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HomeMy WebLinkAbout2020-01-28; City Council; ; Acquisition of 2634 Hancock Circle, an affordable housing resale unit, and expenditure of Community Development Block Grant funds in the amount of $235,000without prior approval by the City Council. This action by the City Council to approve the acquisition and expenditure of the CDBG funds will allow for completion of the acquisition process for the subject affordable housing resale unit; the city will own the property at the end of this transaction and intends to resell it at a later date to an eligible lower-income buyer. Discussion In 1993, the city adopted an inclusionary housing ordinance that requires all residential developments to include 15% of the total number of homes to be affordable to low-income households. The residential developer has the option to produce rental or ownership product to satisfy the inclusionary requirements. The Bressi Ranch developer produced ownership product to satisfy its inclusionary housing obligation; a total of 100 condominiums were developed and sold to low-income buyers. As part of these sales, the developer transferred its financial subsidy (difference between market value of the home and restricted low-income price) to the City of Carlsbad; the city then recorded a silent second loan agreement (in the amount of the subsidy) and a Resale Restriction and Option to Purchase Agreement against the property to ensure that the property remains affordable for a 30-year term, as required by the city's inclusionary ordinance. At the time an owner of a restricted condominium decides to sell the home, the city has the first option to purchase the home at a restricted price (based on low-income maximums at the time of the notice to sell). On May 14, 2019, the City Council approved the Community Development Block Grant (CDBG) Program Action Plan authorizing city staff to respond with the city's intent to exercise its option to purchase resales of affordable, restricted price homes as they become available, and to utilize CDBG funds to purchase these resale units. This action would allow the city to recapture an affordable home and then resell it to an eligible lower- income buyer. As the owner, the city will be able to place additional restrictions on the property and/or resell it at a lower price, if necessary, to create more affordable housing opportunities. This effort will also assist with the implementation of the Homeless Response Plan and the city's goals to create more affordable housing opportunities for rehousing purposes. The owner of the affordable, restricted condominium at 2634 Hancock Circle provided notice to the city of intent to sell the unit on Nov. 20, 2019. The city responded with its intent to exercise its option to purchase the home. The restricted sales price was calculated at $222,496 and a purchase agreement was executed by the city and the owner and deposited into escrow. Per the requirements of the Resale Restriction and Option to Purchase Agreement, the city indicated its intent to complete acquisition of the resale unit within 90 days of the city's notice of intent to exercise its purchase option, as required per the Agreement; the city intends to purchase the home sooner in order to expend the CDBG funds in an expedited manner with an intended close date no later than Feb. 19, 2020 if the acquisition is approved by City Council. To proceed with the subject acquisition, the City Council is being asked to authorize the city manager to execute all acquisition documents, including the grant deed, and to expend CDBG funds in an amount not to