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Home My WebLink AboutCT 13-02; Coastal Living 10 LLC; 2014-0310440; Affordable Housing Agreement/ReleaseDOCtt 201 llllllllllllllllllllllllllllllll 03 lllll 0440 Illlli ^% Recording Requested bv: /^ City of Carlsbad When Recorded Mail to: City of Carlsbad City Clerk's Office Attn: CityClerk 1200 Carlsbad Village Drive Carlsbad. Califomia 92008 JUL 23, 2014 11:38 AM OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE Emest J. Dronenburg, Jr., COUNTY RECORDER FEES: 30.00 PAGES: (Space above for Recorder's Use) AFFORDABLE HOUSING AGREEMENTv2 (Purchase of Credits) THIS AFFORDABLE HOUSING AGREEMENT ("Agreement") is entered into this 9^ day of CXuJbL^ . 2014, by and between the CITY OF CARLSBAD, a municipal :itj£i') andOCo corporation ("Citjj?') andUCoastal Living 10 LLC, ("Developer"), a Califomia limited liability corporation, with reference to the following: RECITALS A. Developer is the owner of certain real property in the City of Carlsbad, County of San Diego, State of California, described in "Exhibit A", which is attached hereto and incorporated herein by this reference, and which is the subject of a Tentative Map (CT 13-02), which provides conditional approval of the construction of ten (10) dwelling units ("Project"). B. Chapter 21.85 of the Carlsbad Municipal Code requires that this Agreement shall be entered into between the City and the Developer as a means of satisfying the Developer's affordable housing obligation, as such is defined under Chapter 21.85 ofthe Carlsbad Municipal Code. Planning Commission Resolution No. 7012 provides that the Affordable Housing Obligation of two (2) units ("Affordable Housing Obligation") will be satisfied by the purchase of affordable housing credits, as provided for in Chapter 21.85, Section 21.85.080. NOW, THEREFORE, incorporating the foregoing Recitals and in consideration of the mutual covenants contained herein, the parties agree as follows: 1. The Recitals are tme and correct. 2. THAT SATISFACTION OF DEVELOPER'S AFFORDABLE HOUSING REQUIREMENT WILL BE BY THE PURCHASE OF AFFORDABLE HOUSING CREDITS. (a) Performance under this Agreement satisfies the Developers' obligation for affordable housing under Chapter 21.85 of the Carlsbad Municipal Code as applied to the land covered by Carlsbad Tract No. 13-2 by reason of the approvals ofthe Tentative Map of CT 13-2, including Condition No. 14 of Planning Commission Resolution No.7012, and any other applicable approval. CA 2/5/2013 (b) The Developer shall purchase two (2) affordable housing credits in the Cassia Heights Affordable Housing developments (within the Southwest/Southeast Quadrant ofthe City ofCarlsbad), based on availability, for an amount established by resolution ofthe City Council and as required by Condition No. 14 ofPlanning Commission Resolution No. 7012 no later than two (2) years following City Council approval of this Agreement. The credit fee shall be paid prior to the Developer receiving any building pennits for the project. The subject housing credits will be reserved for said Developer for no longer than (2) years following City Council approval ofthis Agreement. If the Developer does not purchase the subject credits within two (2) years of the date of this Agreement, the City shall make the credits available to one or more altemate developers and the Developer for this Agreement shall then be required to satisfy its inclusionary obligation through altemate methods as approved by the City. 3. REMEDIES Failure by the Developer to perform in accordance with this Agreement will constitute failure to satisfy the requirements of Chapter 21.85 of the Carlsbad Municipal Code and Condition No. 14 of Planning Commission Resolution No. 7012. Such failure will allow the City to exercise any and all remedies available to it including but not limited to withholding the issuance of building permits for the lots shown on Carlsbad Tract No. 13-02. 4. 