HomeMy WebLinkAboutCT 92-01; Greystone Homes Inc; 1995-0535140; Affordable Housing Agreement/Releasec .
RECORDING REQUESTED BY:
City of Carlsbad
1200 Carlsbad Village Drive
Carlsbad, CA 92008
WHEN RECORDED SEND TO:
City Clerk’s Office
City of Carlsbad
1200 Carlsbad Village Drive
Carlsbad, CA 92008
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OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER’S OFFICE
I8S! -’
RELEASE OF AFFORDABLE HOUSING AGREEMENT
IMPOSING RESTRICTIONS ON REAL PROPERTY
Recording Requested by anr’-c
When Rec&ded Return to: , .
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CITY CLERK
City of Carlsbad
1200 Carlsbad Village Drive
Carlsbad, California 92008
RELEASE OF AFFORDABLE HOUSING AGREEMENT IMPOSING
RESTRICTIONS ON REAL PROPERTY
NOTICE IS HEREBY GIVEN that the Affordable Housing Agreement Imposing Restrictions
on Real Property between the City of Carlsbad and GREYSTONE HOMES, INC.
required by an application for CT 92-O l/PUD 92-O l/SDP 93-04/HDP 92- 10 - COSTA DO SOL
recorded on NOVEMBER 27.1995 as Document No. 1995-0535 140 , is
hereby released for the following reason:
q Obligation Satisfied 0 Application Withdrawn
El Other
DATED %a-a*9(u
APPROVED AS TO FORM:
RONALD R. BALL, City Attorney
CITY OF CARLSBAD
By:
1 JANE MOBALDI
Deputy City Attorney
By:
Community Development%i&tor
---_---_---__---_---------------------------------------------------------------------------------------------------
State of California
County of San Diego
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MM%N 0 e?wfM
. snw; lWl?iWY P&Y C, personally appeared
, personally known to me (w
s) to be the person@ whose name-subscribed to
the within instrument and acknowledged to me that @sJ&tw executed the same in
w/tti authorized capacity(&), and that by&&&w signature@ on the instrument the
person&), or entity upon behalf of which the person&) acted, executed the instrument.
WITNESS my hand and official seal
l&ha
(Signature) ’ I
Recordinq Requested By:
City of Carlsbad
When Recorded Mail To:
D? # 19?5-0535140 27--HOU-1995 01 c 46 PI1 I1 3i-?’ 6 - ItFFIClPl RECORDS . i : / SAN DIEGD COUNTY RECORDER’S OFFICE
/ i i I : 60.00 1 *
City of Carlsbad City Clerk's Office Attn: City Clerk 1200 Carlsbad Village Drive Carlsbad, CA 92008
AFFORDABLE HOUSING AGREEMENT IMPOSING RESTRICTIONS ON REAL PROPERTY
This AFFORDABLE HOUSING AGREEMENT IMPOSING RESTRICTIONS ON
REAL PROPERTY, entered into this /ys day of fle I
19&, by and between the CITY OF CARLSBAD, a Municipal Corporation
(hereinafter referred to as the "City"), and GREYSTONE HOMES, INC.
(hereinafter referred to as the "Developer"), is made with
reference to the following:
A. Developer is the owner of certain real property located
at the northwest and northeast intersection of Camino de Las Ondas
and future Hidden Valley Road, easterly of Paseo de1 Norte, in
Local Facilities Management Plan Zone 20, in the City of Carlsbad,
in the County of San Diego, California (hereinafter referred to as
the "subject property"). The subject property is more particularly
described in Exhibit "A," which is attached hereto and incorporated
herein by this reference.
B. Developer wishes to construct 112 single family homes and
40 one-, two- and three-bedroom condominium units upon the subject
property. The City has approved Carlsbad Tract/Parcel Map Number
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- . . ,
1367
CT 92-01, Planned Unit Development Number PUD 92-01 and Site
Development Plan Number SDP 93-04 for the proposed development.
The City issued this approval subject to conditions of
discretionary approval.
NOW, THEREFORE, it is mutually agreed by and between the
undersigned parties as follows:
1. SATISFACTION OF AFFORDABLE HOUSING OBLIGATION AND CONDITIONS OF TENTATIVE MAP APPROVAL
Developer shall provide a total of twenty-three (23)
units of housing which shall be affordable to lower income
households ("Affordable Units"), in order to satisfy a condition of
the Tentative Map CT 92-01 approved by the City Council on March 1,
1994, pursuant to Planning Commission Resolution No. 3546, that
requires that each improved Affordable Unit be restricted and
affordable to lower income households as required and defined by
Chapter 28.15 of the Carlsbad Municipal Code and the United States
Department of Housing and Urban Development (the "Tentative Map
Condition").
