waives any right to pursue other options or provisions of Chapter 21.85 of the Code in satisfying its affordable housing obligation as to the Bramalea Property.
4. INDEMNIFICATION
Bramalea shall defend, indemnify and hold harmless City and its officers, employees and agents from any claim or liability arising our of Bramalea's actions in carrying out the terms and conditions of this Agreement except for any such actions arising out of City's sole negligence, breach of contract or willful misconduct.
5. CONTRACT ADMINISTRATOR
Bramalea and City each designate the individual listed below as its Contract Administrator, who is authorized by it to represent it in the routine administration of this Agreement. City's Contract Administrator is authorized to extend the time within which Bramalea is required to perform any provision of this Agreement, and/or waive any technical default in the performance of this Agreement. Either party may change its Contract Administrator by giving written notice of that change to the other party.
FOR CITY: City Manager
FOR BRAMALEA: Mr. Emile Haddad
6. BINDING EFFECT; ASSIGNMENT
This Agreement shall be binding upon Bramalea and City and their respective successors-in-interest. Bramalea shall not have the right to assign this Agreement or any interest or right hereunder without the prior written consent of the City, which consent may be withheld in City's sole and absolute discretion. Notwithstanding the foregoing, Bramalea shall not need City's consent to an assignment or other transfer that is made in connection with a transfer of the Bramalea Property occurring: (i) after Bramalea has fully satisfied the Inclusionary Housing Requirements applicable to the Bramalea Property as provided in Paragraph 1 or 3 hereof or after the transferee posts a letter of credit or other adequate security acceptable to the City to insure satisfaction of Paragraph 1 or 3 hereof; or (ii) prior to Bramalea's payment of the Participation Payment so long as such transfer is made either to an entity that is directly or indirectly owned or controlled by Bramalea Inc., an Ontario Canada Corporation.
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7. ATTORNEYS' FEES AND COSTS
In the event of any controversy, claim or dispute between or among Bramalea and City arising out of or relating to this Agreement or breach thereof, the prevailing party shall be entitled to recover from the losing party reasonable expenses, attorneys' fees and costs.
8. SEVERABILITY
In the event any limitation, condition, restriction, covenant or provision contained herein is held invalid, void or unenforceable by any court of competent jurisdiction, the remaining portions of this Agreement shall nevertheless be and remain in full force and effect.
9. NOTICES
Any notices required pursuant to this Agreement shall be in writing any may be given by personal delivery or by registered or certified mail, return receipt requested, to the party at the address set forth below. Addresses for notice may be changed by written notification thereof to the other party:
TO CITY:
City of Carlsbad Housing & Redevelopment Department Attn: Director 2965 Roosevelt Street, Suite B Carlsbad, California 92008-2389
TO BRAMALEA:
Bramalea California, Inc. Attn: Mr. Emile Haddad 27432 Calle Arroyo San Juan Capistrano, California 92675
10. INTEGRATED AGREEMENT
This Agreement constitutes the entire agreement among the parties and no modification hereof shall be binding unless reduced to writing and signed by all parties hereto.
11. APPLICABLE LAW
All questions pertaining to the validity and interpretation of this Agreement shall be determined in accordance with the laws of the State of California applicable to contracts made and to be performed within the State of California.
12. RECORDATION
This Agreement shall be recorded in the Officials Records of San Diego County, California.
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IN WITNESS WHEREOF, the parties herety3 have caused this Agreement to be executed as of sey+emb CT * 1995.
CITY OF CARLSBAD A Municipal Corporation
APPROVED AS TO FORM:
BRAMALEA CALIFORNIA, INC., A California Corporation ATTEST:
ALETHA L. RAUTENKRANZ CITY CLERK '
/ ./ .'
By: ,-? Lq ,i-' *r C~ ,_ -,_ I' , ,,4i
printed game: //,',i 4.d-d; J', .'. ;/.., ,/<
Title: i 2 r'-, /p r..-./Ck
ARB/BRAUNSA.AHD (9195)
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STATE OF CALIFORNIA
COUNTY OF SAnl Dr&& 1
On &Z#-FM&Zk / +, [ 4 45-- before me, , personally appeared db R- P%h5t+m+ - I personally known to me (Wd tc mi~hp Q ) to be the person(-sj whose name(+) is/A subscribed to the within instrument and acknowledged to me that he/-&&they executed the same in his/-r authorized capacity(ies), and that by his/&a#%hGr signaturew on the instrument the person(W, or the entity upon behalf of which the person@j acted, executed the instrument.
WITNESS my hand a c&
STATE OF CALIFORNIA
COUNTY OF ~C&V'KX ; ss.
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On &ts~?bQJ 15 1995 before me, ker-. iuatavu. PLLbl c'c - , personally appeared \ t=. lAhd-&USP .- - * + personally known to me (c- p?-W,, WV . e to be the person(g) whose name(S) is- subscribed to the within instrument and acknowledged to me that he/M executed the same in his/W authorized capacity(W), and that by his/D signature(q) on the instrument the person(sjS, or the entity upon behalf of which the person(q) acted, executed the instrument.
WITNESS my hand and official seal.
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STATE OF CALIFORNIA 1 ) ss. COUNTY OF
, personally a
personally known to me (or proved to me on the satisfactory evidence) to be the subscribed to the within instrum he/she/they authorized capacity(ies), and that by his instrument the person(s), person(s) acted, executed the instrument.
WITNESS my hand and official seal.
STATE OF CALIFORNIA
COUNTY OF
On , personallyappeared
me on the basis of person(s) whose name(s) is/are and acknowledged to me that his/her/their authorized signature(s) on the upon behalf of which the
WITNESS my hand and ficial seal.
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EXHIBIT “A”
LEGAL DESCRIPTION OF BRAMALEA PROPERTY
That portion of the Southeast Quarter of Section 21, Township 12 South, Range 4
West San Bernardino Meridian, in the County of San Diego, State of California, according to the Official Plat thereof, described as follows:
BEGINNING at the Southeast corner of said Section 21: thence along the South line
thereof North 89’ 00’ 11’ West 659.80 feet to the most Westerly corner of the land
described in deed to Noboru Tabata et al. recorded March 8, 1989, as Document NO. 119007 of Official Records, being the TRUE POINT OF BEGINNING: thence continuing
along said South line North 89’ 00’ 11’ West 2064.60 feet to the South Quarter
corner of said Section 21; thence along the West line of said Southeast Quarter
North O” 42’ 11’ East 1149.29 feet to the Northwest corner of the land described in
quitclaim deed to George A. Hillbrecht Inc. recorded October 17, 1986, as Document No. 47005 of Official Records: thence along the North line of said land South 8g”
13’ 28' East 2721.32 feet to the East line of said Section 21; thence along said
East line South 0’ 33’ 09’ West 731.24 feet to the Northeasterly corner of said
Tabata Land; thence along the Northerly and Northwesterly boundary of said land North 89O 26’ 51’ West 189.87 feet: and South 48* 31’ 42’ West 632.57 feet to the
TRUE POINT OF BEGINNING.
EXCEPTING THEREFROM as a mineral interest and not as a royalty interest, all oil,
gas, hydrocarbons and associated substances in or under said real property, but
without any right of entry to the surface or subsurface of said real property;.
provided, however, that such reservation shall prohibit (I) any action which might
interfere with the subsurface or lateral support or structural integrity of said
real property or of any development or improvement thereto, and (II) any surface
drilling or any property contiguous to said property within a distance of five
hundred (500) feet from any portion of said real property.
SS\CARLSBAD.All
0314% (14) 148-w
EXHIBIT “A”
A-l \
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ULU~L A-U: ilaLa*a 13
LEGAL DESCRIPTION OF BRAMALEA PROPERTY
THAT PORTION OF THB SOUTHBAS T QUARTBR OF SBCTION 21 TOWNSHIP 12 SOUTH, RANGE 4
WBST SAN BERNARDINO MERIDIAN, IN THE COUNTY OF SAN DIBGO, STATE OF CALIFORNIA,
ACCORDING TO THE OFFICIAL PLAT THERSOF, DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTHBAS T CORNBR OF SAID SECTION 21; THENCE ALONG THE SOUTH
LINE TWBRBOF NORTH 89* 00' 11" WBST 659.80 FEET To THB MOST WBSTBRLY CORNER OF
THB LAND DESCRIBED IN DEED TO NOBORU TAHATA BT AL, RECORDED MARCH 8, 1989, AS
DOCUMBNT NO. 119007 OF OFFICIAL RBCORDS, BEING THE TRUE POINT OF BEGINNING;
THENCE CONTINUING ALONG SAID SOUTH LINE NORTH SY" 00' 11" WBST 2064.60 FBET To
THE SOUTH QUARTBR CORNER OF SAID SECTION 21; THBNCE AMNG THE WBST LINB OF SAID
. SOUTHEAST QTJARTBR NORTH O" 42' 11" BAST 1149.29 FEET To THE NORTHWBST CORNER OF
THE LAND DESCRIBED IN QUITCLAIM DEED To GEORGE A. HILLBBRECHT INC., RECORDED
OCTOBER 17, 1986, AS DOCUMBNT NO. 47005 OF OFFICIAL RBCORDS; THENCE ALONG THB
NORTH LINB OF SAID LAND SOUTH 8S" 13' 28" gAST 2721.32 FEET To THE BAST LINE OF
SAID SECTION 21; THENCE ALGNG SAID BAST LINE SOUTH O" 33' 09" WBST 731.24 FEET
TO THE NORTHEASTERLY CORNER OF SAID TABATA LAND; THBNCB ALONG THE NORTHERLY AND
NORTHWESTERLY BOUNDARY OF SAID LAND NGR'I'H 89O 26' 51" WBST 189.87 FEET; AND
SOUTH 48O 31' 42" WEST 632.57 FEET TO THE TRUE POINT OF BEGINNING.
BXCEPTING THBRBFROM AS A MINBFUiL INTEREST AND Nm AS A ROYALTY INTBRBST, ALL
OIL, GAS, HYDROCARBONS AND ASSOCfATED SUBSTANCES IN OR UNDER SAID RGAL
PROPERTY, BUT WITHOUT ANY RIGHT OF ENTRY To THE SURFACE OR SUBSURFACE OF SAID
REAL PROPERTY; PROVIDED, HOWEVER, THAT SUCH RESERVATION SHALL PROHIBIT (I) ANY
ACTIONWHICHMIGHT INTERFERE WITHTHE SUBSURFACE ORLATERAL SUPPORT OR
STRUCTURAL INTEGRITY OF SAID RBAL PROPERTY OR OF ANY DEVELOPMENT OR IMPROVBMBNT
THERTO, AND (II) ANY SURFACE DRILLING OR ANY PROFBRTY CONTIGUOUS TO SAID
PROPERTY WITHIN A DISTANCE OF FIVE HUNDRED (500) FEET FROM ANY PORTION OF SAID
RBAL PROPERTY.
