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HomeMy WebLinkAbout1996-10-01; City Council; 13842; Sambi Seaside Heights Affordable Housing9 B 8 % . . g 2 e f 8 - CITY OF CARLSBAD - AGtNDA BILL 4B# @@dz TITLE. COMMITMENT OF FINANCIAL ASSISTANCE TO -. VITG. /O.-i r %? SAMBI SEASIDE HEIGHTS AFFORDABLE HOUSING PROJECT DEPT. H/RED RECOMMENDED ACTION: CITYAllY. @’ CITY MGR. ADOPT Resolution 9b-332-4 as recommended by the Housing Commission, APPROVING a commitment of financial assistance’ in an amount not to exceed $453,600 from the City of Carlsbad Housing Trust Fund for the purpose of assisting in the construction of 42 for-sale housing units affordable to lower-income households in the project known as Sambi Seaside Heights, based on the findings and subject to the conditions contained therein. ITEM EXPLANATION: This Sambi Seaside Heights affordable housing project, proposed to satisfy the Sambi inclusionary housing obligation, is an outgrowth of the overall redesign of the Sambi project. The original affordable housing proposal recommended by the Housing Commission and Planning Commission and approved by the City Council in March 1994 was a rental apartment project including 63 affordable units. Sambi’s revised proposal is a for-sale townhome project of 42 two and three-bedroom units which would satisfy the overall project’s revised inclusionary requirement. On September 12,1996 the Housing Commission considered the new proposal and is recommending (7-1, Noble) City Council approval of the project and a commitment of financial assistance in an amount not to exceed $453,600. Commissioner Noble supported the project and the financial assistance but dissented based on the addition of a specific condition to the recommending resolution. The condition concerned the reimbursement of City assistance under certain circumstances. This feature was outlined in the staff report as an eventual element of the Affordable Housing Agreement, but the Housing Commission, with the exception of Commissioner Noble, preferred to have this as a specific condition in the resolution. The Housing Commission reviews affordable housing projects and the staff analysis based on 1) the proposal’s consistency with the City’s affordable housing policies and ordinances, 2) effectiveness in serving the City’s housing needs and priorities and 3) project development and operating feasibility (including evaluation of financial assistance). Based on these considerations, the Commission recommends the revised Sambi affordable housing project as a desirable method of fulfilling the Sambi inclusionary requirement, worthy of City financial support. The City Council will be considering the discretionary permits for the Sambi Seaside Heights Project under separate action. FISCAL IMPACT: Staff and the Housing Commission are recommending financial assistance in an amount not exceeding $453,600, or $10,800 per affordable unit, from the City’s Housing Trust Fund for the Sambi Seaside Heights project. Currently, the Trust Fund contains $2,231,409, which are revenues derived primarily from Housing Impact Fees and sale of Affordable Housing Credits. The Housing Commission staff report of September 12, 1996 (attached) presents a complete analysis of this recommended subsidy request. EXHIBITS: 1. City Council Resolution No. 9b -33/2- 2. Staff Report to the Housing Commission dated, September 12, 1996 w/attachments 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 - CITY COUNCIL RESOLUTION NO. 9 6 -332 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, APPROVING CITY FINANCIAL ASSISTANCE TO AN AFFORDABLE HOUSING PROJECT WHICH WILL PROVIDE A TOTAL OF 42 FOR-SALE TOWNHOMES FOR LOW INCOME HOUSEHOLDS TO BE LOCATED WITHIN THE SOUTHWEST QUADRANT OF THE CITY. CASE NAME: SAMBI SEASIDE HEIGHTS CASE NO: AHP 94-3(AKT 92-02(A)/SDP 92-06(A) WHEREAS, the City of Carlsbad has identified a need to provide housing which is affordable to households of low-income in a variety of different forms; and WHEREAS, a project, known as “Sambi Seaside Heights” has been proposed for construction which will provide 42 for-sale townhomes on property generally located east of Paseo de1 Norte, north of Camino de Las Ondas, and south of Palomar Airport Road which will provide housing affordable to low income households; and WHEREAS, the City of Carlsbad’s comprehensive financial analysis of the project concludes that City financial participation in the project is necessary, appropriate and exceeded by the public benefit received by the City; and WHEREAS, the affordability level and the unit mix of the proposed project are consistent with the City of Carlsbad’s Housing Element objectives, Consolidated Plan, and Inclusionary Housing Ordinance. NOW, THEREFORE. BE IT HEREBY RESOLVED by the City Council as follows: 1. The foregoing recitations are true and correct. 2. The City Council of the City of Carlsbad hereby approves financial assistance for the proposed affordable housing project known as “Sambi Seaside Heights” in the following form and as outlined in the Housing Commission Staff Report dated, September 12, 1996. / 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 '19 20 21 22 23 24 25 26 27 28 - a. Use of Housing Trust Funds in an amount not to exceed $453,600 for project construction and permanent financing, including on-site and/or off-site public improvements directly related to the project. b. City assistance will be structured, through approval of an Affordable Housing Agreement, to provide for a reduction in the amount of assistance if the proceeds from the sale of the affordable units exceeds their actual cost, not including the land value. 3. The development team for the subject affordable housing project shall enter into appropriate agreements with the City of Carlsbad which outline the terms of City participation and the conditions to be met prior to commitment of City assistance as contained with the Staff Report to the Housing Commission dated, September 12, 1996. PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council of the City of Carlsbad, California, held on the 1st day of October , 1996 by the following vote, to wit: AYES: Council Members Lewis, Nygaard, Kulchin, Hall and Finnila NOES: None ABSENT: None ABSTAIN: None ATTEST: ALETHA L. RAUTENKRANZ, City Clerk (SEAL) CCRESO# %-_332- PAGE 2 - llre C@y of Gwlsbad Housing & Rederetopment Department A REPORT TO THE HOUSING COMMISSION I Itr?m Nn- 1 Sta# Evan E. Becker Housing & Redevelopment Director DATE: SEPTEMBER 12,1996 SUBJECT: AFFORDABLE HOUSING PROJECT - SAMBI SEASIDE HEIGHTS - CT 92-02tAWUD 92-06(A)/SDP 92-06tAYHDP 92-03(A) Request for recommendation of approval of a 42-unit for-sale affordable housing project and financial assistance in an amount not to exceed $453,600 from the City of Carlsbad Housing Trust Fund supporting the satisfaction of an inclusionary housing