Failure of the Developer to perform according to the
terms of this Agreement will be a failure to satisfy the Tentative
Map Condition with respect to the subject property and Chapter
28.15 of the Carlsbad Municipal Code; and the City may exercise any
and all remedies available to it with respect to the Developer's
failure to satisfy the Tentative Map Condition including but not
limited to withholding the issue of building permits for the
subject property.
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2. TERMS GOVERNING PROVISION OF AFFORDABLE UNITS
2.1 Obliqation to Provide Affordable Units
2.1.1 Developer shall provide Affordable Units
in relation to unrestricted units ("Market Units") according to the
following schedule:
Maximum Income Number of Level Served Total Number of Ownership bY Number of Ownership Affordable Affordable Ownership Number of Bedrooms Market Units Units Units* Units
l-BR (685 sq. ft.) 6 10 80% AM1 16
2-BR (985 sq. ft.) 11 10 80% AM1 21
3-BR (1,250 sq. ft.) 0 3 80% AM1 3
3-BR (1,897 sq. ft.) 53 0 N/A 53
4-BR (2,277 sq. ft.) 27 0 N/A 27
5-BR (2,546 sq. ft.) 32 0 N/A' 32
Total 129 23 152
* Based on San Diego County Area Median Income (AMI).
2.1.2 Developer shall begin construction of the
Affordable Units by the earlier of either a) one (01) year from the
effective date of this Agreement or b) when building permits have
been issued for thirty-five (35) Market Units.
2.1.3 Developer shall complete construction of
the Affordable Units and make them available for purchase within
one (01) year of the commencement date of construction.
2.1.4 The location of Affordable Units shall be
as shown on Site Development Plan, "SDP 93-04," attached as Exhibit
" B . "
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2.2 Terms for Sale of Affordable Units
Initial purchase prices of Affordable Units shall result
in housing expenses which comply with Chapter 21.85 of the Carlsbad
Municipal Code. A Schedule Determining Maximum Affordable Purchase
Prices, attached as Exhibit "C," shall establish the estimated
affordable purchase prices and the method and assumptions by which
the prices were determined. The final purchase prices of
Affordable Units shall be established prior to sale based on the
income of individual lower income buyers and the cost factors
applicable at the time of purchase such as interest rates, fees,
and subsidy financing. The final purchase price shall be approved
by the Housing and Redevelopment Director.
3. CITY APPROVAL OF DOCUMENTS.
3.1 Developer shall submit the following documents for
approval by the Housing and Redevelopment Director prior to the
issuance of any building permits for the subject property and they
shall be made part of this Agreement: i 3.1.1 A marketing plan establishing the process
for seeking, selecting and determining the eligibility of buyers of
the Affordable Units.
3.1.2 An educational program informing
Affordable Unit purchasers of the obligations of home ownership.
3.1.3 Purchase and Sale Agreement
3.1.4 Resale Agreement and Restrictions
3.1.5 Promissory Note and Second Trust Deed
establishing the City's interest in the Affordable Units.
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4. COMPLIANCE MONITORING
Compliance with the requirements of this Agreement covering
the initial sale of the Affordable Units shall be reported to the
City by the Developer and certified by a third party such as a
Certified Public Accountant approved by the Housing and
Redevelopment Director. Developer shall provide the City with
other reports as required by the City to verify compliance with
this Agreement.
5. APPOINTMENT OF OTHER AGENCIES.
At its sole discretion, the 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.
6. BURDEN TO RUN WITH PROPERTY.
The covenants and conditions herein contained shall apply to
and bind the heirs, executors, administrators, successors,
transferees, and assignees of all the parties having or acquiring
any right, title or interest in or to any part of subject property
and shall run with and burden the subject property until terminated
in accordance with the provisions hereof. Prior to the issuance of
building permits, 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 the subject property.
7. HOLD HARMLESS.
The undersigned developer (hereinafter referred to as
"Indemnitor"), for and in consideration of the City of Carlsbad's
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approval of the development referenced herein, and for other good
and valuable consideration, the receipt and sufficiency whereof is
hereby acknowledged by Indemnitor, does hereby covenant, undertake
and agree that it will indemnify and hold harmless (without limit
as to amount) the City of Carlsbad 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 expense) sustained or incurred because of or by reason
of any and all claims, demands, suits, actions, judgements and
executions 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 this development agreement, and to
protect and defend Indemnitees, and any of them with respect
thereto.
The foregoing obligation by the Indemnitor shall be covered by
appropriate insurance for this development project naming
Indemnitees as additional named insureds with aggregate limits of
not less that five million dollars ($5,000,000) purchased by
Indemnitor 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 that A-:V, such insurance to be
evidenced by an endorsement which so provides and delivered to the
City Clerk prior to the issuance of any building permit for the
development.
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.
