HomeMy WebLinkAbout2003-04-22; Housing & Redevelopment Commission; Resolution 3661
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HOUSING AND REDEVELOPMENT COMMISSION RESOLUTION NO. 3 66
A RESOLUTION OF THE HOUSING AND REDEVELOPMENT
COMMISSION OF THE CITY OF CARLSBAD, CALIFORNIA,
APPROVING A REQUEST TO PROVIDE $210,000 IN FINANCIAL
ASSISTANCE FROM THE REDEVELOPMENT LOW AND MODERATE
INCOME HOUSING FUND TO WAVE CREST RESORTS 11, FOR
BEDROOM CONDOMINIUM UNITS IN ORDER TO SATISFY THE
REQUIREMENTS OF THE INCLUSIONARY HOUSING ORDINANCE FOR
THE LAGUNA POINT CONDOMINIUM PROJECT AND APPROVING
THE RELATED LOAN AGREEMENT, DEEDS OF TRUST, PROMISSORY
NOTES, REGULATORY AGREEMENT AND BORROWER DISCLOSURE.
APPLICANT; WAVE CREST RESORTS 11, LLC
CASE NO: RP 01-08KT 01-13
CONSTRUCTION OF THREE, FOR-SALE, AFFORDABLE ONE
WHEREAS, the Wave Crest Resorts I1 is the developer of the twenty-one unit (21) Laguna Point
condominium project; and
WHEREAS, on April 9, 2002, the Housing and Redevelopment Commission of the City of
Carlsbad approved the twenty-one unit (21) Laguna Point condominium project; and
WHEREAS, as a requirement of the approval of the Laguna Point condominium project, the
Developer is required to construct and sell three (3) units that will be affordable to low income
households as a means to satisfy the affordable housing obligation as required by Carlsbad Municipal
Code Section 21.85 of the City’s Inclusionary Housing Ordinance; and
WHEREAS, the Developer has requested financial assistance from the Housing and
Redevelopment Commission to assist with the development of the affordable housing units; and
WHEREAS, on March 18, 2003, the Housing Commission held a public meeting to consider the
developer’s request for financial assistance to construct said affordable housing units; and
WHEREAS, at said public meeting, upon hearing and considering all testimony, if any, of all
persons desiring to be heard, said Commission considered all factors relating to the request for financial
assistance and recommend to the City Council that said assistance be granted;
WHEREAS, the Housing and Redevelopment Commission did hold a public meeting to consider
the developer’s request for financial assistance to construct said affordable housing units; and;
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WHEREAS, at said public meeting, upon hearing and considering all testimony, if any, of all
persons designing 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 Housing and Redevelopment
Commission of the City of Carlsbad, California, as follows:
1. The above recitations are true and correct.
2. The request for Redevelopment Agency financial assistance is consistent with the goals
and objectives of the City of Carlsbad’s Housing Element, Consolidated Plan, the
Inclusionary Housing Ordinance, the Carlsbad General Plan and the Village Master Plan.
3. The request for Redevelopment Agency financial assistance will assist the affordable
housing developer to construct a total of three one-bedroom affordable condominium
units which will be sold at prices which are affordable to low income households. The
project, therefore, has the ability to effectively serve the AgencyKity’s housing needs
and priorities as expressed in the Housing Element, the Consolidated Plan and the Village
Master Plan.
4. That based on the information provided within the Housing and Redevelopment
Commission and the Housing Commission Staff Reports, the testimony presented during
the public meeting of the Housing and Redevelopment Commission and Housing
Commission, and the Conditions of Approval contained herein, the Housing and
Redevelopment Commission hereby APPROVES a request to provide $210,000 in
financial assistance from the Carlsbad Redevelopment Agency’s Low and Moderate
Income Housing Fund to Wave Crest Resorts I1 for the Laguna Point condominium
project.
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HRC Resolution No. 366
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5. That the Housing and Redevelopment Commission hereby authorizes the Redevelopment
Agency's Executive Director or his designee to execute all documents related to
provision of the Redevelopment Agency assistance, including but not limited to a Loan
Agreement, Note, Deed of Trust and Regulatory Agreement, in substantially the form
presented to the Housing and Redevelopment Commission, subject to review and
approval by the City Attorney.
PASSED, APPROVED, AND ADOPTED at a special meeting of the Housing and
Redevelopment Commission of the City of Carlsbad, California, held on the 22nd day of April,
2003 by the following vote, to wit:
AYES: Commissioners Finnila, Kulchin, Hall
NOES: Commissioners Lewis, Packard
ATTEST:
RAY~QOND R. PATCHETT, SECRETARY
HRC Resolution No. 366
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