HomeMy WebLinkAbout2022-01-11; City Council; ; Loan Modification Agreement and Affordable Housing Agreement for the Pacific Wind Apartments (Site Development Plan 15-18, Coastal Development Permit CDP 16-04 and Minor Meeting Date: Jan. 11, 2022
To: Mayor and City Council
From: Scott Chadwick, City Manager
Staff Contact: Mandy Mills, Housing & Homeless Services Director
mandy.mills@carlsbadca.gov, 760-434-2907
Subject: Loan Modification Agreement and Affordable Housing Agreement for the
Pacific Wind Apartments (Site Development Plan 15-18, Coastal
Development Permit CDP 16-04 and Minor Subdivision MS 16-01)
District: 1
Recommended Action
That the City Council adopt:
1. A resolution approving a modification agreement to city loan documents for the
development of the 89-unit Pacific Wind affordable housing project
2. A resolution approving an affordable housing agreement to satisfy the affordable
housing requirement for the Pacific Wind development
3. A resolution authorizing the city manager to sign the beneficiary statement on the final
map on behalf of the city
Executive Summary
Harding Street Neighbors LP has received approval to build 89 affordable apartment units on
Harding Street, Carol Place, Jefferson Street and Magnolia Avenue. The project is now known as
Pacific Wind.
In November 2012, the City Council approved a loan of $7,408,000 loan from the city’s Housing
Trust Fund to help Harding Street Neighbors acquire the property. The developer has since
received all of the development approvals and financing commitments it needs for the rest of
the project. The City Council is now being asked to approve a modification to the existing loan
documents to reflect the final project description and the financing package for its
construction.
The City Council is also being asked to approve the affordable housing agreement that is
required as a condition of approval for the project.
The city has a deed of trust on the project through the loans. The developer is currently
finalizing the Parcel Map. Government Code Section 66445 requires that all parties with a
beneficial interest in the property consent to the subdivision of the property. The city council is
being asked to authorize the city manager to sign the map on behalf of the city.
Jan. 11, 2022 Item #5 Page 1 of 21
Discussion
Project background
The project is to be built on both sides of Harding Street
between Magnolia Avenue on the north and Carol Place
on the south, just west of Interstate 5 and near
Jefferson Elementary School. The Planning Commission
voted in April 2017 to approve the project plan to
demolish the original 21 duplex structures on the site –
42 housing units – and build a 93-unit apartment project
that would be 100% affordable for lower income
households.
A lawsuit brought against the development in 2017 led
to a settlement that required the project to be scaled
back to 88 affordable apartments for lower income
households, plus one on-site property manager unit.
Loan documents
The developer has secured all financing for the project and is ready to proceed with
construction. When the city approved the loan in 2012, it was unknown what the total project
would consist of, and what its total budget would be. The original loan documents refer to the
acquisition of the 42-unit property, but now need to reflect a description and restrictions for
the construction of 89 units. The original project budget also reflected only the costs of
acquiring the property.
Now that the actual size of the development and its development budget and anticipated
financing are known, it is necessary to amend the city’s loan documents.
The project’s total budget is approximately $55 million, including $33 million in loans in
addition to the city loan of $7,408,000. Those loans are in a senior position to the city’s
subordinate loan, a customary requirement that means the senior loans must be repaid first in
case of liquidation.
The city loan is structured as a residual receipts loan, which means that the city will be repaid
over time when there are net proceeds from the project, and after payment of all operational
costs and senior debt.
The proposed resolution modifying the loan agreement, Exhibit 1, would authorize the City
Manager to execute a new subordination agreement that reflects the project’s revised
development budget. This subordination agreement will include provisions giving the city the
opportunity to protect its interests should there be a loan default.
The city’s conditions on the loan and the affordability requirements will remain in effect for 55
years from the point of occupancy. After reviewing the terms of the regulatory agreements and
the proposed new subordination agreement, staff are satisfied that the loan amendments will
not affect the project’s existing affordability requirements or the city’s financial position.