8. NOTICES.
1392
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 addresses set forth below:
TO THE CITY OF CARLSBAD:
City of Carlsbad Housing and Redevelopment Department Attn: Housing and Redevelopment Director 2965 Roosevelt Street, Suite B Carlsbad, CA 92008-2389
TO THE DEVELOPER:
Greystone Homes, Inc. 495 East Rincon, Suite 115 Corona, CA 91719
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.
9. INTEGRATED 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.
10. DURATION OF AGREEMENT.
This Agreement shall terminate and become null and void either
a) upon determination by the Community Development Director that
the Affordable Units have reached the end of their useful life
which shall be assumed to be a minimum of 30 years from the date of
their completion or b) when the Affordable Units are no longer
subject to sale restrictions. This Agreement, and any section
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1393
subsection, or covenant contained herein, may be terminated or
amended only upon the written consent of all parties hereto.
11. RECORDING OF AGREEMENT.
The parties hereto shall cause this Agreement to be recorded
in the Official Records of the County of San Diego.
12. SEVERABILITY.
In the event any limitation, condition, restriction, covenant,
or provision contained in this Agreement is to be held invalid,
void or unenforceable by any court of competent jurisdiction, the
remaining portions 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 executed as of the day and year first above
written.
DEVELOPER Greystone Homes, Inc.
CITY OF CARLSBAD A Municipal Corporation
Todd Palmaer
By: ;;eeand -. By: Fy-
Empire Division
APPROVED AS TO FORM:
RONALD R. BALL City Attorney
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1394
STATE OF CALIFORNIA ) ) ss. COUNTY OF RIVERSIDE
On September 29, 1995
Notary Public PT
1
before me,Kim Marie Rogers,
, personally appeared
personally known to me (Ed to me--en thz ?+a~':- -0; d) to be the person(s) whose name(s) @are subscribed to the within instrument and acknowledged to me that @/she/they executed the same in @her/their authorized capacity(ies), and that by @/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
my hand and official seal.
STATE OF CALIFORNIA )
COUNTY OF SAM %?= ) ss.
1
OII~$~BE~ 17, @%S before me, lZ I? H:AWB. tiCVi+RY PL~BLI c , personally appeared M"177rJ QRtAnc~K personally known to me (z ~yd Lo k,, dense-) to be the persontsj whose name@) is- subscribed to the within instrument and acknowledged to me that he/M executed the same in his/%ez,&h&r authorized capacity(&), and that by his/her&h&r signature@) on the instrument the person@-), or the entity upon behalf of which the personCsj acted, executed the instrument.
WITNESS my hand and official seal.
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EXHIBIT "A" 1395
PROPERTY DESCRIPTION
Parcel 2 of Parcel Map 6136 in the City of Carlsbad, County of San Diego, State of California, filed and recorded in the Office of the County Recorder of San Diego County, July 6, 1977.
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EXHIBIT "B" SITE DEVELOPMENT pL,?iN (SDP 93-04) b / 1 \ 'j 1 ,;zL
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EXHIBIT "C"
SCHEDULE DETERMINING MAXIMUM AFFORDABLE PURCHASE PRICES
(2 Persons) (4 Persons) (6 Persons)
One-BR Two-BR Three-BR
Median County Income for Family Size $36,300 $45,400 $52,650
Times Percent of Median Qualifying for Affordable 80% 80% 80%
Equals Percent of Median Income for Family Size $29,040 $36,320 $42,120
Times Percent of Family Income Attributable to Housing Costs 30% 30% 30%
Equals Annual Dollars Allowed for Housing Expenses $8,712 $10,896 $12,636
Less Real Estate Taxes
Less Home Owners Fee
Less Utilities
$864 $1,104 $1,296
$1,200 $1,200 $1,200
$300 $432 $540
Equals Annual Dollars Available for Debt Service $6,348 $8,160 $9,600
Divided by Annual Loan Constant* .09227 .09227 .09227
Equals Maximum Loan Amount for Home Purchase $68,798 $88,436 $104,042
Plus Down Payment (5%) $3,440 $4,422 $5,202
Equals Maximum Allowable Purchase Price $72,238 $92,858 $109,245
* “Annual Loan Constant” = Annual Debt Service divided by Loan; financing terms, 8.0% @ 30 yrs.;
includes .5% for Private Mortgage Insurance (PMI).
-iii-
NOVEMBER 9, 1995
TO: CITY CLERK
FROM: Housing L Redevelopment Director
RECORDATION OF AFFORDABLE HOUSING AGREEMENT IMPOSING RESTRICTIONS ON REAL PROPERTY BETWEEN THE CITY OF CARLSBAD AND GREYSTONE
HOMES, INC.
Per your request, authorization is hereby given that the above- referenced original agreement be officially recorded. Thank you.
&xii
EVAN E. BECKER Housing & Redevelopment Director
arb