HomeMy WebLinkAbout2002-10-15; City Council; Resolution 2002-3021
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CITY COUNCIL RESOLUTION NO. 2002-302
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, TO APPROVE A REQUEST TO
PROVIDE FINANCIAL ASSISTANCE TO CHELSEA
INVESTMENT CORPORATION WHICH INCLUDES A LOAN OF
$1,060,000 FROM THE HOUSING TRUST FUND AND TO
APPROVE THE RELATED LOAN DOCUMENTS FOR
CONSTRUCTION OF ONE HUNDRED SIX (106) AFFORDABLE
APARTMENT UNITS WITHIN THE CALAVERA HILLS MASTER
PLAN PHASE 11.
APPLICANT: CHELSEA INVESTMENT CORPORATION
CASE NO: SDP 01-05
WHEREAS, the master developer of the Calavera Hills Master Plan Phase 11, McMillin
Homes, has proposed to construct 106 apartment units affordable to lower income households
as a means to satisfy their affordable housing obligation as permitted by Carlsbad Municipal
Code Section 21.85 of the City's Inclusionary Housing Ordinance; and
WHEREAS, McMillin Homes has retained Chelsea Investment Corporation, the
Developer, to develop and operate the 106 apartment units affordable to lower income
households; and
WHEREAS, Chelsea Investment Corporation has requested that the City of Carlsbad
provide financial assistance in the form of a construction loan to assist in the construction of
said apartment units; and
WHEREAS, on the 1'' day of August, 2002, City of Carlsbad Housing Commission did
hold a public meeting to consider a request for City financial assistance for the construction of
said 106 affordable housing apartment units by the affordable housing developer, Chelsea
Investment Corporation, and subsequently recommended approval of the request for
assistance; and
WHEREAS, on the 1lth day of September, 2002, City of Carlsbad Housing
Commission did hold a public meeting to consider a request to allow the Developer to receive
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3C ResolutionNo. ~302-302
’age 2
I developer fee of One Million Two Hundred Thousand Dollars ($1,200,000) for the
:onstruction of said 106 affordable housing apartment units by the Developer, Chelsea
nvestment Corporation, and subsequently recommended approval of the requested developer
’ee; and
WHEREAS, on the lSth day of October, 2002, the City Council did hold a public
neeting to consider said request for City financial assistance for the construction of said 106
iffordable housing apartment units by the affordable housing developer, Chelsea Investment
,orporation; and; 7
WHEREAS, at said public meeting, upon hearing and considering all testimony, if any,
If all persons desiring to he heard, said Council considered all factors relating to the
ipplication and request for financial assistance:
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City of
3arlsbad, California, as follows:
1. The above recitations are true and correct.
2. The request for City financial assistance is consistent with the goals and
objectives of the City of Carlsbad’s Housing Element and Consolidated Plan,
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 106, one, two and three bedroom affordable
apartment units. 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 the City Council of the City of Carlsbad hereby APPROVES financial
assistance to the proposed affordable housing project known as the Mariposa
Affordable Apartments Project in the form of a construction loan in the amount
of $1,060,000 from the City of Carlsbad’s Housing Trust Fund.
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5. That the City Council authorizes the City Manager or his designee to execute all
documents related to provision of the City assistance, including but not limited
to a Loan Agreement, Note, Deed of Trust and Regulatory Agreement, in
substantially the form presented to the City Council, and subject to review and
approval by the City Attorney.
6. That the City Council authorizes the City Manager or his designee to execute
subsequent subordination agreement(s), as required, subject to review and
approval by the City Attorney andor Special Legal Counsel.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the City
Council of the City of Carlsbad, California, held on the 1 5Ih day of October ,2002, by
the following vote, to wit:
AYES: Council Members Lewis, Kulchin, Finnila, Nygaard, Hal
NOES: None
ATTEST:
CC Resolution No. 2002-302
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