HomeMy WebLinkAbout2022-01-11; City Council; Resolution 2022-004RESOLUTION 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
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