1
EXBIBIT "B"
LEGAL DESCRIPTION OF LAUREL TREE APARTMENT PROPERTY
PARCEL 1:
THAT PORTION OF THE LAND DESIGNATED AS "DESCRIPTION NO. 4, 76.89 ACRES" AS SHOWN AND DELINEATED ON RECORD OF SURVEY MAP NO. 5715, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY,
DECEMBER 19, 1960, ALSO BEING A PORTION OF LOT "G" OF THE RANCH0 AGUA HEDIONDA, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 823, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAID SAN DIEGO COUNTY, NOVEMBER
16, 1986, DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHWEST CORNER OF SAID "DESCRIPTION NO. 4, 7689 ACRES"; THENCE ALONG THE NORTHERLY LINE OF SAID PARCEL NORTH 71O35'51" EAST 676.82 FEET TO THE TRUE POINT OF BEGINNING; THENCE CONTINUING ALONG SAID NORTHERLY LINE NORTH 71'35'51" EAST 560.34 FEET TO A POINT ON THE EASTERLY LINE OF SAID DESCRIPTION NO. 4; THENCE FOLLOWING ALONG SAID EASTERLY LINE, SOUTH 13'36'08" WEST
5.00 FEET TO A TANGENT CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS
OF 570.00 FEET; THENCE SOUTHERLY 845.02 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 84"56'26"; THENCE SOUTH 71O20'18" EAST 301.37 FEET TO A POINT OF CUSP AND THE BEGINNING OF A NON-TANGENT CURVE CONCAVE SOUTHERLY HAVING A RADIUS OF 510.00 FEET TO WHICH A RADIAL LINE BEARS NORTH 14'00'09" EAST; THENCE LEAVING THROUGH A CENTRAL ANGLE OF 49"04'27"; THENCE SOUTH 54'55'42" WEST 354.40 FEET TO THE BEGINNING OF A NON-TANGENT CURVE CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 1349.00 FEET ALONG SAID CURVE THROUGH A CENTRAL
ANGLE OF 3'35'45"; THENCE NORTH 38'40'03" WEST 200.00 FEET TO THE BEGINNING OF A TANGENT CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS OF 1451.00 FEET; THENCE NORTHERLY 732.93 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 28"56'28" TO THE TRUE POINT OF BEGINNING.
THE ABOVE DESCRIBED PARCEL OF LAND CONTAINS 11.264 ACRES, MORE OR LESS.
PARCEL 2:
Easements for roadway and utility purposes over those certain strips of land designated as "60.00 foot easement and 66.00 foot easement reserved for roadway and utility purposes" as shown on Record of Survey Map No. 5715, filed in the Office of the County Recorder of San Diego County, December 19, 1960, being a portion of Lot "G" of the Ranch0 Agua Hedionda in the County of San Diego, State of California, according to Map thereof No. 823, filed in the Office of the County Recorder of San Diego County, November 16, 1896.
Excepting from said 60.00 foot strip that portion which lies within Parcel 1.
The easements herein described are hereby declared to be appurtenant to and for the use and benefit of the present and future owners of all or any portion of "Description No. 4, 76.89 Acres" as shown and delineated on said Record of Survey Map No. 5715.
EXHIBIT "B" ' B-l
EXHIBIT "C!"
LAUREL TREE APARTMENTS UNIT MIX AND UNIT MIX AND AFFORDABILITY LEVELS
UNIT TYPE
1 Bedroom 27
2 Bedroom 39
3 Bedroom 45
4 Bedroom 27
TOTAL:
NUMBER OF UNITS
138
* Area Median Income, San Diego County
EXHIBIT "C" C-l
RESTRICTED AND
AFFORDABLE TO
HOUSEHOLDS WITH INCOMES NOT EXCEEDING
60% of AMI*
60% of AMI*
60% of AMI*
60% of AMIf
ASSIGNMENT AND ASSUMPTION AGREEMENT
THIS ASSIGNMENT AND ASSUMPTION AGREEMENT ("Assignment") is made as of September 13, 1995, between LENNAR CORPORATION, a Florida corporation ("Lennar"), and BRAMALEA CALIFORNIA, INC., a California corporation ("BCI").
RECITALS
A. Lennar is a party to that certain "Agreement Regarding Payment" made as of August 28, 1995 ("Agreement"), with Metropolitan Area Advisory Committee on Anti-Poverty of San Diego County, Inc. (WAACn).
B. Lennar and BCI desire for Lennar to assign the Agreement to BCI under the terms of this Assignment.
For valuable and sufficient consideration received, Lennar and BCI hereby agree as follows:
1. Assisnment. Lennar assigns to BCI all of Lennar's right, title, interest and obligations under the Agreement.
2. Assumption. BCI accepts Lennar's assignment and assumes all of the obligations and liabilities of Lennar under the Agreement.
3. Letter of Credit. The "Letter of Credit" (as defined in the Agreement) delivered by Lennar to MAAC shall remain with MAAC and the security given by BCI to Lennar in connection therewith shall continue to be held by Lennar.
4. Indemnitv. BCI shall indemnify, defend, protect and hold harmless Lennar from any cost, damage or liability incurred by Lennar with respect to the Letter of Credit and/or the Agreement that arises as a result of any event occurring on or after the date of this Assignment.
5. Further Assurances. Lennar and BCI shall promptly take such further acts as are reasonably necessary to implement this Assignment.
BSylSNhSM.LEN 091395 (1)
6. Counterparts. This Assignment may be signed in counterparts.
“U”
BRAMALEA CALIFORNIA, INC., a California corporation
By: Printed Name: Title:
By: Printed Name: Title:
BS\ASNASW.LEN 091395 (1)
"LENNAR"
LENNAR CORPORATION, a Florida corporation
By: Printed Name: Title:
By: Printed Name: Title:
2
EXHIBIT "E"
LEGAL DESCRIPTION OF LA TERRAZA PROPERTY
(Certificate of Compliance, Parcel 1)
C.E. 659, M.S. 93-07
All that portion of Parcel 2 of Parcel Map 1188, recorded: December 20, 1972, as File No. 340334, being a portion of Fractional Section 23, Township 12 South, Range 4 West, San Bernardino Meridian, being within the City of Carlsbad, County of San Diego, State of California, being more particularly described as follows:
Beginning at the northwest corner of said parcel; thence easterly along the northerly line of said parcel, South 89'26'14" East, 1347.93 feet (record: South 89O27'42" East, 1347.93 PM 1188), to the northeast corner of said Parcel 2; thence southerly along the easterly line of said parcel, South O"33'08" West, 6.99' (record: South OO33'17" West, PM 1188), to a line being 45.00 feet westerly and parallel with the centerline of El Camino Real as shown on Road Survey 1800-l; thence southerly and parallel with said centerline, South 37"03'37" West, 293.58 feet (record: South 37'03'56" West, RS. 1800-l), to the beginning of a tangent 1545.00 foot radius curve, concave southeasterly, thence southwesterly along the arc of said curve, through a central angel of 24'37'58", a distance of
664.24 feet, to an intersection with the southerly line of the above described Parcel 2; thence westerly along said southerly line, North 89O32'21" West, 903.35 feet (record: North 89°32'0100 West, PM 1188), to the southwest corner of said Parcel 2; thence northerly along the westerly line of said Parcel 2, North 0'33'53" East, 845.89 feet (record: North O"34'26" East, PM 1188), to the point of beginning.
This parcel contains: 21.04 acres.
EXHIBIT "E"
E-l
(Remainder Parcel) C.E. 659, M.S. 93-07
All that portion of Parcel 2 of Parcel Map 1188, recorded: December 20, 1972, as File No. 340334, being a portion of Fractional Section 23, Township 12 South, Range 4 West, San Bernardino Meridian, being within the City of Carlsbad, County of San Diego, State of California, being more particularly described as follows:
Beginning at the southeast corner of the above described Parcel 2; thence northerly along the easterly line of said Parcel 2, North O"33'08" East, 685.23 feet (record: North O"33'17" East, PM 1188), to an intersection with a line being 45.00 feet easterly and parallel to the centerline of El Camino Real, as shown on Road Survey 1800-l; thence southerly along said sideline, South 37OO3'37" West, 171.99 feet, to the beginning of a tangent 1455.00 foot radius curve, concave southeasterly, thence southwesterly along arc of said curve, through a central angle of 23'52'51", a distance of 606.44 feet, to an intersection with the southerly line of said parcel 2: thence easterly along said southerly line, South 89'32'21" East, 352.64 feet, (record: South 89'32'01" East, PM 1188), to the southeast corner of said Parcel 2, also being the point of beginning.
This parcel contains: 3.31 acres.
--
EXHIBIT “l3”
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EXHIBIT
r #
PROJECT ilAM . .VILWS- MINOR SUBDIVISION PROJECT NO.
MS, 93-07 C.E. 658 “B”
8HT. 1 OF 2 PLAT FOR CEB~lfb$@j~~ OF COMPLIANCE \
i,
EXHIBIT “6”- I . ~ (REMAINDER PARCEL
~Pti!!a OUr;r/ L/NE pf7aceL 2. -_ - -1 SC -7oJeN!R PARO&t 2. _
‘ROJECT NAMg :- -@ VILLAS’ MINOR SUBDIVISION PROJECT NO. .
PLAT FOR CEkIRCATE OF COMPLIANCE
I
EXHll3lT
“B”
WT. 2 OF 2
MAW AGREEMENT AGREEMENT REGARDING PAYMENT (Lennar)
-
EXHIBIT "D"
This Agreement Regarding Payment (the "Agreement") is made as of August 28, 1995 by and between Metropolitan Area Advisory Committee on Anti-Poverty of San Diego County, Inc. ("MAAC") and Lennar Corporation, a Florida corporation ("Lennar") in consideration of the following:
RECITALS
A. Lennar may acquire a note secured by a mortgage (the "Mortgage") with respect to certain real property in the City of Carlsbad, County of San Diego, California (the "City"), which is more particularly described on Exhibit A attached hereto and incorporated herein by this reference (the "Mariner's Point Property") on which a residential subdivision (the "Mariner's Point Development") may be built. The current owner of the Mariner's Point Property is Bramalea California, Inc., a California corporation ("Bramalea"). In addition, Lennar is negotiating with Bramalea and Bramalea's creditors to acquire Bramalea's assets. For purposes of this Agreement, the Mortgage and the Mariner's Point Property shall be referred to as the "Property."
