HomeMy WebLinkAbout2000-03-21; City Council; Resolution 2000-9351 w w
RESOLUTION NO. 2000-93
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, APPROVING A REQUEST BY
CARLSBAD LAUREL TREE APARTMENTS, L.P. FOR ADDITIONAL
FINANCIAL ASSISTANCE IN THE AMOUNT OF $434,000 FROM
THE CITY OF CARLSBAD’S HOUSING TRUST FUND, AND
APPROVAL OF THE MODIFICATION AGREEMENT AND
REVISION TO THE PREVIOUSLY EXECUTED PROMISSORY NOTE
FOR THE DEVELOPMENT OF THE 138 UNIT LAUREL TREE
AFFORDABLE APARTMENT PROJECT.
APPLICANT: CARLSBAD LAUREL TREE APARTMENTS, L.P.
CASE NO: SDP 95-01
WHEREAS, a project known as the “Laurel Tree Apartments” has been approved by the Ciq
of Carlsbad City Council for construction of 138 apartment units which will provide housinl
affordable to very low income households; and
WHEREAS, on June 28, 1994, the Housing and Redevelopment Commission of the City o
Carlsbad authorized the appropriation of $500,000 from the Carlsbad Redevelopment Agency’s Lov
and Moderate Income Housing Set-aside Fund outside the Redevelopment Project Area for thc
purposes of providing financial assistance for construction of new affordable rental housing unit
within the proposed Laurel Tree Project; and
WHEREAS, on May 21, 1996, the City Council authorized the appropriation of $200,00(
from the Housing Trust Fund for the purposes of providing financial assistance for construction ofnev
affordable rental housing units within the proposed Laurel Tree Project; and
WHEREAS, on March 16, 1999, the City Council approved deferral of the Public Facilitie
Fee payment from buildi? .:,rmit issuance to the issuance of the final certificate of occupancy for thl
final residential building within the Laurel Tree Project; and
WHEREAS, Carlsbad Laurel Tree Apartments, L.P has submitted a new request to the City o
Carlsbad for additional financial assistance for the Laurel Tree Project; and
WHEREAS, on February 10, 2000, the Housing Commission of the City of Carlsbad held
public meeting to consider the request for additional financial assistance by California Laurel Tre
Apartments, L.P.; and
WHEREAS, at said public meeting, upon hearing and considering all testimony, if any, of a1
28 persons desiring to be heard, said Commission considered all factors relating to said request an1
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recommended approval of additional financial assistance to the City Council, and
WHEREAS, on March 7, 2000, the City Council of the City of Carlsbad held a public meetin,
to consider the request for additional financial assistance; and
WHEREAS, at said public meeting, upon hearing and considering all testimony, if any, of a:
persons desiring to be heard, said Council considered all factors relating to said request for financk
assistance.
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City o
Carlsbad, California, as follows:
1. The above recitations are true and correct.
2. The City Council hereby APPROVES a request by Carlsbad Laurel Tree Apartments, L.F
for additional financial assistance in the amount of $434,000 from the City of Carlsbad’
Housing Trust Fund, and approval of the Modification Agreement and revision to thr
previously executed Promissory Note for the development of the 138 unit Laurel Tret
Affordable Apartment Project.
3. That the City Council authorizes the City Manager or hisher designee to execute a1
documents related to provision of the additional City financial assistance, including bu
not limited to the Modification Agreement in substantially the form presented to the CiQ
Council, and subject to review and approval by the City Attorney.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council of thc
City of Carlsbad, California, held on the *t day of March , 2000 by the following vote
to wit:
AYES: Council Memebers Lewis, Hall, Nygaard and Kulchin
NOES: None
ABSTAIN: None /”/’ /q #A’ I?
ABSENT: Council Member Fin i,;Iaz.s A a$1” ;‘? :
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&AIDE A:’Ll?Wk , Mayor
ATTEST: L~~~x.%Gd
WOOD, City Clerk
(SEAL)
CC RES0 NO. ~000 d 93
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