obligation of the project known as Sambi Seaside Heights. I. RECOMMENDATION That the Housing Commission ADOPT Housing Commission Resolution No. 96-010, recommending APPROVAL of the project known as Sambi Seaside Heights, including a proposal to construct 42 for-sale affordable townhomes, as recommended by the Planning Commission, and financial assistance in an amount not to exceed $453,600 from the City of Carlsbad Housing Trust Fund for the purpose of assisting in the construction of 42 housing units affordable to lower-income households. II. PROJECT BACKGROUND This Sambi application is a revision of a previously approved submittal. The original project (CT 92-02) was recommended by the Housing Commission and Planning Commission, and approved by City Council in March 1994. Subsequently, the Coastal Commission approved the project with a condition requiring a redesign of the project to avoid several steep slope areas containing native habitat. These changes have resulted in the need for the project to be re-evaluated by the City and approved by the Planning Commission and City Council. The changes include a revised affordable housing component which must be reconsidered by the Housing Commission. The entire Sambi project now consists of a total of 277 residential units as compared to 349 residential in the original project. The project components are now 140 multi-family dwelling units (an 80 unit reduction) and 137 standard single-family lots (an increase of 8 units). With respect to the multi-family units, Area “A” has been redesigned and contains 42 affordable townhomes adjoining 40 market townhomes with both components sharing - AFFORDABLE HOUSINs ROJECT CT 92-02(A)/PlJD 9246(A)/SDP 9246(A)/HDP 9243(A) - SAWBl SEASIDE HEIGHTS SEPTEMBER 12.1996 PAGE 2 centralized facilities and having a single homeowner’s association. Previously, Area ‘9” was approved for 72 apartments with 63 of them being affordable. Another 58 market townhomes remain as originally planned in Area “D” of the project, but with a reduction of 18 units. The following table summarizes the changes in the Sambi project: SAMBI SEASIDE HEIGHTS AREA “A” MARKET AFFORDABLE AREA “B” & “C” (MARKEF) AREA “D” (MARKET) ORIGINAL APPLICATION 72 Condos 9 Apartments 63 Apartments 129 S.F Homes 76 Townhomes REVISED APPLICATION 40 Townhomes 42 Townhomes 137 S.F. Homes 58 Townhomes TOTAL 349 277 As the above chart indicates, the original Sambi inclusionary housing obligation was 63 units and is now 42 units. 111. AFFORDABLE PROJECT DESCRIPTION A. Location The Sambi property is generally located east of Paseo De1 Norte, north of Camino de las Ondas, and south of Palomar Airport Road. The 42 unit affordable townhome project is located in the northeastern portion of the property, east of Alga Road as it will extend from Palomar Airport Road through the Sambi property. The project is located in close proximity to major employment centers, including the future opportunities in nearby Carlsbad Ranch. Retail and commercial services are located within l-2 miles at Palomar Airport Road and at Poinsettia Road. The Sambi property is located adjacent to and east of the new Poinsettia Community Park. 5 AFFORDABLE HOUSlh ROJECT CT 9242(A)/PUD 9246(A)/SDP 9246(A)/HDP 9243(A) - SAMBI SEASIDE HEIGHTS SEPTEMBER 12,1996 PAGE 3 1 / _ SAMBI AFFORDABLE HOUSING / UNIT MIX UNIT TYPE NO. SIZE 3 Bedroom 30 1,208 S.F. 2 Bedroom 12 1,122 S.F. TOTAL 42 B. Other Features and Amenities Each unit will have a private patio area, 2 ‘/z baths and a 2-car garage. The project will jointly utilize a central recreational facility with the adjoining townhome project. IV. DEVELOPMENT TEAM A. Developer - SAMBI SEASIDE HEIGHTS, L.L.C. B. Builder - SAMBI SEASIDE HEIGHTS, L.L.C. C. Design, Engineering and Planning - The KTGY Group, Inc. (Plarming and Engineering); Planning Systems, Inc. (Planning and Project Management). D. Lenders/Investors - To be determined. V. AFORDABILITY A. Purchase Price and Income Levels The following chart outlines the approximate purchase prices and maximum allowed income levels for the affordable units. These amounts may change as certain key variables change such as median incomes, interest rates and taxes. - AFFORDABLE HOUSIN, ROJECT CT 92-02(A)/PUD 9206(A)/SDP 9246(A)/HDP 92*3(A) - SAMBI SEASIDE HEIGHTS SEPTEMBER 12,1996 PAGE 4 SAMBI AFFORDABLE HOUSING MAXIMUM PURCHASE PRICES AND INCOMES* UNIT TYPE 3 Bedroom MAXIMUM PURCHASE PRICE $118,783 MAXIMUM EUGIBLE INCOME $41,750 2 Bedroom $ 99,270 $35,425 *Based on 80% of Area Median Income . B. Tawet Powlation The affordable units will be targeted primarily to lower-income first-time homebuyers. For this reason, it can be expected that these households will generally be close to the 80% of median income limit as this affords a household a greater likelihood of qualifying for the purchase. These targeted income levels are well matched with wage levels in the nearby employment centers. C. Terms of Affordabilitv In accordance with the options for for-sale units contained in the Inclusionary Housing Ordinance, the affordable units will initially be sold at restricted prices to lower-income eligible buyers, and at resale, the units will be sold at market prices with the City recovering the initial subsidy required to make the unit affordable. This recovered subsidy will be “recycled”, that is, used to assist another eligible household with an affordable purchase. Although the actuaI units change this mechanism accomplishes the objective of keeping units assisted in perpetuity. D. Housing Element/Consolidated Plan Consistency The for-sale affordable units support several Housing Element Goals and Objectives, including Objective 3.5 (Lower Income New Construction), Objective 3.6 (Inclusionary Housing), Objective 3.2 (Larger Units), Goal 4 (Jobs - Housing Balance) and Objective 3.1 (Lending Programs For Homebuyers). The City’s Consolidated Plan ranks lower-income homeownership as a “medium priority”. AFFORDABLE HOUSINk AOJECT CT 9202(A)/PUD 9246(A)/SDP 9246(A)/HDP 92-03(A) - SAMBI SEASIDE HEIGHTS SEPTEMBER 12,1996 PAGE 5 VI. FINANCIAL ASSISTANCE The developer has made a request for financial assistance to support sale of the 42 units at affordable prices. Staff is recommending that assistance be provided in the amount of $10,800 per unit or a total of $453,600. The following factors were considered in arriving at this recommendation. A. Develoument Team It is important that the developer have the capacity to successfully implement the project. Although the developer is not experienced with assisted for-sale development, the team is experienced and has been successful in developing conventional homeownership projects. B. Cost Reasonableness In its Housing Commission Review Application attached as Exhibit “2”, the developer has provided detailed proforma development cost information. Since development costs