B. HAAC is the optionee under that certain Amended and Restated Option Agreement dated February 11, 1995 by and between Laurel Tree Investment, L.P., a California Limited Partnership, as optionor, and MAX, as optionee (the "Option Agreement"), pursuant to which MAAC has the option to purchase certain real property located in the City, which real property is more particularly described on Exhibit B attached hereto and incorporated herein by this reference (the "Project Property"). MAAC proposes to purchase the Project Property and to develop it with an apartment project containing at least 135 units restricted and affordable to low-income households in accordance with Chapter 21.85 of the Carlsbad Municipal Code (the "Project").
C. Pursuant to Chapter 21.85 of the Carlsbad Municipal Code, in connection with the development of the Mariner's Point Development, the owner of the Mariner's Point Property must provide a certain number of housing units restricted and affordable to lower income households ("Restricted Units") in the City of Carlsbad. It is anticipated that based on the size of the proposed Mariner's Point Development, the owner of the Mariner's Point Development will be required to provide forty-five (45) Restricted Units within the City. Bramalea and the City have negotiated and intend to enter into that certain '
Affordable Housing Mitigation Agreement (the @@Inclusionary Agreementtt) in which the City and Bramalea (or its successor or legal representative) agree that in lieu of building such Restricted Units within the Mariner's Point Development, the owner of the Mariner's Point Property may satisfy its inclusionary housing obligations with respect to the Mariner's Point Property by providing certain sums. The Inclusionary Agreement requires the making of the "Paymenttt (as defined below). If Lennar acquires the Mariner's Point Property, then Lennar intends to use this Agreement and the Payment to satisfy such inclusionary housing obligations with respect to the Mariner's Point Property. If Lennar does not acquire the Mariner's Point Property, then Lennar does not intend to use the Payment to satisfy such inclusionary housing obligations with respect to the Mariner's Point Property, but Lennar and MAAC intend that Lennar will nevertheless be obligated to make the Payment to MAAC pursuant to the terms of this Agreement and that Lennar may, subject to obtaining all necessary third parties approvals, sell the rights arising from such Payment (the "Payment Rightstt) to a property owner that has inclusionary housing obligations as to its property, which obligations may be satisfied by the payment of money.
D. MAAC intends to form a limited partnership (the ttPartnershiptt) of which it will be a general partner to acquire the Project Property and to develop the Project. MAAC intends to make the Payment that it receives from Lennar available to the Partnership either in the form of a contribution or a loan to fund the acquisition of the Project Property and the development of the Project.
E. MAAC intends to apply to the California Tax Credit Allocation Committee (ttTCACtt) for a reservation of low-income housing tax credits (the "Tax CreditsIt) for the Project. The Tax Credits will belong to the Partnership and MAAC intends to admit to the Partnership one or more investor limited partners to whom the Tax Credits will be allocated in exchange for their participation in the Partnership.
F. MAAC and Lennar desire to enter into this Agreement to set forth the terms and conditions under which MAAC will receive from Lennar and use the Payment.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the amount and sufficiency of which is hereby acknowledged, the parties agree as follows:
2.
.
1. Definitions. Capitalized terms used in this Agreement and not otherwise defined in this Agreement shall have the meanings given to them below.
(a) Vroject Construction Loan" shall mean the construction loan from the Project's primary construction lender.
(b) ttConstruction Loan Escrowtt shall mean the escrow established to fund the Project Construction Loan.
(cl ItConstruction Loan Closing Date" shall mean the date that the deed of trust securing the Project Construction Loan is recorded in the Official Records of San Diego County, California.
(d) ttPaymenttt shall equal $922,500; provided, however, that such amount is predicated on MAAC also receiving approximately $500,000 from the California Home Fund Program or other sources for use in connection with the Project (the "HOME Fund Amounttt). If MAAC does not receive any of the HOME Fund Amount on or before the Construction Loan Closing Date, then the Payment shall be increased by $53,333 ($1,185.18 per unit times 45 units) to $975,833. If MAAC receives some but not all of the HOME Fund Amount by that date, then the Payment shall be increased in proportion to the amount of the deficit (based upon the assumption that the HOME Fund Amount shall equal $500,000.00). If MAAC receives all or any part of the HOME Fund Amount after the Construction Loan Closing Date, then MAAC shall promptly repay all or the applicable portion of the increased amount of the Payment to Lennar.
@I "Letter of Credit" shall mean the irrevocable letter of credit in favor of MAAC as beneficiary in the amount of $975,833.00, dated August 1995 and issued by NationsBank of Florida, N.A., a copy of w6& Letter of Credit is attached hereto as Exhibit C, and any renewal or replacement thereof pursuant to Paraqraohs 4(b) and/or 15 below.
(f) t%aizatt shall mean Kaiza Poinsettia Corporation, a California corporation.
(4) Vaiza Inclusionary Agreement" shall mean the Affordable Housing Mitigation Agreement by and among the City of Carlsbad, Municipal Corporation and Kaiza concerning Kaiza's inclusionary housing obligations with respect to its real property in the City.
2. Receipt of Letter of Credit. MAAC hereby acknowledges receipt from Lennar of the original Letter of Credit. If the City Council of Carlsbad fails to approve the
3.
.
Kaiza Inclusionary Agreement on or before September 14, 1995, then MAAC shall promptly return the Letter of Credit to Lennar and this Agreement shall automatically terminate. Otherwise, MAAC shall continue to hold the Letter of Credit and shall handle the Letter of Credit in accordance with the provisions of this Agreement.
3. Deliverv of Pavment bv Lennar. Upon written notice (the "Funding Notice") from MAAC to deposit the Payment into the Construction Loan Escrow, Lennar shall, within five (5) business days after receipt 'of the Funding Notice, deposit the entire Payment into the Construction Loan Escrow by wire transfer or certified check or cashier's check, with written instructions to the escrow holder to release such funds to MAAC or the Partnership on the Construction Loan Closing Date. All interest accruing on the Payment while in the Construction Loan Escrow prior to the Construction Loan Closing Date shall accrue for the benefit of Lennar. MAAC may not'give the Funding Notice prior to December 31, 1995, and shall use commercially reasonable efforts to keep Lennar advised of the approximate date that MAAC anticipates MAAC will require the Payment to be deposited into the Construction Loan Escrow. Upon Lennar's deposit of the Payment into the Construction Loan Escrow, and provided that Lennar does not in any way contest the release of the Payment to MAAC, the Letter of Credit shall be ineffective and MAAC shall promptly return the Letter of Credit to Lennar.
4. Application of Letter of Credit.
(a) Lennar,'s Failure to Deposit Pavment into Escrow. In the event that Lennar fails to deposit the entire Payment into the Construction Loan Escrow in the manner and within the time set forth above, MAAC shall give Lennar an additional written notice (the "Default Notice") and an additional five (5) days after Lennar's receipt of the Default Notice to cure such default by depositing the entire Payment into the Construction Loan Escrow by wire transfer, cashier's check or certified check, with written instructions to the escrow holder to release such funds to MAAC or to the Partnership on the Construction Loan Closing Date. If Lennar fails to so cure such default, then MAAC shall have the right to draw down on the Letter of Credit up to the full amount of the Payment and to deposit such amount into the Construction Loan Escrow. In such event, the funds so deposited into the Construction Loan Escrow shall be handled by the escrow agent in accordance with instructions from MAAC.
(b) Lennar's Failure to Renew Letter of Credit. The Letter of Credit has an expiration date of August 1996. Lennar hereby agrees and covenants to automatically re='the
4.
Letter of Credit for periods of not less than one (1) year each, until the Letter of Credit is either drawn upon, or replaced with cash, all in accordance with the terms hereof. No later than thirty (30) days prior to the expiration of such Letter of Credit, Lennar shall cause to be delivered to MAAC evidence reasonably substantiating the fact that such Letter of Credit has been extended for at least one more year. If Lennar fails to cause MAAC to be provided such evidence prior to such date, then MAAC may, after giving five (5) days' prior written notice to Lennar demanding evidence of such renewal, draw down on the Letter of Credit prior to its expiration and deposit the proceeds thereof into the Construction Loan Escrow. Any proceeds so deposited, up to the amount of the Payment payable hereunder (as it may be adjusted pursuant to Parasraph l(d) above) shall be deemed to have been delivered to the Construcjion Loan Escrow in accordance with the provisions of Paraaraph 3 above. In the event that the proceeds of the Letter of Credit so deposited into the Construction Loan Escrow exceed the amount of the actual Payment payable hereunder (due to any adjustment pursuant to Parasraph l(dl_ above), such excess shall be returned to Lennar upon the close of the Construction Loan Escrow.
5. Cash Alternative. Lennar shall have the right at any time, to replace the Letter of Credit by depositing the sum of $975,833.00 into the Construction Loan Escrow with instructions to the escrow holder to release such funds to MAAC on the Construction Loan Closing Date. Such deposit shall be made in cash or by cashier's or certified check or by wire transfer of funds. Such deposit shall be deemed to have been deposited to the Construction Loan Escrow in accordance with the provisions of Paraoraph 3 above. In the event that the amount of such deposit exceeds the amount of the actual Payment payable hereunder (due to any adjustment pursuant to Paragraph l(d) above), such excess shall be returned to Lennar upon the close of the Construction Loan Escrow. Upon receipt by the Construction Loan Escrow of $975,833.00 in accordance with the provisions of this Paraaraph 5, MAAC shall promptly return the Letter of Credit to Lennar. All interest accruing on such funds while in the Construction Loan Escrow prior to the Construction Loan Closing Date shall accrue for the benefit of Lennar.
6. Use of Funds bv MAAC. MAAC agrees that it shall use the Payment only to develop the Project, which may include the acquisition of the Project Property.
7. Default bv Lennar. In the event that Lennar defaults under this Agreement at any time, MAAC shall have all rights and remedies provided to it by law or equity including without limitation the right to seek specific performance of Lennar's obligations hereunder. A default by Lennar under this
5.
.
Agreement shall be deemed to have occurred if the issuing bank fails to honor the Letter of Credit in full for any reason whatsoever except the expiration thereof in accordance with its terms.
