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HomeMy WebLinkAboutCT 13-03; Rancho Costera LLC; 2016-0704052; Affordable Housing Agreement/ReleaseDOC# 2016-0704052 II 1111111111 111111111 I 1111111111 1111111111 1111111111 111111111111111 Ill Dec 22, 2016 02:32PM OFFICIAL RECORDS Ernest J. Dronenburg Jr SAN DIEGO COUNTY RECORDER RECORDING REQUESTED BY: FEES $3900 City of Carlsbad WHEN RECORDED MAIL TO: City of Carlsbad City Clerk's Office Attn.: City Clerk 1200 Carlsbad Village Drive Carlsbad, California 92008 PAGES: 9 {Space above for Recorder's Use) AFFORDABLE HOUSING AGREEMENT IMPOSING RESTRICTIONS ON REAL PROPERTY AMENDMENT NO. 1 The original AFFORDABLE HOUSING AGREEMENT IMPOSING RESTRICTIONS ON REAL PROPERTY ("Agreement"), entered into on the 14th day of March, 2014, is hereby amended on this II day of IJ~ , 2016 as set forth herein (the "Amendment") and as agreed by and between the CITY OF CARLSBAD, a municipal corporation (hereinafter referred to as the "City"), and RANCHO COSTERA, LLC, a Delaware Limited Liability Company hereinafter referred to as the "Developer"), and made with reference to the following : A. Developer is the owner of certain real property, known as the West Village of Robertson Ranch, in the City of Carlsbad, in the County of San Diego, California ("Property") described in Exhibit "A", which is attached hereto and incorporated herein by this reference. B. Developer currently intends to construct up to a total of 672 residential units ("Development") on the Property. The City has approved the Robertson Ranch Master Plan (MP 02-03) (the "Master Plan") for the Development and certain adjacent property (East Village Development) not owned by Developer. The Master Plan allows for up to 672 units to be constructed on the Development. The City issued the approval subject to certain conditions of approval ("Conditions of Approval"), including a condition requiring at least fifteen percent (15~, or one hundred and one (1 01 ), of the units in the Development to be affordable housing for low income households as required by the City's Inclusionary Housing Ordinance, Carlsbad Municipal Code ("CMC") Chapter 21.85, and an additional eight percent (8%), or fifty-six (56), of the total units in the Development to be affordable housing for moderate-income households as defined within this Agreement. C. The Development will consist of six (6) individual residential Planning Areas. Planning Areas 7 and 8 shall include a total of three hundred sixty-four (364) market rate and affordable multi-family housing units. The remaining Planning Areas shall include a total of three hundred and eight (308) single family homes. Developer intends to comply with the Conditions of Approval for the Development by constructing, or causing to be constructed, (i) a total of one hundred one (I 01) senior, low income affordable apartment units in Planning Area 8, and (ii) an additional fifty-six (56) moderate income affordable apartment units in Planning Areas 7 and 8 of the Development and as further described in Exhibit "C". D. Developer was required by the Conditions of Approval to enter into an Affordable Housing Agreement as required and with the content specified by the City's Inclusionary Housing Ordinance, CMC Chapter 21 .85, and Developer did enter into the required Affordable Housing Agreement, and executed and recorded said agreement prior to the approval of any final map, including Master Tentative Map, for the Subject Property. E. Developer now desires to revise Exhibits "B" & "C" of the original Affordable Housing Agreement, dated March 14, 20 14 to reflect changes in the affordable apartment unit square footage and bedroom size as well as the schedule of release of building permits for said Development. F. City hereby approves the amendments to the original Affordable Housing Agreement, dated March 14, 2014, as set forth herein and agreed to by both Developer and City and set forth as Amendment No. I to said original agreement. NOW, THEREFORE, it is mutually agreed by and between the undersigned parties that the original Affordable Housing Agreement, dated March 14, 2014 shall be amended and the following conditions restated as follows, with all remaining terms of the original Agreement to remain in full force and effect: 2.1 Size and Bedroom Count. The Low and Moderate Income Affordable Multifamily Rental Units shall include one, two, and three bedroom units in the numbers and with the square footage indicated in the attached Exhibit "B". Under no circumstances, however, shall the number of three (3) bedroom units be less than ten percent (I 0%) of all Moderate Income Affordable Multifamily (Rental) Units. 