HomeMy WebLinkAbout2000-02-10; Housing Commission; Minutes--
Minutes of:
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HOUSING COMMISSION
6:OO P.M.
February IO, 2000
CITY COUNCIL CHAMBERS
CALL TO ORDER
Chairperson Latas called the Regular Meeting to order at 6:08 p.m. Chairperson Latas introduced Charles Griffin as the
new addition to the Board of Commissioners.
ROLL CALL
Present: Commissioners: Charles Griffin
Doris Richie
Ed Scarpelli
Chairperson: Roy Latas
Absent: None
Staff Present: Housing and Redevelopment Director: Debbie Fountain
Management Analyst: Craig Ruiz
Chairperson Latas confirmed there was full attendance for their new commission at this meeting.
PLEDGE OF ALLEGIANCE
Chairperson Latas asked Commissioner Scarpelli to lead in the pledge of allegiance.
APPROVAL OF MINUTES
There were no minutes from last meeting as validated by Chairperson Latas.
COMMENTS FROM THE AUDIENCE ON ITEMS NOT LISTED ON THE AGENDA
There were no comments from the audience.
NEW BUSINESS
Chairperson Latas moved ahead to the first Agenda Item (described in number 1 below) and gave the floor over to
Craig Ruiz.
Staff Recommendation
1 ) That the Housing Commission ADOPT Resolution No. 200@001, recommending APPROVAL to the City Council
of a request by Carlsbad Laurel Tree Apartments, L.P. to provide additional project funding in the amount of
$224,000 from the City of Carlsbad’s Housing Trust Fund, to recommend the waiver of the Public Facilities Fee as
permitted by City Council Policy No. 17, and to recommend approval of a Modification-Agreement and a revision
to the previously executed Promissory Note for the development of the 138 unit Laurel Tree Affordable Apartment
Project.
Mr. Ruiz gave the following background information on the above Agenda Item:
1. Laurel Tree Apartments is 138 unit affordable apartment project.
2. Approved by City Council in 1995.
3. All the units will be available to very low income households.
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Everybody there will be earning 40% to 50% of the median income for the County.
A two-bedroom unit for someone earning 40% of the average median jncome will run about $450 per month.
A four-bedroom unit (this is the top end) for someone earning 50% of the average median income, will run
about $725.
HOUSING COMMISSION MNJTES
FEBRUARY 10,2000
PAGE 2 of 7
4. This will be the most affordable project in the City of Carlsbad and certainly the most affordable project in an
inclusionary housing project.
5. The City has taken two separate actions:
to provide $700,000 in a construction loan, which we have all ready dispersed to the developer to assist in
the construction of this project.
0 the City Council also has deferred the Public Facilities Fee (PFF).
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The Public Facilities Fee is a fee that is typically due at issuance of the first building permit, which they
have had.
The Council has the ability to defer or what we will talk about in a minute, is to waive that fee. And so far
they’ve taken action to defer the fee.
6. Mr. Ruiz further gave the following for the project status:
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It is currently under construction.
Even though it had been a couple weeks since he had been out at the construction site he was able to report
they are ready to start stucco work on the first buildings which are close to being occupied, in addition to
doing some roofing work.
The first units are anticipated to be occupied sometime in the Spring of 2000. 0
7. At present, the developers are projecting roughly a budget shortfall of approximately $1,000,000. To fund this
shortfall, the developer has the following variety of sources pg which they are considering:
0 On-site daycare will be available to the residence
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The developer makes a developer fee from the construction and management of this project
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Neighborhood House Associations, provided a grant to this project to help facilitate that use -- roughly
$210,000 of which the developer acquired and has received
Typically a developer fee is paid out at certain milestones in a project: 1)completion of construction 2)at
full occupancy 3)at stabilized occupancy
If there’s not enough money for the project, that fee can be deferred and paid out of project revenues.
This developer will defer about $1 10,000 of their developer fee which will be repaid the first five years
from revenues from the project.
The developer will be eligible for reimbursement from our Public Works Department roughly in the
amount of $100,000 in which they are presently working with the City to get those refunds.
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0 Sewer and signal refund:
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8. Mr. Ruiz concluded with the following last two items on his shortfall funding list:
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The developer is requesting additional assistance in the amount of $224,000. That would be in addition to our
$700,000 and that would be added to the construction loan.
Secondly, is a waiver of the Public Facilities Fee or the PFF. The fee has been deferred to final certificate of
occupancy.
0 The City Council’s Policy #17 allows for the out-right waiver of the PFF to help facilitate affordable
housing.
0 This would fall within their guidelines and they do have the ability to waive that fee and we’re
recommending that you recommend to the Council to waive that fee.
Mr. Ruiz further explained as the units become occupied in stages, the rent will be another source of revenue to help
fund the shortfall.
HOUSING COMMISSION MINUTES
FEBRUARY 10,2000
PAGE 3 of 7
The Commission’s agreement with the staffs recommendation will result in a need for two new documents-the
following being a brief summary of the proposal:
0 A Modification Aareement, to our original loan agreement spelling out the additional amount of $224,000,
being as an attachment to our original loan agreement stating that all the terms still apply and basically the
amount has changed. This is an attachment in your staff report.
0 The second is a revision to the oriainal Dromissorv note. It is just basically a little footnote and requires a new
signature which will secure our interest in the property for this additional amount.
Mr. Ruiz gave the assurance that the City has adequate security in the property, stated the loan would be repaid in
thirty years, and confirmed the developer’s performance demonstrates this. Mr. Ruiz further confirmed from the rents
that this is a very worthwhile project in that it will help some very low income people.
Mr. Ruiz recommended that the Housing Commission recommend to the Council the approval of the additional
assistance.
Chairperson Latas asked if there were any questions from the Commission.
Commissioner Scarpelli asked if the representative from the Laurel Tree Project was going to speak on the data of the
shortfall, $1,036,000 and the specifics that caused the shortfall.
Mr. Ruiz replied that Mr. Juarez would cover in more detail this information.
Another question was raised as to where the property is located. Mr. Ruiz responded that the project is located on
Aviara Parkway, just south of Palomar Airport Road. Take the second light past Costco. So it would be on the east side
of Aviara Parkway.
Chairperson Latas asked what the PFF normally funded?
According to Mr. Ruiz the PFF goes into the General Fund which pays for different public improvements such as
streets, lights, water, sewer, all types of public facility projects, possibly including parks.
Chairperson Latas determined there were no more questions from the Commission and invited the applicant, Rich
Juarez, to present his information. Mr. Juarez is with the MAAC Project (Metropolitan Area Advisory Committee),
located in National City. MAAC is the co-developer of the Laurel Tree Project.
Rich Juarez gave a summary of the following information:
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The project is in stuccoing at this time. It is in a revised schedule and should be finished by the end of April.
The plan is to start moving some of the tenants in about the middle of April as the contractor is trying to finish at
that point.
Referring to the chart which is titled “Laurel Tree Apartments Building Permit Summary”--some of the major areas
where costs have increased substantially are: 1)the cost of improving Aviara Parkway increased $24,000 2)our
building permit fee increased $42,000 (which is a reflection in the increase of construction cost) 3)and the
plancheck fee for $17,000.
This is just related to the percentage on the construction cost.
The major hit is school fees. They increased the cost to us by $546,000. And when we start these projects, we try
our best to identify the costs. We check with everybody to be sure this is the final cost. The school district says,
“Yes, that‘s the final cost.” And then they raise it. And we have no place to go to get the additional funds except for
what Mr. Ruiz showed on the board. We’d found a few additional sources but we’re still short. And we’re basically
coming to the City to help meet that final gap.
