HomeMy WebLinkAbout2005-08-16; City Council; Resolution 2005-2641
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CITY COUNCIL RESOLUTION NO. 2005-264
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 $1,932,000 FROM
THE HOUSING TRUST FUND AND TO APPROVE THE RELATED
LOAN DOCUMENTS FOR CONSTRUCTION OF ONE HUNDRED
SIXTY EIGHT (168) AFFORDABLE APARTMENT UNITS WITHIN
THE VILLAGES OF LA COSTA MASTER PLAN.
APPLICANT: CHELSEA INVESTMENT CORPORATION -
HUNTERS POINTE AFFORDABLE PROJECT
CASE NO: SDP 04-13
WHEREAS, the master developer of the Villages of La Costa Master Plan development,
Morrow Development, has proposed to construct 168 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, Morrow Development has retained Chelsea Investment Corporation, the
affordable housing Developer, to develop and operate the 168 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 9th day of June, 2005, City of Carlsbad Housing Commission did
hold a public meeting to consider a request for City financial assistance for the construction of
said 168 affordable housing apartment units by the affordable housing developer, Chelsea
hvestment Corporation, and subsequently recommended approval of the request for assistance;
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Page 2 of CC Resolution No. 2005264
WHEREAS, on the date of this resolution, the City Council did hold a public meeting to
consider said request for City financial assistance for the construction of said 168 affordable
housing apartment units by the affordable housing developer, Chelsea Investment Corporation;
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. 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 168, 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 Hunters Pointe
Affordable Apartments Project in the form of a construction loan in the amount of
$1,932,000 from the City of Carlsbad’s Housing Trust Fund.
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Page 3 of CC Resolution No. 2005-264
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 and/or Special Legal Counsel.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the City
day of AUGUST , 2005 by the Council of the City of Carlsbad, California, held on the 16th
following vote, to wit:
AYES: Council Members Lewis, Hall, Kulchin, Sigafoose
NOES: None
ABSENT: Council Member Pack
ABSTAIN: None
CLAUDE A. LEWIS, Mayor
ATTEST:
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LORRAINE M. WOOD, City Clerk U
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