HomeMy WebLinkAbout1994-07-19; City Council; Resolution 94-209.a
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CITY COUNCIL RESOLUTION NO. 94-209
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA TO APPROVE A GROUND LEASE
WITH EL CAMINO VILLAS ASSOCIATESAND AN AFFORDABLE
HOUSING AND FINANCIAL REIMBURSEMENT AGREEMENT
WITH AVIARA LAND ASSOCIATES AND EL CAMINO VILLAS
ASSOCIATES.
CASE NAME: THE VILLAS AT EL CAMINO REAL
APN: 2 1 5-020-1 5
WHEREAS, on October 26, 1993 and March 22, 1994, the City Cc
approved the City’s financial assistance program for the Villas at El Camino Real Affor
Housing Project based on anticipated requirements of other financing sources and evall
of the financial proforma for the project; and
WHEREAS, the City of Carlsbad is prepared to formalize the previously app
actions to provide financial assistance to the Villas at El Camino Real Affordable Ha
Project within appropriate legal documents.
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of thc
of Carlsbad, California, as follows:
1. The above recitations are true and correct.
2. The City Council approves the Ground Lease between the City of Carlsba
the El Carnino Villas Associates which allows the development partners1
lease property from the City on a long term (57 years) basis and to con:
and operate 344 affordable housing rental units on the property.
3. The City Council approves the Financial Assistance and Reimburse
Agreement between the City of Carlsbad, Aviara Land Associates a
Camino Villas Associates which outlines the financial assistance to be prc
by, or committed by, the City or Aviara Land Associates to the projecl
agreement also indicates that Aviara Land Associates will receive crec
meeting its minimum lnclusionary Housing Requirement for the Aviara LI
Plan upon execution of said agreement at closing of the project constrr
loan for the Villas at El Camino Real Affordable Housing Project.
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CC Resolution No. 94-209
Page 2 1
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2 4. That the City Manager of the City of Carlsbad is authorized to execute
such modifications as the City Attorney deems necessary and appropriate
including deeds of trust for the City's fee interest in the property to Wells
Lease.
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' Bank, Great Western Savings, and other approved lenders under the Gr 5
all documents required to implement the provisions of the Ground L 4
agreements in substantially the form presented to the City Council and
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7 PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Cc
8 of the City of Carlsbad, California, held on the 19th day of JULY , 1994, by the follo
9 // vote, to wit:
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AYES: Council Members Lewis, Stanton, Kulchin, Nygaard, Fin]
NOES: None
ABSENT: None
ABSTAIN: None n 14
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ATTEST:
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