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FEBRUARY 10,2000
PAGE 4 of 7
There was much discussion and concern as to whether the school board actually raised the fee or it was the final
calculation according to Ms. Fountain. Commissioner Scarpelli was concerned that the school board had given an
amount to the developer in a number figure and that they should be held accountable for that figure. He thought the
figure was set at a square foot amount of approximately $1.93. He wanted to now if there is any way of interacting with
the school district on this issue.
Ms. Fountain was of the understanding that we can’t force the school board into any specific position. Mr. Juarez was
of the same understanding and that they would just have to accept it, short of a law suit.
Mr. Juarez explained he did not remember the price per square foot, but added the school board charged the day care
center too. Saying the school district looked at it as a commercial property, making it a higher charge. Mr. Juarez
disagreed confirming that it is not a commercial property, but that the day care center is serving the residents at the
complex.
Commissioner Scarpelli had other concerns regarding the water service connection and the street light energizing fees
showing as zeroes whether these were advised to be waived and now they aie showing as a cost. He was
apprehensive that there was going to be some waiving of those fees, the City knowing what all the standard fees are
for development to begin with.
Commissioner Scarpelli’s main concern was that the City is trying to get affordable housing and prices are becoming
more and more difficult for the developer, which is defeating the purpose. He was wondering if a suit involving the City
and developer against the school district would clear up the actual number given to begin with.
Chairman Latas noted they can include that issue in the recommendation and ask the City Council to look into it.
Chairman Latas asked if there were any other questions. He then asked for public comment, officially noting it as none.
Commissioner Scarpelli’s only discussion was to raise the issue with staff that we look into this half a million dollars
worth of additional fees by the school district. If the school district did not officially raise their rate, then he agrees with
Mr. Juarez that it is not a commercial project, but it is a residential project and it is an affordable housing project as
well.
Commissioner Scarpelli would like to do something more proactive and constructive about it by looking into what can
be done about working with the school district. He explained that the City needs to take this position with the school
district that the Laurel Tree Project is residential even if the property is commercially zoned and the school district
should honor the figures previously given.
According to Ms. Fountain, there is a team of employees, starting with the Assistant City Manager, that have begun
talks with the school district. Also, the Council has made it an issue to work better with the school district. Ms. Fountain
explained that one of the school districts arguments with affordable housing units is that it creates more children for
their projects and results in a higher cost to them. Commissioner Scarpelli pointed out that the one and two bedroom
units do not create more children. Ms. Fountain concurred and suggested this discussion be made as a minute motion
recommendation to the Council.
Chairman Latas asked if there were any more discussion regarding the resolution. Commission Richie replied with her
question as to how the school district arrived at this increased amount of fee and did the City get any kind of
explanation?
Mr. Ruiz responded with a brief overview of the history of the Villa Loma Project, when the City first started working
with the school district in 1994-1995. Part of it was MAAC was waiting on the outcome from the School District‘s law
suit against the City as a result of the Villa Loma Project. The City calculated school fees one way, which was a lower
fee for Villa Loma because it was an affordable project and the School District may have made assurances to the
HOUSING COMMISSION MlNUTES
FEBRUARY 10,2000
PAGE 5 of 7
developer of the Laurel Tree project that the final fee would be passed along. This was not the case, however, Laurel
Tree had to pay the fees in place at the time it pulled permits.
Ms. Fountain's point was that the agreement between MAAC and the School District never was in writing, as the
discussions went on between the developer and the school district in these cases which did not involve the housing
staff. Commissioner Scarpelli further reiterated information by a previous case involving the assistant superintendent of
the school district in charge of financing giving out information that's saying, "we're going to honor what we did with
Vilaloma, with Laurel Tree." Commissioner Scarpelli declared the assistant superintendent of the school district's word
should be as good as any written, binding contract.
Commissioner Richie added that it would be a good idea if the housing director were part of the discussion about the
fees between the School District and the developers to help the District understand how significant the affordable
housing is. Ms. Fountain assured the Commission that the school district does understand, but that affordable housing
does have an impact on the school district. Ms. Fountain suggested to make the recommendation in a minute motion
and she would pass it on to the Council for further direction to be taken at a later date.
ACTION: Motion by Commissioner Scarpelli, and duly seconded by Commissioner Richie, that the
Housing Commission ADOPT Resolution No. 2000-001, recommending APPROVAL to
the City Council of a request by Carlsbad Laurel Tree Apartments, limited partnership to
provide additional project funding in the amount of $224,000 from the City of Carlsbad's
Housing Trust Fund, to recommend the waiver of the Public Facilities Fee as permitted
by City Council Policy No. 17, and to recommend approval of a Modification Agreement
and revision to the previously executed Promissory Note for the development of the 138
unit Laurel Tree Affordable Apartment Project.
VOTE: 4-0-0
AYES: Latas, Scarpelli, Richie, Griffin
NOES: None
ABSTAIN: None
Chairperson Latas discussed the wording of the minute motion. Commissioner Scarpelli made the following minute
motion.
ACTION: Minute Motion by Commissioner Scarpelli, and duly seconded, that the City join the
developer in a full investigation and evaluation of the increase in the school fee over what
was originally budgeted and estimated, and that the City make every effort in resolving
this to the satisfaction of the developer.
VOTE: 4-0-0
AYES: Latas, Scarpelli, Richie, Griffin
NOES: None
ABSTAIN: None
Chairperson Latas declared the conclusion of this section of the new business and opened it up for the director's
report.
Ms. Fountain began with introducing Judy Kirsch as the new minutes clerk, in a part time position taking minutes from
this time forward and who also works for the Purchasing Department for the City.
HOUSING COMMISSION MINUTES
FEBRUARY 10,2000
PAGE 6 of 7
Ms. Fountain also wanted to mention on Tuesday, February 14*, the revisions to the lnclusionary Housing Ordinance
were to go to the City Council. The airport issue had drawn quite a few people to the Council Meeting, plus there was
some additional information the City Manager wanted us to give to the City Council regarding some of the proposed
changes. Therefore, the item was continued.
Ms. Fountain added that one of the issues was second dwelling units and whether or not we were going to continue to
allow those to meet the inclusionary housing requirements. The Housing Commission recommended that the City
should continue to allow them, but with income qualification requirements with the tenants residing in them. The
Planning Commission, however, recommended that they not be allowed at all to meet the inclusionary housing
requirements.
The Planning Commission was supportive of pretty much everything else that was purposed for a revision to the
lnclusionary Housing Ordinance.
Ms. Fountain reported that the City has a fairly new comprehensive website available, with substantial information
about the City. There’s a number of information items for the Housing and Redevelopment Department which includes
information about our affordable housing programs.
Housing and Redevelopment will be having the Housing Commission agendas and the Design Review Board agendas
available through the website as well. This is starting to enhance the public education process and available
information. The website address is: www.ci.carlsbad.ca.us. Included also is information about all the City departments
and the demographics of the City.
Commissioner Scarpelli added that he visited the project called Center Stone located on Jefferson, south of Tamarack.
He remarked the second dwelling units were beautiful. The only problem is the long staircase, because of buildings
with the high ceilings, but they are very attractive units and really nice.
Chairperson Latas gave the Chairperson’s report stating that in September the Housing Commission received the
quadrant report that had the affordable units that were under construction. Chairperson Latas then requested from
Bobbi Nunn a list of the clients (no names) in her department and what income levels they are and what the
disbursement is of the clients being served by the Section 8 Rental Assistance Program plus whatever other programs
of affordable housing projects that are in Carlsbad. He asked if the staff could pass that information on to her, that he
would appreciate the Commission having a report like that.
Ms. Fountain stated the Housing Department has a report that is fairly comprehensive on all the different programs that
are offered through affordable housing, how successful lnclusionary Housing Ordinance has been to date, and where
those projects are. She commented that the breakdown of the rental assistance program would basically tell how many
households are on it, with the different income levels.