are one of the key variables determining the need for subsidies, it is important that those costs be reasonable. At $152,000, including land but no profit, these average unit costs are consistent with the prototype cost estimates developed for the City’s “Economics of Affordable Housing”. Specific cost line items, including “hard” construction costs of $44 per square foot, appear to be within local industry norms. C. Undue Gain It is important that any financial assistance have the effect of making the units more affordable and not creating undue gain for any party. In the proposed affordable project there is no developer return or profit factored into the project proforma and there are no other incentives tied to either the market or affordable projects which would create any gain for the developer. D. Subsidy Analvsis With projected costs and a known restricted purchase price based on the maximum household incomes, it is possible to determine the estimated level of subsidy required to develop and sell the affordable units. With this subsidy estimate, an amount of City assistance is recommended which effectively “leverages” the City’s housing funds. Leveraging is defined as the ratio of City subsidy to subsidy provided from other sources. The following chart estimates the required subsidy for the affordable project and shows the recommended level of City assistance and developer subsidy necessary for the project to be feasible. 0 - AFFORDABLE HOUSIN> ROJECT CT 9242(A)/PUD 92-06(A)/SDP 9246(A)/HDP 924)3(A) - SAMBI SEASIDE HEIGHTS SEPTEMBER 12,1996 PAGE 6 PROFORb+UBSlDY ‘ANALYSIS .$‘:i. i., SAMBI SEASIDE HEIGHTS ,,;,,(pef’Unit-kverage) .. 1~ “1:‘ /j HOMEBUYER INCOME 80% AMI* 70% AMI” (,#MXMUMAUOWABLE) (AVEMGE ACTUAL) COST: LAND $ 28,000 $ 28,000 OTHER 124,000 124,000 TOTAL $ 152,000 !§ 152,000 MAXIMUM PURCHASE PRICE** $ 113,200 $ 96,900 SUBSIDY REQUIREMENT ( fncludin~ Land) ($ SS,SOO) ($ 55,100) SUBSIDY REQUIREMENT fwitbout Land) SUBSIDY SOURCES City Assistance Developer Subsidy (Including Land) Developer Subsidy (Not hcfuding land) ($ 10,800) ($ 27,100) $ 10,800 $ 10,800 $ 28,000 !§ 45,100 -o- $ 16,200 I CITY LEVERAGE $2.9: $1 $4.5: $1 * AMI = Area Median fnwme, Sao Diego County ** Based on housing cost of 30% of income for household sizes of 3.5 (2 bedrooms) and 5.5 (3 bedmoms) The Subsidy Analysis shows estimated subsidy needs for two levels of homebuyer income. Eighty percent (80%) of Area Median Income (AMI) is the maximum allowed income and is used to determine the maximum allowed purchase price. However, actual buyers will have incomes below 80% AMI, therefore, 70% AM1 is used to illustrate the subsidy requirement based on the realistic actual average incomes of buyers. Based on 70% of AM1 the recommended level of City assistance would provide $1 of subsidy for each $4.50 from the developer or some other outside source ( leverage of 4.5: 1). Although this is a lower level of leveraging than rental projects such as Villa Loma and Laurel Tree Apartments, staff believes it is acceptable for a homeownership project where there are no “deep subsidy” funding programs available. AFFORDABLE HOUSINt MIJECT CT 9242(A)/PUD 9246(A)/SDP 9246(A)/HDP 9243(A) - SAMBI SEASIDE HEIGHTS SEPTEMBER 12.1996 PAGE 7 E. Form of Assistance City as well as developer assistance would be provided in the form of funds which are first used for construction and then for deferred (no payment for a period of time) financing for the actual homebuyer. This subsidy financing is structured as loan which is repaid to the City upon resale. Any real appreciation is shared between the City and the homebuyer based on contribution to the initial purchase. No “windfall” comes to the subsidized buyer. City assistance will be structured to provide for a reduction in the amount of assistance if the proceeds from the sale of the affordable units exceeds their actual cost, not including the land value. F. Securitv As indicated, the City takes a security interest in each property. Because the amount of City assistance is only a portion of the total subsidy, the City will have a significant “cushion” of equity protecting its actual cash loan. G. Risks The two major types of risk in this for-sale development are construction risk (units do not get built) and market risk (units do not sell). In addition, it is likely that any City financial assistance will be subordinated to conventional bank financing. If a problem did arise, the bank’s interest would come ahead of the City’s. Although the City would be taking on some of the risk inherent with development, there are several factors that mitigate these risks. First, the City’s financial involvement would constitute a very small portion of the project, meaning that the other lenders and developer will be motivated to insure successful completion. Second, the developer must successfully satisfy an affordable housing obligation through this project or risk violating conditions of approval for the whole development. Last, in terms of market risk, the City’s assistance will be fixed and additional subsidies required to insure sale of all units will be the obligation of the developer. VII. ENTITLEMENTS The redesigned Sambi project meets all City land use policies and standards and has received a recommendation of approval from the Planning Commission. - AFFORDABLE HOUSlt I ,‘ROJECT CT 9242(A)/PUD 92-D6(A)/SDP 92-D6(A)/HDP 92-93(A) - SAMBl SEASIDE HEIGHTS SEPTEMBER 12.1996 PAGE 8 VIII. AFFORDABLE HOUSING AGREEMENT Prior to final map or issuance of building permits, the developer will be required to enter into an Affordable Housing Agreement with the City which binds the developer to the specifics of the affordable housing project including affordable purchase price and household income limits; a construction schedule; amount and form of City assistance; compliance reporting requirements and implementation agreements (e.g. loan agreements, trust deeds and resale restriction agreement). IX. SUMMARY It is the role of the Housing Commission to make recommendations to the City Council based on several considerations with respect to affordable housing projects. These are: u The proposal’s effectiveness in serving the City’s housing needs and priorities as expressed in the Housing Element of the General Plan and the HUD Consolidated Plan. n The proposal’s consistency with the City’s affordable housing policies and ordinances as expressed in the Housing Element, Inclusionary Housing Ordinance, Density Bonus Ordinance, etc. a The proposal’s development and operating feasibility, emphasizing the development team’s capacity, the financing plan and the appropriate role of the City in providing financial assistance or incentives. This affordable housing proposal aimed at satisfying the inclusionary housing requirement of the Sambi Seaside Heights project represents a desirable potential addition