The URL can be used to link to this page

Home My WebLink AboutMS 93-07; Aviara Land Associates; 2004-0068200; Affordable Housing Agreement/ReleaseRECORDING REQUESTED BY: Carlsbad City Clerk's Office WHEN RECORDED MAIL TO: City Clerk City of Carlsbad 1200 Carlsbad Village Drive Carlsbad, CA 92008 DOC # 2004-0068200 JAN 289 2004 4:34 PM OFFICIAL KCORDS SllN DIEGO COUNTY KCORDER'S OFFICE GREGORY 3. SWITH, COUNTY RECOKDEN FEES: 0.00 SPACE ABOVE THIS LINE FOR RECORDER'S USE ADDENDUM NO. 1 AFFORDABLE HOUSING AND FINANCIAL REIMBURSEMENT AGREEMENT, AVIARA LAND ASSOCIATES LIMITED PARTNERSHIP RECORDING REQUESTED BY AND WHEN RECORDED MAILTO: City of Carlsbad City Clerk’s Office Attn: City Clerk 1200 Carlsbad Village Drive Carlsbad, California 92008 Above Space for Recorder’s Use ADDENDUM NO. I TO AFFORDABLE HOUSING AND FINANCIAL REIMBURSEMENT AGREEMENT AVIARA LAND ASSOCIATES LIMITED PARTNERSHIP This Addendum is entered into as of the ao*day of jy , 2004, amending the affordable housing and financial reimbursement agreement that sets forth the terms for sharing proceeds from the sale of affordable housing credits in the Villa Loma Affordable Housing Project, dated October 28, 1994, by and between the CITY OF CARLSBAD, a municipal corporation, hereinafter referred to as “City“, the CARLSBAD HOUSING AND REDEVELOPMENT COMMISSION, IN ITS CAPACITY AS GOVERNING BODY OF, AND BY AND ON BEHALF OF, CARLSBAD REDEVELOPMENT AGENCY, a body corporate and politic, hereinafter refered to as “Agency”, and AVIARA LAND ASSOCIATES LIMITED PARTNERSHIP, a Delaware limited partnership, hereinafter referred to as “ALA”. WHEREAS, the initial affordable housing and financial reimbursement agreement, dated October 28, 1994, set forth the conditions upon which there would be a sharing of the proceeds from the sale of affordable housing credits as related to the Villa Loma Affordable Housing Project (initially known as the La Terraza Apartments) between the Agency, City and ALA ; and WHEREAS, the initial affordable housing and financial reimbursement agreement, dated October 28, 1994, set forth a term of the agreement of ten (10) years from the effective date of the agreement; and WHEREAS, due to the fact that the initial affordable housing and financial reimbursement agreement will expire on October 28, 2004 and ALA has received no proceeds to date from the sale of affordable housing credits in the Villa Loma Affordable Housing Project, ALA has requested a ten (10) year 10/2/03 Amendment # 1 to ALA Affordable Housing and Financial Reimbursement Agreement Page 2 extension of the subject affordable housing and financial reimbursement agreement to allow for additional time for the City to sell the remaining credits within the Villa Loma Affordable Housing Project and for ALA to potentially receive a portion of the proceeds from those sales; and WHEREAS, upon request by ALA, the City may by resolution, without the necessity for an additional ordinance or public hearing, grant one or more extensions, each for a term not to exceed the length of the original term of ten (1 0) years per the conditions of said agreement; and WHEREAS, ALA has requested and the City and Agency are willing to grant an extension to the term of the subject agreement for an additional ten (10) years; and WHEREAS, Republic Development Company is no longer a general partner within the ALA Limited Partnership and ALA has requested that they be removed as a developer party to said Agreement and the City has agreed to such deletion of Republic Development Company from said Agreement. NOW, THEREFORE, in consideration of these recitals and the mutual covenants contained herein, City, Agency and ALA hereby agree as follows: 1 .The term of the subject agreement shall be extended for the period of time required for the City to sell all of the remaining housing credits within the Villa Loma Affordable Housing project, or for a period of ten (IO) years, whichever shall occur first, for extending ALA eligibility to receive proceeds from the sale of affordable housing credits in the Villa Loma Affordable Housing Project under the same terms and conditions as set forth in the initial agreement dated October 28, 1994. Under no circumstances shall the term of the agreement exceed ten (1 0) years from the termination date of the original agreement dated October 28, 1994 (i.e., 2014), without an additional extension to be granted by the City Council and Carlsbad Redevelopment Agency. Ill1 Ill1 2 10/2/03 Amendment #1 to ALA Affordable Housing and Financial Reimbursement Agreement Page 3 Ill1 2. Republic Development Company, a California corporation, is removed as a developer party to the initial Affordable Housing and Financial Reimbursement Agreement dated October 28, 