exceed $235,000 for purchase of the affordable, restricted home and related acquisition costs. Jan. 28, 2020 Item #17 Page 2 of 11 Fiscal Analysis The homeowner purchased the home at Mulberry, Bressi Ranch, in 2005 at the restricted, subsidized price of $163,600. As set forth in the Resale Restriction and Option to Purchase · Agreement, the restricted price for the city to purchase the affordable residential property from the homeowner at 2634 Hancock Circle in 2020 is $222,496, based on a 36% increase in low- income levels over the past 14-plus years. It is anticipated that there will be additional acquisition costs including escrow fees. Staff is requesting that the City Council approve the expenditure of CDBG funds in the amount of $235,000 to cover all acquisition costs for the subject property. The Resale Restriction and Option to Purchase Agreement states that the 6% real estate agent fee {$13,350) is to be paid to the City of Carlsbad at the close of escrow since the city is acting as the real estate agent for the purposes of this sales transaction. Funds paid at the close of escrow will be returned to the CDBG fund as program income to be used for additional purchases of resale homes in the future. Next Steps All acquisition documents will be executed by the city manager, and the city will complete the purchase of the subject affordable, restricted home and subsequently record the grant deed to transfer ownership of the home to the City of Carlsbad by no later than Feb. 19, 2020, and as early as Jan. 31,, 2020. The home will then be resold to another lower-income household at ·a later date. City staff will be returning to the City Council in March for approval of the program details for the resale of these purchased affordable housing resale units. Including this purchase, the City will have acquired six units to date, all within the Mulberry neighborhood. Environmental Evaluation (CEQA) Pursuant to Public Resources Code section 21065, this action does not constitute a "project" within the meaning of CEQA in that it has no potential to cause either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment, and therefore, does not require environmental review. Public Notification This item was noticed in accordance with the Ralph M. Brown Act and was available for public viewing and review at least 72 hours prior to the scheduled meeting date. Exhibits 1. City Council resolution Jan. 28, 2020 Item #17 Page 3 of 11 RESOLUTION NO. 2020-031 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, AUTHORIZING THE CITY MANAGER TO EXECUTE ALL REQUIRED DOCUMENTS TO COMPLETE ACQUISITION OF 2634 HANCOCK CIRCLE, CARLSBAD, CALIFORNIA, AN AFFORDABLE HOUSING RESALE UNIT, EXPENDING COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS IN THE AMOUNT OF $235,000. WHEREAS, the City Council of the City of Carlsbad, California has determined that it desires to exercise its option to purchase an affordable housing resale unit located at 2634 Hancock Circle, Carlsbad, California as set forth in the Resale Restriction and Option to Purchase Agreement executed between the city and property owner on June 17, 2005; and WHEREAS, the property owner for 2634 Hancock Circle provided notice to the city on Nov. 20, 2019, indicating the owner's intent to sell or transfer ownership of the restricted affordable housing unit at the noted location; and WHEREAS, the city responded to the property owner of the restricted affordable housing unit on Nov. 21, 2019, indicating its intent to exercise its option to purchase the property at 2634 Hancock Circle; and WHEREAS, on Jan. 28, 2020, the City Council approved an amendment to the 