to the City’s mix of affordable units to be developed by way of the Inclusionary Housing Ordinance. To this point, approved affordable projects under the Ordinance have been predominantly rental. Staff believes the proposal is more appropriate at this time than Sambi’s original rental apartment proposal. The previous plan did not include any specifics regarding how the project would be financed or what role the City would be asked to play. Although low-income affordable homeownwership units are a somewhat lower need priority than family rental units, the Housing Element clearly establishes them as a desirable objective. These units will support the objective of providing affordable ownership opportunities that support the job-creating economic growth. The project as proposed meets the necessary affordability requirements to be consistent with applicable City policies and ordinances. Staff believes that the proposed project is deserving of the recommended amount of financial assistance in order to achieve project feasibility with a quality product. The City’s assistance is effectively leveraged with developer contribution to fill a subsidy “gap” which is a realistic cost of creating affordability. - AFFORDABLE HOUSlh ,-‘ROJECT CT 92-02(A)/PUD 92-06(A)/SDP 9246(A)/HDP 92-03(A) - SAMBI SEASIDE HEIGHTS SEPTEMBER 12,1996 PAGE 9 X. EXHIBITS 1. 2. 3. Housing Commission Resolution No. 96-O 10 Housing Commission Review Application Planning Commission Staff Report dated, August 2 1, 1996 (including reduced exhibits of proposed project). EB/ar 8/l 996 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 - HOUSING COMMISSION RESOLUTION NO. 96-010 A RESOLUTION OF THE HOUSING COMMISSION OF THE CITY OF CARLSBAD, CALIFORNIA TO RECOMMEND APPROVAL OF THE DEVELOPMENT OF 42 FOR-SALE TOWNHOMES AFFORDABLE TO LOW INCOME HOUSEHOLDS WITHIN THE AMENDED SAMBI PLANNED DEVELOPMENT ON PROPERTY GENERALLY LOCATED EAST OF PASEO DEL NORTE, NORTH OF CAMINO DE LAS ONDAS AND SOUTH OF PALOMAR AIRPORT ROAD. APPLICANT: SAMBI SEASIDE HEIGHTS, L.L.C CASE NO.: AHP 94-3(AKT92-02(AI/SDP 92-06(A) WHEREAS, an amended Affordable Housing Project (AHP) Application (No. 94-3A) has been submitted to the City of Carlsbad’s Housing Commission for review and consideration by the developer of Sambi Seaside Heights; and WHEREAS, the applicant has expressed a need to receive financial assistance in the amount of $453,600 from the City of Carlsbad Housing Trust Fund for the purpose of assisting with the construction of the subject affordable housing units; and WHEREAS, said Housing Commission did, on the 12th day of September, 1996, hold a public meeting to consider said application with the request for financial assistance; and WHEREAS, at said public meeting, upon hearing and considering all testimony, if any, of all persons desiring to be heard, said Commission considered all factors relating to the application and request for financial assistance. 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. 2. That based on the information provided within the application and testimony presented during the public meeting of the Housing Commission on September 12, 1996, the Commission recommends APPROVAL of Affordable Housing Project (AHP) No. 94-3(A) containing 42 for-sale townhomes to be affordable to low income (80% of county median) households to the City Council subject to the findings and conditions outlined herein. . . 1 2 3 4 5 6 7 0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 3. That the Commission’s recommendation for approval of said affordable housing project includes support for the financial assistance requested by the developer/applicant for the project in an amount not to exceed $453,600 in the form of a loan from the City of Carlsbad’s Housing Trust Fund. Findinas: 1. The project is consistent with the goals and objectives of the City of Carlsbad’s Housing Element and Consolidated Plan, the lnclusionary Housing Ordinance, the Density Bonus Ordinance and the affordable housing requirements of the approved Zone 20 Specific Plan. 2. The project, as amended, will provide a total of 42 townhomes (2 and 3 bedroom) affordable for sale to households at 80% or below the county median which meets a “medium” priority as outlined within the City of Carlsbad’s Consolidated Plan. The project has the ability to effectively serve the City’s housing needs and priorities as expressed in the Housing Element and Consolidated Plan. 3. The project appears to be financially feasible based on review of the prospective sources of subsidy and projected costs. Conditions: 1. 2. 3. 4. Recommendation of approval is granted for AHP No. 94-3(A), as shown on Site Development Plan 92-06(A) incorporated by reference and on file in the Housing and Redevelopment Department. Development shall occur substantially as shown unless otherwise noted in the conditions of project approval by the City Council. Recommendation of approval is granted for AHP No. 94-3(A) subject to the condition that the applicant submit an acceptable schedule for construction of the required ratio of income restricted units for inclusion in the final Affordable Housing Agreement to be approved prior to Final Map. The schedule shall indicate acceptable construction phasing for the affordable units in relation to the construction of the market rate units. The affordable housing units must be restricted for “the useful life of the project” which means a minimum of 55 years. To meet this condition, the units must either remain affordable for their useful life w the developer shall allow for the transfer of the initial financial subsidy to the City of Carlsbad to ” “recycle” to another qualified household (80% of county median) if there is a resale of the unit at a market rate price. Upon final approval of said affordable housing project and prior to final map approval, the applicant shall enter into an Affordable Housing Agreement with the City of Carlsbad. The agreement shall be binding to all future owners and successors in interest. The Affordable Housing Agreement shall include all terms and conditions of said project approval; the amount and form of the City’s Financial Assistance; compliance reporting requirements and implementation agreements (such as loan agreements, trust deeds and the resale restriction agreement). HC RESO NO. 96-010 PAGE 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 20 5. City assistance will be structured to provide for a reduction in the amount of assistance if the proceeds from the sale of the affordable units exceeds their actual cost, not including the land value. PASSED, APPROVED, AND ADOPTED at a regular meeting of the Housing Commission of the City of Carlsbad, California, held on the 12th day of September, 1996, by the following vote, to wit: AYES: Chairperson Calverley, Commissioners: Escobedo, Rose, Sato, Scarpelli and