HomeMy WebLinkAbout1998-06-09; City Council; Resolution 98-176, c ’ /I 0 0
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CITY COUNCIL RESOLUTION NO. 98-176
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNIA, TO APPROVE A LOAN
AGREEMENT, DEVELOPER PROMISSORY NOTE,
DEVELOPER DEED OF TRUST AND SECURITY
AGREEMENT, BORROWER PROMISSORY NOTE,
BORROWER DEED OF TRUST AND SECURITY
AGREEMENT, AND BORROWER DISCLOSURE
STATEMENT BETWEEN THE CITY OF CARLSBAD AND
CHERRY TREE WALK, LLC., IN THE AMOUNT OF
$453,600 TO ASSIST THE CONSTRUCTION OF 42
TOWNHOMES AFFORDABLE TO LOW INCOME
HOUSEHOLDS.
APPLICANT: CHERRY TREE WALK, LLC.
CASE NO: SDP 92-06(A)/CT 92-02(A)
WHEREAS, the City of Carlsbad has identified a need to provide housing which is affordable
to low income households in a variety of different forms; and
WHEREAS, a project known as “Cherry Tree Walk” has been approved for construction which
will provide 42 for-sale townhomes on property generally located east of Aviara Parkway, north of
Camino de Las Ondas, and south of Flame Tree Lane which will provide housing affordable to low
income households; and
WHEREAS, on October 1, 1996, the City Council held a public meeting and determined that,
based upon the financial analysis of the project, City financial participation in the project is necessary,
appropriate and exceeded by the public benefit received by the City; and
WHEREAS, the affordability level and the unit mix of the proposed project are consistent with
the City of Carlsbad’s Housing Element objectives, Consolidated Plan, and Inclusionary Housing
, Ordinance; and
WHEREAS, on June gth, 1998, the City Council did hold a public meeting to consider a
request to approve loan documents for City financial assistance for the construction of said 42 for-sale
townhomes affordable to low income households and;
WHEREAS, at said public meeting, upon hearing and considering all testimony, if any, of all
persons designing to be heard, said Council considered all factors relating to said request:
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CC RESO. NO, 98-176
PAGE 2
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City of
Carlsbad, California, as follows:
1. The above recitations are true and correct.
2. The request for City financial assistance was previously approved by the City Council
at their October 1, 1996 meeting and as recorded in City Council Resolution No. 96-
332. The financial assistance has been determined to be consistent with the goals and
objectives of the City of Carlsbad’s Housing Element and Comprehensive Housing
Affordability Strategy, the Inclusionary Housing Ordinance, and the Carlsbad General
Plan.
3. The request for City financial assistance will assist the affordable housing developer to
construct a total of 42, two and three bedroom affordable townhomes. The project,
therefore, has the ability to effectively serve the City’s housing needs and priorities as
expressed in the Housing Element and the Consolidated Plan.
4. That based on the information provided within the City Council Staff Report, the
testimony presented during the public meeting of the City Council, the City Council
hereby APPROVES the loan agreement, Developer Promissory Note Developer Deed
of Trust and Security Agreement Borrower Promissory Note, Borrower Deed of Trust
and Security Agreement, and Borrower Disclosure Statement between the City of
Carlsbad and Cherry Tree Walk, LLC., in the amount of $453,600 to assist the
construction of 42 townhomes affordable to low income households.
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5. That the City Council recommends that the City Manager or his designee be authorized
to execute all documents related to provision of the City assistance, including but not
limited to a Loan Agreement, Note, and Deed of Trust, in substantially the form
presented to the City Council on June 9, 1998, and subject to review and approval by
the City Attorney.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Counci\ of
6 the City of Carlsbad, California, held on the gth day of June, 1998 by the following vote, to wit:
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NOES: None 8
AYES: Council Members Lewis, Finnila, Nygaard, Kulchin and Hal:
9 ABSENT: None
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ABSTAIN: None
l3 // ATTEST:
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I(,-.& /! \ ,Q l>”-
AL%THA L. RAUTENKRANZ, CITY CLEF& ” - 7
(SEAL) -3-
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