2019-2020 Community Development Block Grant (CDBG) Program Action Plan allocating $500,000 in CDBG funding to allow the city to exercise its option to purchase additional affordable housing resales at a restricted price and authorize the use of CDBG funds to purchase these resale units; and WHEREAS, the purchase approval by the City Council allows for the city to recapture an affordable home and extend its affordability for an indefinite period of time, if so desired, and to resell it to an eligible buyer at a lower price, if necessary, to implement the city's affordable housing goals and policies; and WHEREAS, the purchase approval by the City Council will also assist with the implementation of the city's Homeless Response Plan and the city's goals to create more affordable housing opportunities. Jan. 28, 2020 Item #17 Page 4 of 11 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad, California, as follows: 1. That the above recitations are true and correct. 2. That the City Council hereby authorizes the city manager to execute all required documents, including the Acceptance of the Grant Deed (Attachment A), for the purchase of the affordable housing unit located at 2634 Hancock Circle, Carlsbad, California, and to expend CDBG funds up to $235,000 cover the purchase price and all related escrow and other processing fees to complete the acquisition. PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council of the City of Carlsbad on the 28th day of January 2020, by the following vote, to wit: AYES: Hall, Blackburn, Bhat-Patel, Schumacher. NAYS: None. ABSENT: None. r..r ~ f/,::dor GufYlt 2 oc,,,. 1 • BARBARAENGLESON, City Clerk I CiJ.) (SEAL) C/erJ( Jan. 28, 2020 Item #17 Page 5 of 11 RECORDING REQUESTED BY: DOC# 2020-0114084 111111111111 lllll 111111111111111111111111111111 IIIII ll1111111111111111 Chicago Title-SD Mar 04, 2020 04:52 PM OFFICIAL RECORDS Ernest J. Dronenburg, Jr., AND WHEN RECORDED MAIL TO: SAN DIEGO COUNTY RECORDER FEES: $273.75 (SB2 Atkins: $0.00) PCO~: YES · City of Carlsbad Attn: Mike Peterson 1200 Carlsbad Village Drive Carlsbad, CA 92008 PAGES: 6 Grant Deed (Ple;:!:ef!l11n dncumenttlt!e(s) orrttii'l 'In~} 1 D Exempt from fee per GC27388.1 due to being recorded in connection with concurrent transfer that is subject to the imposition of documentary transfer tax, or, 2 D Exempt from fee per GC273~8.1 due to being recorded in connection with a transfer that was subject to documentary transfer tax which was paid on document recorded previously on _______ (date*) as,document number ___________ of Official Records, or, 3 Exempt from fee per GC27388.1 due to tHe maximum fees being paid on documents in this transaction, or, 4 □ Exempt from fee per GC27388.1 due to the maximum fees having been paid on documents in the transactlon{s) recorded previously on _________ (date*) as document number(s) ______________________ of Official Records, or, 5 D Exempt from fee per GC27388.l, document transfers real property that is a residential dwelling to an owner-occupier, or, document Is recorded in connection with concurrent transfer that is a residential dwelling to an owner-occupier, or, 6 D Exempt from fee per GC27388.1 due to it being recorded in connection with a transfer of real property that is a residential dwelling to an owner-occupier. The recorded document transferring the dwelling to the owner-occupier was recorded on _________ (date*) as document number{s) 7 D Exempt from fee per GC27388.1 due to being executed or recorded by the federal government in accordance with the Uniform Federal Lien Registration Act, by the state, or any county, munlclpalityor other political subdivision