Walker. Schlehuber, NOES: Commissioner Noble. ABSENT: Commissioner Wellman. ABSTAIN: None. NANCY CALVERLEY, Chairperson Housing Commission ATTEST: A-w- EVAN E. BECKER Housing and Redevelopment Director HC RESO NO. 96-010 PAGE 3 \ 4 - i - , SAMBI SEASIDE HEIGHTS, LLC 8841 Firestone Blvd., Downey, Ca. 90241 Tel: (310)881-3808 Fax: (310)861-9432 May 16,1996 Mr. Evan Becker CITY OF CARLSBAD Housing Department 2965 Roosevelt Street Carlsbad, CA 92008 Re: Affordable Housing Development Application Sambi Seaside Heights Dear Evan: Enclosed with this letter is an application for approval of a 42-unit affordable residential project, to be constructed in conjunction with the Sambi Seaside Heights project (CT 92-02-A), presently under review in the City’s Development Processing Department. Also enclosed with this application are supporting plans, documentation and disclosure, as required per the Housing Commission Review Application. The proposed affordable project is intended to meet the developer’s full obligation to provide affordable housing as required by the City of Carlsbad’s Inclusionary Housing Ordinance. A narrative of consistency findings under this Ordinance is enclosed. No density bonus for the project is requested. On-site affordable units are proposed. They are to be located in the north- eastern portion of the Sambi Seaside Heights development, within Planning Area A-North, located some l/2 mile north of existing Poinsettia Lane, east of and fronting on Alga Road. In order to ensure the financial viability of the subject affordable project, Sambi is requesting financial assistance for project development from the City. A proforma for development and operation, including the requested assistance, is included with this application. This assistance would involve - I Mr. Evan Becker May 16,1996 Page 2 two subsidy programs. One, the City to contribute an amount equal to 110% of the proforma shortfall. It is anticipated that these funds would be committed by the City upon the execution of an Affordable Housing Agreement, and held by the City until the developer has secured a construction loan. And, two, the developer is requesting that the City make up any financial shortfall that may result from the sale of any individual unit at a price below the maximum allowable sales price, which is the figure reflected in the budget proforma. It should also be pointed out that the developer is proposing significant contributions to the project, including land costs, grading costs associated with finish pad, and is not charging a fee for developer services. Please review the enclosed information and schedule the project for the first available Housing Commission hearing. We are available to meet and discuss the project at your convenience. lil3iY~ . Vice President CC Jeff Gibson Paul Klukas . CITY OF CARLSBAD HOUSING COMMISSION REVIEW APPLICATION APPLICANT/DEVELOPMENT TEAM INFORMATION Jame of Applicant: SAMBI SEASIDE HEIGHTS, L.L.C. nailing Address: 8649 Firestone Blvd. Telephone No. : Downey, CA 90241 (310) 861-3808 dentify Development Team (i.e., developer, builder, architect, etc.): Developer: SAMBI SEASIDE HEIGHTS, L.L.C. 8649 Firestone Blvd. Downey, CA 90241 1. GENERAL PROJECT DESCRIPTION ‘reject Nalne: Smbi tiea A (Nor-h) Describe General Location of Project: Southeast comer of Alga Road and Cherry Blossom Road. ‘reject Address: None at this time. ;ite Parcel No(s).: Parcel A (North) of CT 92-02; Sambi Seaside Heights rotal Number of Affordable Units Required (if applicable): 42 units rotal Number of Affordable Units Proposed: 42 units rype of Units (i.e., garden apartments, detached, etc.): Two story townhomes in four-plex and six-plex buildings. jize (in square feet) of each unit: PLAN ONE: 1,122 sq. ft. PLAN TWO: 1,208 sq. ft. 3edroom Size Distribution of Units: PLAN ONE: Two BR; 12 count PLAN TWO: Three BR; 30 count Iescribe any special features/amenities to be included ‘within project: - Two car garages - 2 l/2 baths - Washer/dryer setups - Master BR suites - Private patios - Modem appliances . ” - . . .- 111. TERMS OF AFFORDABILITY FOR AFFORDABLE UNITS (ATTACH ADDITIONAL INFORMATION IF NECESSARY) Targeted Income hY& (as % Of area median hICOme): 80% of Carlsbad median level. Target Population (i.e., families seniors, etc): &elies; First-t-e buyers Monthly Rent (by bdrm size) or Sales Price of Units: PLAN ONE: $89,900 FUN Two: $105,900 Term of Affordability (i.e., 30 years, life of project, etc.): As determined by City. Projected Schedule for Construction of Affordable Housing Units: Anticipated construction period April, 1997 to April, 1998 If the affordable units are being constructed to satisfy the City of Carlsbad’s Inclusionary Housing requirement, how will they be phased with respect to construction of the market rate units? Please Explain Project Phasing: A) Begin construction of affordable tits prior to issuance of building permit for 100th Sambi market-rate unit B) Complete construction for occupancy prior to issuance of certificate of occupancy for 250th Sambi market-rate unit. Ev. FINANCIAL INFORMATION ON AFFORDABLE HOUSING PROJECT Please attach a copy of development and operating financial profoxmas showing sources and uses of funds to accomplish the affordable units proposed in this application. In the proformas, please identify your subsidy sources and appropriate justifications for use of these sources. Project proforma attached. Describe the local financial assistance or incentives, if any, including specific terms desired for the affordable housing project which you are, or will be, requesting from the City of Carlsbad: The developer is requesting financial assistance from the Xty of Carl&ad to make up the capital shortfall identified in the attached ?roforma (plus 10%). This amount is anticipated to approximate $1,002,144. Cn addition, the developer requests that the City make up any financial shor fall that may result from the sale of any individual unit at a price lelow the maximum allowable sales price. Identify any other project conditions which may be relevant to project feasibility: a. The project represents the first affordable "for sale" project to be constructed in the City of Carlsbad. b. The developer proposes to contribute the land to the affordable project at no cost. C. The developer is not proposing reimbursement for developer fee servicr d. The developer iv 3 not proposing reimbursement for costs associated with grading the finish pad for the affordable development. V. REQUIRED ATTACHMENTS TO APPLICATION Housing Commission Review Application Page 2 12/S/93 The following items must be attached to this application: l Site Development Plan for Affordable Housing Units; l Narrative describing how the project meets the Housing Needs and Priorities as expressed within the City of Carlsbad’s Housing Element and Consolidated Plan; l Narrative on the project’s