8. Default bv MAAC; Events of Termination. If: (i) MAAC defaults under this Agreement; (ii) MAAC defaults under the Option Agreement and either (a) MAAC does not obtain a waiver of such default from the optionor under the Option Agreement, or (b) MAAC fails to cure any such default after notice thereof from the
optionor; (iii) the Option Agreement terminates for any reason
and is not reactivated within thirty (30) days of such termination; (iv) MAX withdraws its application to the City for discretionary Project approvals without refiling an application
therefor or the City denies that application; (v) the Construction Loan Closing Date does not occur by June 30, 1997; (vi) MAAC is unable to secure the Tax Credits for the Project; or (vii) MAAC does not acquire the Project Property, then MAAC shall immediately return the Letter of Credit and any sums deposited into the Construction Loan Escrow by Lennar to Lennar and this Agreement shall automatically terminate.
9. Effect of Changes in Develonment of Mariner's Point Prooertv. The amount of the Payment assumes that the development of the unrestricted housing units on the Mariner's Point Property obligates Lennar to participate in forty-five (45) Restricted Units. The amount of the Payment will not increase or decrease if the actual development of unrestricted housing units on the Mariner's Point Property results in a restricted housing obligation applicable thereto that is more or less than forty-
five (45) Restricted Units. If that obligation is less than
forty-five (45) Restricted Units, then, because the amount of the Payment is based on forty-five (45) Restricted Units, Lennar will have available to it one or more Excess Restricted Units (the term "Excess Restricted Units" as used herein means forty-five
(45) Restricted Units less the actual number of Restricted Units
required to be provided in connection with the development of the Mariner's Point Property) which may be used to satisfy certain inclusionary housing obligations with respect to other residential developments in the City, subject to the City's
approval. The rights to the Excess Restricted Units may be retained by Lennar for use in connection with its development of other property in the City, or Lennar may offer the Excess Restricted Units to MAAC for MAAC to offer to third parties in accordance with Chapter 21.85 of the Carlsbad Municipal Code. In the event that MAAC agrees to participate in the sale of the rights to the Excess Restricted Units to a third party, and such sale actually occurs, MAAC shall pay to Lennar the consideration received by MAAC for those units within three (3) business days
after MAAC's receipt thereof; provided, however, that nothing
6.
contained herein shall obligate MAAC in any manner to participate in or be responsible for the sale or offer of the Excess Restricted Units.
10. Lennar's Oblisatioq. Except as provided in Paragraphs 2 and 8 of this Agreement, Lennar's obligation to make the Payment as provided herein shall not in any manner whatsoever be altered, abrogated, impaired or affected by any circumstance, fact, event, act or omission, including, without limitation any
of the following: (i) Lennar's failure to acquire the Mariner's
Point Property, (ii) the failure of Bramalea (or of any successor or legal representative of Bramalea, including without limitation, Bramalea's trustee in bankruptcy) to obtain the City's approval of the Inclusionary Agreement, (iii) the failure of Bramalea (or of any successor or legal representative of Bramalea, including without limitation, Bramalea's trustee in bankruptcy) to enter into the Inclusionary Agreement after it has been approved by the City Council of Carlsbad, (iv) Bramalea's negotiations or transactions with any other party, including without limitation, Lennar, Hillwood Mariner's Point, Ltd., a Texas limited partnership or any affiliate thereof (collectively, *'Hillwood") and/or the City, (v) Lennar's negotiations or transactions with any other party, including without limitation, Bramalea, Hillwood and/or the City, or (vi) the reduction in the number of Restricted Units required to be provided in connection with the Mariner's Point Development.
11. MAAC'S Reliance on Pavment. Lennar acknowledges and agrees that without the Payment, MAAC will not have sufficient funds to develop the Project, that from and after the date of this Agreement, MAAC will proceed in reliance on Lennar's agreement to pay the Payment in accordance with the terms of this
Agreement and that MAAC's decision to acquire the Project
Property and to go forward with the Project will be based in part
on such reliance. Without limiting the foregoing, Lennar acknowledges and agrees that in MAAC's application to TCAC for the Tax Credits, in MAAC's applications to the California Home Fund Program and to other lenders for financing for the Project, and in MAAC's presentation of the Project to investors, MAAC intends to show the Payment as a committed source of funds for
the development of the Project. Lennar understands that the deadline for the submission of MAAC's application to the California Home Fund Program is September 15, 1995.
12. Representations. Warranties and Covenants of Lennar. Lennar hereby represents and warrants to and agrees with
MAAC as follows:
(a) Oraanization of Lennar. Lennar is a corporation duly organized and existing under the laws of the
7.
-
State of Delaware, and has the full power and authority to enter
into, deliver, perform and carry out the terms of this Agreement. The execution and delivery of this Agreement and the performance by Lennar of its obligations hereunder will not violate or constitute an event of default under the terms or provisions of any agreement, document or instrument to which Lennar is a party or by which Lennar is bound.
(b) Authoritv to Enter Into Agreement. Lennar is entering into this Agreement in the ordinary course of its business and all proceedings required to be taken by or on behalf of Lennar to authorize it to enter into this Agreement have been duly and properly taken, and, effective upon the execution of this Agreement by Lennar, this Agreement is the valid and binding obligation of Lennar and is enforceable against Lennar in accordance with its terms. For purposes of due diligence and not as a condition precedent to the effectiveness of this Agreement, Lennar covenants and agrees that on or before September 10, 1995, Lennar shall provide to MAAC resolutions, certified by Lennar's corporate secretary, of Lennar's board of directors authorizing Lennar to enter into this Agreement and perform hereunder. If
Lennar fails to deliver such certified resolutions by such date,
then MAAC may, after giving five (5) days' prior written notice to Lennar demanding such certified resolutions, draw down on the Letter of Credit and deposit the proceeds thereof into the Construction Loan Escrow. Any proceeds so deposited, up to the amount of the Payment payable hereunder (as it may be adjusted pursuant to Paragraph l(d), above) shall be deemed to have been delivered to the Construction Loan Escrow in accordance with the provisions of Paragraph 3 above. In the event that the proceeds of the Letter of Credit so deposited into the Construction Loan Escrow exceed the amount of the actual Payment payable hereunder (due to any adjustment pursuant to Paragraph l(d) above), such
excess shall be returned to Lennar upon the close of the
Construction Loan Escrow.
(c) Survival. All representations, warranties and covenants made by Lennar in this Agreement shall be true upon the execution of this Agreement and shall survive the payment of the Payment to MAAC.
13. Reoresentations and Warranties of MAAC. MAX hereby represents and warrants to and agrees with Lennar as follows:
(a) Orsanization of MAAC. MAAC is a nonprofit
corporation duly organized and existing under the laws of the State of California, and has the full power and authority to enter into, deliver, perform and carry out the terms of this Agreement. The execution and delivery of this Agreement and the
performance by MAAC of its obligations .hereunder will not violate or constitute an event of default under the terms or provisions of any agreement, document or instrument to which MAAC is a party or by which MAAC is bound.
(b) Authoritv to Enter Into Agreement. All proceedings required to be taken by or on behalf of MAW to authorize it to enter into this Agreement have been duly and properly taken, and this Agreement is the valid and binding obligation of MAAC and is enforceable against HAAC in accordance with its terms.
(c) Survival. All representations, warranties and covenants made by MAAC in this Agreement shall be true-upon the execution of this Agreement and shall survive the payment of the Payment to MAAC.
14. Transfer of Letter of Credit to City. In the event that, either by the terms of this Agreement, or by mutual agreement entered into between MAAC and Lennar, Lennar's obligation to deliver the Payment to MAAC hereunder is cancelled subsequent to the approval by the City Council of Carlsbad of the Inclusionary Agreement to which this Agreement is an exhibit, then MAAC shall promptly assign MAAC's beneficial interest in the Letter of Credit to the City; provided, however, that all costs related to such assignment, including without limitation, any transfer fee charged by the issuer'of the Letter of Credit, shall be paid by Lennar.
15. Bindins Effect: Assisnment. This Agreement shall be binding upon the parties hereto and their respective heirs, representatives, transferees, successors and assigns. Lennar shall not have the right to assign this Agreement or any interest or right hereunder or under the Construction Loan Escrow without the prior written consent of MAAC, which consent may be withheld
in MAAC's sole and absolute discretion. The parties acknowledge that if Lennar does not acquire the Property, then it is the parties' understanding that Lennar intends, subject to obtaining all necessary third party approvals, to transfer the Payment
Rights to another property owner that desires to satisfy its
inclusionary housing obligations by the payment of money.
Therefore, notwithstanding the second sentence of this Parasraoh l5, Lennar shall not need MAAC's consent to an assignment of the Payment Rights provided that (i) the assignee assumes all of the obligations and liabilities of Lennar under this Agreement, and (ii) notwithstanding any such assignment, Lennar's Letter of Credit, and any funds deposited in the Construction Loan Escrow by Lennar pursuant to Paragraphs 3, 4(a) or 5 above, or by MAAC after drawing on Lennar's Letter of Credit pursuant to Paragraphs 4(a) or 4(b) above (the "Lennar Funds"), shall continue to be
9.
held by MAAC and/or the Construction Loan Escrow and handled in accordance with the terms of this Agreement; provided, however, that Lennar's Letter of Credit and/or any Lennar Funds held by the Construction Loan Escrow will be returned to Lennar upon the occurrence of all of the following: (a) Lennar's assignee of the Payment Rights has either delivered to MAAC a letter of credit issued by a commercial bank acceptable to MAAC in the same form and for the same amount as the Letter of Credit attached hereto as Exhibit C, which replacement letter of credit shall be deemed to be the Letter of Credit under this Agreement, or has delivered to the Construction Loan Escrow the amount described in Paragraph 5 in accordance with Paragraph 5 above, and (b) Lennar's assignee of the Payment Rights has executed and delivered to MAAC an agreement satisfactory to MAAC in which such assignee waives all
guarantor and suretyship defenses in connection with its delivery
of a letter of credit or funds pursuant to phrase (a) above. It is the parties, understanding that any such assignee of the Payment Rights may, subject to such assignee's compliance with
the Carlsbad Municipal Code and obtaining of all necessary third party approvals, use the Payment Rights to eliminate forty-five (45) Restricted Units within its project. Notwithstanding anything to the contrary contained herein, the parties hereto acknowledge and agree that the obligations hereunder of Lennar and/or of any assignee of the Payment Rights shall in no event be conditioned upon such assignee being able to eliminate forty-five (45) units within its project. It is hereby expressly understood and agreed that, notwithstanding any assignment made pursuant to this Paragraph 15, Lennar shall remain primarily liable for all of its obligations under this Agreement and shall not be released therefrom, and as such, Lennar shall not in any manner be deemed a surety or guarantor of the obligations of any assignee and Lennar shall not be entitled to any defenses that would be available to a surety or guarantor.