Commissioner Scarpelli further requested concerning his motion that a report be made back to the mmmission by staff
as to the details of this situation. Ms. Fountain informed the commissioner as to the multiple turnover of players
involved at MAAC and the school district.
Mr. Juarez inserted that Sylvia Martinas, who was the one who was most directly involved with the City is in the County
and he talks to her all the time and was sure she would be happy to participate along with him to provide additional
information to the Commission on this matter.
ADJOURNMENT
By proper motion, the Regular meeting of February 10, 2000 was adjourned at 6:45 p.m.
HOUSING COMMISSION MINUTES
FEBRUARY 10,2000
PAGE 7 of 7
Respectfully submitted,
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DEBBIE FOUNTAIN
Housing and Redevelopment Director
JUDY KIRSCH
Minutes Clerk
MINUTES ARE ALSO TAPED AND KEPT ON FILE UNTIL THE WRITTEN MINUTES ARE APPROVED.
The City of Carlsbad Housing & Redevelopment Department I A REPORT TO THE HOUSING COMMiSSION I I Start Craig D. Ruiz Management Analyst
DATE: FEBRUARY 10,2000
SUBJECT: SDP 95-01 - LAUREL TREE AFFORDABLE HOUSING PROJECT
REQUEST FOR ADDITIONAL CITY FINANCIAL ASSISTANCE FOR
AFFORDABLE APARTMENT PROJECT
THE DEVELOPMENT OF THE 138 mrr LAUREL TREE
I. RECOMMENDATION
That the Housing Commission ADOPT Resolution No. 2000-001, recommending APPROVAL
to the City Council of a request by Carlsbad Laurel Tree Apartments, L.P. to rovide additional
proji ct fix-iding in the mount of ,6224,000 from the City of Carlsbad's Housing Trust Fund, to
reconmerid the waiver of the Ptibiic Facilities Fee as pemjtiei' by C:ii:j- Council Policy No. 1'7,
and to recommend approval of a Modification Agreement and a revision to the previously
executed Promissory Note for the developinelit of the 13 8 unit Laurel Tree Affordable Apartment
Project.
II. BACKGROUND
The Laurel Tree Apartment Project is a development consistkg of 138 apartment units
affordable to very-low income households. The project was approved by th- Carlsbad City
Council in 1995, and is currently under co;stmction. The first units in rLe d~~d~pr~t arc
anticipated to be occupied in the Spring of 2000, and the entire project is expected to- be
completed by the Summer of 2000.
In addition to approving the development, the City Council has also taken three previous actions
to provide financial assistance to the project. First, in June of 1994, the City Council, acting as
the Housing and Redevelopment Comnissiori, approved a commitment of financial assistance in
the amount of $500,000 in Redevelopment Low and Moderate Income Housing Set-Aside Funds.
In May of 1996, the City Comicil approved the appropriation of $200,000 froin the TIousing
Trust Fund. And in March of 1999, the City Council approved the deferral in the payment of the
Public Facilities Fee (PFF) from the issuance of a building permit lo the issuance of the final
certificate of occupancy for the project. While the deferral of the PFF was not a direct financial
subsidy to the project, the deferral did provide cash flow relief for the development.
SDP 95-0 1 - LAUREL TREE AFFORDABLE HOUSING PROJECT
FEBRUARY 10,2000 PAGE 2
IT. DISCUSSION
While construction is nearing completion, the project is experiencing a budget shortfall. The
shortfall can be attributed to several factors which delayed the start of project construction. Major
delays have included multiple applications for federal tax-credit financing and the winter rains of
1998. The delays, combined with increasing construction and material costs have greatly
increased the total cost of the project. As shown in Attachment No. 3, the developer is currently
projecting a budget shortfall of $1,036,000.
To help fund this shortfall, the developer is proposing three funding sources. First, because the
project incorporates a day care facility within the development, the Developer was able to secure
a grant from the Neighborhood House Association. The amount of the grant is $210,086 and
will be used to pay for construction costs.
Secor d, the developer is proposing to defer approximately $1 10,000 of the development fee.
Originally, the developer was to receive incremental payments of the fee at certain project
milestones, such as completion of construction and occupancy of the project. Under the current
proposal, the developer will receive $690,000 at the completion of the project. The remainder
will paid frorri the projeot rcvemc during the first ten ytms or'the project.
Third, the developer has requested additional financial assistance fi-om the City of Carlsbad. All
reyueslh iui Snancial assistance are reviewed by the Affirdable Housing Policy Team (stafl). In
reviewing the request, it is the Team's opinion that the cost overruns are legitimate expenses to
the project. It is the Team's recommendation that the assistance be provided both directly and
indirectly. Direct financial assistance in the amount of $224,000 would be provided from the
City's Housing 'I'rust Fund. lndirect funding would be in the form of the outright waiver of the
Public Facilities Fee (PFF). While the City Council has previously deferred the payment of the
PFF until the issuance of the final certificate of occupancy for the project, the Council is
permitted by City Council Policy 17 to waive the fee for affordable housing projects. The
deferral will relieve the project of' an expense of approximately $21 0,000.
IV. LOAN AGREEMENT
In providing the original financial assistance, ths developer and the City exect*.ed a loan
agreement, promissory note, deed of trust and regulatory agreement. In order to provide the
increased financial assistawe, additional documents will be necessary. First, a Modification
Agreement (Exhibit 4) will be executed between the developer and the City allow for said
increase. In addition, the original Promissory Note (Exhibit 5) will also be amended to further
acknowledge the new loan amount.
SDP 95-01 - LAUREL TREE AFFORDABLE HOUSING PROJECT
FEBRUARY 10,2000
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V. RECOMMENDATION
As with any proposal seeking financial assistance, staff reviews such proposals to ensure the cost
reasonableness of the request, that there is no undue gain by the developer resulting from the
assistance, and to minimize any risk to the City in granting the request. In terms of risk, the
developer and the City have previously executed a loan agreement, promissory note, deed of trust
and regulatory agreement. Those documents, combined with the Modification Agreement and
revised Promissory Note will provide adequate security to protect the City’s investment. With
respect to cost reasonableness and undue gain, staff feels that the total financial assistance
package is fair and reasonable. In terms of total direct financial assistance to the project, the City
will be providing roughly $8,100 per unit. This amount is comparable with amounts provided by
the City Council to other affordable housing projects.
VI. EXHIBITS
1. Housing Commission Resolution No. 2UOU-UU1
2. Applicant Request for Additional Financial Assistance
3. Developer Proforma
4. Draft Modification Agreement
5. Revised Promissory Note
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HOUSING COMMISSION RESOLUTION NO. 2000-001
A RESOLUTION OF THE HOUSING COMMISSION OF THE CITY
OF CARLSBAD, CALIFORNIA, RECOMMENDING APPROVAL TO
THE CITY COUNCIL OF A REQUEST BY CARLSBAD LAUREL
TREE APARTMENTS, L.P. TO PROVIDE ADDITIONAL PROJECT
FUNDING IN THE AMOUNT OF $224,000 FROM THE CITY OF
CARLSBAD’S HOUSING TRUST FUND, TO RECOMMEND THE
WAIVER OF THE PUBLIC FACILITIES FEE AS PERMITTED BY
CITY COUNCIL POLICY NO. 17, AND TO RECOMMEND
APPROVAL OF A MODIFICATION AGREEMENT AND A REVISION
TO THE PREVIOUSLY EXECUTED PROMISSORY NOTE FOR THE
DEVELOPMENT OF THE 138 UNIT LAUREL TREE AFFORDABLE
APARTMENT PROJECT.
APPLICANT: CARLSBAD LAUREL TREE APARTMENTS, L.P.