1994. All references to ALA shall now apply to Aviara Land Company only. 3.All other provisions of the aforementioned agreement entered into on October 28, 1994, by and between City, Agency and ALA shall 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. AVIARA LAND ASSOCIATES LIMITED PARTNERSHIP, a Delaware limited partners hip C. RLSBAD HOUSING AND Its Chairperson APPROVED AS TO FORM: RONALD R. BALL, CITY ATTORNEY n Its Mayor 3 10/2/03 Amendment #2 to ALA Affordable Housing and Financial Reimbursement Agreement Page 4 Proper notarial acknowledgement is (:Ew%& cta$&$b required for signatures for Aviara Land Associates Limited Partnership 4 1 1 /6/0 1 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California personally appeared personally known to me proved to me on the basis of satisfactory evidence Place Notary Seal Above to be the person(s) whose name(s) islare subscribed to the within instrument and acknowledged to me that helshelthey executed the same in hislherltheir authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. ~ Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another 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 0 Individual 0 Corporate Officer - Title(s): 0 Partner - 0 Limited 0 General 0 Attorney in Fact 0 Guardian or Conservator Signer Is Representing: 0 1997 National Notary Association 9350 De Soto Ave., PO Box 2402 * Chatsworth, CA 91313-2402 Prod. No. 5907 Reorder: Call Toll-Free 1-800-876-6827 12. AVIARA LAND COMPANY Certificate The undersigned, Elizabeth A. Fanning, Assistant Secretary of Aviara Land Company., a Delaware corporation, (the "Corporation"), does hereby certify on behalf of itself, the following: 1. The following person is the duly elected and qualified present incumbent of the office of the Corporation set after his name, and that a specimen signature appears opposite his respective name: Scott Medansky Assistant Secretary 2. Attached hereto as Exhibit A is a true and correct copy of resolutions duly adopted by the Board of Directors of the Corporation on December 8,2003 and that such resolutions set forth in Exhibit A have not been amended, altered or repealed and are in full force and effect as of the date of this Certificate, and such resolutions were duly adopted in accordance with Delaware law and the Bylaws of the Corporation. IN WITNESS WHEREOF, I have executed this Certificate and affixed the Corporate Seal of Aviara Land Company on this of 6-w ,2003. ElizaGth A. Fanning 0 - Assistant Secretary .L I. Aviara Land Company Resolutions adopted December 8,2003 Exhibit A WHEREAS, this Corporation is the sole General Partner of Aviara Land Associates Limited Partnership, a Delaware limited partnership (the “Partnership”); and WHEREAS, the initial affordable housing and financial reimbursement agreement dated October 28, 1994 (the “Initial Agreement”) (i) set forth conditions upon which there would be a sharing of the proceeds from the sale of affordable housing credits as related to the Villa Loma Affordable Housing Project (the “Villa Loma Project”) between the Carlsbad Housing and Redevelopment Commission, in its capacity as governing body of, and by and on behalf of Carlsbad Redevelopment Agency (the “Agency”), the City of Carlsbad (the “City”) and the Partnership; and (ii) set forth a term of the Initial Agreement of ten (10) years from the effective date of the Initial Agreement; and WHEREAS, due to the fact that the initial agreement will expire on October 28, 2004 and the Partnership has received no proceeds to date from the sale of affordable housing credits in the Villa Loma Project, the Partnership has requested a ten (10) year extension to the Initial Agreement to allow for additional time for the City to sell the remaining credits within the Villa Project and for the Partnership to potentially receive a port of the proceeds from those sales. NOW, THEREFORE, BE IT RESOLVED, that Scott Medansky, Assistant Secretary of this Corporation be, and he hereby is, authorized to execute and deliver on behalf of this Corporation as the sole General Partner of the Partnership, Addendum No. 1 to the Affordable Housing and Financial Reimbursement Agreement; and be it further RESOLVED, that Scott Medansky, Assistant Secretary of this Corporation be and he hereby is authorized to execute and deliver on behalf of this Corporation as the sole General Partner of the Partnership such other instruments and documents and to take such other action as such officer may, in his sole discretion, deems necessary or advisable to carry into effect the transaction contemplated by the foregoing resolution, the execution by such officer of such further instruments or documents to be conclusive evidence of the proper exercise of such discretion.