16. Notices. All notices required or permitted to be given hereunder shall also be given to Laurel Tree Investment, L-P., shall be in writing and shall be deemed given upon (a) personal service or delivery by messenger or courier, (b) on the date shown on the return receipt as the date of first attempted
delivery, following deposit in the United States certified mail,
postage prepaid, return receipt requested, (c) on the date shown on the courier's records as the date of first attempted delivery, following deposit with a reputable overnight courier or service,
or (d) facsimile transmission (confirmation received), provided a hard copy of such transmission shall be thereafter delivered by one of the methods described in the foregoing (a) through (c). The addresses of the respective parties are as set forth below or such other addresses and to such other persons as the parties may hereafter designate by written notice to the other parties hereto:
10.
-
To Lennar: Lennar Corporation 8190 State Road 84 Davie, Florida 33324
Attn: Jonathan M. Jaffe Telephone: (305) 940-0537 Fax No.: (305) 452-1626
copy to:
copy to:
copy to:
To MAAC:
copy to:
copy to:
Rubin, Baum, Levin, Constant, Friedman & Bilzin 2500 First Union Financial Center Miami, Florida 33131-2336 _
Attn: Brian L. Bilzin, Esq.
Telephone: (305) 374-7580 - Fax No.: (305) 374-7593
Bramalea California, Inc.
27432 Calle Arroyo San Juan Capistrano, CA 92675 Attn: Emile Haddad
Telephone: (714) 488-8850
Fax No.: (714) 488-8847
Hamilton t Samuels 100 Bayview Circle, Suite 6000 Newport Beach, CA 92660 Attnf William L. Steel, Esq. Telephone: (714) 721-7200 Fax No.: (714) 721-7400
MAAC Project 140 West 16th Street National City, CA 91950 Attn: Roger Cazares Telephone: (619) 474-2232 Fax No.: (619) 474-5035
Catellus Development Corporation 1262 Kettner Boulevard San Diego, CA 92101 Attn: Steve Kuptz
Telephone: (619) 231-3602 Fax No.: (619) 696-9093
Riordan & McKinzie 300 S. Grand Avenue, 29th Floor Los Angeles, CA 90071 Attn: Lance Bocarsly, Esq. 'Telephone: (213) 229-8454 Fax No.: (213) 229-8550
11.
To Laurel Tree Investment, L.P.:
Laurel Tree Investment, L.P.
c/o Dwight Spiers Spiers Enterprises 23 Corporate Plaza, Suite 139 Newport Beach, CA 92660
Telephone: (714) 644-5718 Fax No.: (714) 644-5714
copy to: Anne N. Lanphar, Esq. Rutan 61 Tucker 611 Anton Boulevard, Suite 1400 Costa Mesa, CA 92626 Telephone: (714) 641-3450 Fax No.: (714) 546-9035
17. Counterparts. This Agreement may be executed in several counterparts, and all so executed shall constitute one agreement binding on all parties hereto, notwithstanding that all parties are not signatories to the original or the same counterpart.
18. Time of Essence. Time is of the essence of this Agreement.
19. Merser of Prior Asreements. This Agreement
supersedes any prior agreement, oral or written, and contains the entire agreement between the parties pertaining to the subject matter hereof.
20. No Third Party Beneficiaries. No party other than MAAC and Lennar, and their express successors and assigns to this Agreement, shall have any rights under this Agreement or to any Payment pursuant to this Agreement, including without limitation, any party who owns or hereafter acquires the Mariner's Point
Property.
21. Attorneys' Fees: Governins Law: Headings. The prevailing party in an action or proceeding between the parties hereto with respect to this Agreement and the transactions
contemplated hereby shall be entitled to have and recover all costs, expenses and reasonable attorneys' fees incurred in connection therewith, including any such fees and costs incurred upon any appeals. This Agreement shall be interpreted in accordance with the laws of the State of California. The
12.
-
I
paragraph headings of this Agreement are for convenience only and are not to be used in the interpretation of this Agreement.
IN WITNESS WHEREOF, this Agreement has been duly executed as of the date first written above.
MMc:
METROPOLITAN AREA ADVISORY COMMITTEE ON ANTI-POVERTY OF SAN DIEGO COUNTY, INC., a California nonprofit corporation
By: Name: bfq
Title: $& '
By: Name: Title:
LENNAR:
LENNAR CORPORATION, corporation
By:
By:
66113.7
13.
EXHIBIT A
LEGAL DESCRIPTION
(B=EA)
,. . .
That portion,of the Southeast Quarter of Section 21, Township 12 South, Range 4 West San Bernardino Heridian, in thecounty of San Diego, State of California, according to the Official Plat thereof, described as follows:
BEGINNING at the Southeast. corner of said Section 21; thence along the South line’
thereof North 89O 90’ 11’ West 659.80 feet to the most Westerly comer of the land described in deed to Noboru Tabata et ~1, recorded March 8, 1989, AS Document No. 119007 of Official Records, being the TRUE POINT OF BEGINNING: thence continuing along said South line 37orth 89’ 00’ 11’ West 2064.60 feet to the South Quarter - corner of said Section’21: thence along the West line of said Southeast Quarter North 0’ 42’ 11. East 1149.29.feet to the Northwest corner of the land described in quitclaim deed to George A. lifllbrecht Inc. recorded October 17, 1986, as Document No. 47005 of Official Records: thence along the North line of said land South 89O : 13’ 28’ East 2721.32 feet to the East line of said Section 21: thence along said
East line South O” 33’ 09’ West 731.24 feet to the Northeasterly comer of said
TAbAt Land: thence along the Northerly and Northwesterly boundary of said land North 89’ 26’ 51’ West 189.87 feet: And South 48O 31’.42* West 632.57 feet to the TRUE POINT OF BEGINNING.
EXCEPTING THEREFROH as a mineral interest and not as a royalty interest, all oil, gas, hydrocarbons and associated substances in or under said real property, but without any right of entry to the surface or subsurface of said real property; provided, however, that such reservation shall prohibit (I) any action which might interfere with the subsurface or lateral support or structural integrity of said real property or of any development or improvement thereto, and (II) any surface drilling or any property contiguous to said property within a distance of five hundred (500) feet from any portion of said real property-, c
ORDER NO. 1102530-20
LEGAL DESCRIPTION.
THE LAND REFEREED TO HEREIN fS SITUATED IN TBE STATE OF CALIFORNIA,
COUNTY OF SAN DIEGO, AND IS DESCRIBED AS FOLLOWS:
PARCEL A:
PARCEL 1 OF PARCEL MAP NO. 15661, IN THE CITY OF CARLSBAD. COUNTY OF
SAN DIEGO, STATE OF CALIFORNIA, FILED IN THE OFFICE OF THE COUNTY
RECORDER OF SAN DIEGO COUNTY, MAY 5, 1989 As FILE NO. 89-239677 OF
OFFICIAL RECORDS.
PARCEL B:
EASEMENTS FOR ROADWAY AND UTILITY PURPOSES OVER THOSE CERTAIN STRIPS
OF LAND DESIGNATED AS "60.00 FOOT EASEMENT AND 66.00 FOOT EASEMENT
RESERVED FOR ROADWAY AND UTILITY PURPOSES", AS SHOWN ON RECORD OF SURVEY MAP NO. 5715, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, DECEMBER 19, 1960, BEING A PORTION OF.LOT "G" OF THE RANCH0 AGUA HEDIONDA, IN THE COUNTY OF SAN DIEGO, STATE OF CALIFORNIA,
ACCORDING TO MAP THEREOF NO. 823, FILED IN THE OFFICE OF THE COUNTY
RECORDER OF SAN DIEGO COUNTY, NOVEMBER 16‘;'1896. . .
EXCEPTING FROM SAID 60.00 FOOT STRIP THAT PORTION WH'ICH LIES WITHIN
PARCELAABOVE.
THE EASEMENTS HEREIN DESCRIBED ARE HEREBY DECLARED To BE APPURTENANT
TO AND FOR THE USE AND BENEFIT OF THE PRESENT AND FUTURE OWNERS OF ALL OR ANY PORTION OF "DESCRIPTION NO. 4, 76.89 ACRES" AS SHOWN AND DELINEATED ON SAID RECORD OF SURVEY MAP NO. 5715.
- -. . - iwrwdD9paagt~ 1o~Uirrr%hd~.~~~M,uoUJJL m~~wwnnulwrcuu
IRREVOCABLE 6fANDBY LETTER OF CREDIT AHENDMENT
1BBuE Dal-El llMm95
L/C NO. 6M-62829-093
FlPPL I CClNT I LENNAR CDRPOAATION
700 N.W. 107TH AVENlE
MIAMI, FL 3317L
BENEFICIARY I
RETROPOLITAN AREA ADVIBORY
COMMITTEE ON ANTI-POVERTY OF
IlRN DIE00 COUMY, INC. 140 EST 1STH STREET
NClTfONCV CITY, CCI 119%
THE ABOVE CREDIT 18 FMENDED AS FOUOWS8
- FXRST PARABRAPH NOU TD READ:
HE HEREBY AlJTHORI2E BEHEFICIARY TO DRAU ON NATXDN3BW Of FLORIDA,
N. A. , 88 6.W. 6TH CTREET, 23RD FLOUR, MIANX, FL 33130, AT 616HT,
FOR TkE ACCOUNT OF APPLICANT, AN AGQREBATE AMOUNT EGUQL TO UP TO NlNE HUNDRED GEVENTY FIVE fHOU6AND EIGHT HUNDRED THXRTY THREE
WLLARs (U. 6.8975,833. Be) ( AVAILABLE UPON PRESENTATION,. AT OUR
ADDRE6S RBOM, OF BENEFICIARY’S DRAFT AT SIQHT, TO BE ACCOHPRNIED
BY URITTEN NOTIFICATIDN BY BENEFICIARY, PURPORTEDLY SIGNED BY R
DULY AUTHORIZED OFFJCER THEREOF CERTIMINQ? (I) l THAT THERE EXISTS
A URITTEN, EXECUTED AND DELIVERED AOREEMNT BETWEEN BENEFICIARY, OR
ITS BUCCESSOR c)ND LENNAR CCRPCIRATICW, OR IT6 6lJCCESSOR (“PARTY P’ll
AND (ii) THAT PARTY B I6 XN DEFAULT OF XTS OBLl6ATXDNS UNDER THE
NREENENT, THAT DEFAULT I8 CONTINUINQ RND FIVE (5) OR MORE DAYS HAVE ELAPSED OINCE PARTY 0 UAS 6IVEN URITTEN NOTICE OF THAT DEFAULT
BY BENEFICIARYI @ND (1111 OF THE EXACT AMOUNT TO BE DRAWN UNDER
THIB LETTER OF CREDIT, NOT TO EXCEED NINE HLBJDRED SEVENTY’ FIVE
TWOUBAt-‘D EIQHT HUNDRED THIRTY THREE DOLLRRS (973,B33.80)1 AND (1~)
THAT THE EXACT AMOUNT TO BE DRAWN UNDER THIS LETTER OF ChEDIT 19
THE AMOUNT AUTHORIZED PURBUANT TO THE AQREEMENT,”
AMENDMENT NO. @I
ALL OTHER TERM6 AND CONDITIDNS OF THE CREDIT RERRiN LWCHANBED. THJB ADVICE OF WENDRENT 1s 10 a~ CONSIDERED n MAT 0F THE ORlOINAL CREDIT AND MU61 BE ATTACHED THERETO.