CASE NO: SDP 95-01
WHEREAS, a project known as the “Laurel Tree Apartments” has been approved by the City
of Carlsbad City Council for construction of 138 apartment units which will provide housing
affordable to very low income households; and
WHEREAS, on June 28, 1994, the Housing and Redevelopment Commission of the City of
Carlsbad authorized the appropriation of $500,000 from the Carlsbad Redevelopment Agency’s Low
and Moderate Income Housing Set-aside Fund outside the Redevelopment Project Area for the
purposes of providing financial assistance for construction of new- affordable rental housing units
within the proposed Laurel Tree Project; and
WHEREAS, on May 21, 1996, the City Council authorized the Eppropriation of $200,000
from the Housing Trust Fund for the purposes of providint; financial assistance for construction of new
affordable rental housing :inits within the proposed Laurel Tree Project; and
WHEREAS, Carlsbad Laurel Tree Apartments, L.P has submitted a new request to the City of
Carlsbad for additional financial as;,>,,tance and 2 waiver o ,. die Public Facilities Fce for tlie Laci-ei
Tree Project; and
WHEREAS, on March 16, 1999 the City Council approved the deferral of the Public Facilities
Fee prior to the issuance of the final certificate of occupancy is issued for the final residential building
within the Laurel Tree Project; and
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WHEREAS, City Council Policy 17 allows for the waiver of the Public Facilities Fee for
affordable housing projects; and
WHEREAS, on February 10, 2000, the Housing Commission of the City of Carlsbad held a
public meeting to consider the request for additional financial assistance and the waiver of the Public
Facilities Fee;
WHEREAS, at said public meeting, upon hearing and considering all testimony, if any, of all
persons designing to be heard, said Commission considered all factors relating to said request:
NOW, THEREFORE, BE IT HEREBY RESOLVED by the Housing Commission of the City
of Carlsbad, California, as follows:
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The above recitations are true and correct.
The Housing Commission hereby RECOMMENDS approval to the City Council of a
request by Carlsbad Laurel Tree Apartments, L.P. to provide additional project funding in
the amount of $224,000 from the City of Carlsbad's Housing Trust Fund, to recommend
the waiver of the Public Facilities Fee as permit: :d by City Council Policy No. 17, and to
recoxmend approval of a Modification Agreement a ivision to the previously ex.ecilted
Promissory Note for the development of the 138 unit Laurel Tree Affordable Apartment
Proj ec t .
That the Hmsing Commission recommends that the City Manager or his or her designee
be authorized to execute all documents related to provision of the City assistance,
including but not limited to a Modification Agreement in substantially the form presented
to the Housing Commission on February 10, 2000, and subject to review and approval by
the City Attorney.
HC RES0 NO. 2000-001
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PASSED, APPROVED, AND ADOPTED at a regular meeting of the Housing
Commission of the City of Carlsbad, California, held on the 10th day of February, 2000, by the
following vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
ROY LATAS, CHAIRPERSON
CARLSBAD HOUSING COMMISSION
DEBBIE FOUNTAIN
HOUSING AND REDEVELOPMENT DIRECTOX
TIC RES0 NO. 2000-001
PAGE 3
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Exhibit 2
CATELLUS
December 8, 1999
Mr. Craig Ruiz
Housing and Redevelopment Department
2965 Roosevelt, Suite B
Carlsbad, CA 92008
RE: Laurel Tree Apartments
Dear Craig,
This letter is in response to your request of Rich Juarez for a more detailed narrative about each of the
cost overruns for which we are seeking reimbursement. I know that you have been working hard to assist
us in this matter. Please feel free to call me for any additional assistance you may need in your efforts.
The information I believe you are looking for is as follows:
Permits and Fees
The school fees originally budgeted for this project (back in 1994) was $258,192. This estimate was
based on the per square foot fee being charged at the time the estimate was put together. Subsequent
to this estimate, the School Distrjct imposed a fee far in excess of even the State of California’s
maxiinurn allowed pes- square foot rate. The rationale for such a high fee was that the project was on
property that was re-zmed from industrial use to residential use through a General Plan Amendment.
This re-zoning made this project exempt from the State of California maximum fee limits and the
School District charged $822,421, or $564,229 mere than budgeted.
The Public Facilities Fee was originally estimated (based on meetings with the City Engineering
Department) to be $172,903. However, at the time the biiilding permits were being pulled, the City
re-classified the Managemevt/Daycart Building as a ‘‘commercial me” building instead of the
residential support f;cility originally Contemplated. This re-classification led to an increase in the
Public Facilities Fee of $34,310 for a new total of $207,213.
The Aviara Parkway Fee, Building Permit Fee, and Building Plan Check Fee all increased, largely
due to the f . t that the City increased their fee schedule during the period between the City’s project
approval and the date that the building permits were pullcd (almost a four-year period). The increases
in these three fe s total $84.405.
The combination of School Fee, Public Facilities Fee, A;+:ara Parkway Fee, Building Permi; Fee, and
Building Plan Check Fee increases totals $682,994 or approximately the entire amount of the budget
ovcrniii for Permits and Fees.
Traffic Simal > The project’s original budget never contemplated the cost of installing a traffic signal at the
intersection of Aviara Parkway and Laurel Tree Lane. The Conditions of Approval stated that the
developer had to “cause the installation of a traffic signal” at this intersection. When we asked the
Engineering Department Cor clarification on this item, we were told that we needed to post a public
CATELLUS RESIDENTIAL GROUP
5 PARK PLAZA, SUITE 400, IRVINE, CALIFORNIA 92614 (949) 251-6100 FAX (949) 251-6837
improvement bond for the traffic signal to insure its ultimate installation, but not the actual
installation. All other Conditions of Approval that required the installation of some item stated “the
developer must install ....” At a minimum, Laurel Tree should only be responsible for 1/4” of the
cost associated with the traffic signal. Unfortunately, the Engineering Department’s take on this is
that we have to install the signal now and wait for reimbursement from future developers in the area.
Our project cannot absorb this cost.
Aviara Parkway Sewer Connection
9 This item is pretty self-explanatory. When Greystone Homes installed Aviara Parkway, they failed to
connect Mr. Ukigawa’s forced sewer line to the new sewer line in Aviara Parkway. The failure of
Greystone to perform this task created a conflict between the new 66” Regional Storm Drain and the
existing Ukigawa sewer line. The project had to absorb the cost’of correcting this conflict at a cost
of $42,478.
66” Storm Drain
9 The 66” Storm Drain that runs along the southern and western edges of our site is a regional storm
drain system that conveys storm run off from the canyons to the south of the project. The very large
residential developments that are taking place to the south of the project are tying into the system that
we have installed. The cost of this regional storm drain that runs through our project has been borne
by our project. We are asking for reimbursement from the City for a portion of the cost given that the
region benefits from the storm drain system and fees are being collected by the City for tie-ins by new
developments in the region.
In closing, I must bring to your attention another serious matter that will have a significant impact on the
project budget and schedule. The project is currently experiencin, significant delays due to the fact that
the Building DeparZment cannot complete the inspections being requested from the job site. ‘it is our
understanding that the Building Department is experiencing a manpower problem and cannot handle the
workload currently being placed on the City during this current building boom. We need your assistance
in talking to the Building Department and asking that they give this project priority. Cuatro’s Project
Manager, Mr. Mike Davies, is writing a letter to the Building Department to express his concerns on this
matter. Please look into this matter as soon as possible.
Please give me a call if you need additional information on any of the above items or if you need further
assistance in this matter.
Sincerely,
Vice President
cc: Mr. Rich Juarez
Mr. Mike Davies
Ms. Debbie Ruane
\Description
Ag ricu Itu ral Conversion
Aviara Parkway
Building Permit Fee
Building Plan Check Fee
Community Facilities District Annex
Drainage Fees
Grading Permit Fee
Improvement Inspection Fee
improvement Plan Check
Landscape Inspection
Landscape Plan Check
LFMP Transporatjon Fee
Mello Roos District
Park-ln-Lieu Fees
Public Facilities Fee
School Fees
Sewer Capacity Fee ,
Traffic Impact Fee
Water Authority Fee
Water Meter Fee
Water Service Connection Fee-CMWD
Water Service Connection Fee-City
Street Light Energizing Fee
I
ADDITIONAL COST
66" Storm Drain
Aviara Parkway Revision
Liraffic Signal
Eotal - - Additional Cost
LAUREL TREE APARTMENTS
BUILDING PERMIT SUMMARY
BudgeUEst.
