HomeMy WebLinkAbout1996-05-21; City Council; Resolution 96-1861
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CITY COUNCIL RESOLUTION NO. 96-186
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, TO APPROVE AN
APPROPRIATION OF $200,000 FROM THE CITY OF
CARLSBAD'S HOUSING TRUST FUND TO PROVIDE
FINANCIAL ASSISTANCE TO THE AFFORDABLE HOUSING
PROJECT KNOWN AS THE LAUREL TREE APARTMENTS
PROJECT
WHEREAS, on June 28, 1994, the Housing and Redevelc
Commission approved a financial commitment of $500,000 of redevelopment hl
set-aside funds to the Laurel Tree Apartment project conditioned upon the 1
receiving the necessary land use approvals and other financing; and
WHEREAS, on December 11, 1995, the Laurel Tree Apartment 1
received necessary local entitlements from the City of Carlsbad; and
WHEREAS, on April 1 1, 1996, the Laurel Tree Apartment project re(
necessary land use approvals from the California Coastal Commission; and
WHEREAS, the Laurel Tree Development Team is preparing to apl
a Low-Income Housing Tax Credit to finance the Laurel Tree Apartment projec
WHEREAS, to be highly competitive in the application process to (
the Low-Income Housing Tax Credit necessary to finance the Laurel Tree Apar
project, the Laurel Tree Development Team must take actions to enhanc
affordability of the subject project; and
WHEREAS, to improve the affordability of the Laurel Tree Apar
project, the project will require an additional cash infusion of $1 million; and
WHEREAS, the Laurel Tree Development Team has obtained an addl
commitment of financing in the amount of $500,000 from private developer'
$300,000 from the Tax Credit Investor; and
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WHEREAS, the Laurel Tree Development Team has an additional n
$200,000 in financial assistance and is requesting this assistance from the
Carlsbad; and
WHEREAS, the Laurel Tree Development Team has offered to con\
property for the Laurel Tree Apartment project to the City of Carlsbad as a COI
of the financial assistance agreement between the City and the Laure
Development Team and then lease the property back from the City for the pu
of project operations; and
WHEREAS, the Housing Commission has recommended to thl
Council that the appropriation be approved because the Commission believes tt
City's financial participation in the Laurel Tree Apartment project will be a
investment based on the high leverage of City funds to private funds in producir
units of affordable housing for the City of Carlsbad.
NOW, THEREFORE' BE IT HEREBY RESOLVED by the City Counc
of the City of Carlsbad, California, as follows:
1.
2.
The above recitations are true and correct.
That the use of $200,000 from the Housing Trust Fund, togethe
the previously approved commitment of $500,000 from
Redevelopment Housing Set-Aside Fund, will promote the Ci
Carlsbad's housing goals through the production of 138 affor
apartment units within the Laurel Tree Apartment project.
That any commitment of City financial assistance is conditioned c
Laurel Tree project obtaining all other necessary financing and apprl
The City Council hereby authorizes the City Manager, or his desi
upon consultation with the City Attorney to execute documents rec
for the appropriation of $200,000 from Housing Trust Fund, as rn
the previously approved $500,000 from the Redevelopment Housinl
3.
4.
CC RES0 NO. 96-186 - 2-
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Aside Fund, to the Laurel Tree Apartment project to financially a:
the production of 138 affordable housing units and to conv
property for the Laurel Tree Apartments to the City of Carlsbad
will then be leased back to the Laurel Tree Development Team.
PASSED, APPROVED, AND ADOPTED at a regular meeting of tl
day of May, Council of the City of Carlsbad, California, held on the 21st
by the following vote, to wit:
AYES:
NOES: None
ABSENT: None
ABSTAIN: None
Council Members Lewis, Nygaard, Kulchin, Finnila, I
ATTEST:
ALETHA RAUTENKRANZ, City Cldrk
CC RES0 NO. 96-186 -3-