HomeMy WebLinkAbout2006-06-20; City Council; Resolution 2006-1606
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, TO APPROVE AND APPROPRIATE
$400,536 IN FUNDING FROM THE STATE OF CALIFORNIA
WORKFORCE HOUSING REWARD PROGRAM TO FUND A
PORTION OF THE CITY'S LOAN TO PROVIDE FINANCIAL
5 ASSISTANCE TO CHELSEA INVESTMENT CORPORATION FOR
CONSTRUCTION OF ONE HUNDRED SIXTY EIGHT (168)
LA COSTA MASTER PLAN.
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APPLICANT: CHELSEA INVESTMENT CORPORATION -
CASE NO: SDP 04-139
CITY COUNCIL RESOLUTION NO. 2006-160
AFFORDABLE APARTMENT UNITS WITHIN THE VILLAGES OF
HUNTERS POINTE AFFORDABLE PROJECT
10 WHEREAS, the master developer of the Villages of La Costa Master Plan development,
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Morrow Development, has proposed to construct 168 apartment units affordable to lower income
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households as a means to satisfy their affordable housing obligation as permitted by Carlsbad
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Municipal Code Section 21.85 of the City's Inclusionary Housing Ordinance; and14
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 loan to assist in the construction of said apartment
units; and
WHEREAS, on the 16th day of August, 2005, the City Council did hold a public meeting
22 to consider said request for City financial assistance for the construction of said 168 affordable
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housing apartment units by the affordable housing developer, Chelsea Investment Corporation;
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and;
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WHEREAS, at said public meeting, upon hearing and considering all testimony, if any,
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of all persons desiring to be heard, said Council considered all factors relating to the application
and approved the developer request for financial assistance in the total amount of $1,932,000; and
1 Page 2 of CC Resolution No._
2 WHEREAS, on November 18, 2005, the State of California Department of Housing and
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Carlsbad and required that said funds be appropriated to an eligible project by no later than June
Community Development awarded a $400,536 Workforce Housing Reward Grant to the City of
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5 30, 2006;and
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WHEREAS, the City Council held a public meeting on the date of this resolution and
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considered all factors related to the appropriation of said Workforce Housing Reward Grant to the
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previously approved Hunters Pointe affordable housing project to assist in funding the previously
approved loan to said project.
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City
12 of Carlsbad, California, as follows:
13 1. The above recitations are true and correct.
14 2. The City financial assistance is consistent with the goals and objectives of the City
of Carlsbad's Housing Element and Consolidated Plan, the Inclusionary Housing
15 Ordinance, and the Carlsbad General Plan.
3. The 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
1 g and priorities as expressed in the Housing Element and the Consolidated Plan.
19 4. That the City Council of the City of Carlsbad hereby APPROVES appropriation
of $400,536 in funding from the State of California Workforce Housing Reward
20 Program to assist in financing a portion of the City's previously approved loan in
the total amount of $1,932,000 to Chelsea Investment Corporation to assist with
21 construction of one hundred sixty-eight (168) apartment units in the affordable
housing project known as the Hunters Pointe.
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Page 3 of CC Resolution No.
5. That the City Council authorizes the Finance Director to appropriate and expend
the $400,536 in funding from the State of California Workforce Housing Reward
Program to fund a portion of the City's loan in the total amount of $1,932,000 to
Chelsea Investment Corporation to assist with construction of the Hunters Pointe
affordable housing project, and to submit the appropriate documents to the State of
California for disbursement and/or reimbursement of said funds as appropriate and
necessary.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the City
Council of the City of Carlsbad, California, held on the 20th day of June 2006 by the
following vote, to wit:
AYES: Council Members Lewis, Hall, Kulchin, Packard, Sigafoose
NOES: None
ABSENT: None
ABSTAIN: None
CLAUDE A. LEWIS, Mayor
ATTEST:
(SEAL)