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HomeMy WebLinkAboutCT 2018-0005; TMS Oak Investments 8 LL; 2018-0492714; Affordable Housing Agreement/ReleaseRecording Reguested by; City of Carlsbad When Recorded Mail to; City of Carlsbad City Clerk's Office Attn: City Clerk 1200 Carlsbad Village Drive Carlsbad, California 92008 DOC# 2018-0492714 11111111111111111111111111111111 lllll lllll 1111111111111111111111111111 Nov29, 2018 10:24AM OFFICIAL RECORDS Ernest J. Dronenburg, Jr., SAN DIEGO COUNTY RECORDER FEES: $0.00 (SB2 Atkins $0.00) PAGES: 8 (Space above for Recorders Use) AFFORDABLE HOUSING AGREEMENTv2 (Purchase of Credits) THIS AFFORDABLE HOUSING AGREEMENT ("Agreement") is entered into this dJ.djJ_ day of ilio&Ae. 20 ~ by and between the CITY OF CARLSBAD, a municipal corporation ("City") and TMS Oak Investments 8, LLC ("Developer"), a California Limited Liability Company, 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 2018-0005/PUD 2018-0002/CDP 2018-0021 (DEV2017-0204) which provides conditional approval of the construction of an 8-unit, residential air-space condominium project Village Walk ("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 of the Carlsbad Municipal Code. Planning Commission Resolution No. 7306 provides that the Affordable Housing Obligation of one (1) unit (" 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 true and correct. 1 CA 2/5/2013 Lj DO 2. THAT SATISFACTION OF DEVELOPER'S AFFORDABLE HOUSING REQUIREMENT WILL BE BY THE PURCHASE OF AFFORDABLE HOUSING CREDITS, (a) Perfonnance 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. CT 2018-0005/PUD 2018-0002/CDP 2018-0021 (DEV2017-0204) by reason of the approvals of the Tentative Map of CT 2018-001, including Condition No. 7 of Planning Commission Resolution No. 7306, and any other applicable approval. (b) The Developer shall purchase one ( 1) affordable housing credits in the Tavarua Affordable Housing development (within the Northwest Quadrant of the City of Carlsbad), based on availability, for an amount established by resolution of the City Council and as required by Condition No. 26 of Planning Commission Resolution No. 7306 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 permits for the project. The subject housing credits will be reserved for said Developer for no longer than (2) years following City Council approval of this 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 alternate developers and the Developer for this Agreement shall then be required to satisfy its inclusionary obligation through alternate 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. 18 of Planning Commission Resolution No. 7306. 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. CT 2018-0005/PUD 2018-0002/CDP 2018-0021 (DEV2017-0204). 4. HOLD HARMLESS Developer will indemnify and hold hannless (without limit as to amount) City and its elected officials, officers, employees and agents in their official capacity (hereinafter collectively referred to as "lndemnitees"), 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, 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. 5. 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, return receipt requested to the party to receive such notice at the address set forth below: 2 CA2/5/2013 TO THE CITY: TO THE DEVELOPER: City of Carlsbad Housing & Neighborhood Services Department Attn: Housing & Neighborhood Services Director 1200 Carlsbad Village Drive Carlsbad, California 92008 TMS Oak Investments 8, LLC Street address City, State, Zip 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 unless 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. II II II II II II II II INTENTIONALLY LEFT BLANK 3 CA2/5/2013 II II II II II 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 of this 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 of the day and year first above written. DEVELOPER NAME: TONY SF EDDO Name: ___________ _ Title: ___________ _ Dated: By: Debbie Fountain, Community & Economic Development Director Dated: I tJ fd..$ {1 t~ (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 ofjice(s) signing to bind the corporation.) 4 CA2/5/2013 (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. Brewer, City Attorney By /;1Q j ~ Ronemp';"As~anti Attorney Dated: _ _.__( (J)--+-'l.L.l-..,~,5;'-+-/_,__/ c{_..___ 5 CA2/5/2013 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. Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person~ whose nam~ is/-are- subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/~ authorized capacity~). and that by his/Aefltheir signatureM on the instrument the perso~ or the entity upon behalf of which the person~ acted, executed the in'strument. Place Notary Sea/ Above I certify under PENAL TY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signa~ ~ SignatureofNota Public ---------------OPTIONAL---------------,--- Though is section is optional, completing this information can deter alteration of the doc ent or fraudulent reattachment of this form to an unintended document. Description of Attac Document Title or Type of Document: ---"'-,,,=-----------Document e: -------- Number of Pages: ___ Signer Named Above.;,,:~------------- Capacity(ies) Claimed by Signer(s) Signer's Name: ____________ _ ner's Name: ____________ _ IJ Corporate Officer -Title(s): ----------,,---U C orate Officer -Title(s): ______ _ 1 I Partner -□ Limited r-1 General I J Partne □ Limited lJ General IJ Individual □ Attorney in F I J Individual □ Attorney in Fact l~J Trustee [7 Guardi r Conservator ! ! Trustee uardian or Conservator lJ Other:----~------------lJ Other: _________________ _ Signer Is Represen · Signer Is Representing: _________ _ • ©2014 National Notary Association • www.NationalNotary.org • 1-800-US NOTARY (1-800-876-6827) Item #5907 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 California ) County of s ()X\ \JI e~ ) On Oc✓tuter as aD\<?; before me, th:tr,cAo L ~C9'\b \\)'Qta,~ Pvb(; [.,. Date1 Here Insert Name and Title of the fficer personally appeared betbe, ~D )Dkl D Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person~ whose nameOO-is/are subscribed to the within instrument and acknowledged to me that He/she/U:!Qy executed the same in ~/herL:tl:leir authorized capacity(l)(s), and that by J.tis/her/tb9ir signature~ on the instrument the person($)( or the entity upon behalf of which the perso~ acted, executed the instrument. f e e • 0 0 0 PA;I; 2 c:s~; 0 f _ Notary Public -California i ·~ · San Diego County ! ~ Commission # 2239911 - My Comm. Expires Mdy 24, 2022 Place Notary Sea/ Above I certify under PENAL TY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. SignatQ~~~ Sigmtu~ ----------------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 Attache Title or Type of Document: ------':::.....-=------- Number of Pages: ___ Signer(s) Other Tha Capacity(ies) Claimed by Signer(s) Signer's Name:-------------,_,..-~ □ Corporate Officer -Title(s): ___ ....,,..,.,~-- □ Partner -□ Limited □ Gener □ Individual □ Trustee □Other:---=...-,,:::::. __________ _ Signer I Signer's Name:----=~=--------- [] Corporate Officer -Title(s : --"'--=------ □ Partner -□ Limited □ General □ Individual □ Attorney in Fact □ Trustee □ Guardian or Conservator □ Other: ______________ _ Signer Is Representing: _________ _ • ©2014 National Notary Association • www.NationalNotary.org • 1-800-US NOTARY (1-800-876-6827) Item #5907 EXHIBITA LEGAL DESCRIPTION OF PROPERTY That portion of Tract 99 of Carlsbad Lands, in the City of Carlsbad, County of San Diego, State of California, according to Map No. 1661, filed in the office of the county recorder of San Diego County, March 1, 1915, as described in Schedule "A" of the Preliminary Title Report by Orange Coast Title Company, dated February 2, 2018, Order No. 140-1932478-66 6 CA2/5/2013