Pacific Wind project site
Jan. 11, 2022 Item #5 Page 2 of 21
Affordable housing agreement
The project was approved subject to certain conditions to be satisfied, including a condition
that all units within the development except for the on-site property manager unit shall be
affordable to lower income households. This also satisfies the city’s Inclusionary Housing
Ordinance (Carlsbad Municipal Code Chapter 21.85), which requires 15% of the units in the
development to be affordable to lower-income households. The attached resolution, Exhibit 2,
would approve the affordable housing agreement between the city and the developer
City consent to the subdivision of the property
The developer is currently finalizing Parcel Map MS 16-01. Government Code Section 66445
requires that parties that have a beneficial interest in the property consent to the subdivision of
the property by a certificate on the parcel map. The city has a trust deed on the property
through the loans. The resolution attached as Exhibit 3 would authorize the City Manager to
sign the parcel map for the project on behalf of the city.
Options
Staff recommend the City Council adopt the attached City Council resolutions modifying the city
loan documents for the Pacific Wind development and approving the affordable housing
agreement.
The council could choose to not approve the recommended resolutions, but there would be no
benefit to the city for doing so and this could result in this planned affordable housing
development not being able to obtain the required financing, which would not advance the
city’s efforts to help create more affordable housing.
Fiscal Analysis
There is no fiscal impact from the recommended action. The city loan of $7,408,000 was
previously approved and expended for the property acquisition.
Next Steps
The resolutions authorize the City Manager, or designee, to execute all appropriate documents.
The anticipated loan closing date is the middle of January 2022, with an anticipated
construction start date shortly thereafter.
Environmental Evaluation
This action does not constitute a project as defined under the California Environmental Quality
Act in accordance with Public Resources Code Section 21065, in that these actions may not
cause a direct physical change in the environment or a reasonably foreseeable indirect physical
change in the environment.
Public Notification
This item was noticed in keeping with the state's Ralph M. Brown Act and it was available for
public viewing and review at least 72 hours before the scheduled meeting date.
Exhibits
1. City Council resolution – Modification agreement
2. City Council resolution – Affordable housing agreement
3. City Council resolution – Authorization for City Manager to sign the parcel map
Jan. 11, 2022 Item #5 Page 3 of 21
RESOLUTION NO. 2022-004
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, APPROVING A MODIFICATION AGREEMENT TO CITY LOAN
DOCUMENTS WITH HARDING STREET NEIGHBORS LP FOR THE
DEVELOPMENT OF THE 89-UNIT PACIFIC WIND AFFORDABLE HOUSING
PROJECT (DEV 15-058)
EXHIBIT 1
WHEREAS, the City Council approved the financial assistance request ($7,408,000) for the
acquisition of property for an affordable housing development on Harding Street, Carol Place, Jefferson
Street and Magnolia Avenue by Harding Street Neighbors LP on Nov. 6, 2012; and
WHEREAS, on Jan. 29, 2013, the City Council authorized the execution of Loan Documents with
Harding Street Neighbors LP and contemplated a larger project to be defined at a later date which
would require amendments to such documents; and
WHEREAS, the Pacific Wind project description is being modified to reflect the acquisition of a
property with 42 duplex units, with the intent to demolish and construct a new 89-unit apartment
project 100% affordable to low-income households in its place; and
WHEREAS, project financing for the project will include debt senior to the City loan, in an
amount not to exceed $33,000,000; and
WHEREAS, the Loan Documents must be modified to reflect the final project description as
defined, and the financing package is complete; and
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 approves the modifications to the loan documents as to
form as submitted herein, and authorizes the City Manager, or designee, to execute all
loan documents related to the existing loan, subject to final review and approval by the
City Attorney, for development of a low income-restricted affordable housing project,
and to deposit said documents to escrow for recordation at time of loan closing.
