HomeMy WebLinkAbout1994-03-22; City Council; Resolution 94-901
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CITY COUNCIL RESOLUTION NO. 94-90
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNIA APPROVING A
RESTRUCTURING OF CITY FINANCIAL ASSISTANCE
FOR THE VILLAS AT EL CAMINO REAL AFFORDABLE
HOUSING PROJECT TO BE LOCATED WITHIN THE
SOUTHWEST QUADRANT OF THE CITY.
CASE NAME: "THE VILLAS" AT EL CAMINO REAL
APN: 215-020-15
WHEREAS, on October 26, 1993, the City Council approved Council
Resolution No. 93-297 authorizing financial assistance to support the Villas at El Camino
I Affordable Housing Project; and
WHEREAS, the City of Carlsbad's financial assistance originally included
exemptions and deferrals and direct cash assistance using Federal Community Developme:
Block Grant funds for property acquisition and Red-evelopment Low and Moderate Incoml
Housing Set-Aside funds for other development costs; and
WHEREAS, the Villas at El Camino Real Affordable Housing Project has
proceeded toward obtaining its financing commitments and approvals, including bank
construction and permanent financing, an allocation of Low Income Housing Tax Credits
funding from the Federal Home Loan Bank Affordable Housing Program; and
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WHEREAS, a need has been identified to restructure the City's financial
assistance program based on the anticipated require:ments of other financing sources,
particularly the construction lender and Tax Credit investor.
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City
Council as follows:
1. That the foregoing recitations are true and correct.
2. That the City Council of the City of Carlsbad hereby approves financial
assistance to the proposed affordable housing project known as "The Villas
El Camino Real as set forth in City Council Resolution No 93-297, dated
October 26, 1993, and as amended by paragraph 3 below.
3. That the City Council hereby amends Resolution No. 93-297 to restructure
financial assistance for the Villas at :El Camino Real Affordable Housing
Project as outlined below:
a. The City shall provide the approximate cash equivalent of previous1
approved City assistance in exempteddeferred fees ($2.4 million) ir
form of a loan from the Village Redevelopment Agency. The loan :
be funded by Redevelopment Low-Moderate Income Housing Set-A
Funds and Redevelopment Tax Increment Funds. The loan will all01
the project to pay the city fees from bank construction financing.
Repayment (with interest) of .the loan shall occur during the project'
operation phase from surplus cash and sale of affordable housing
credits.
b. The City shall defer payment of all other city-controlled fees to
Certificate of Occupancy.
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c. The city shall waive Park In-Lieu Fees for the project based on existing surplus
dedication within the Southwest Quadrant by the Aviara Master Plan.
d. The city shall permit the use of up to $500,000 of project cash flow and/or proceeds
sale of Affordable Housing Credits for reserves or guarantees as required by
financing sources.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the
Council of the City of Carlsbad, California, held on the 22nd day of March, 1994, b
following vote, to wit:
AYES: Council Members Lewis, Stzmton, Nygaard, Finnila
NOES: None
ABSENT: Council Member Kulchin
ABSTAIN: None
ATTEST:
o& 2.
ALETHA L. RAUT
(SEAL)