HomeMy WebLinkAbout1998-12-08; City Council; Resolution 98-398-
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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.
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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.
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CC Resolution No. 98-398
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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)
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I I CC Resolution No. 98-398
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