HomeMy WebLinkAbout2005-03-15; City Council; Resolution 2005-0731
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CITY COUNCIL RESOLUTION NO. 2005-073
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, TO APPROVE A REQUEST TO
PROVIDE FINANCIAL ASSISTANCE TO EL CAMINO FAMILY
HOUSING PARTNERS, LLC WHICH INCLUDES A LOAN OF
$1,454,276 FROM COMMUNITY DEVELOPMENT BLOCK GRANT,
FUNDS AND TO APPROVE THE RELATED LOAN AND OTHER
DOCUMENTS FOR CONSTRUCTION OF FIFTY SIX (56)
AFFORDABLE APARTMENT UNITS WITHIN THE SOUTHEAST
QUADRANT OF THE CITY OF CARLSBAD.
APPLICANT:
HOME AND REDEVELOPMENT AGENCY HOUSING SET-ASIDE
EL CAMINO FAMILY HOUSING PARTNERS
CASE NO: SDP 02-13
WHEREAS, El Camino Family Housing Partners, LLC, has proposed to construct 56
apartment units affordable to lower and moderate income households on El Camino Real at
Cassia Street in the Southeast Quadrant of the City of Carlsbad; and
WHEREAS, El Camino Family Housing Partners, LLC, 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 24th day of February, 2005, City of Carlsbad Housing Commission
did hold a public meeting to consider a request for City financial assistance for the construction
of said 56 affordable housing apartment units by the affordable housing developer, El Camino
Family Housing Partners, LLC, and subsequently recommended approval of the request for
assistance; and
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CC Resolution No. 2005-073
Page 2
WHEREAS, on the 15* day of March, 2005, the City Council did hold a public
meeting to consider said request for City financial assistance for the construction of said 56
affordable housing apartment units by the affordable housing developer, El Camino Family
Housing Partners, LLC; and;
WHEREAS, at said public meeting, upon hearing and considering all testimony, if any,
of all persons desiring to be heard, said Council considered all factors relating to the
application and request for financial assistance:
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City of
Carlsbad, California, as follows:
1.
2.
3.
4.
The above recitations are true and correct.
The request for City financial assistance is consistent with the goals and
objectives of the City of Carlsbad’s Housing Element and Consolidated Plan,
and the Carlsbad General Plan.
The request for City financial assistance will assist the affordable housing
developer to construct a total of 56, 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.
That the City Council of the City of Carlsbad hereby APPROVES financial
assistance to the proposed affordable housing project known as the Carlsbad
Family HousinglCassia Heights Affordable Apartment Project in the form of a
residual receipts construction and permanent loan in the amount of $1,454,276
from the City of Carlsbad’s Community Development Block Grant, HOME and
Redevelopment Agency Housing Set- Aside Funds.
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CC Resolution No. 2005-073
Page 3
5.
6.
7.
8.
That the City Council authorizes the City Manager or hisher designee to
execute all documents related to provision of the City assistance, including but
not limited to a Land Disposition and Loan Agreement, Promissory Note, Deed
of Trust, Regulatory Agreement and Declaration of Restrictive Covenants, and
Ground Lease in substantially the form presented to the City Council, and
subject to review and final approval by the City Attorney.
That the City Council authorizes the City Manager or hisher designee to
execute subsequent subordination agreement(s) subordinating City/Agency
Regulatory Agreement and Deed of Trust to the Deed of Trust for Construction
and Permanent Lenders, as required, subject to review and approval by the City
Attorney andor Special Legal Counsel.
That the City Council accepts $941,516 from the Carlsbad Redevelopment
Agency’s Housing Set-Aside Fund to provide proceeds for a portion of the
residual receipts construction loan to be provided to El Camino Family Housing
Partners, LLC, for the subject affordable housing project.
That the expenditure of monies from the Carlsbad Redevelopment Agency’s
Housing Set-Aside Fund for the purposes of funding a construction and
permanent loan to El Camino Family Housing Partners, LLC, for an affordable
housing project containing 56 rental units outside the Redevelopment Project
Area(s), in which such funds are generated, are and will be of benefit to the
respective Project Area(s) based on the following findings:
a.
b.
C.
The Village Redevelopment Area currently consists of a number of
restaurants, hotels, time-share projects and small retail operations which
depend on and offer employment at low to moderate income wages. The
proposed housing project offers affordable housing opportunities with
restricted rents affordable to moderate, low and very low income
households. These type of restricted rental housing units will be beneficial
to the employees working within the Village Redevelopment Area.
The South Carlsbad Coastal Redevelopment Area is proposed to have
several new restaurants, hotels, time-share projects and small retail
operations which will also depend on and offer employment at low to
moderate income wages. The proposed housing project will assist in
providing affordable housing opportunities for those employees and
ultimately benefit the project area by providing an employee pool which is
located in close proximity to the project area.
The proposed project is located on bus routes and connects to major
transportation corridors which will allow direct access to the Village and
South Carlsbad Coastal Redevelopment Project Areas. The households
residing within the proposed project will be able to take advantage of the
public transportation systems which will allow them to work and shop in the
Village Redevelopment Area and ultimately in the South Carlsbad Coastal ? 1
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CC Resolution No. 2005-073
Page 4
9.
10.
Redevelopment Area as well. This will have a significant impact on the
Redevelopment Agency's efforts to revitalize both project areas.
That the City Council authorizes the City Manager, or hisher designee, to
submit all applicable documents to the U.S Department of Housing and Urban
Development and/or County of San Diego to allow for appropriation and release
of $250,000 in Community Development Block Grant Funds and $262,760 in
HOME Funds to provide proceeds for a portion of the residual receipts
construction loan for pre-development and construction related activities for the
subject affordable housing project.
That the City Council authorizes the Finance Director to appropriate and
expend the funds set forth within this approval to provide the proceeds for the
$1,454,276 residual receipts construction loan to El Camino Family Housing
Partners, LLC, for the subject affordable housing project, and as set forth in the
approved loan documents.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the City
Council of the City of Carlsbad, California, held on the 15th day of March , 2005, by
the following vote, to wit:
AYES: Council Members Lewis 11, Kulchin, P
NOES: None
ABSENT: None
ABSTAIN: None
h-
AINE M. WOOD, City Clerk
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