3. That the City Council authorizes the City Manager, or designee, to also execute
subsequent subordination agreement(s) subordinating the City's Regulatory Agreement
and Deed of Trust to the Deed of Trust to senior liens for permanent lenders, as
required, subject to review and approval by the City Attorney, and subject to the City
Jan. 11, 2022 Item #5 Page 4 of 21
RESOLUTION NO. 2022-005
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, APPROVING AN AFFORDABLE HOUSING AGREEMENT TO
SATISFY THE AFFORDABLE HOUSING REQUIREMENT FOR THE PACIFIC WIND
DEVELOPMENT (DEV 15-058)
EXHIBIT :l
WHEREAS, the developer of Pacific Wind Apartments has proposed to construct 89 apartment
units affordable to lower-income households to satisfy their affordable housing obligation as required
by Carlsbad Municipal Code Chapter 21.85 and Section 21.53.120; and
WHEREAS, Planning Commission Resolution 7233 requires that the Developer shall enter into
an Affordable Housing Agreement with the City to provide and deed restrict 92 dwelling units as
affordable to lower-income households for 55 years, in accordance with the requirements and process
set forth in Chapter 21.85 of the Carlsbad Municipal Code. Due to a lawsuit brought against the
development and consistent with the related settlement agreement (dated, March 15, 2013) the
project was subsequently reduced to 88 affordable apartments for lower income households (plus one
on-site property manager unit).
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 project is consistent with the goals and objectives of the City of Carlsbad's
Housing Element, and the General Plan.
3. That the project will provide 88 apartment homes affordable to lower-income
households (plus 1 non restricted manager's unit.) The project, therefore, can effectively
serve the city's housing needs and priorities expressed in the Housing Element.
4. · That the Affordable Housing Agreement (Attachment A) is hereby approved.
5. That the City Council authorizes the City Manager, or designee, to prepare and execute
-
all documents related to the provisions of the Affordable Housing Agreement, subject
to review and approval by the City Attorney.
Jan. 11, 2022 Item #5 Page 6 of 21
RECORDING REQUESTED BY:
City of Carlsbad
WHEN RECORDED MAIL TO:
City of Carlsbad
Community Development Department I
200 Carlsbad Village Drive
Carlsbad, CA 92008
Attn: City Clerk
This document is recorded at the r·equest and for the benefit of the City of
Carlsbad, and isexempt from the payment of a reco1·ding fee pursuant to
Government Code Sections 6103, 27383, and 27388.1
(Space above for Recorder's Use)
AFFORDABLE HOUSING AGREEl\'IENT IMPOSING
RESTRICTIONS ON REAL PROPERTY
(DEVlS-058)
This AFFORDABLE HOUSING AGREEMENT IMPOSING RES1RICTIONS
ON REAL PROPERTY ("Agreement"), entered into this (<(A'-day of J(l,,vl · ),oJJ--, by
and between the CITY OF CARLSBAD, a municipal corporation ("City"), and HARDING
STREET NEIGHBORS, LP, a California limited partnership ("Developer") is made with
reference to the following:
A. Developer is the owner of certain real property in the City of Carlsbad, in
the Countyof San Diego, California ("Property") described in Exhibit "A", which is attached
hereto and incorporated herein by this reference.
B. Developer originally intended and received approval from the City to construct
a total of 92 affordable apartments for lower income households on the Property
("Development"), plus a manager's unit on-site, which was subsequently reduced to 88 affordable
apaf1:ments for lower income households (plus one on-site property manager unit) due to a lawsuit
brought against the development on August 16, 2017 and related settlement agreement. The City
originally approved the Site Development Plan (SDP 15-18) for the Development on April 19,
2017. The City issued the approval subject to certain conditions of approval ("Conditions of
Approval"), including a condition that all units within the Development ( except for the on-site
property manager unit) shall be affordable to lower income households which also satisfied the
requirement for fifteen (15%) percent of the units in the Development to be affordable housing
as required by the City's Inclusionary Housing Ordinance, Carlsbad Municipal Code ("CMC")
Chapter 21. 85.