consistency with the City of Carlsbad’s Affordable Housing Policies as expressed in the Housing Element, Inclusionary Housing Ordinance, General Plan, and other related documents; l Development and Operating Financial Proformas indicating sources and uses of funds for the project, including justification and identification of subsidy sources; l Complete description of financial assistance or incentives including specific terms that are, or will be requested from the City of Carlsbad for the project, if applicable; and, l Completed Disclosure Statement of Ownership Interests within the project. VI. APPLICATION SIGNATURES Property Owner Name, Address, Telephone No.: SAMBI SEASIDE HEIGHTS, L.L.C. 8649 Firestone Blvd. Date 5 - Z i- ‘?d I, the undersigned applicant, do hereby certify that I am the representative of the legal owner of the subject property and that the above information is true and correct to the best of my knowledF. Applicant Signature Date s- ZI- qd Y I * THE BOX BELOW IS FOR CITY USE ONLY Date Application Received: Application Received By: Staff Recommendation: Date of Housing Commission Review: Action on Application by Housing Commission: Other Comments: tlousiog Conmission Review Applicakm Page 3 SAMBI SEASIDE HEIGHTS, LLC 8641 Firestone Blvd., Downey, Ca. 90241 Tel: (310)861-3808 Fax: (310)861-94X? May 20,1996 DESCRIPTION OF FINANCIAL ASSISTANCE REQUESTED FROM THE CITY OF CARLSBAD FOR THE SAMBI SEASIDE HEIGHTS AFFORDABLE HOUSING PROJECT: The developers of the Sambi Seaside Heights Affordable Townhome project are requesting the following financial assistance and incentive program in order that the project be constructed: 1) City to contribute an amount equal to 110% of the financial shortfall identified in the budget proforma. This amount approximates $1,002,144. It is requested that these funds be committed by the City to the project upon the execution of an Affordable Housing Agreement and held by the City until the developer has secured a construction loan. a City make up any financial shortfall that may result from the sale of any individual affordable unit at a price below the maximum allowable sales price, which is the figure reflected in the budget proforma. 3) City to allow joint-use of common recreation facilities with the market rate condominium project on adjacent Area A (South). 4) City to grant a waiver for the development standard requiring on-site recreational vehicle (RV) storage parking. SAM61 SEASIDE HEIGHTS PROJECT PROFORMA ANALYSIS 42 AFFORDABLE TOwNHornS MAY 6,199s GENERAL INFORMATION PlOtting % Mix Square Footage Avg. Direct Onsites/SF FINANCIAL ANALYSIS Revenue Sates Price Premium Total Revenue Developer Contribution Total Revenue and Developer Contribution Pfcject costs: Land Property Taxes Common Ama Offsite Directs Onsite Directs Construction Indirects Project Development Sales and Marketing Finance General Contractors Fee Total Costs $ 1,824,240 s 4,5eo,600 TOTAL % l-426.800 J 4.047.000 % t21.691: 12 29% 1.122 $ 89,900 $ 29,ooo $ 336,000 i 74, 12,000 loo $ 204,600 $ 630,120 $ 67,560 $ 254,400 $ 106,260 $ 102,000 % 43,200 30 71% 1,208 $ 105,900 % - $ 105,900 % 29,ooo % 84woo % 30,000 $ 185,250 $ 571,500 $ 1,575,300 $ 153,900 % 636ooO $ 265,650 $ 255,000 $ lWoo0 $ $ % $ 17,050 52,510 5,130 21,200 8,855 8,500 3,600 152,020 4% 16% 7% 7% 3% . .- - ’ . 388 88888. 8 000000000 mooooooov) li * c4 9 ru_ N_ ru 4! 9 e k 9 CD, 9 cu_ Y. c9 c9 ~ooooooooomooooooou? 5 ooooooooobwoooooonl Q$gfo-“r,, z;iEi; r F w *- 3 g g oe mm o- we Fe 0 w d . 8 bZ ~~~Z;s ** r- 5 a - i DESCRm7ON Appliance Cabinets Finish Carpentry Rough Carpentry Counter Tops Clean-up, Rough Clean-up, Move in Concrete Foundations Drywall Electrical Fixtures Electrical Wiring Enclosures-Showers Flooring Garage Doors Hardware-Finish HVAC Insulation Mirrors Painting Plumbing Rooting Gutter-Downspout Saah & Screens Sheet Metal StUCCO Tubs & Showers Wardrobe Doors Weatherstrip Contingency Onsite Directs PER UNIT f 925 1,600 $ 900 $ 18,750 $ 1,400 225 f 225 $ 2,800 $ 3,300 t 2:: 5 ‘235 1500 ‘450 : 1,:: $ 850 : 350 $ 3,000 $ 2,900 $ 3,000 $ 400 $ 1,850 $ 700 $ 2,500 900 5 450 $ 200 $ 1,800 $ 52,510, TOTAL BUDGET t 38,850 87,200 37,800 x 703,500 58,800 t 9,450 9,450 f 117,800 138,800 : 18,900 88,200 x 9,870 : 83,000 18,900 x 12,800 44,100 27,300 I 14,700 126,000 x 121,800 128,000 : 18,800 89,300 x 29,400 105,000 f 37,800 t 18,900 8,400 $ 67,200 $ 2,205,420 . i . DESCRlP77ON PER UNIT Architect $800 Landscape Architect $400 Land Planning $300 Blueprints $200 Civil Engineertng(Office) $450 Soil Engineertng(Offlce) $400 Utility Engineering $150 Acoustical Engineering $150 Structural Engineering $400 Mechanical Engineering $150 Electrical Engineering $200 Building Permits $600 School Fees $5,500 Park Fees $1,050 Sewer Fees $2,500 Water Connection Fees $2,400 Drainage Fees $500 Plan Check/Permit-Grading $500 Plan Check/Permit-Imp. $400 Utility Fees $1 ,wo Misc. Fees $1 ,wo Association Dues $1,000 Insurance-General Liability $300 Insurance-Course of Construction $300 Legal-General $250 Accounting & Auditing $150 Bonds $150 TOTAL BUDGET 833,600 $16,800 $12,600 88,400 $18,900 $lS,SW $6,300 $6,300 $16,800 $8,300 $8,400 $25,200 $231,000 844,100 $105,000 $100,800 $21,000 $21,000 $16,800 842,000 wwo 842,000 $12,600 $12,600 $10,500 86,300 86,300 Project Development $21,200 3890,400 - i DESCR/P77ON Onsite Signs Model Decoration Consultants Sales Office Decorating Landscape Maintenance Model Cleaning Utilities Maintenance Supplies Computer Ad Agency Fees PR Agency Fees AD Media Brochures Colatteral Material Opening Events Photography Sales Training Sales Incentives Direct Mail Program Sales Forms Homeowner Manual Sales Oftice Supplies Sales Commissions Consolidated Costs .Legal Documents/Fees DRE Fees Sales and Marketing PER UNIT $ 75 $ 500 $ 200 $ 150 $ 150 $ 45 ; 225 45 $ 40 $ 125 : 2::: $ ‘150 f 1: f 100 $ 1,s: s 100 : 25 25 s $ 2,oz $ 500 s 400 $ 150 $ 8,855 TOTAL BUDGET $ 3,150 : x $ f t s I t f f $ : : $ 21,000 8,400 6,300 6,300 1,890 9,450 1,890 1,880 5,250 5,250 84,000 6,300 2,100 4,200 4,200 2,100 63,000 4,200 1,050 1,050 1,050 84,000 21,000 16,800 6,300 $ 371 ,910 - -’ I May 8,1996 . NARRATIVE ON THE PROJECT’S CONSSTENCY WITH THE CITY OF CARLSBAD’S AFFORDABLE HOUSING POLICIES AS EXPRESSED IN THE, INCLUSIONARY HOUSING ORDINANCE: , SAMBI SEASIDE HEIGHTS AFFORDABLE TOWNHOMES PLANNING AREA “A - NORTH” CHARTER 21.85 (INCLUSIONARY HOUSING) CONSISTENCY 21.85.010 Purpose and Intent The proposed Sambi affordable townhomes are consistent withthe Purpose and Intent section of the Ordinance since it meets the provision that 15% of the overall project dwelling units must be restricted to and affordable to lower income households. . In addition, 71% of the proposed units will have three bedrooms. 21.85.020’ Definitions The proposed Sambi affordable townhomes complies with and is c&n&ant of the definitions stipulated in this section. 