HomeMy WebLinkAbout2005-08-16; City Council; Resolution 2005-2651
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
CITY COUNCIL RESOLUTION NO. 2005-265
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CARLSBAD, CALIFORNIA, APPROVING
$220,000 IN DOWNPAYMENT FINANCIAL
ASSISTANCE FROM THE HOUSING TRUST FUND TO
THE 11 LOW INCOME HOME BUYERS WITHIN THE
VILLAGE BY THE SEA RESIDENTIAL
DEVELOPMENT LOCATED IN THE VILLAGE
REDEVELOPMENT AREA, AND APPROVING AND
AUTHORIZING THE CITY MANAGER TO PREPARE
AND EXECUTE THE RELATED LOAN DOCUMENTS
WITH APPROVAL OF THE CITY ATTORNEY AND/OR
OUTSIDE LEGAL COUNSEL.
APPLICANT: ANASTASI DEVELOPMENT
WHEREAS, the City of Carlsbad has identified a need to provide housing which is
affordable to low income households in a variety of different forms; and
WHEREAS, a project known as “Village by the Sea” has recently completed
construction which provides for eleven (11) for-sale, two, three bedroom and four bedroom,
condominium units on property generally located on Carlsbad Boulevard and Washington Street,
between Beech and Christiansen Streets in the Village Redevelopment Area; and
WHEREAS, the affordability level and the unit mix of the proposed project are
consistent with the City of Carlsbad’s Housing Element objectives, Consolidated Plan, and
Inclusionary Housing Ordinance; and
WHEREAS, on August 11, 2005, the City of Carlsbad Housing Commission held a
public meeting and recommended that the City Council approve financial participation in the
project that is necessary, appropriate and exceeded by the public benefit received by the City; and
WHEREAS, the City Council did hold a public meeting to consider a request to provide
downpayment assistance to the low income buyers of said eleven (11) for-sale, two, three and
four bedroom, condominium housing units affordable to low income households in the Village
by the Sea residential development and;
lilt
1
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
Page 2 of CC Resolution No. 2005265
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 said request:
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 for home buyer down payments for the
Village by the Sea residential has been determined to be 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 low income households to
purchase a total of eleven (11) for-sale, two, three and four bedroom,
condominium housing units in the Village by the Sea residential development
within the Village Redevelopment Area. 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 based on the information provided within the City Council Staff Report, the
Housing Commission Staff Report, dated August 11, 2005, and the testimony
presented during the public meeting of the City Council, the City Council hereby
APPROVES the financial assistance for the individual low income home buyers
within said project and APPROVES a total amount of $220,000 from the City of
Carlsbad’s Housing Trust Fund to provide down payment assistance to low
income buyers of said eleven (11) for-sale, two, three and four bedroom,
condominium housing units in the Village by the Sea residential development.
2
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
Page 3 of CC Resolution No. 2005-265
5. That the City Council authorizes the City Manager or his designee to prepare and
execute all documents related to provision of the City assistance, including but
not limited to a Borrower Promissory Note, Borrower Deed of Trust and
Security Agreement, Borrower Resale Restriction Agreement and Option to
Purchase, and Borrower Disclosure Statement, subject to review and final
approval by the City Attorney and/or Special Legal Counsel.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the City
Council of the City of Carlsbad, California, held on the 16th day of AUGUST, 2005 by the
following vote, to wit:
AYES: Council Members Lewis, Hall, Kulchin , Sigaf oose
NOES: None
ABSENT: Council Member Pa
ABSTAIN: None
ATTEST:
A
LORRAINE M. WO&, City Clerk ’
-
[SEAL)
3