C. Developer is required by the Conditions of Approval to enter into an Affar<lJi,ble
Housing Agreement as required and with the content specified by the City's Indusionary
Housing Ordinance (CMC Chapter 21.85). This Agreement is that required Affordable
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Jan. 11, 2022 Item #5 Page 9 of 21
Housing Agreement pursuant to Section 21.85.140 of CMC Chapter 21.85, and shall be
executed and recorded prior to the approval of any final or parcel map for the Property, or, where
a map is not being processed, prior to issuance of building permits for any units in the
Development.
NOW, THEREFORE, it is mutually agreed by and between the undersigned parties as
follows:
I. Satisfaction of Affordable Housing Obligation and Conditions of Approval. In
order to satisfy the Conditions of Approval of Site Development Plan 15-18 (SDP 15-18), and the
requirements of the City's Inclusionary Housing Ordinance (CMC Chapter 21.85) shall not be
satisfied unless all of the units in the Development are constructed for the purpose of providing
housing to be affordable to lower-income households according to the schedule and terms
contained herein ("Affordable Units"). A total of 89 Affordable Units will be constructed with
approval of this Agreement.
2. Terms Governing Provision of Affordable Units. Provision of theAffordable
Units shall be governed by the following terms:
2.1 Bedroom Count. The Affordable Units in the Development shall
include 88 total units in the numbers and bedroom sizes indicated in "Exhibit B" to this
Agreement. Not less than ten percent (10%) of all Affordable Units shall be three (3)
bedroom units in compliance with CMC 21.85.010(A)(2). There shall be one additional
unit for the on-site property manager; this unit is not an affordable unit.
2.2 Affordability Requirements. The Affordable Units shall be
restricted to occupancy by households with incomes not exceeding 80% of the median
incomefor San Diego County, adjusted for actual household size. Monthly rents of the
Affordable Units shall not exceed 1/12 of 30% of 70% of the median household income
for San Diego County, adjusted for assumed household size appropriate for the unit
pursuant to this Agreement. For purposes of this Agreement, "Rent" shall include a utility
allowance as established and adopted by the City of Carlsbad Housing Authority, as well
as all requiredmonthly payments made by and on behalf of the tenant to the lessor in
connection with use and occupancy of a housing unit and land and facilities associated
therewith, including any separately charged fees, utility charges, or service charges
assessed by the lessor and payable by the tenant (but notincluding fees or charges
resulting from any default by the tenant or damage caused by thetenant, or fees or
charges paid by the tenant to third party utilities or other providers). Median income figures
shall be those determined by the United States Department of Housing and Urban
Development from time to time, and as published by the California Department of Housing
and Community Development. For the purposes of calculating the applicable rents,
assumed household size shall be 2 persons for a I-bedroom unit; 3 persons for a 2-bedroom
unit; and 5 persons for a 3-bedroom unit. With respect to each Affordable Unit, the
affordability requirements of this Section 2.2 shall continue for 55 years from the date of
issuance of a Certificate of Occupancy by the City for such unit
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Jan. 11, 2022 Item #5 Page 10 of 21
3. Release of Building Permits. All of the building permits may be released at one
time or in phased developed as determined by the Developer; all building permits are for affordable
units plus one manager's unit, and there are no market rate units within the Development.
4. Compliance Report. Following completion of construction of the Affordable
Units, a Compliance Report meeting the requirements of CMC Section 21.85.140 of the
Inclusionary Ordinance, verifying compliance of all completed Affordable Units with the terms of
this Agreement and certified as correct by a third-party, shall be submitted annually to the Housing
and Homeless Services Director, commencing on the first Report Date that is twelve (12) months
from the completion of construction of the Affordable Units. If similar reports on some or all of
the Affordable Units are required for regulatory compliance with other financing programs, those
reports may be deemed satisfactory for the purpose of this section by the Housing and Homeless
Services _Director, with respect to the Affordable Units covered by such reports, provided that
copies of those reports are provided on an annual basis to the Housing and Homeless Services
Director with a third party certification addressed to the City.