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 "Indemnitees"), and any of them, from and against all loss, all risk of loss and all damage (including attomeys' fees and expenses) sustained or incurred because of or by reason of any and all claims, demands, suits, or actions, obtained, allegedly caused by, arising out of or pertaining in any manner to Developer's actions or defaults pursuant to this Agreement, and shall protect and defend Indemnitees, and any of them with respect thereto. This provision shall survive the term of this Agreement. 6. NOTICES All notices required pursuant to this Agreement shall be in writing and may be given by personal delivery or by registed or certified mail, retum receipt requested to the party to receive such notice at the address set forth below: TO THE CITY: City of Carlsbad Housing & Neighborhood Services Department Attn: Housing & Neighborhood Services Director 1200 Carisbad Village Drive Carisbad, Califomia 92008 TO THE DEVELOPER: Brian Merritt Coastal Living 10, LLC 7668 El Camino Real 104-108 Carlsbad, Ca. 92009 C A 2/5/2013 Any party may change the address to which notices are to be sent by notifying the other parties of the new address, in the manner set forth above. 6. ENTIRE AGREEMENT This Agreement constitutes the entire agreement between the parties and no modification hereof shall be binding imless reduced to writing and signed by the parties hereto. 7. DURATION OF AGREEMENT This Agreement shall terminate and become null and void upon the payment of the affordable housing credits, or the repeal, termination, or modification of any applicable ordinance which act would render the Affordable Housing Obligation unnecessary or unenforceable. 8- SUCCESSORS This Agreement shall benefit and bind the Developer and any successive owners of affordable housing lots. // // // // // // INTENTIONALLY LEFT BLANK // // // // // // // // // CA 2/5/2013 9. SEVERABILITY In the event any provision contained in this Agreement is to be held invalid, void or unenforceable by any court of competent jurisdiction, the remaining provisions ofthis Agreement shall nevertheless, be and remain in full force and effect. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed as ofthe day and year first above written. DEVELOPER COASTAL /.ic^//u€n 70^ LLC By: JS'tr ^sj^^y r>ip./r?/r^^ /AC Title: /y7/lAJ/}G,^y, OF CARLSBAD By: Debbie Fountain, Housing ana Neighborhood Services Director Da.ed: 7Af//Y Dated: <7e//^/C Z^. ^-^y By: Name: <^ /Vl f\ [/ ^f\K)f: Title: PnJiS> o(j?^^ Dated: /^/ZT (Chairman, president or vice-president and secretary, as.9istant .secretary, CFO or assistant treasurer must sign for corporations. Otherwise, the corporation must attach a resolution certified hy the secretary or assistant .secretary under corporate seal empowering the office(s) signing to bind the corporation.) (If signed by an individual partner, the partnership must attach a statement of partnership authorizing the partner to execute this instrument.) (Proper notarial acknowledgment of execution by Contractor must be attached.) APPROVED AS TO FORM Celia A. Brewe^ C^ Attorney Jan6fm)baldi, Assistant City Attomey Dated: :AA:-/yyA^ CA 2/5/2013 EXHIBIT A LEGAL DESCRIPTION OF PROPERTY Lot 40 of La Costa South Unit 1, according to the map thereof No. 6117, filed in the office ofthe County Recorder of San Diego County, June 3,1968. APN: 216-170-19 C A 2/5/2013 California All-Purpose Acknowledgmerit state of California County of .._0^,yAA^..... On J^*^^.:^!^ beforeme, l?oyA,F/^, t^otmy f^Sti^ personally appeared „ who proved to me on the basis of satisfactory evidence to be the person(j^ whose name^ is/91^ subscribed to the within instrument and acknowledged to me that he/sjsi/th^y executed the same in his/lT^^/thjastTr authorized capacity(ifi^, and that by his/h^ffth^ir signaturefi^S on the instrument the personj^, or the entity upon behalf of which the person^ acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California the foregoing paragraph is true and correct. WITNESS my hand icial seal. Signa Notary Public DON S. PARK r Commission # 2021655 \ Notary Public - California 1 Orange County g My Comm. Expires May 21,2017 L My commission expires on: Mi/h^/Mf.^ojf} Phone No.: