HomeMy WebLinkAbout2004-01-13; City Council; Resolution 2004-0121
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CITY COUNCIL RESOLUTION NO. 2004-012
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, APPROVING AN ADDENDUM TO THE AFFORDABLE HOUSING AND
FINANCIAL REIMBURSEMENT AGREEMENT BETWEEN CITY OF CARLSBAD,
CAFUSBAD REDEVELOPMENT AGENCY, AND AVIARA LAND ASSOCIATES TO
ALLOW FOR A TERM EXTENSION TO ALLOW AVIARA LAND ASSOCIATES
ADDITIONAL TIME TO REMAIN ELIGIBLE TO RECEIVE PROCEEDS FROM THE
SALE OF HOUSING CREDITS IN THE VILLA LOMA AFFORDABLE HOUSING
PROJECT, AND AUTHORIZING THE AGENCY EXECUTIVE DIRECTOR TO
EXECUTE SAID ADDENDUM.
WHEREAS, in July of 1994, the City of Carlsbad and Housing and Redevelopment
Commission approved an Affordable Housing and Financial Reimbursement Agreement with Aviara
Land Associates Limited Partnership; and,
WHEREAS, the said Agreement acknowledged that Aviara Land Associates assisted in the effort
to develop 344 affordable housing units within the Villa Loma Apartment Project (previously known as
the La Terraza Apartments), which included the inclusionary housing requirement of 160 units for Aviara
Land Associates; and
WHEREAS, the said Agreement acknowledged that the City would sell housing credits within
the Villa Loma project in order to assist other developers in the southeast and southwest quadrants of the
City in meeting their inclusionary housing requirements; and
WHEREAS, the said Agreement allows the City, Redevelopment Agency and Aviara Land
Associates to share in the proceeds from the credit sales with the City and Agency receiving all proceeds
until their financial assistance and land advances are repaid in full with interest and then Aviara Land
Associates may share in the proceeds up to a maximum of $900,000; and
WHEREAS, the said Agreement will expire in October, 2004 and Aviara Land Associates has
received no proceeds to date, and there remain housing credits to be sold; and
WHEREAS, Aviara Land Associates has requested a ten (10) year extension to said Agreement to
allow for additional time for Aviara Land Associates to remain eligible to share in any of the proceeds
from future housing credit sales.
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NOW, THEREFORE, BE IT RESOLVED by the Carlsbad City Council , as follows:
1. That the above recitations are true and correct.
2. The City Council does hereby approve Addendum No. 1 to the initial Affordable Housing and
Financial Reimbursement Agreement between the City of Carlsbad, Carlsbad Redevelopment
Agency and Aviara Land Associates Limited Partnership to allow for a term extension to allow
Aviara Land Associates additional time to remain eligible to receive proceeds from the sale of
housing credits in the Villa Loma Affordable Housing Project.
3. The City Manager is hereby authorized to execute said Agreement Addendum in substantially the
form approved by the City Council and with prior approval by the City Attorney.
PASSED, APPROVED AND ADOPTED by the City Council at a meeting held on the
day of January
13th
,2004 by the following vote to wit:
AYES: Council Members Lewis , Finnila, Kulchin, Hall and Packard
NOES: None
ABSTAIN: None
ABSENT: None
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Xesolution No. 2004-012 2