5. :_ Release of Subject Property from Agreement The covenants and conditions
herein contained shall apply to and bind the Developer and its heirs, executors, administrators,
successors, transferees, and assignees having or acquiring any right, title or interest in or to any
part of Property and shall run with and burden the Property until terminated in accordance with
the provisions of Section 12 hereof. The Developer shall expressly make the conditions and
covenants contained in this Agreement a part of any deed or other instrument conveying any
interest in such property. The burdens of this Agreement shall remain in full force and effect and
recorded against theDevelopment for the 55-year duration of this Agreement.
6. Default Failure of the Developer to cure any default in the Developer's
obligations under the terms of this Agreement within ninety (90) days after the delivery ofa notice
of default from the City (or where the default is of the nature which cannot be curedwithin
such ninety (90) day period, the failure of the Developer to commence to cure such default within
the ninety (90) day period or the Developer's failure to proceed diligently to complete the cure of
such a default within a reasonable time period but in no event greater than one-hundred eighty
(180) days) will constitute a failure to satisfy the Conditions of Approvalwith respect to the
Property and the requirements of Chapter 21.85 of the CMC. The City may exercise any and all
remedies available to it with respect to the Developer's failure to satisfy the Conditions of Approval
and Chapter 21.85 of the CMC.
7. Appointment of Other Agencies. At its sole discretion, City may designate,
appoint or contract with any other public agency, for-profit or non-profit organization to perform
the City's obligations under this Agreement.
8. Hold Harmless. Developer will indemnify and hold harmless (without limit as to
amount) City and its elected officials, officers, employees and agents in their official capacity
(hereinafter collectively referred to as "Indernnitees"), and any of them, from and against all loss,
all risk of loss and all damage (including attorneys' fees and expenses) sustained or incurred
because of or by reason of any and all claims, demands, suits, actions, judgments and executions
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Jan. 11, 2022 Item #5 Page 11 of 21
for damages of any and every kind and by whomever and whenever made or obtained, allegedly
caused by, arising out of or relating in any manner to Developer's actions or defaults pursuant to
this Agreement except for Indemnitee's gross negligence or willful misconduct:, and shall protect
and defend Indemnitees, and any of them with respect thereto. This provision shall survive the
term of this Agreement.
9. Insurance Requirements. Developer shall obtain, at its own expense, commercial
general liability insurance for development of the Property naming Indemnitees as additional
named insureds with aggregate limits of not less than two million dollars ($2,000,000), for
bodily injury and death and property damage, including coverage for contractual liability and
projects and completed operations, purchased by Developer or its successor or assigns from an
insurance company duly licensed to engage in the business of issuing such insurance in the State,
with a current Best's Key Rating of not less than A-:VII, such insurance to be evidenced by an
endorsement-which so provides and delivered to the Housing and Homeless Services Director prior
to the issuance of any building permit for the Property.
10. Notices. All notices required pursuant to this Agreement shall be in writing and
may be given by personal delivery or by registered or certified mail, return receipt requested, to
the party to receive such notice at the addressed set forth below:
TO THE CITY OF CARLSBAD:
City of Carlsbad
Housing and Homeless Services Department
1200 Carlsbad Village Drive
Carlsbad, CA 92008
Attn: Housing and Homeless Services Director
Email: Housing@carlsbadca.gov.
Fax: 760-720-2037
TO THE DEVELOPER:
1603\ 11\31879 5 5 .5
Harding Street Neighbors LP
c/o Innovative Housing Opportunities, In.c.
501 N. Golden Circle, Suite 100
Santa Ana, CA 92705
Attn: President and CEO
with a copy to:
C&C Harding Street:, LLC
Attn: Todd Cottle
14211 Yorba Street
Tustin, CA 92780
4 CA 5/12/2011
Jan. 11, 2022 Item #5 Page 12 of 21
EXHIBIT A
LEGAL DESCRIPTION
THE LAND REFERRED TO HEREJN BELOW IS SITUAIBD IN THE CITY OF
CARLSBAD IN THE COUNTY OF SAN DJEGO, STATE OF CALIFORNIA, AND IS
DESCRIBED AS FOLLOWS:
PARCEL A:
LOTS 1 TO 9, INCLUSIVE, 11 TO 13 INCLUSIVE, AND 24 TO 33 INCLUSIVE, OF PALM
VISTA IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF
CALIFORNIA, ACCORDING TO THE MAP NO. 2969, FILED IN THE OFFICE OF THE
COUNTY RECORDER OF SAN DJEGO COUNTY, MARCH 16, 1953.