of the state, or, 8 D Exempt from the fee per GC 27388.1 (a) {l); Not related to real property, or, 9 IZI Rev 5/18 Exempt from fee under GC27388.1 for the following reasons: In favor of a County Municipality THIS PAGE ADDED TO PROVIDE SENATEBILi2EXEMPTIONINFORMAllON (Additional recordingfeeapplies) *The Prior Recording Reference must have been recorded within the last 60 days and ls subject to review Jan. 28, 2020 Item #17 Page 6 of 11 RECORDING REQUESTED BY: Chicago Title Company When Recorded Mail Document and Tax Statement To: Mike Peterson The City of Carlsbad, a municipal corporation 1200 Carlsbad Village Drive Carlsbad, CA 92008 Escrow Order No.: 73719013791 APN/Parcel ID(s): 213-190-04-12 SPACE ABOVE THIS LINE FOR RECORDER'S USE Exempt from fee per GC 27388.1 (a) (2): recorded in connection with a concurrent transfer subject to the imposition of documentary transfer tax. GRANT DEED The undersigned grantor(s) declare(s) @ This transfer is exempt from the documentary transfer tax. "The grantee is the United States or an agency or instrumentality thereof, a state or territory, or political subdivision thereof, R & T 11922." ~ The documentary transfer tax is $ 0 and is computed on: □ the full value of the interest or property conveyed. □ the full value less the liens or encumbrances remaining thereon at the time of sale. The property is located in @ the City of Carlsbad. FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, Kelley Wierman, a married woman as her sole and seperate property who acquired title as Kelley Waynick. hereby GRANT(S) to The City of Carlsbad, a municipal corporation the following described real property in the City of Carlsbad, County of San Diego, State of California: For APN/Parcel ID(s): 213-190-04-12 A CONDOMINIUM UNIT COMPOSED OF: PARCEL 1 (COMMON AREA INTEREST): AN UNDIVIDED FRACTIONAL INTEREST AS TENANT IN COMMON IN AND TO THE COMMON AREA OF PHASE 1 AS DESCRIBED ON THE MULBERRY AT BRESSI RANCH CONDOMINIUM PLAN (THE "CONDOMINIUM PLAN") RECORDED ON FEBRUARY 11, 2005, AS DOCUMENT NO. 2005-0117224, IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, CALIFORNIA, BEING A PORTION OF LOT 1 OF CARLSBAD TRACT MAP CT 03-03, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 14800 FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY ON MAY 21, 2004. THE UNDIVIDED FRACTIONAL INTEREST HEREBY CONVEYED IS THE RECIPROCAL OF THE NUMBER OF LIVING UNITS SHOWN ON THE CONDOMINIUM PLAN AS BEING WITHIN PHASE I OF THE CONDOMINIUM Grant Deed SCA0000129.doc I Updated: 11.20.17 Printed: 12.10.19@ 02:28 PM CA-CT-FWDO-02180.055824-73719013791 Jan. 28, 2020 Item #17 Page 7 of 11 APN/Parcel ID(s): 213-190-04-12 PLAN. GRANT DEED (continued) EXCEPTING THEREFROM ALL LIVING UNITS SHOWN ON THE CONDOMINIUM PLAN. EXCEPTING THEREFROM THE EXCLUSIVE RIGHT TO POSSESSION AND USE OF ANY EXCLUSIVE USE AREA SHOWN ON THE CONDOMINIUM PLAN. PARCEL 2 (LIVING UNIT): LIVING UNIT NO. 12 , AS SHOWN UPON THE CONDOMINIUM PLAN. PARCEL 3 (EXCLUSIVE USE AREAS): THE EXCLUSIVE RIGHT TO USE ANY EXCLUSIVE USE AREA SHOWN ON THE CONDOMINIUM PLAN AS BEING APPURTENANT TO THE LIVING UNIT DESCRIBED IN PARCEL 2 ABOVE. PARCEL 4 (EASEMENT OVER ASSOCIATION PROPERTY): A NON-EXCLUSIVE EASEMENT FOR USE AND ENJOYMENT OF AND ACCESS OVER THE ASSOCIATION PROPERTY ("ASSOCIATION PROPERTY" IS DEFINED IN THE DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS AND RESERVATION OF EASEMENTS FOR MULBERRY AT BRESSI RANCH DESCRIBED BELOW), EXCEPTING ANY -EXCLUSIVE USE AREA. THE EASEMENT HEREBY RESERVED, WHICH IS APPURTENANT TO THE LIVING UNIT DESCRIBED ABOVE, IS FOR ACCESS AND USE OF THE ASSOCIATION PROPERTY, SUBJECT TO THE PROVISIONS OF THE DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS AND RESERVATION OF EASEMENTS FOR MULBERRY AT BRESSI RANCH AND THE RULES AND REGULATIONS OF THE MULBERRY AT BRESSI RANCH HOMEOWNERS ASSOCIATION, A CALIFORNIA NONPROFIT MUTUAL BENEFIT CORPORATION. EXCEPTING THEREFROM FROM ALL PARCELS ALL EASEMENTS FOR ACCESS, DEVELOPMENT, ENCROACHMENTS, MAINTENANCE AND OTHER PURPOSES SET FORTH IN THE DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS AND RESERVATION OF EASEMENTS FOR MULBERRY AT BRESSI RANCH (REFERRED TO AS THE "MULBERRY DECLARATION"). THE MULBERRY DECLARATION IS DESCRIBED BELOW. ALSO EXCEPTING FROM ALL PARCELS, PURSUANT TO A GRANT DEED RECORDED ON JANUARY 25, 2005, AS DOCUMENT NO. 2005-0061440, OFFICIAL RECORDS OF SAN DIEGO COUNTY, CALIFORNIA THE FOLLOWING IN FAVOR OF THE GRANTOR UNDER SUCH GRANT DEED: Grant Deed SCA0000129.doc / Updated: 11.20.17 Printed: 12.10.19@0228PM CA-CT-FWDO-02180.055824-73719013791 Jan. 28, 2020 Item #17 Page 8 of 11 APN/Parcel ID(s): 213-190-04-12 GRANT DEED (continued) A. ALL OIL, OIL RIGHTS, MINERALS, MINERAL RIGHTS, NATURAL GAS RIGHTS AND OTHER HYDROCARBONS BY WHATSOEVER NAME KNOWN, GEOTHERMAL STEAM AND ALL PRODUCTS DERIVED FROM ANY OF THE FOREGOING, THAT MAY BE WITHIN OR UNDER THE ABOVE DESCRIBED LAND ("LAND"), TOGETHER WITH THE PERPETUAL RIGHT OF DRILLING, MINING, EXPLORING AND OPERATING THEREFORE AND STORING IN AND REMOVING THE SAME FROM SAID LAND OR ANY OTHER LAND, INCLUDING THE RIGHT TO WHIPSTOCK OR DIRECTIONALLY DRILL AND MINE FROM LANDS OTHER THAN THE LAND, OIL OR GAS WELLS, TUNNELS AND SHAFTS INTO, THROUGH OR ACROSS THE SUBSURFACE OF THE LAND, AND TO BOTTOM SUCH WHIPSTOCKED TO DIRECTIONALLY DRILLED WELLS, TUNNELS AND SHAFTS UNDER AND BENEATH OR BEYOND THE EXTERIOR LIMITS THEREOF, AND TO REDRILL, RETUNNEL, EQUIP, MAINTAIN, REPAIR, DEEPEN AND OPERATE ANY SUCH WELLS OR MINES WITHOUT, HOWEVER, THE RIGHT TO DRILL, MINE, STORE, EXPLORE OR OPERATE THROUGH THE SURFACE OR THE UPPER 500 FEET OF THE SUBSURFACE OF THE LAND. B. THE RIGHT TO PLACE ON, UNDER OR ACROSS THE LAND, TRANSMISSION LINES AND OTHER FACILITIES FOR A COMMUNITY ANTENNA TELEVISION SYSTEM WITHIN PUBLICLY DEDICATED STREETS AND CUSTOMARY HOOK-UPS FROM THE STREETS TO THE HOMES AND THEREAFTER TO OWN AND CONVEY SUCH LINES AND FACILITIES, AND THE RIGHT TO ENTER UPON THE LAND TO SERVICE, MAINTAIN, REPAIR, RECONSTRUCT AND REPLACE SAID LINES AND FACILITIES; PROVIDED, HOWEVER, THAT THE EXERCISE OF SUCH RIGHTS SHALL NOT UNREASONABLY INTERFERE WITH GRANTEE'S REASONABLE USE AND ENJOYMENT OF THE LAND. C. ANY AND ALL WATER, WATER RIGHTS OR INTERESTS THEREIN APPURTENANT OR RELATING TO THE LAND OR OWNED OR USED BY GRANTOR IN CONNECTION WITH OR WITH RESPECT TO THE LAND (NO MATTER HOW ACQUIRED BY GRANTOR), WHETHER SUCH WATER RIGHTS SHALL BE RIPARIAN, OVERLYING, APPROPRIATIVE, LITTORAL, PERCOLATING, PRESCRIPTIVE, ADJUDICATED, STATUTORY OR CONTRACTUAL, TOGETHER WITH THE RIGHT AND POWER TO EXPLORE, DRILL, REDRILL, REMOVE AND STORE THE SAME FROM OR IN THE LAND OR TO DIVERT OR OTHERWISE UTILIZE SUCH WATER, RIGHTS OR INTERESTS ON ANY OTHER PROPERTY OWNED OR LEASED BY GRANTOR, BUT WITHOUT, HOWEVER ANY RIGHT TO ENTER UPON THE SURFACE OF THE LAND IN THE EXERCISE OF SUCH RIGHTS. D. NONEXCLUSIVE EASEMENTS IN GROSS ON, OVER AND UNDER THE LAND FOR THE CONSTRUCTION, INSTALLATION AND MAINTENANCE OF COMMUNICATION SYSTEMS, ELECTRIC, GAS, TELEPHONE, WATER, SEWER AND DRAINAGE FACILITIES WITHIN PUBLICLY DEDICATED STREETS (AND CUSTOMARY HOOK-UPS FROM SUCH STREETS TO HOMES), PROVIDED THAT THE CONSTRUCTION AND INSTALLATION OF SUCH FACILITIES SHALL NOT UNREASONABLY INTERFERE WITH GRANTEE'S DEVELOPMENT OF THE LAND. EXCEPT AS SUCH EASEMENTS HAVE