2.4 Schedule for Developing Low and Moderate Income Affordable Multifamily Units. Developer shall construct, or cause to be constructed, the Affordable Multifamily Rental Units pursuant to the following schedule and as described in attached Exhibit "C" and as set forth herein. The following amendments are approved to said original schedule: 2.4.4 Upon satisfying the applicable conditions stated in Sections 2.4.1, Section 2.4.2, and 2.4.3 of the original Agreement, building permits shall be released to Developer by City, at Developer's request, for a total of no more than two hundred (200) market rate single family homes, one hundred and one (101) senior low income affordable multifamily rental units, and one hundred sixty seven (167) multifamily rental units, which shall include the required fifty six (56) moderate income affordable multifamily rental units, to be constructed in Planning Areas 7 and/or 8 of said Development. 2 2.4.5 Once (a) building permits have been released to Developer by the City, (b) the foundations for (i) the one hundred and one (101) low income affordable apartment units and (ii) at least fifty-six (56) of the market rate and/or moderate affordable apartment units (collectively, the "Foundations") are complete, (c) the Foundations are inspected and approved by the City, and (d) proof of adequate construction financing to complete the construction of the low and moderate income affordable rental units is provided to the City, then building permits for all of the remaining one hundred eight (108) market rate single family and ninety six (96) market rate multifamily housing units shall be released by City to Developer at Developer's request. THE REMAINDER OF THIS PAGE HAS BEEN LEFT INTENTIONALLY BLANK 3 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the clay and year first above written. DEVELOPER By: Rancho Costera, LLC A Delaware Limited Liability Company ~~ By: 0i~t>~ .D~~ \ Signature Title: 'D ~\.lt~a"oo--~+. v~ Pres~ Date: n I II /2ol.b By: -------------------- Signature Date: CITY CITY OF CARLSBAD, U£~W Debbie Fountain Housing & Neighborhood Services Director Date: Wt31tk (Chairman, president or vice-president and secretary, assistant secretary, CFO or assistant treasurer must sign for corporations. Otherwise, the corporation must attach a resolution certified by the secretary or assistant secretary under corporate seal empowering the ofjicer(s) signing to bind the corporation.) (lf 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 Developer must be attached.) APPROVED AS TO FORM Celia A. Brewer, City Attorney 4 Date: CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE§ 1189 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of Calr:zia County of <r.t L dt!"t; d OndA~.e /~nM/t):lefore me, Date (.....kUL~# ~..S, A/P;r;;fldy bd.t;a Here Insert Name and Title of the Officer personally appeared ~~~~~~~~~~·~~~~J~~~~~~/~~~~~~~~~~~A~~-~~~~~~~~~~~~ Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be ti;p .person(,$) whose name~<¢ 7-Ypscribed to the within instrument and ackno~ged to me that~s~/t~ executed the same in e;Jih¢/t~r authorized capacity(i~), and that by~.(~l¢r/t~r signature~ on the instrument the person~, or the entity upon behalf of which the person~ acted, executed the in~trument. Place Notary Seal Above I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. -----------------------------OPTIONAL----------------------------- Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: ~~~~~~~~~~~~~~~~~~~~--------~ Document Date: ~~~----~---~-----~-Number of Pages: ~----­ Signer(s) Other Than Named Above: ~--~------~----~----~---~ Capacity(ies) Claimed by Signer(s) Signer's Name: --~--~---~~--Signer's Name:~~~~~~~~~~~~~ 0 Corporate Officer -Title(s): ______ _ 0 Corporate Officer -Title(s): ______ _ 0 Partner -0 Limited 0 General 0 Partner -0 Limited 0 General 0 Individual 0 Attorney in Fact 0 Individual 0 Attorney in Fact 0 Trustee 0 Guardian or Conservator 0 Trustee 0 Guardian or Conservator 0 Other: ______________ _ 0 Other: _____________ ___ Signer Is Representing: ~~~~~~~~~-Signer Is Representing: -~~~------ ,K,'§<;''<;N.'