45,050 .OO
21 5,280.00
1931 5.51
12,945.08
820.00
50,070.24
5,250.00
18,700.00
27,000.00
1,130.00
2,300.00
0.00
387,780.00
144,900.00
172,902.73
258,192.48
251,712.00
44,712.00
27,288.00
2,460.00
66,525.00
0.00
0.00
0.00
1,754,933.04
47,922.56
0.00
31,250.00
79,172.56
1,834,105.60
Actual
45,562.00
239,720.00
62,629.36
30,197.32
0.00
47,939.76
3,236.00
0.00
22,235.40
0.00
1,576.00
940.00
392,094.53
0.00
207,213.31
822,421 .OO
264,398.94
46,780.00
20,161 .OO
2,450.00 **
68,U40.00 **
127,020.00
108.00
16,200.00
2,420,922.62
282,187.00
42,473.00
125,000.00 est.
449,665.00
2,870,587.62 -. .,. ,
Variance
(51 2.00)
(24,440.00)
(42,713.85)
(1 7,252.24)
2,130.48
2,014.00
18,700.00
4,764.60
1,130.00
724.00
(9 4 0.00)
(4,314.53)
144,900.00
(34,310.58)
(564,228.52)
(1 2,686.94)
(2,068.00)
7,127.00
10.00
(1,515.00)
(1 27,020.00)
(1 08.00)
820.00
(234,264.44)
(42,478.00)
(93,750.00) .-
(370,492.44) i. 1 ,l-mp'--.,Ol~ -^-
'Due at CofO - Jan - Apt- 2000
*' Due before Sept 17th (after Sept 17th - Fee Increase)
Exhibit 3
[DEVELOPMENT SCHEDULE I
Number of Units - New Constructlon Number 01 Units - Rehabilitation Number ol Units . Camolition/Reconstruction
Total Units 138 Units Total Acres 6.600 Acres
Density Per Acre 20.91 du
138
0
0
Start Predevelopment
Predevelopment (Manths) Acquisition of Land Reroning/Approval Period (Months)
Projecl ApprovaUStart Project Oesign
Working Documents Period (Months) Project Financing Completed
Continued Project Design
Final Working Docs Period (Monlhs)
Sitework Period (Months) Construction Start
Construction Period per Phase (months)
First Phase Completed I Start Leasing Total Construction Period (months) Flnal Certificate d mupancy Total LeasbUp Period (Months)
Stabilized Occupancy
Units Leased per Month Holding Period (Mooths) Takeout Financing
Properly Sale
Jan-97 8 sep97
7
Apr-98
7
Now-98 0
Nov-98
2 Jan-99 15 Apr-00
18
Jul-00 4
AUg-00
35 1 Aup00 Dee-15
ITAX CREDIT ASSUMPTIONS I
Credir Year
Federal Tax Credit Rate (locked in)
State Tax Credit Rate
DiKiciiH to Develop %
App. able Fraction Adjb :nd Eligikk Basis Arinuai Tax Cr ?its
Investor Yield oil 93% of Total Credit Allocation
investor Afler Tax IRR -arget: 12% Gross Investor Contribution to Lower Tier
Deferred Pay-in on Tax Credit Equity (Months)
1998
8.45% 0.00%
1 00.00%
100.00% 12,602,296 t2&4,834
61.50000%
9.02% 8.678.018
25 0
Affordability Pool Points 10.978 Credit Utilization Points 18.112 Rent Burden % 777??7
[SOURCES AND USES OF FUNDS 1
USES:
Land / Acquisition
Herd Consiiuciion Costs
ABERegaVConsultants Permits ti Fees Developer Fees
Contractor Fees Reserve Funds Marketing/Models/Gffice Financing a Other Soft Costs Ccritli12ancy
peruni! 10,910
n.n.sSs 8.140
18.511
5.797
3.838
2.m
809
9.938
1.m-
UT& 1,505,606 10.707.208
1,124,068
2354,565
8cc: 003 529,399
276.000 125.497 1,357.426 16:.120 __
Total Projoct Uses 138.702 -909
SOURCES: Tax Credits 62.W Conventknal Mortgage #1 32.609
Convbntional Mortgage Y2 0
HOME Loan 3.973
AHP Loan 4.000
Redevetopman! Loan - lront end 5.072
Head Start TI Fund 1.457
Slorm Drain Reimbursement MY^ 725 Traffic Signal Reimbursement u.ra 0
MAAC Loan -front end 24,837
Construction Perlod Revenues 754 Catellus Loan 0 Oeferred Developer Fee - Catellus 3e4
Deferred Developer Fee - MAAC 384
Redevelopment Agency FM 1.623
Catellus Land Contribution - 0
8.678.016 4.500.m
0
548,248
552.000 700,000 0
201.086
100,oW
0
224,000 3,427,500 0
103.992 00 53.032 53.032
I FINANCING ASSUMPTlONS I
TEMPORARY/CONSTRUCTION LOAN
Base Index Base Interest Ram
Point Margin
Excess Coverage Total lnteresl Rate
6 rw LIBOR 6.OCW. 2.WA
0.0oos; 0.000% a.ooo9c Loan Points & Fees 1 .m
Convantlonsl Conventional
PERMANEMMORTGAGE LOAN Mortgage Y1 Mortgage Base Index 20 yr Treas. Base Interest Rate Point Margin Excess Coverage
Credit Enhancement Remarketing Fees Total Interest Rate
Interest Rate Cap (7 years)
Loan Underwriting Interest Rate Arbitrage Investmint Basis Arbitrage Investment Rate Loan Points & Fees
Bond Underwriting Fees
Credit Enhancement Fee Bond Agency Issuance Fee
Loan Underwriting Term (Years) Accelerated Amortization Interest Rate
Accelerated Amortization Term (Years)
Maximum Sinking Fund Repayment Balance Debt Service Coveraoe Ratio (DSC)
Maximum Loan To Value Ratio (LT'i)
Cap Rate Project Value (NOVCap) Maximum Loan to Cost Ratio (LTC)
Cash Available for Debt Service
Project Maximum Debt Capacity
Total Permansnt LWA Required Underwiling Debt Sewice Limit
i otai Annaai Pay;dmt
OTHER DEBTROANS
Interest Rate
Loan Points B Fees Loan Term (Years)
PROPERTYTAXES
Tax Rate Existing Properly Basis (per unit) New Unit Basis (per unit)
SUREi7 FEE
GROUND L-SE
INFLATION INDB Income Inflator Expense Inflator
Properly Tax Inflator
5.500% 1.750%
7.250% 0.M)Cm
7.250% O.ooo4c
O.OW% 1 SO%
30
.. 1.10 0.00
90.0%
8.00% 0.C0-4
5.641.432 100.046 DSC LTV 451,315 41.026
1.10 88.6% 5.012.000 0
410.268
368.375
123 79.8% 4.~oo,ooo 0 0
0
€ie&uiRm- 3.000% o.m% 0.0090
0.00% 0.00% 0.00%
55 00
lrnpmvemenls 1 .2EO
50 90% $113.879 $102.491
Loan Amount: 4.500.000 0.00%
Larid Basis: $0 0.WY
$(! 3co : .t
2.50%
3.50% 2.00%
1 HUD INCOME GUIDELINES I UTILITY ALLOWANCE / BASIS LlMFS I
For: SAN DIEGD COUNTY
City d Carkbad
01/27/99 Feb-96 02/1&97
Utility TCAC
2 Person $42,000 Non-Elevator
4 Person $52,500 1-BR 517 74.655
5 Perm $56,700 2-BR $29 90.276
6 Person $60,92Q 3-BR $36 115.553
7Person ' 565.100 . 4-BR $49 128.731
6 Person $69,300 Basis Feature?:(Y/N) Y
as ol:
1 Person $36.600 &- Barislimifs
3 Pfnon $47.300 Sludio $1 1 64.921
138.702 19,140,909 Total Prow Sources
Construction Loan Commitment 11,941,618
O=front end. l=cunslructioo matching. 25back end (stabilized)
UNIT REM ASSUMPTIONS
0 0 0 0 0 0 0 0 0
40.00% 0 22 23 23 0 0 0 0 0
50 W% 0 22 23 23 0 0 0 0 0 0 0 80.00% 0 0 0 0 0 0 Market 2 0 0 0 0 0 0 0 0
30.ooX
0
0 0.0% 68 493% ea 49.3%
0 0.0%
2 1.4% I
Total Units
%
2 1.4% 44 31.3% 48 33.3% 46
33.3%
0
0.0%
0
0.0%
0
0.0%
0
0.0% 0.0% O11 138 45.W%
Sq. FtNnit 850 850 1.058 1226 0 0 0 0 0 1.045
New Unih t.7w 37.400 48.668 56.396 0 0 0 0 0 144,164 Demo/Redev. Units 0 Rehab. Units 0 Total ResldenUa SF 1.700 37.400 48,668 56.396 0 0 0 0 0 144.164
Community Centefls) 2.01 1
Leasing OWi 1 .ea
Laundry 1,094
Retan 0
Related Residential
fltnw Center 3,613
Commerdal SF
TOTAL SQUARE FEET 152.482 q.n.