BEEN CONVEYED TO A UTILITY COMPANY OR OTHER PUBLIC OR QUASI-PUBLIC ENTITY, SAID EASEMENTS IN FAVOR OF GRANTOR SHALL AUTOMATICALLY TERMINATE AND BE OF NO FURTHER FORCE OR EFFECT AS TO ANY PORTION OF THE LAND UPON THE CONVEYANCE THEREOF TO A BUYER OR OTHER TRANSFEREE WHO IS ENTITLED TO RECEIVE BY REASON OF SUCH CONVEYANCE A SUBDIVISION PUBLIC REPORT PURSUANT TO CALIFORNIA BUSINESS AND PROFESSIONS CODE SECTION 11018.2 OR ANY SIMILAR Grant Deed SCA0000129.doc I Updated 11.20.17 Printed: 12.10.19@ 02:28 PM CA-CT-FWDO-021 BO. 055824-73719013791 Jan. 28, 2020 Item #17 Page 9 of 11 APN/Parcel ID(s): 213-190-04-12 GRANT DEED (continued) STATUTE HEREAFTER IN EFFECT, OR UPON CONVEYANCE TO AN ASSOCIATION WHOSE MEMBERS CONSIST IN WHOLE OR IN PART OF SUCH BUYERS OR OTHER TRANSFEREES. Dated: December 10, 2019 IN WITNESS WHEREOF, the undersigned have executed this document on the date(s) set forth below. ~~~ Kelley Wiermar\-.S A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of Cat.lF{) 8/U I It Countyof 5/1-!UVIE&l) On Dir!.EfJ?EEB /3,;).DIC/beforeme~RGAK Aeu/JIVEY , Notary Public, K. _ 1 . . _ 1 , / . (here insert name and title of the officer) personally appeared /:;: LLE: '( 1/U I ER /JJ /1 /U , who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENAL TY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. Grant Deed SCA0000129.doc / Updated: 11.20.17 t••"'-· 1 •", .... '.• TERESA R. MCELANEY <a/ , ' Notary Public • California z , ·• San Diego County I j · · Commission ti 2175612 ? e O O O O .Ml S0T'2· txe1't1 t•: t2.2t2il Printed: 12.10.19@0228 PM CA-CT-FWDO-02180.055824-73719013791 Jan. 28, 2020 Item #17 Page 10 of 11 CERTIFICATE OF ACCEPTANCE (Pursuant to Government Code 27281) This is to certify that the interest in real property conveyed by the Grant Deed from KELLEY WAYNICK, A SINGLE WOMAN to the City of Carlsbad, a municipal corporation (the "City"), is hereby accepted on January 29, 2020, by the undersigned officer or agent on behalf of the City pursuant to authority conferred by City Council Resolution No. 2020-031 adopted on January 28, 2020, and the City Council consents to the recor ion of said document in the Office of the Recorder of San Diego County, State of Califomi . Name: Scott Chadwick Its: City Manager Jan. 28, 2020 Item #17 Page 11 of 11 Acquisition of 2634 Hancock Circle David de Cordova Principal Planner Jan. 28, 2020 Recommended Action 2 Adopt a resolution authorizing the city manager to execute all required documents to complete the acquisition of 2634 Hancock Circle, an affordable resale unit, expending Community Development Block Grant funds in the amount of $235,000. Background •Inclusionary housing ordinance affordable housing requirements •Re-sale restrictions give city option to purchase •May 14, 2019 –Council authorized use of CDBG funds to exercise option to purchase 3 Background •Jan. 28, 2020 –Authorized additional funding for purchases •Allows city to ensure long-term affordability and/or resell at lower price •Five units purchased to date 4 Proposed purchase •Nov. 20, 2019 –Owner notified city intent to sell •Staff responded with city’s intent to exercise option •Purchase price determined by set formula -$222,496 •Purchase would close by Feb. 19, 2020 5 Next steps •Complete purchase by Feb. 19, 2020 •Present re-sale program to Housing Commission and City Council for approval •Begin re-sale process in spring 6 Recommended Action 7 Adopt a resolution authorizing the city manager to execute all required documents to complete the acquisition of 2634 Hancock Circle, an affordable resale unit, expending Community Development Block Grant funds in the amount of $235,000.