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HomeMy WebLinkAbout1998-12-08; City Council; Resolution 98-398- 1 2 3 4 5 6 7 a 9 10 11 12 13 14 15 16 17 la 19 20 21 22 23 24 25 26 27 28 0 0 CITY COUNCIL RESOLUTION NO. 98-398 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, TO APPROVE A REQUEST TO PROVIDE FINANCIAL ASSISTANCE TO POINSETTIA HOUSING ASSOCIATES, WHICH INCLUDES A CONSTRUCTION LOAN OF $920,000 FROM THE HOUSING TRUST FUND AND EXEMPTION OF THE PUBLIC FACILITY FEE, AND TO APPROVE THE RELATED LOAN DOCUMENTS FOR CONSTRUCTION OF NINETY-TWO (92) AFFORDABLE APARTMENT UNITS WITHIN THE POINSETTIA PROPERTIES SPECIFIC PLAN. APPLICANT: POINSETTIAHOUSING CASE NO: SDP 98-09 ASSOCIATES WHEREAS, the master developer of the Poinsettia Properties Specific HSL/BP/Michan, L.L.C has proposed to construct 92 apartment units affordable to lower in households as a means to satisfy their affordable housing obligation as permitted by Cal Municipal Code Section 21.85 of the City’s Inclusionary Housing Ordinance; and WHEREAS, said Housing Commission did, on the 29th day of September, 1998, hold a 1 meeting to consider the request for City financial assistance for the construction of said 92 affor housing apartment units by the affordable housing developer, Poinsettia Housing Associate! subsequently recommended approval of the request for assistance ; and WHEREAS, the City Council did hold a public meeting to consider said request for financial assistance for the construction of said 92 affordable housing apartment units b affordable housing developer, Poinsettia Housing Associates; and; WHEREAS, at said public meeting, upon hearing and considering all testimony, if any, 1 persons desiring to be heard, said Council considered all factors relating to the application and re for financial assistance: NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the Cil Carlsbad, California, as follows: 1. The above recitations are true and correct. II ‘. I1 0 0 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 2. The request for City financial assistance is consistent with the goals and objecti] the City of Carlsbad’s Housing Element and Consolidated Plan, the Inclusi~ Housing Ordinance, and the Carlsbad General Plan. 3. The request for City financial assistance will assist the affordable housing develo to construct a total of 92, one, two and three bedroom affordable apartment units project, therefore, has the ability to effectively serve the City’s housing needs anc priorities as expressed in the Housing Element and the Consolidated Plan. 4. That the City Council of the City of Carlsbad hereby APPROVES financial assis to the proposed affordable housing project known as the “Poinsettia Ga Apartments” in the following form: a. Exemption from payment of the Public Facilities Fee for the affordable hc project based on City Council Policy No. 17. b. A construction loan in the amount of $920,000 from the City of Carl: Housing Trust Fund. 5. That the City Council authorizes the City Manager or his designee to execL documents related to provision of the City assistance, including but not limitel Loan Agreement, Note, Deed of Trust and Regulatory Agreement, in substantial form presented to the City Council, subject to review and approval by the Attorney. 6. That the City Council authorizes the City Manager or his designee to execute subsequent subordination agreement(s), as required, subject to review and appro the City Attorney and/or Special Legal Counsel. .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... ~ .... .... .... . . .. .... CC Resolution No. 98-398 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 28 0 0 7. That Poinsettia Housing Associates shall be required to enter into appropriate agreements for provision of the subject financial assistance from the City of Carlsbad. These agreements mu executed and recorded prior to any release of funds by the City of Carlsbad. 8. This approval for the subject financial assistance shall become null and void if the Site Development Plan and/or other required entitlements are not ultimately approved by the City Carlsbad for the subject affordable housing project. PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Cc of the City of Carlsbad, California, held on the 8th day of December, 1998 by the following v wit: AYES: Council Members Lewis, Finnila, Nygaard, Kulchin an( NOES: None ABSENT: None ABSTAIN: None ATTEST: 13iRc;d, f. ~- ALETHA L. RAUTENKRANZ, City Clerk 1 (SEAL) ~ I ~ I I CC Resolution No. 98-398 Page 3 ll