NATIONSBANW OF FLORIDA, N.A.
Karen Christ ian, Vtn-Prmmidmnt
,-
rozM)tn;.YIUJ.wrUl#UIA foOol~YhlnlJloI+acu~
KExm “C”
IRREVOCCleCE ItWDBY LmlER ff CREDIT NURBERI ufi-eEut9-69J
PUICE RHD DATE OF IWUE Mlm)rlf, fiORIDA, ON AUwl)t 7, 199D
Llwowt I UP tO NINE HLJNDRED LIEVEKTY FIVE fwwBLIN0 Ef3HT HUNDRED
THIRTY THREE U. 8. DOLLARS W6S973,8~. 8(1)
aPPlIcFINt,
LENNAA CORPORCITION 789 N. U. ;.tTH Qw
MIWI, FL 331tc
PENEFICIf4RYt WTfROPOlITQN QRELI ADVI WRY COMMITTEE W QNTI-POVERTY OF IQN DIEW COUNTY, INC. 140 UEET 16tW STREET
NRTIOhRL CITY, CA 91990
UE HEREBV AUTHORXZE BENEFICIARY TO DRAW ON NATIONSBANM OF fLORIDA,
08 8.Y. QTH BTREET e3RD FLOOR MIRMI FL 33150 :b: ;a m(kik-it W WpLIbNt, RN AWkl3ATE ;mOlJNT E&L :i ‘:%
N~NE.~+uNDRED 8vm4Ty FIVE wou6a~D EmkiT HUHD=D n4smy THREE
DOLLAR6 (IJ. 8. #975.133.06). QWILMLE UWN PRERENTRTIW. AT OUR
RDDRESS AiaVE, Ok’~ENEFlCiCIRY’8 DRRFT At SZQHt, TO DE AkCOMPRMED
BY WRITTEN NOTlFlCIITION 6Y BENEFICIARV, PURPDRTEDLY BIONED lY R
DULY AUTHORIZED OFFICER TWEREW CERTIFYINOI (1) ‘THAT THERE EXIST6
R WITTEN, EXECUTED RND DELIVERED AOREEMEM AMD CSCROU IWtRUXION9
UETUEEN BENEFICIARY AND BMMRLER CRLIFORNIA, INC., c1 CALIFORNIA
CORPORAfXON, OR IT6 WCCEBBOR (“PQRTY b-,1 AND tL1) TWRT PARrY 8 IB
IN DEFAULT OF If6 DBLIBRTICINS SPECI.FIED.IN EITHER PRRAQRAPH 1 (I)
OR PARAORAPH 4(a) OF THE fiQREEWEMT, THAT DEFAULT I6 CONTINUIN9 AND FIVE IS). OR MORE DAYS HAVE ELAPBED- SINCE PARTY B UA8 QIVEN QRITTW
NOTICE OF THAT DEFAULT BY DENEFICIRRYI AND (iii) OF THE EX%T
AMOUNT To BE DRAuN WJDER m%m3 LETTER OF CREDIT, NOT TO EXCEED NINE HLJNORED BEMNTY FIVE THOUSAND EIOHT HUNDRED THIRTY THREE DOLLARS
(973,833.00) 1 RND (iv) THAT THE EXRCT ClMWNT TO BE DRRW WDER THX8
LETTER OF CREDIT I8 THE AHOUNT AUTHORIZED PURSUANT TO THE
WREEKENT. ” .
DRAFT8 UNDER THIS LETTER DF CREDIT HUIT DEAR THE CLRU8E “DRRWN
UNDER NATIONSBANK OF FLORIDA, N.A. LETTER OF CREDIT NO. 6Fl-0Z829-
09S, DATED AUW61 7, 1993.” DRAFTS UNDER THIS LETTER OF CREDIT, ACCOMPANIED DY THE ABOVE-DEQCRIBED DOCUMENT, WET BE PREBENTED NO LATER THEN !E100 P.M. E.S.T., ON W3UST 7, 1996.
THIB LETTER OF CREDIT UIU PC TRANBFERRED IN FULL BY THE ISSUINQ
PANK PROVIDED THAT YOU DELIVER TO M OUR NRITTEH PuLL TRANSFER FORM
(ATTACHED) THE ORIOINAL LETTER OF CREDIT TOGETHER NfTH ANY
AMENDMENT8 Nu8f RETURNED TO U3 UITH THE COMPLETED TRANSFER FORH AND
F’QYWNT OF OUR MTOMARY CHAROES.
IHI6 LETTER OF CREDIT 18 BUBJECT TO THE ‘IJNXFORM CUlTOH AND
PRACTICE FOR DOCUMENTRRY CREDIT6 11993 REVISION) INTERNATIONAL
CHAMBER OF COMRERCE PUFLICATION NO. 586.’
UE HEREBY UNDERTAKE 10 BENEFICIARY THAT DRAFTS DRAWN AND NEGOTIATED ITRICTLY IN COMPL!ANCE UITH THE TERM8 OF THIB LETTER W CREDIT WALL MEET WITH DUE HONDR UPON PRESENTATION TO U9.
* c.1
NATSOHDBPCIO( OF FLORIDA, N.A.
Mlchala Brourrard-Escandcm, Vic.-Prmmidoht
mm D,---. __ --. .-- .- .
bO?OZ tar NationrBank
Rofwoncml ‘Quruny BdN ttfnr etch& NlJQkr) (AdrLiolBl*h~*dQIdirNUbUj
me u&reigned Ball6fitiary of the above r&mmmd lo-r afcra%t her&y unvocably trlarf’eru to:
(Nuna and ozuyhta &mu dthc TrrrUam)
-wh
(Nbmaddtw tlmuum arnlll Ykaom ukft blmL tfbthlaank dl nloa *
dl rightr of tk undmeigned Bonrdciuy la mch Documentuy Cm&q ta drrw up to but not axoeeding a
oum of L . (mlount) ThTrrnafereerhdl hrva the role rightam Bensdciary
thereof, pmvided thot ti transfer oxpirea on $~iry dw tithe warubr but as kru thu th rqz!ry dam dtbr CmLt)
In accordnnce with UCP 500 wb-Article 48 03, the undertied BoneGAry waivw the rkht to nfwe to allow the ‘hnaferrin~ Bnnk b adtire nmentirmntr ma& render tk CR&I Docurnen~ Credit to thr
Trmtfenc. Therefsre, the Transferor rhdl have the Erie rightr m Bonr~oiug inaluding sole rQhtr raking tb any amandmenu to the Documentsq credit wherhu increarrr or dona w other amendmenta and whether now existing or here&r made. Au nmtndments RR to be odtird directly ti
ths Trnnrforee.
If you agree to theee inetruatiom, pleabe adtie the i‘tnnafenr the tarmr md cmditionr af the tranrfanrd Credit and thema inntructionr.
PIeare debit our account numbor with NationaBmk (or tnclored L I carhier8 check) for .$i rOp~ti&diXlg
your tranrfsr fee calculatad at the greater k 1/4% of thr amount of thr trader or $160.00, plur your
cpedal handling fee of $60.00.
We n.bo encloec the original letter of cndit and 11l original rmaadmenb for your ondorremont.
Yowl truly, Authentiption of Benekimy Signature
Print or ?ppe Nmne of&nefi+y
Beneficiary, Authorized S~rtun
.
.
.--__--.-. ..-- . _. . . . . . . - * -.. .-m .-V.-e m-.-e.- - .
-. EXHIBIT 4
,
STAFF REPORT
DATE: March 9, 1995
TO: HOUSING COMMISSION )
FROM: HOUSING AND REDEVELOPMENT DEPARTMENT
SUBJECT: AFFORDABLE HOUSING MITIGATION AGREEMENT- Request for
recommendation of approval of an Affordable Housing Mitigation Agreement
between the City of Carlsbad and Bramalea California, Inc.
I. RECOMMENJJATION
That the Housing Commission ADOPT Resolution No. 95-002 RECOMMENDING
APPROVAL of an Affordable Housing Mitigation Agreement between the City of C&bad
and Bramalea California, Inc. which pertains to the requirement that Bramalea provide
affordable housing in connection with its development commonly known as Mariner’s Point
(CT 91-12) in the Southwest Quadrant of the City.
II. ITEM EXPLANATION
On March 8, 1994, with the recommendations of the Planning Commission and Housing
Commission, the City Council approved CT 91-12 and SDP 91-11, known as Mariner’s
Point, a development of Bramalea California, Inc. The project is located on a 68-acre parcel
directly north of Camino de las Ondas a’nd east of Paseo de1 Norte.
Affordable Housing Obligation
As required by the Inclusionary Housing Ordinance, Chapter 21.85. of the Carlsbad
Municipal Code, the Mariner’s Point development was conditioned to provide 15% of its
total developed housing units as affordable to lower-income households. Based on the
approved plan, Bramalea will provide approximately 45 affordable units. Also as a condition
of approval and prior to final map approval, Bramalea must enter into an Affordable Housing
Agreement with the City. The Agreement describes specifically the method by which the
inclusionary housing requirement will be satisfied. In applying for tentative map approval,
Bramalea proposed an on-site option for satisfying their inclusionary housing requirement.
SDP 91-11 was proposed and approved as a 176-u& apartment project that would be 100%
affordable to lower-income households, thus exceeding the Mariner’s Point requirement. The project was conceived as a Low-Income Housing Tax Credit project, intending to tap
into a primary source of deep-subsidy financing for affordable housing.
.