21.85.030 Applicabilitv of Inclusionarv Housing Requirement The proposed Sambi Seaside Heights project is a residential subdivision located within the Zone 20 Specific Plan Area. No final map or building permits have been issued at this time. As a result, the Inclusionary Ordinance applies to this project. 21 J35.040 Construction of Reauired Inclusionarv Units . The Sambi Seaside Heights project involves development of residential units in excess of 7 dwelling units. As a’result it is subject to the requirements of Chapter 21.85.060. The proposed Sambi project involves application for a tentative tract map, planned unit-development permit, and hillside permit also. As a result, this section of the Inclusionary Ordinance is also applicable. - l 21.85.050 ’ In-lieu Contributions - t.- . The proposed Sambi Seaside Heights project does not fall into any of the ’ categories listed within this section of the Inclusionary Ordinance. A total of ’ 278 residential units are proposed for this project. Development of six (6) or fewer units are qualified to request the in-lieu contribution formula for compliance with the Ordinance. In addition, the proposed project did not achieve a complete application or development approvals for the prop.osed project within the time limits stipulated by this section. The developer does not propose or anticipate the payment of in-lieu contributions as a method of , compliance with his affordable housing commitment. 21.85.060 Inclusionarv Housing Impact Fee The proposed Sambi Seaside Heights development project did not achieve a complete application or development approvals within the time limits stipulated by this section, and as a result, does not fall into the category whereby its affordable housing commitment can be complied with through payment of fees in accordance with this section. 2I.85.070 Regulations for New Master Plans or Specific Plans The proposed project does not constitute a new master plan or a new specific plan. It is a residential subdivision, and as a result, is not affected by this , section of the Inclusionary Ordinance. The proposed project is, however, ’ situated within the Zone 20 Specific-Plan area, and is subject to the 15% affordable housing requirement stipulated in that specific plan. 21.85.080 Regulations for Existing Master Plans and Specific Plans The proposed Sambi Seaside Heights project is not an existing master plan or specific plan project. The project will be required to comply with the 15% affordable housing requirement stipulated in the existing Zone 20 Specific , #Plan. The Sambi project proposes 278 total residential units. Fifteen percent (15%) of the 278 total units totals 41.7 required affordable units. The project proposes 42 total affordable units. As a result, the Sambi,project is in compliance with this section of the Inclusionary Ordinance. 21.85.090 Regulations*for Residential Subdivisions Not Subiect to Master Plan or Specific Plan Fifteen percent (15%) of the base residential unit yield of the Sambi subdivision property would total a requirement of 39 total affordable units. Since the developer is proposing 278 units, the required number of units available to low income households totals 42 units. This 42 unit figure totals slightly in excess of the 15% obligation. The developer of the Sambi subdivision’does not plan to satisfy their inclusionary housing requirement through the payment of in-lieu or impact fees. In addition, the developer of the Sambi subdivision anticipates that an Affordable Housing Agreement will be made a condition of the discretionary permits for the project, which will state the relevant terms and conditions of the Agreement to perform the construction of the affordable project. 21.85.100 Regulations for Mobile Home Parks The propose Sambi Seaside Heights is not a mobile home park so this section of the Inclusionary Ordinance is not applicable. 21.85.110 Combined Inclusionarv Housinp Projects The proposed Sambi affordable project is to be situated within the north-east portion of the Sambi Seaside Heights subdivision, and is not to be located off- site. In addition, the total number of Sambi affordable units equals 15% of the total number of Sambi Seaside Heights subdivision units, and therefore no extra units are available to meet another developer’s affordable housing obligation. This section of the Inclusionary Ordinance is not applicable to the Sambi subdivision. . , 21.85.120 Affordable Housing Standards ’ The developer of Sambi Seaside Heights proposes to construct the affordable units concurrent with the market rate units. the exact schedule of construction relationship will be memorialized through an Affordable Houstig Agreement. Also, the proposed affordable units are to be built on- site, within Planning Area A (North), and will not be distributed randomly throughout the site. The proposed site for the affordable units is located within close proximity to the Palomar Airport business ‘area employment center, relatively proximate to downtown Carlsbad, and fronts on future Alga Road, which is a major circulation road for the city. The site will be located approximately l/2 mile from I-5, and’3/4 mile from the railroad transit station. - In addition, the Sambi affordable projct proposes both 2-bedroom and 3- bedroom units. This ratio is considered in compliance with the housing demand priorities of the City Housing Department. _- . . -i As a result of these factors, the proposed project should be considered in compliance with this section of the Inclusionary Ordinance. 21.85.130 Incentives to Offset the Cost of Affordable Housing Development * The proposed project requests financial incentives as identified in the Incentives Request portion of this application. 21.85.140 Preliminarv Proiect Auulication and Review Process The subject application accompanying this narrative is intended to comply with this section of the Ordinance. 21.85.150 Inclusion of Affordable Housing: Agreement as a Condition of Develoument The developer of Sambi Seaside Heights agrees to enter into a negotiated Affordable Housing Agreement with the City of Carlsbad prior to the recordation of a final subdivision map over the property. This Affordable Housing Agreement will stipulate conditions under which the affordable project will comply, including the items listed under this section of the Ordinance. 21.85.160 Inclusionarv Housing Resale Apreement 3 This section of the Ordinance does not apply to the builders of affordable units. . . 21 J35.170 Eligibility Requirements Sambi agrees that only households meeting the standards for designated lower income groups shall be eligible to occupy the affordable units. 21.85.180 Management and Monitoring The proposed Sambi affordable units are not anticipated to be rental properties, and therefore this section of the Ordinance does not apply. 