MARKET RENTAL RATE VALUATION I
REMS:
Standard Rent
PSI
Mgn Units zm!am!a2BwLBA-- -TolaVAva.
0 850 1 .ooo 1,080 0 0 0 0 0 964 $0.00 $1.00 $0.95 $0.88 $0.00 $0.00 $0.00 $0.00 $0.00
View Premium 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.m
Base Year Unit Rents 0 850 1 .ooo 1,080 0 0 0 0 0 964
Base Year Annual Rent 0 448,600 552,200 596,160 0 0 0 0 0 1,596,960
w $0.00 $1.00 $0.95 50.88 $0.00 $0.00 $0.00 $0.00 $0.00
lnflaUon
Inflated Unit Rents
PSf
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0 850 1.OOO 1,080 0 0 0 0 0 964
$0.00 $1.00 $0.95 $0.88 $0.00 $0.00 $0.00 $0.00 $0.00
lnllated Renl - Existing 0
inflated Rent. New Units 0 0 0 0 0 0 0 0 0 0
Potential Market Rent 0 448.800 552.000 596.,60 0 0 0 0 0 $1.596.960 Proloma Rents $934.884 Alfordable Rent Reduction - $662.076
I PARTNERSHIP ALLOCATIONS I
tMtw
TU CredR (Ltd)
Catellus (GP)
MAAC Project
Devsloprnt Parmnhlp Tax Developer Cash OFaraUng Sales Tax PnrtnrshlD :'rmLt93 m<. Ew aislributicn lnrnma ELQSB& Eluiallnu
99.99% 2o.m 99.99% 99.99%
100% 50.00% 50.00% 0.01% 50.00% 80.00% 0.01% 0.01% 50.03% 50.W% 0.00% 50.00% 0.ooX 0.00% 0.00% 1W.00%
0%
nst
$0.92
0
'10.92
0
f0.92
$0.92
$0.54
.-, . . . . ..
ORIGINAL COST corningency- 5.00%
CODE DESCRIFTION mo Sun FInish cumnleo4P BUDGET
10-1001 LandAGqJMOn 10-1010 Purchase EsxcWTii Feer
LANDlACBUtSmON . :.
15-1500 Pennits6Fees 3 15-1500 Dem-Utilltles 1 15-1500 DepoJit Rehnds 1 15-1898 ConUngency
PERMITS & FEES
M-2000 Onsita lmprwemsmt 3
20-2298 Gmtingency STE IMPROVEMENTS
23-0000 Common Area 0 23-2498 Contlngency
COMMON AREAS
25-2503 Engineering - Chil 12 25-2505 Engineering - Sob 8 25-2509 Coruullanl- Enmnl 78 25-2514 Engineering - Other 25-2798 Contingency
ENGINEERING
30-MMO New Cwtnrctkn Costs io
30-3798 Contingency
39-oooO Lot hnpmyemnts 0 39-3998 Contingency
DIRECT C0NSTRUCTK)N
LOT IMPROVEMENTS
40-oooO General Condm 21 40-4398 Contingency CONSTRUCTION INDIRECTS
50-0001 Archilect - Predevelopmenl 15 50-0001 Architect - SchematWDesign 7 500001 Archileet - Constr. Docs 3 50-0001 Archiiect - Cow. Supervision ao 5C SO08 Consuftant ~ 0-r 7
50-5109 EheprinWDellveriw 50-51 1 I Travel ExpenwPhotogrephy 50-5362 Legal Fees - Project Dev. 54-5460 1wurar)cB - General Liability 54-5461 Insurm - Builders Risk
54-5463 Acrount*lg/Audittng 50-5598 Soft Cos? Contingency
10
PROJECT DEVELOPMENT
59-5902 Developer Fee - Galellus o 59-5902 Deferred Devdcper Fee ~ Calelkrs 59-5901 Developer Fee - MAAC 0 59-5901 Deferred beloper Fee - MAAC 59-5905 Conlractor Fee - Catellus o 59-5904 Contractor Fee - CUATRO o OVERHEAD
60-6001 ComlNction Loan Fees
60-6002 Pen. Lbflgage Loan Fee? 132-6002 Pen. Loan Ra!e Lo& Ft39
60-M)ll Consmuon Inspeclb Fees 21 60-6012 Escrowllitle Fees
606063 Lwal Fees - Mortaaae Lendor
60-6010 Bank Appraisal Fees (BofA)
604062 Legal FW - Rnanclnp
60-6082 Tax Cradil Monitodng Fees 606084 Tax CredH Pellommce De!xs;t
60-6084 Tax i3:edit Performance DeposiI Refunds 60-6085 Tax Credil Consultants
60-6121 COP' don Inlersst Ewpense 60-6121 A6 D Loan Inleresl 60-6199 OperaUng ShortfsR 60-6320 Operating Reserves 0
68-6620 Property Taxes EO-6498 COntingeWV FINANCING COSTS
73-oooO Wol I OfRce Decoration 73-7498 Contingency
80-0~~) Mode11ornce Malnlsnancs 5
85-0000 Marketing 5 85-8698 Condngency
z
RENTAL OFFICE COMPLEX,
UARKETING
TOTAL PROJECT COSTS
MOnW Draws (exchKilng Inlerest)
MOnW Dram (!ncM!ng Inkrest)
. '.,
10,891 /wit 2,703 LS
10,910 /un#
18,077 /unit
(48.493) LS 0.21% 18.550 /Wit
106,425 LS
i5a.478 LS
0.00% 1,148 hnn
0 /unit
0 /unit
1.959 hi1
0.00%
92.353 LS 226.452 LS 20,828 Ls
O.W% 4.420 /unit
65.10 /Sf 1 .a% 72,991 /unH
0 /unit
0 /unit
29,651 IrnO
0.74% 4.546 /unit
0.00%
50,000 LS 30.000 LS
9o.ooo LS 7c.393 LS 12.760 LS
2,663 LS 106,726 LS 0.878% 0.122% 8.706 LS
0.00% 3.725 hnil
2a.m LS
100.00%
1.502.903 2,703
1,505,-
2.494,833 108.425 (46.493) 5,279
2.559.844
158.478 0 158.478
0 0 0
270.379 92.353 228,452 20.828
0 610.012
9,926,049 148.693 10,072.742
0 0
0
622.681 4.604 627285
50,000
30,000 90.000 70,393 19,760 28.953 2.683 106.726 95598 13.277 6.706 0 514,076
346.968 1 53.032 346.968 1 53,032 3.23% 352.050 1.63% 177.349 9.633 /unit 1.329.399
1 .CO% 1 .WX 21.575 LS 10.500 LS
21.622 LS
49.683 LS
4.00%
4.00%
35.500 LS 8.00%
19.331 LS
647 hno
10,ooo LS
$410 /unit
1 2.OOo /unit
1.20% 1
007% 11.845 /unit
119.416 67.500 21.575 1o.m 13.588 21.622
49.683 1o.m
w596 28.650 42.596 (42,596) 35.500 845,014
19.331 27.450 278,000 42.901 1.159 1.634385
3o.ooo LS 3o.m
5.m 1.500 228/unit. .7 31.500
5.000 LS 5.m 90;497 LS 90;497 1.97% 1,885 706 /unit 97.382
138.752 lunit 19.140,904
(U.0321 18.215.412 -~
1W.W 19,034.844
Vuiura I d.lan.d davokpm In
Income Inflator 2.50X Expense Inflator 3.50%
# of Months of Construction:
# of Months of Stabilized Operation:
0
12
YEAR BASELINE
RENTAL REVENUE
Gross Potential Rent - Residential
Credit CheckRate FeesRaundrylMisc.