Bramalea California Inc. Agreement
March 9, 1995
Page 2
The Combined Project Ontion
The Inclusionary Housing Ordinance provides options for satisfying the affordable housing
obligation. The option known as a Combined Inclusionary Housing Project is defmed as one
in which “some or all of the inclusionary units which are associated with one development
site are produced and operated at an alternative site or sites.” With this option, the Ordinance
anticipated that developers would combine efforts and resources in contractual relationships
to develop affordable housing. Bramalea is proposing to shift to the Combined Project option
by participating in the project known as Laurel Tree Apartments, located off Laurel Tree
Lane, south of Palomar Airport Road in the Southwest Quadrant. The Laurel Tree
Apartments development application was submitted on January 6, 1995 and is currently being
processed through the Planning Department. Project issues, particularly road infrastructure
requirements, have been identified and the applicant will be working with staff to address
them. Also, related to the Laurel Tree Project, the Housing Commission recommended and
the City Council approved a conditional financial commitment of $500,000 to the Project.
This commitment is conditioned upon the Project receiving its entitlement approvals and
other required financing. A description of the project is attached as Exhibit 2.
The off-site option of a Combined Project is a sensible choice for the City and developers
provided that a number of criteria are addressed by the proposed Project. Of primary concern
is that a proposed Combined Project site present advantages in its location and feasibility,
whereas the proposed on-site project presents corresponding disadvantages or feasibility
issues. The Inclusionary Housing Ordinance also establishes requirements of Combined
Projects, including the requirement that participants must be within tbe same quadrant.
The Affordable Housing Mitigation APreement
The Affordable Housing Mitigation Agreement between Brarnalea California Inc. and the City of Carlsbad is attached as Exhibit 3 to this report. As intended by the Inclusionary
Housing Ordinance, this Agreement insures that the Bramalea obligation will be satisfied in a
manner acceptable to the City Council prior to final map approval. In this case, there is a
binding agreement that Bramalea will satisfy their obligation through participation in the
Laurel Tree Apartments or make a mandatory purchase of affordable housing credits in the
La Terraza project in an amount equal to their obligation and at the specified price. If the
Laurel Tree Apartments is not successful in obtaining its City approvals or necessary
financing, the required purchase of credits in the La Terraza Affordable Housing Project
shall be “triggered” as the method by which the affordable housing obligation will be
satsified for Bramalea.
While the relationship between the Laurel Tree Apartments developer (MAAC) and Bramalea
is a private transaction between those parties, the City must be comfortable that the
Bramalea Agreement
March 9, 1995
Page 3
relationship will effectively result in the construction of affordable housing units. The
agreement between these parties is, therefore, made an exhibit to the City’s Affordable
Housing Mitigation Agreement with Bramalea. The essence of Bramalea’s participation in the
Combined Project is further defined within in the Laurel Tree Apartments description (see
Exhibit 2) and consists primarily of a subsidy infusion of over $900,000 into the project.
Since the Affordable Housing Mitigation agreement represents an alternative to a previously
proposed on-site inclusionary project, Bramalea will be required to amend its approved
tentative map to reflect the elimination and replacement of the on-site affordable housing
component of the Master Plan.
III. SUMMARY
Bramalea’s Mariners Point proposal to satisfy their inclusionary housing obligation by
participating in an off-site Combined Project utilizes the flexibility of the Inclusionary
Housing Ordinance to achieve several positive outcomes. It provides needed subsidy capital
to a capable development team and greatly enhances the feasibility of a quality project at a
location that has advantages over a project proposed onsite. If the Combined Project is not
successful in receiving other necessary entitlement/permit approvals and/or financing, the
Bramafea requirement converts into financial participation, through the purchase of housing
credits, in the La Terraza Apartment project. Given the described features of the Bramalea
Affordable Housing Mitigation Agreement, staff recommends that the Housing Commission
support the agreement and recommend that the City Council approve it.
Iv.
1.
2.
3.
EXHIBITS
Housing Commission Resolution No. 95-002 approving a recommendation to the City
Council to approve an Affordable Housing Mitigation Agreement between the City of
Carlsbad and Bramalea California, Inc.
Description of the Laurel Tree Apartments Combined Affordable Housing Apartment
Project.
Affordable Housing Mitigation Agreement between the City of Carlsbad and Bramalea
California, Inc.
37
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HOUSING COMMISSION RESOLUTION NO. 95002
A RESOLUTION OF THE HOUSING COMMISSION OF THE
CITY OF CARLSBAD, CALIFORNIA TO RECOMMEND
APPROVAL OF AN AFFORDABLE HOUSING
MITIGATION AGREEMENT BETWEEN THE CITY OF
CARJXBAD AND BRAMALEA CALIFORNIA, INC.
WHEREAS, Bramalea California, Inc. has a requirement to piovide housing
units affordable to lower income households within the southwest quadrant of the
City; and,
WHEREAS, Bramalea California, Inc. has expressed a desire to fincially
participate in a Combined Inclusionary Housing Project known as the Laurel Tree
Apartment Project to satisfy the requirement to provide housing affordable to lower
income households; and,
VVHEREAS, the Laurel Tree Apartment Project satisfies the City of
Carlsbad’s identified criteria for an acceptable Combined Inclusionary Housing
Project.
NOW, THEREFORE, BE IT HEREBY RESOLVED by the Housing
Commission of the City of Carlsbad, California, as follows:
1. The above recitations are true and correct.
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HC RESO. NO. 95-002
PAGE 2
2. That the Housing Commission hereby recommends City Council
approval of the Affordable Housing Mitigation Agreement, in
substantially the form presented to the Housing Commission, between
the City of Carlsbad and Brarnalea California, Inc. which will allow
Bramalea California, Inc. to financially participate in the construction
of housing units affordable to lower income households in an off-site
Combined Inclusionary Housing Project known as the Laurel Tree
Apartments.
3. That the Housing Commission hereby recommends to the City Council
that the City Manager, or his designee, be authorized to execute said
agreement in substantially the form presented and with such
modifications as City Attorney deems necessary and appropriate.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the
Housing Commission of the City of Carlsbad, California, held on the 9th day of
March, 1995, by the following vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
Nancy Calverley, Vice-Chairperson
Housing Commission
ATTEST:
Evan Becker, Housing and Redevelopment Director
_- EXHIBIT 2
LAUREL TREE APARTMENTS
AFFORDABLE HOUSING PROPOSED PROJECT
SUMMARY
PRODUCT.
The proposed project consists of 138 rental apartments. Additional amenities will
include facilities for recreational activities as well as daycare, after school and job
training/education programs.
There will be 14 one bedroom units (703 sq.ft each), 64 two bedroom units (870
sq.ft each), 46 three bedroom units (1000 sq.ft each) and 14 four bedroom units
(1200 sq.ft each).
DEVELOPMENT TEAM.
The Development Team shall consist of the following members:
0 Landowner/Developer: Dwight Spiers
l Non-Profit Developer: Metropolitan Area Advisory Committee (MAAC
Project)
l Land Planner: Jack Henthorn and Associates
0 Architect: Lorimer-Case
0 Financial Consultant: Steve Kuptz, Sentre Partners
0 General Contractor: to be determined
‘0 Lender/Tax Credit Investor: California Equity Fund
The team possesses considerable development experience from both the private
and non-profit standpoint. The MAAC Project has recently completed a 144-unit
affordable housing development within the City of San Diego. This project has
already been highly acclaimed for its desi.gn quality, affordability and as a
successful public-private development effort.
SITE/LAND USE.
The Laurel Tree Apartments Project is proposed for an approximately 8.5 acre site
located South of Palomar Airport Road at College Boulevard. The site is currently
designated for office and will require a rezoning and General Plan Amendment. The
project has been submitted as a development application and will be processed
through the City’s Comprehensive Land Use Review Process prior to final approval
by the City Council.
The project will be affordable to households with incomes not to exceed sixty
percent’ (60%) of the Area Median Income. Based on current income levels
provided by the U.S. Department of Housing and Urban Development, the range
1 ( 1 Laurel Tree Descri: - n
Page 2
of incomes for the project shall be approximately $15,350 to $34,740. Consistent e with the requirements of the tax credit program, the units would remain affordable
for a minimum of fifty-five (55) years.
The level and term of affordability, particularly for larger size units, meets the
highest priority need for the City of Carlsbad as outlined with the City’s approved
Comprehensive Housing Affordability Strategy (CHAS). All units will meet the
affordability requirements of the City’s lnclusionary Housing Ordinance (CMC
Chapter 21.85). Also, the number of units will assist the City in meeting a portion
of the goal (1400 units) for providing new units as outlined within the Carlsbad
Housing Element.
FINANCING.
A proforma for the Laurel Tree Apartment Affordable Housing project indicates that
the total development costs will be approximately $13 million. Typical of most
affordable housing projects, the financing for this project will be accomplished
through a variety of sources. Nearly one-half of the required funding will be raised
through Tax Credit Equity. It is anticipated that the remaining funds for the project
will be provided through a private bank loan, an Affordable Housing Program Loan
from the Federal Home Loan Bank, private developer contributions, State or County
HOME funds and city assistance.
PRODUCTION SCHEDULE.
It is anticipated that the project will be under construction by the Spring of 1996
and construction will be completed within 13 months of the start date. According
to this proposed schedule, the units should be available for lease by’ the
summer/fall of 1997.
CITY FINANCIAL ASSISTANCE TO PROJECT.
A $500,000 contribution from the Low and Moderate Income Housing Set-Aside
Fund for this project has been approved by the City of Carlsbad and Housing and
Redevelopment Commission to assist in the financing.
EXHIBIT 5
Minutes of: HOUSING COMMISSION
Time of Meeting: 6:00 P.M.
Date of Meeting: March 9, 1995
Place of Meeting: CITY COUNCIL CHAMBERS
CALL TO ORDER:
Vice-Chairman Calverley called the Regular Meeting to order at 6:02 p.m.
PLEDGE OF ALLEGIANCE:
The pledge of allegiance was led by Commissioner Scarpelli.
ROLL CALL:
Present: Vice-Chairman Calverley, Commissioners Escobedo, Noble, Rose, Rombotis,
Sato, Scarpelli, and Wellman
Absent: Chairman Avis
Staff Present: Evan Becker, Housing and Redevelopment Director
Reggie Harrison, Housing Program Manager
Debbie Fountain, Senior Management Analyst
Leilani Hines, Management Analyst
Clint Phillips, Senior Management Analyst
COMMENTS FROM THE AUDIENCE ON ITEMS NOT LISTED ON THE AGENDA:
There were no requests to address the Commission.
APPROVAL OF MINUTES:
ACTION: Motion by Commissioner Scarpelli, and duly seconded, to approve the Minutes of the
Regular Meeting of January 12, 1995, as submitted.