§R.~'§X''%'%'%~'%"{,i?<$'\;;<(><;:"&'%'%'%'§<;,%'%'%~'%'%'¥0'§K.'¥0'%'§'i<;'§<;;.'Q0~ ©2016 National Notary Association· www.NationaiNotary.org • 1-800-US NOTARY (1-800-876-6827) Item #5907 EXHIBIT "A" LEGAL DESCRIPTION OF PROPERTY All of Carlsbad Tract 13-03, Rancho Costera (Robertson Ranch West Village) in the City of Carlsba , County of San Diego, State of California, according to Map thereof No./ l:,OCf I filed in the Office of the County Recorder of San Diego County /b092 on2/Z.IJ(, as File No. 2o/l:,-7ooo.o5i c:f 2olb-loooo$2- Total Area= 197.05 acres more or less. 5 EXHIBIT "B" UNIT SIZES AND BEDROOM COUNT Low Income Affordable, Senior Apartment Units: BEDROOM SIZE One Bedroom Two Bedroom Three Bedroom Total Moderate Income Affordable Apartment Units: BEDROOM SIZE One Bedroom Two Bedroom Three Bedroom Total NUMBER OF UNITS APPROXIMATE SQUARE FOOTAGE 86 638 square feet 15 833 square feet 0 N/A 101 NUMBER OF UNITS APPROXIMATE SQUARE FOOTAGE 21 640 square feet 29 1,043 square feet 6 1,351 square feet 56 6 EXHIBIT "C" BUILDING PERMIT RELEASE PHASING PLAN Action Required/Phasing Type Released Percent of Total Comments Permits of Protect Execute and record the Approval afFinal N/A Allows for approval of original Affordable Map for CT 13-03; Final Map only. Housing Agreement no building permits This approval allows for approved and/or a total of 515 market rate issued rental or ownership units, and a total of 157 low and moderate income affordable rental units. Receive City approval of 200 Building Permits 65% of the total A total of 200 building SDPs for the affordable for Single Family market rate single permits for market rate housing developments, and Market Rate Housing family housing single family housing amendment to the original Units building permits units and building Affordable Housing permits for 268 of the Agreement, as appropriate and 74% of the total multifamily housing units and necessary. multifamily housing including all of the 268 ofthe units, including low affordable housing units multifamily housing and moderate income for this development will units, including 101 affordable housing be released at this low income and 56 building permits phase. moderate income affordable housing units All building permits issued All remaining 108 35% of the total A total of 515 market and foundations complete, Building Permits for market rate single rate and 157 inspected and approved for Market Rate Single family housing building permits for I 01 low and/ at least 56 Family Housing building permits. affordable housing units market rate and/or Units will be released as of this moderate income 26% of the total phase. affordable apartment And multifamily housing units, and proof of units, including low adequate construction All remaining and moderate income financing for low and Building Permits for affordable housing moderate income rental the 96 multifamily building permits units is provided to, and housing units approved by, City Total 5 1 5 Market Rate I 00% of all permits 672 housing units Units issues !57 Low & Moderate Income Affordable Units 7 RANCHO COSTERA LLC OFFICER'S CERTIFICATE I, Kenneth J. Greenspan, Vice President and Assistant Secretary of Rancho Costera LLC, a Delaware limited liability company (the "Company"), do hereby certify and confirm that the following individuals are duly appointed to the offices next to their names and each of them is individually authorized, empowered and directed to execute and deliver, on behalf of the Company, any agreement, application or any other document with respect to the applications for any and all permits, zoning, subdivision approvals and construction matters, including, but not limited to, utility documents and Department of Real Estate documents, which are to be applied for by the Company, and any agreement, deed, or any other document with respect to the sale or conveyance of individual homes, units, lots or parcels owned by the Company, upon such terms and conditions as they deem appropriate and in the best interest of the Company: James W. Boyd Regional President Seth Ring Division President Bradley L. Hare Division Senior Vice President Gregory M. Deacon Division Assistant Vice President IN WITNESS WHEREOF, the unders~'hed has executed this Officer's Certificate on the 26th day of October, 2016. / J I 6 ~' 1/ / & /