Gross Potential Rent - Daycare
Vacancy Allowance - Residential
TOTAL RENTAL REVENUE
PROPERTY OPERATING COSTS:
Administrative Expenses:
Office Supplies & Equipment Bank Charges
Credit Check
License & Fees
Telephone/Answering Service
Fed. ExPostage
Misc. Administrative Expense
Marketing Expense:
Advertising
Professional Fees:
Property Management Fee
Legal Fees
BookkeepinglAccounting Services
Utilities:
Electricity (units)
Gas - (units)
Water and Sewer - (units)
Personnel Costs:
Salaries - Manager
Salaries -Assistant Manager
Salaries - Office & Leasing
Salaries - Maintenance
Payroll Taxes
Workers Compensation
Health Insurance/Other Benefits
Contract Services:
Exterminating
Trash Removal
Courtesy Patrol - Security
YardJGrounds
Fire Protection Services
Elevator & Other Equipment
Cleaning & Decorating
Painting Supplies
Repairs & Maintenance:
Repairs & Maintenance - General
EquipmenWehicle Expense
Facilities Services
TOTAL VARIABLE COSTS
Taxes & Insurance: .
Real Property Tax Assessment
Property Insurance
TOTAL FIXED COSTS
TOTAL OPERATING COSTS
NET OPERATING INCOME:
lnflatlon Fador:
$565 /unit/mo
$10.00 Iunitlmo
$3,000 lmo
5.00%
6,811 lunit
hflation Fador:
$700 lrno $15 lrno
$120 /mo
$23 lmo
$350 lmo
$50 /mo
$100 /mo
$417 /mo
$4,000 Imo
$450 lrno
$1,333 hno
$10.00 IuniWmo
$10.00 /unit/mo
$29.00 /unit/mo
$2,333 /mO
$1,667 Imo
$1,213 lrno
$3,460 Imo
20.000%
5.000%
$750 Imv
$0.91 Iunitho
$7.25 Iunitlmo
$2,400 Imo
$13.04 IuniUmo
$21 /uniVmo
$150 lnio
$1.45 /LiniVmo
1.00000
934,884
16,560
36,000
(47,572)
939.872
1.00000
8,400
180
1,440
275
4,200
600
1,200
5,004
48,000
5,400
16,000
16,560
16,560
48,024
28,000
20,000
14,560
41,520
20.81 6 5,204
9,m
1,500
12,006
28,800
21,600
250
1,800
2,401
$6.88 /uniVmo 1 1,393
$120 lrno 1,440
$1,152 Imo 13.824
$2,942 Nnit 405,957
Inflation Factor: 1 .ooooo
0 lunit 0
$138 lunit 19,000
$138 /Unit 19,Ooo
$3,079 Nnit 424,957
45.5% of Rent
INCOME STATEMENT
Income Inflalor 2.50% Expense Inflator 3.50% YEAR BASELINE
CASH FLOW FROM OPERATIONS:
Net Operating Income 514,915 Soclal Services Allocation (36.000)
RESERVES 0.60% of hard cost Replacement Reserve or $200 /unit (27.600)
Unrestricted Cash Reserve 0
451,315 CASH FLOW AVAllABLE FOR DEBT SERVICE:
‘LAUREL TREE APARTMENTS
RENT PREMIUM CALCULATIONS
Total Units Potential Rents
2BW2BA Mgr 2
2BW2BA 44
3BW2BA 46
46
0
0
0
0
0
0
0
0
0
.
0
138
Units per Floor
2BW2BA Mgr 2
2BW2BA 44
3BW2BA 46
46
0
0
0
0
0
Total 132
Project Rents
2BW2BA Mgr 2
2BW2BA 44
3BW2BA 46
46
0
0
0
0
0
Average
850
850
1,058
1,226
0
0
0
0
0
0
0
0
0
rent increase €!@&E~-. . ,. ger floor (5 -131 - ~. ..-
$0.00
$1 .oo
$0.90
$0.77
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
0 $0.00
$2.67
1,700
37,400
48,668
56,396
0
0
0
0
0
144,164 ---
850
850
1,058
1,226
0
0
0
0
0
1,045
$0.00
$1 .oo
$0.90
$0.77
$0.00
$0.00
$0.00
$0.00
$0.00
$0.87
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
850
950
950
0
0
0
0
0
0
0
0
0
0
2
44
46
46
0
0
0
0
0
.mQU ._
0
850
950
950
0
0
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INCOME STATEMENT
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Exhibit 4
RECORDING REQUESTED BY
AND WHEN RECORDED MAIl TO: ,
City of Carlsbad
2965 Roosevelt Drive, Suite B
Carlsbad, CA 92008
Attention: Housing and Redevelopment Director
No fee document pursuant to
Government Code Section 278393
(SPACE ABOVE THIS LINE FOR RECORDER’S USE)
MODIFICATION AGREEMENT
(Laurel Tree Apartments City Loan)
THIS MODIFICATION AGREEMENT (the “Agreement”) is entered into as of the
day of
“City”) and Carlsbad Laurel Tree Apartments, L.P., a California limited partnership (the
“Borrower”).
, 2000, by and between the City of Carlsbad, a municipal corporation (the
RECITALS
A. The Borrower is the owner of that certain real property located in the City of
Carlsbad, San Diego County, and more particularly described in Exhibit A attached hereto (the
“Land”), on which the Borrower is constructing a one hundred thirty-eight (138) unit multifamily
development known as Laurel Tree Apartments (the “Improvements”). The Land and the
Improvements are collectively referred to herein as the “Property.” Y
I3. The City and the Carlsbad Redevelopment Agency, Carlsbad, Ca1ifaw.k :.i ,
”Agency”) entered into an Agreement dated June 11, 1998, pursuant to which the Agency
transferred to the City certain funds from the Agency’s Low and Moderate Income Housing Fund
created pursuant to Health and Safety Code Section 33334.2 (“Redevelopment Housing Funds”)
and the City agreed to utilize such funds in accordance with the requirements of the Community
Redevelopment Law (Health and Safety Code Section 33000 et seq.).