VOTE: 6-O-2
AYES: Calverley, Rose, Rombotis, Sato, Scarpelli, Wellman
NOES: None
ABSTAIN: Escobedo, Noble
NEW BUSINESS:
Vice-Chairman Calverley stated that Chairman Avis is representing one of the applicants on the agenda
tonight and would be seated in the audience.
1. AFFORDABLE HOUSING MITIGATION AGREEMENT - Request for approval of a recommendation
to approve an Affordable Housing Mitigation Agreement between the City of Carlsbad and Bramalea
California, Inc.
Evan Becker, Housing and Redevelopment Director, stated that Agenda items #l and #2 are interrelated
and his report would be discussing both items together.
He explained that Bramalea is required to provide 45 affordable units for their Mariner’s Point project and
Kaiza Poinsettia is required to provide 90 affordable units for their Poinsettia Shores project. Bramalea is
calculated on a straight 15% while Kaiza Poinsettia has requested a density bonus, so a 20% calculation is
, s 8 3
r HOUSING COMMISSION March 9, 1995 PAGE 2
required. Bramalea has an approved site plan which has been approved by the City Council. Kaiza
Poinsettia’s site plan has been approved by the Planning Commission but has not yet been seen by the
Housing Commission.
Mr. Becker stated the lnclusionary Housing Ordinance provides an option wherein some or all of the
inclusionary units for one development may be produced and operated at an alternative site(s). Bramalea
is proposing to shift to the Combined Project option by participating in a project known as Laurel Tree
Apartments, located off Laurel Tree Lane and Palomar Airport Road. The off-site option of a combined
project is a sensible choice for the City and developers and presents advantages in its location and
feasibility, whereas an on-site project has certain disadvantages.
He stated that affordable housing agreements establish the way in which developers will be satisfying their
affordable housing requirements. Project approvals go through a different process than the affordable
housing agreement, but both parts meet up when they go to the City Council for approval. If the Laurel
Tree Apartments is not successful in obtaining its City approvals or necessary financing, the required
purchase of credits in the La Terraza Affordable Housing Project shall be triggered as the method by which
the affordable housing obligation will be satisfied by both Bramalea and Kaiza Poinsettia.
Commissioner Escobedo was under the impression that affordable housing would be spread throughout
the City rather than all together at one location. She does not like the concentration of affordable units at
one site.
Commissioner Wellman stated that she has been told over and over that the people who will occupy the
affordable housing will not be the poorest of the poor. She thinks more consideration should be given to
land if Laurel Tree fails. She doesn’t like having La Terraza as a fall back position.
Vice-Chairman Calverley opened the public testimony and issued the invitation to speak.
Doug Avis, 2300 Alga Road, Carlsbad, Project Director for Kaiza Poinsettia, addressed the Commission
and explained the various methods which developers have at their disposal to satisfy the inclusionary
housing requirement. He feels this joint project is the best alternative for the City and the developers.
Furthermore, it is large enough to get tax credits. Small projects don’t have a chance to get tax credits.
Without tax credits, affordable housing becomes a very costly issue.
Dorian Johnson, Vice President, Bramalea Planning, addressed the Commission and discussed the
differences between this project and the La Terraza project. He stated that the Laurel Tree project is more
economically feasible and he feels the final product will be superior to La Terraza.
Commissioner Wellman is very concerned that there are still a number of things which could jeopardize
this project (Laurel Tree) and cause it to not be built. She feels it is like a house of cards--if it fails, it
creates a domino effect on other projects. She would like the developers to be more creative in fulfilling
their inclusionary housing requirement. Mr. Johnson (Bramalea) replied that he sees no reason why Laurel
Tree will not occur as planned.
Sylvia Martinez, MAAC Project, addressed the Commission and stated that the Laurel Tree project will be
more than just housing. The MAAC Project is a co-partner in this venture and will be the property
managers of Laurel Tree. She noted that all MAAC projects provide special amenities such as child care
and learning centers, where people can hone their job skills and become productive citizens. These
amenities are not found in a typical apartment project. In order for the federal government to even
consider funding for an affordable housing project, it requires significant support at the local level. The
developer funds provide the needed local support. It shows that the City is serious about providing
affordable housing. She noted that tax credits must be applied for in July but notification does not come
43
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HOUSING COMMISSION March 9,1995 PAGE 3
until September. The tax credits are a big part of this project because they assist the developer in
providing a quality project. She feels that when Laurel Tree is completed, it will make the City very proud.
There being no other persons desiring to address the Commission on this topic, Vice Chairman Calverley
declared the public testimony closed and opened the item for discussion among the Commission members.
The Commissioners discussed the project in detail and staff responded to various questions regarding the
agreements. In the end, Commissioner Wellman stated that she could not support the project because she
is opposed to having La Terraza as a fall back position. She does not feel it is in the best interest of the
citizens. She would like the land in Kaiza and Bramalea Master Plans to remain available for affordable
housing and that units should be built on-site if the Laurel Tree project is not successful.
ACTION: Motion was made by Commissioner Scarpelli, and duly seconded, to adopt Resolution
No. 95-002 recommending approval of an Affordable Housing Mitigation Agreement
between the City of Carlsbad and Bramalea California, Inc. which pertains to the
requirement that Bramalea provide affordable housing in connection with its
development commonly known as Mariner’s Point (CT 91-l 2) in the southwest quadrant
of the City..
VOTE: 6-2
AYES: Calverley, Escobedo, Noble, Rose, Rombotis, Scarpelli
NOES: Sato, Wellman
ABSTAIN: None
2. AFFORDABLE HOUSING MITIGATION AGREEMENT - Request for approval of a recommendation
to approve an Affordable Housing Mitigation Agreement between the City of Carlsbad and Kaiza
Poinsettia Corporation.
Since the Affordable Housing Mitigation Agreement for Kaiza Poinsettia and Bramalea are interrelated, the
two staff reports and public testimony periods were combined.
ACTION:
VOTE:
AYES:
NOES:
ABSTAIN:
RECESS
Motion was made by Commissioner Rombotis, and duly seconded, to adopt Resolution
No. 95-003 recommending approval of an Affordable Housing Mitigation Agreement
between the City of Carlsbad and Kaiza Poinsettia Corporation which pertains to the
requirement that Kaiza provide affordable housing in connection with its development
commonly known as Poinsettia shores (MP-l 75D) in the southwest quadrant of the City.
6-2
Calverley, Escobedo, Noble, Rose, Rombotis, Scarpelli
Sato, Wellman
None
The Housing Commission recessed at 7:47 p.m. and reconvened at 754 p.m.
INFORMATIONAL ITEMS
3. INCLUSIONARY HOUSING CALCULATION
Evan Becker, Housing and Redevelopment Director, used an overhead chart and explained the calculation
of the 15% inclusionary housing requirement. He showed examples of projects with and without density
bonuses. A discussion period followed regarding the feasibility of interspersing low income units
throughout a development. Commissioner Wellman is very opposed to the philosophy of having projects
-
HOUSING COMMISSION March 9, 1995 PAGE 4
.
that are totally low income. Mr. Becker replied that low income housing is predominately rentals and it is
not feasible to scatter low income rental units throughout a “for sale” market rate project.
4. FOUR BEDROOM HOUSING NEED
Leilani Hines, Management Analyst, reviewed the results of the 1990 U. S. Census which shows there is a
small surplus of three bedroom homes but a deficiency of four bedroom units. In most developments, the
financing programs dictate the bedroom mix percentages. For instance, the requirement for three
bedroom units is normally in the neighborhood of 10%. There is a need for affordable three and four
bedroom units in Carlsbad. The construction of large family units is a priority within the City and is
pursued by staff on an on-going basis.
Ms. Hines stated that the 1990 Census results are well documented in the CHAS.
5. ASSESSMENT OF HOMELESS PROBLEMS AND NEEDS
Leilani Hines, Management Analyst, reported that the 1990 U. S. Census identified a range of 941 - 1,213
homeless persons living in Carlsbad. There are 17 migrant camps in and around Carlsbad. Consequently,
the majority of homeless fall into the Rural Homeless category, commonly used for migrant farm workers.
Legal/illegal status was not considered when headcounts were taken in migrant camps. The census states
that only 5% of the homeless in Carlsbad are classified as Urban Homeless.
Carlsbad encourages non-profit agencies to provide shelter for the homeless. In 1994-95, the City spent
approximately $92,500 to assist non-profit agencies in this effort. Non-profit agencies provide services for
a variety of causes, including youth run-aways, mental illness, alcoholism, and those fleeing domestic
violence. The only city in North County that provides temporary shelter for the homeless during inclement
weather is Vista. Other cities are trying to work together on a regional approach to this issue.
ADJOURNMENT:
By proper motion, the Regular meeting of March 9, 1995 was adjourned at 8:27 p.m.
Respectfully submitted,
EVAN BECKER
Housing and Redevelopment Director
BETTY BUCKNER
Minutes Clerk
September 19, 1995
Gregory J. Smith San Diego County Recorder Post Office Box 1750 San Di.ego, CA 92112-4147
Enclosed for recordation is the following described document:
Affordable Housing Mitigation Agreement with Bramalea California Inc.
Also enclosed are instructions on how the City is to be billed for the recordation fees incurred.
Thank you for your assistance in this matter.
( K&z&&,j$ CMC
Assistant Ci ' 6lerk
KRK:ijp
I!:ncl osures
I :!C)O~C~~rl:;b;~ri Village Drive - Carlsbad, California 92008-1989 - (619) 4342808
GREGORY J. SMITH
RECORDER/COUNTY CLERK
1600 PACIFIC HWY.. RM. 260
P.O.BOX 1750 SAN DIEGO, CA 92112-4147
Gracelia A. B. Smlth
Chief Deputy
(619) 237-0502 - FAX (619) 557-4155
CITY OF CARLSBAD
OFFICE OF THE CITY CLERK
1200 CARLSBAD VILLAGE DR
CARLSBAD CA 92008-1989
Date: September 25, 1995
William N. Pierce
Chief Deputy
We are returning your document(s) unrecorded for the following
reason(s) :
The paper clipped pages are not legible for microfilming. Please submit better copy for recordation.
Please return this correspondence with your document(s).
Thank you for your cooperation in resolving this matter. If you have any questions, please contact the Recorder's Customer Service Desk'at (619) 237-0502 and then press 10.
Very truly yours,
GREGORY J. SMITH Recorder/County Clerk
Enclosure JC
puty Recorder
l/8/96 The Affordable Housing Mitigation Agreement is being returned to you. The illegible pages have been replaced with legible pages.
Thank you for bringing this matter to our attention.
City Clerk's Office City of Caxlsbad 1200 Carlsbad Village Drive Carlsbad, CA 92008