EXCEPTING THEREFROM THAT PORTION DESCRIBED AS FOLLOWS:
BEGINNING AT THE MOST NORTHERLY CORNER OF LOT 13 OF PALM VISTA
ACCORDING TO MAP THEREOF NO. 2969~ THENCE ALONG THE EASTERLY LINE OF
SAID LOT 13, SOUTH 19°17'11" EAST 161.15 FEET TO THE SOUTHEASTERLY CORNER
OF SAID LOT 13, SAID POINT BEING ALSO THE EASTERLY CORNER OF SAID LOT
14; THENCE ALONG THE SOUTHEASTERLY LINE OF SAID LOT 14, SOUTH 61 °51 '52"
WEST 68.06 FEET; THENCE NORTH 08°26'25" WEST 42.85 FEET; THENCE NORTH
14°49'18" WEST 95.30 FEET; THENCE NORTH 25°13'44" WEST 26.19 FEET TO A POINT
IN THE NORTHWESTERLY LINE OF SAID LOT 13, SAID POINT BEARS SOUTH
61°51'52" WEST 55.14 FEET FROM SAID MOST NORTHERLY CORNER; THENCE
ALONG SAID NORTHWESTERLY LINE NOR1H 61°51'52" EAST 55.14 FEET TO TIIB
POINT OF BEGINNING.
FURTHER EXCEPTING THEREFROM, HIOSE PORTIONS OF LOTS 8, 9, 11 AND 12 AS
CONVEYED TO THE STATE OF CALIFORNIA FOR HIGHWAY PURPOSES AS
DESCRIBED IN DEED RECORDED AUGUST 24, 1967 AS FILE NO. 127829 OFFICIAL
RECORDS OF SAID COUNTY.
APN(S): (Lot l); 204-292-01-00; 204-292-02-00 (LOT 2); 204-292-10-00 (LOT 3); 204-292-
11-00 (LOT 4); 204-292-12-00 (LOT 5); 204-292-13-00 (LOT 6); 204-292-14-00 (LOT 7);
204-292-17-00 (LOT 8); 204-292-18-00 (LOT 9); 204-292-20-00 (LOT 11); 204-292-21-00
(LOT 12); 204-292-22-00 (LOT 13); 204-291-27-00 (LOT 24); 204-291-26-00 (LOT 25); 204-
291-25-00 (LOT 26); 204-291-24-00 (LOT 27); 204-291-23-00 (LOT 28); 204-291-19-00
(LOT 29); 204-291-20-00 (LOT 30); 204-291-21-00 (LOT 31); 204-291-22-00 (LOT 32); 204-
291-14-00 (LOT 33)
PARCELB:
THATPORTIONOFLOT236OFTHUMLANDS,INTIIECITYOFCARLSBAD,COUNTY
OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP NO. 1681, FILED IN
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THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, DECEMBER 9,
1915, DESCRIBED AS FOLLOWS:
BEGINNING AT A POINT ON THE CENTER LINE OF MAGNOLIA A VENUE, DISTANT
TIIEREON sourn 61°21' WEST, 446.86 FEET FROM ITS INTERSECTION WITH THE
CENTER LINE OF ADAMS STREET, SAID POINT OF BEGINNING BEING THE MOST
WESTERL y CORNER OF TIIB LAND CONVEYED BY THE sourn COAST LAND
COMP ANY TO DEAN F. PALME~ BY DEED DATED MAY 5, 1927, AND RECORDED
IN BOOK 1335, PAGE
384 DEEDS, RECORDS OF SAID COUNTY; THENCE ALONG THE SOUTHWESTERLY
LINE OF THE LAND AS CONVEYED TO SAID PALMER AND THE SOUIBEASTERL Y
PROWNGATION OF SAID LINE, SOU1H 28°39' EAST, A DISTANCE OF 487.47 FEET,
MORE OR LESS, TO AN INTERSECTION WITH THE NORTHEASTERLY
PROLONGATION OF THE NORTHWESIBRLY LINE OF THE LAND CONVEYED BY
SOUTH COAST LAND COMPANY TO LAURA JONES BY DEED DATED MAY 14, 1929,
AND RECORDED IN BOOK 1629, PAGE 431 DEEDS, RECORDS OF SAID COUNTY;
THENCE ALONG SAID PROLONGATION AND THE NORTIIWESTERL Y LINE OF THE
LAND SO CONVEYED TO SAID JONES, SOUTH 61 °21' WEST, A DISTANCE OF 536.38
FEET, MORE OR LESS, TO A POINT ON THE NORTHEASTERLY LINE OF THE LAND
CONVEYED BY SOUTH COAST LAND COMPANY TO P.J. WHELDON AND MARY H.