21.85.190 Collection of Fees _ _ This section applies to City bookkeeping of collected fees only. 21.85.200 Separabilitv of Provisions Sambi acknowleges this section of the Ordinance. -- -4 - May 8,1996 NARRATIVE DESCRIBING HOW THE PROJECT MEETS THE HOUSING NEEDS AND PRIORITIES AS EXPRESSED WITHIN THE CITY OF CARLSBAD’S HOUSING ELEMENT: SAMBI SEASIDE HEIGHTS AFFORDABLE TOWNHOMES PLANNING AREA “A - NORTH’ HOUSING NEEDS Homeless No effect anticipated.. Farmworker’ populatim No effect anticipated. Senior/eZderIy population Minimal effect anticipated. Some elderly (persons over 65) may purchase Sambi affordable townhomes, probably married couples. Approximately 44% of seniors are in the below 80% of 1 medium income level. !Hand icapped The proposed Sambi affordable townhomes will meet the minimum required ADA standards, thus some units will be available for use and purchase by handicapped persons. Military families . It is anticipated that the proposed Sambi affordable townhomes will \ meet the market-need for higher rank, or two-income military families. . Students No effect anticipated. 33 - ,’ a . r 5 I- , - I’ HOUSING NEED BY INCOME LEVEL All 42 proposed Sambi affordable townhomes wilI be available for sale to persons at income levels at 80% of median income (low income) for the City of Carlsbad. HOUSING ELEMENT GOALS GOAL 1: Carlsbad *s existing housing stock preserved and rehabilitated with special attention to housing affordable to lower-income households. No effect anticipated since Sambi affordable townhomes will be new construction. GOAL 2: New housing developed with a diversity of types, prices, tenures, densities and locations and in sufficient quantity to meet the demand of anticipated City and regional growth. Sambi affordable townhomes will provide ownership residential units, priced to be available to households at 80% of median income. The project is to be developed at a density of 9.5 du/ac., at a location where such affordable housing is not found at this time. The proposed project should be considered consistent with this Goal. GOAL 3: Groups with special needs, including low and moderate income households. The Sambi Seaside Heights project should be considered as meeting the specific goal of Objective 3.6, which dictates that all qualified subdivisions provide a range of housing for all economic income ranges. This project includes five different neighborhoods, with five different housing product types. These five different housing product types will be priced at five different price ranges, thus meeting the Objective. Objective 3.6.a further requires that a minimum of fifteen percent of all units approved shall be affordable to lower income households. Sambi Seaside Heights proposes 278 total units. 15% of these total units (42 units) will be available to qualified households making 80% of the Carlsbad median income. GOAL 4: Housing, jobs, work force balance. Maintenance of a high quality of rife and a strong local economy through a balance of residentiaz and non- residential deveZopmet, in particular, a balance of the skills desired and wages offered by local empIoyers; the skills and education possessed, and wages earned by the local work force; and the cost of ZocaI housing. - , -’ Construction of the proposed Sambi Seaside Heights project will provide temporary moderate range wages during the construction and sales period. The Sambi affordable townhome project is also located within close proximity to the Carlsbad industrial parks employment center. It is also within three miles of downtown Carlsbad and the employment associated with this area. GOAL 5: Resource conservation. The proposed Sambi affordable townhomes will incorporate modern appliances, including code-required energy and water conservation devices. GOAL 6: Open and fair housing opportunities. The proposed Sambi affordable townhomes will be offered for sale in conformance with open housing policies and free of discriminatory practices. DISCLOSURE STATEMENT . 1 A?DlJCANTS STATEMENT Of OISCLOSURE OF CEATnlN OWNERSMP IFmRES-fS ON AU APPUCATlONS WHICH wlu REOUIAE i XCRErlONARY ACTION ON WE PARt OF mE CfT?’ COUNClL OR ANY APPOINXD BOARD. COMMISSION OR COMMmEE. I {Please Pm) The following information must be disclosed: 1. Acmlicant List the names and addresses of all persons having a financial interest in the application. Seizo H. Tovohara s&'ft31 SEASIDE -S T.-T-c:. 5641 Firestone Blvd. Downey, CA 90241 * 2. Owner List the names and addresses of all persons having any ownership interest in the property involved. S&m H. Tnvnhara WfBI SEASIDE HEIGHTS L.L.C. 8641 Firestone Blvd. Downey, Ca 90241 3. if any person identified pursuant to (1) or (2) above is a corporation of partnership, list the namei and addresses of all individuals owning more than 1096 of the shares in the corporation or owning any partnership interest in the partnership. Seizo H. Toyohara 8641 Firestone Blvd. Downev, CA 90241 4. If any person identified pursuant to (1) or (2) above is a non-profit organization or a trust, list the names and addresses of any person serving as officer or director of the non-profit organization or as trustee or beneficiary of the trust. FRMo0013 W90 2075 Las Palmas Drive l Carlsbad. California 920094659 l (619) 436-l 161 Disclosure Statement (Over) Page 2 5. Have you had &ore than $250 worth of business transacted with any member of City staff, Boards Commissions, Committees and Council’within the past twelve months? ‘feS - No z If yes, please indicate perSOn Penon is dofined U: ‘Any individual. firm. copatnor,hip, joint vonturr. as8Ocktion. social club. frotomal organiztion. corporation. astat,. trust. . rocwor. syndicala, lhir anQ any othn county, cw and county, cy muniaprlity. dirtnet of athor political r~bdivwon. or any 0th~ group or combmat8on acting u I umt’ (NOT: Attach additional pages as necessary.) Sign’ature of Owner/date ’ CHARLES P.MALLON VICE PRESIDENT Print or type name Of owner CHARLGP.MALL,ON Print or type name of applicant FRMoool3 8490 EXHIBIT “3” TO HOUSING COMMISSION STAFF REPORT DATED SEPTEMBER 12,1996 WAS OMlllED. THIS EXHIBlT IS INCLUDED IN A SEPARATE AGENDA BILL BEING CONSIDERED BY THE CITY COUNCIL. October 18, 1996 Sambi Seaside Heights, L.L.C. 8649 Firestone Boulevard Downey, CA 90241 Re: Commitment of Financial Assistance - Sambi Seaside Heights The Carlsbad City Council, at its meeting of October 1, 1996, adopted Resolution No. 96-332, approving a commitment of financial assistance in an amount not to exceed $453,600 from the City of Carlsbad to lower-income households in the project known as Sambi Seaside Heights, based on the findings and subject to the conditions contained therein. Enclosed is a copy of Resolution No. 96-332 for your files. ii!isif& CMC Assistant City Clerk ’ KRK:ijp Enclosure 1200 Carlsbad Village Drive - Cartsbad, .California 92008-l 989 - (619) 434-2808