-
C. The City made a loan to the Borrower in the total principal amount of Seven
Hundred Thousand Dollars ($700,000) from Redevelopment Housing Funds (the “City Loan”),
subject to the terms and conditions of a City Loan Agreement by and between the City and the
Borrower dated June 1 1, 1998 (the ”City Loan Agreement”).
D. The City Loan is evidenced by a City Note fiom Borrower to the City dated
June 1 1, 1998 (the Tity Note), and is secured by a City Deed of Trust and Security Agreement
dated June 11, 1998, and recorded December 8, 1998, against the Property as Instrument
1010\07\127486.1 01/10/00 1
No.
(the "City Deed of Trust").
in the Official Records of the County of San Diego (the "Official Records")
E. The City Loan is subject to the terms and conditions of a Regulatory
Agreement and Declaration of Restrictive Covenants by and between the City and the Borrower
dated June 11, 1998, and recorded December 8, 1998, against the Property as Instrument No.
in the Official Records (the "City Regulatory Agreement"). The City Loan is
also subject to the terms of a Mortgage Loan Rider dated December 2,1998, by and between the
City and the Borrower (the "Mortgage Loan Rider").
F. The City Note, the City Deed of Trust, the City Regulatory Agreement, the
City Loan Agreement, and the Mortgage Loan Rider, as further modified pursuant to this
Agreement, are hereinafter collectively referred to as the "City Loan Documents".
G.
reflect a Two Hundred Twenty-Four Thousand Dollar ($224,000) increase in the amount of the
City Loan.
The City and the Borrower desire to modify the City Loan Documents to
NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties
hereto and other valuable consideration, the receipt and sufficiency of which consideration is
hereby acknowledged, it is hereby declared, understood and agreed as follows:
1. Amendment of City Loan Agreement. The City Loan Agreement is hereby
modified and amended .o increase the amount of the City Loan set forth in Recital 4 by Two
Hundred and Twenty-Four Thousand Dollars ($224,000) so that the total amount of the City
Loan shall be Nine Hundred Twenty-Four Thousand Dollars ($924,000) and to increase the
amount of the portion of the City Loan fbnded with City Housing Trust Fund monies by Two
Hundred Twenty-Four Thousand Dollars ($224,000) to Four Hundred Twenty-Four Thousand
Dollars ($424,000). The City Loan Agreement is further amended to increase the amount of the
City Loan set forth in Section 1.1 (e) and Section 2.1 by Two Hundred Twenty-Four Thousand
Dollars ($224,000), so that the total City Loan amount shall be Nine Hundred Twenty-Four
Thousand Dollars ($924,000) and to increase the principal amount of the City Note set forth in
Section 1.1 (Q by Two Hundred Twenty-Four Thousand Dollars ($224,000), so that the total prim;'pal amount of the City Note is now Nine Hundred Twenty-Four Thousand Dollars -
($924,000).
2. Amendment of City Note. The City Note is hereby amended to increase the
principal amount by Two Hundred Twenty-Four Thousand Dollars ($224,000), so that the total
principal amount is now Nine Hundred Twenty-Four Thousand Dollars ($924,000). The City
shall place a notation on the original City Note setting forth the new principal amount of the note
pursuant to this Agreement, which notation shall be signed by the Borrower.
3. City Deed of Trust. The City Deed of Trust is hereby amended to increase the
loan amount set forth in Section 1.1 by Two Hundred Twenty-Four Thousand Dollars
($224,000), so that the total loan amount is now Nine Hundred Twenty-Four Thousand Dollars
($924,000), and to increase the amount of the City Note set forth in Section 1.4 by Two Hundred
101 0\07\127486.1
01/10/00 2
Twenty-Four Thousand Dollars ($224,000), so that the total principal amount of the Note is now
Nine Hundred Twenty-Four Thousand Dollars ($924,000).
4. Mortgage Loan Rider. The Mortgage Loan Rider is hereby amended to
increase the loan amount set forth in the introductory paragraph by Two Hundred Twenty-Four
Thousand Dollars ($224,000), so that the total loan amount is now Nine Hundred Twenty-Four
Thousand Dollars ($924,000).
5. Full Force and Effect. Except as set forth in this Agreement, the City Loan
Documents remain unmodified and are in full force and effect.
6. Successors and Assigns. This Agreement shall be binding on and inure to the
benefit of the legal representatives, heirs, successors and assigns of the parties.
7. California Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of California.
8. Counterparts. This Agreement may be signed by the different parties hereto in
counterparts, each of which shall be deemed an original but all of which together shall constitute
one and the same agreement.
I 01 0\07\1274a6.1
01/10/00 3
IN WITNESS WHEREOF, the parties have executed this Agreement as of the day first
above written.
BORROWER:
Carlsbad Laurel Tree Apartments, L.P.,
a California limited partnership
By: METROPOLITAN AREA ADVISORY
COMMITTEE ON ANTI-POVERTY OF
SAN DIEGO COUNTY, INC., a California
nonprofit public benefit corporation, its
general partner
By:
Its:
City:
CITY OF CARLSBAD, a municipal corporation
APPROVED AS TO FORM:
By:
Ron Ball
City Attorney
By:
Its:
1010\0~127486.1 01110100 4
STATE OF CALIFORNIA )
COUNTY OF )
1 ss
On ,2000, before me, , personally
appeared , personally known to me (or 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.
WITNESS my hand and official seal.
STATE OF CALIFORNIA 1
COUNTY OF )
1 ss
On ,2000, before me, , personally
appeared
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.
, personally known to me (or proved to me on the basis of
WITNESS my hand and official seal.
1010\07\127486.1
0 1 I1 0100
101 0\07\127486.1
0 1 I1 0100
EXHIBIT A
Legal Description of the Land
A- 1
h Exhibit 5
City Note
$700,000 ~L!M 11 ,1998
Carlsbad, California
FOR VALUE RECEIVED, Carlsbad Laurel Tree Apartments, L.P., a California limited
partnership ("Borrower"), promises to pay to the City of Carlsbad ("City"), or order, the principal
sum of Seven Hundred Thousand Dollars ($700,000), or so much thereof as is advanced to
Borrower by the City pursuant to Section 2.6 of the Loan Agreement (defined below), plus
simple interest accruing at the rate of three percent (3%) per annum, commencing upon
disbt nement.
1. ,om m. This City Note is made pursuant to a City Loan Agreement
1\, 1998, by and between the Borrower and the City (the ''City Loan dated as of zdd~
Agreement"), and as contemplated by a Regulatory Agreement executed by the Borrower and the
City (the City Regulatory Agreement").
2. k. The term of this City Note (the "Term") shall commence on the date of
this City Note and shall end on the earlier of (i) thirty (30) years from the date of issuance of a
certificate of occupancy for all units in the Development (as defined in the City Loan
Agreement); or (ii) June 30,2029.
3. and Time of Pam. All mounts due under this City Note shall be
due and payable as set forth in Section 2.3 of the City Loan Agreement.
4. -. Borrower shall have the right to prepay all or a portion of the
principal and interest due under this City Note without any charge or penalty being made
therefor.
5. Deed of Tnr;it. This City Note is secured by a deed of trust of even date herewith
(the ''City Deed of Trust).
6. Accel-. Upon the occurrence of a default under the City Loan Agreement,
City Regulatory Agreement or City Deed of Trust, and expiration of all applicable notice and
cure periods (an "Event of Default"), the City shall have the right to accelerate the Term of this
City Note and declare all of the unpaid principal and accrued interest immediately due and
payable. Any failure by the City to pursue its legal and equitable remedies upon an Event of
Default shall not constitute a waiver of the City's right to declare an Event of Default and
exercise all of its rights under this City Note, the City Regulatory Agreement, the City Deed of
Trust, and the City Loan Agreement. Nor shall acceptance by the City of any payment provided
101 O\OnllO469.5 1