WHELDON BY DEED DATED JULY 7, 1926, AND RECORDED IN BOOK 1180, PAGE
463 DEEDS, RECORDS OF SAID COUNTY; THENCE ALONG THE SAID
NORTHEASTERLY LINE OF THE LAND SO CONVEYED TO SAID WHELDON AND
ALONG THE NORTHWESTERLY PROLONGATION THEREOF, NORTH 28°39' WEST, A
DISTANCE OF 487.47 FEET, MORE OR LESS, TO A POINT ON THE CENTER LINE OF
MAGNOLIA A VENUE; THENCE ALONG SAID CENTER LINE NORTH 61°21 1 EAST. A
DISTANCE OF 536.3 8 FEET, MORE OR LESS, TO THE POINT OF BEGINNING.
EXCEPTING TIIEREFROM THAT PORTION LYING NORTHEASTERLY OF THE
FOLLOWING DESCRIBED LINE:
BEGINNING AT A POINT IN THE NORTHWESTERL YBOUNDARY OF LOT 8 OF PALM
VISTA, ACCORDING TO THE MAP THEREOF NO. 2969, FILED IN THE OFFICE OF THE
COUNTY RECORDER OF SAN DIEGO COUNTY, MARCH 16, 1953, SAID POINT BEARS
SOUTH61°58'4611 WEST, 71.99FEETFROMTHEMOSTNORTHERLYCORNEROF SAID
LOT 8; THENCE (1) NORTH 22°36'4211 WEST, 359.22 FEET; THENCE (2) NORTH 18°34'28"
WEST, 131.94 FEET TO A POINT IN TIIB CENTERLINE OF MAGNOLIA A VENUE, LAST
SAID POINT BEARS NORTH 61°54'01 11 EAST, 162.74 FEET FROM THE INTERSECTION
OF SAID CENTER LINE AN THE CENTER LINE OF HARDING STREET, FORMERLY
5TH STREET, AS SAID STREET IS SHOWN ON THE RE-SUBDMSION OF A PORTION
OF ALLES AVOCADO ACRES, ACCORDING TO TIIB MAP NO. 2027, FILED IN THE
OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, MAY 17, 1927.
APN(S): 204-292-16-00
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PARCELC:
LOT 10 OF PALM VISTA IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO,
STAIB OF CALIFORNIA, ACCORDING TO MAP NO. 2969, FILED IN THE OFFICE OF
THE COUNTY RECORDER OF SAN DIEGO COUNTY, MARCH 16, 1953.
EXCEPT THEREFROM THAT PORTION CONVEYED TO THE STATE OF CALIFORNIA,
PERGRANTDEEDRECORDEDMAY9, 1967 ASINS1RUMENTNO. 64674OFFICIAL
RECORDS.
APN(S): 204-292-19-00
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EXHIBITB
BEDROOM COUNT AND NUl\'IBER OF UNITS
Bedroom Size #of Units Total# Bedrooms·
1 23 23
2 18 36
3 48 144
Total 89* 203
*Note: includes 1 3-bedroom unit for the on-site property manager
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