HomeMy WebLinkAbout2003-09-09; Housing & Redevelopment Commission; Resolution 3691
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HOUSING AND REDEVELOPMENT COMMISSION RESOLUTION NO. 369
THAT THE HOUSING AND REDEVELOPMENT COMMISSION
HOUSING AND DEVELOPMENT CORPORATION AND APPROVAL
DEVELOPMENT COSTS FOR THE DEVELOPMENT OF AN
AFFORDABLE HOUSING PROJECT AT 2578 ROOSEVELT STREET
APPROVE A $200,000 PRE-DEVELOPMENT LOAN TO WAKELAND
OF THE P RE-DEVELOPMENT LOAN AGREEMENT T 0 P AY P RE-
WHEREAS, on March 1 1 , 2003, the Carlsbad Redevelopment Agency acquired property
located at 2578 Roosevelt Street for the purposes of developing an affordable housing project;
and
WHEREAS, after acquiring the subject property, the Redevelopment Agency issued a
Request for Qualifications for the purpose of selecting a non-profit affordable housing developer
to develop, own and operate an affordable housing development on the subject site; and
WHEREAS, the Redevelopment Agency seeks to enter into a Pre-Development Loan
Agreement with Wakeland Housing and Development Corporation to fund the pre-development
activities to allow the project to receive necessary entitlement permits; and
WHEREAS, this action to enter into a pre-development loan agreement is subject to a
subsequent action by the City of Carlsbad City Council to approve a Community Development
Block Grant Sub-Recipient Agreement to allow for the expenditure of funds for this project; and
WHEREAS, the Housing Commission did, on the 23rd day of July, 2003, hold a public
meeting to c onsider the Redevelopment Agency P re-Development Loan Agreement to provide
funding for the pre-development costs related to the development of an affordable housing project
at 2578 Roosevelt Street; and
WHEREAS, upon hearing and considering all testimony, if any, of all persons desiring to
be heard, said Commission considered all factors relating to the proposed Pre-Development Loan
Agreement and recommended approval of the proposal; and
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RESOLUTION NO. 369
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WHEREAS, the Housing and Redevelopment Commission did, on the 12fh day of
August, 2003, hold a public meeting to consider the Pre-Development Loan Agreement between
the Redevelopment Agency and Wakeland Housing and Development Corporation to provide
Funding for the pre-development costs related to the development of an affordable housing project
at 2578 Roosevelt Street; and
WHEREAS, upon hearing and considering all testimony, if any, of all persons desiring to
be heard, said Council considered all factors relating to the proposed Pre-Development Loan
Agreement.
WHEREAS, the Housing and Redevelopment Commission finds that the Pre-
Development Loan 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.
WHEREAS, the Housing and Redevelopment Commission finds that the Pre-
Development Loan will assist with the development of approximately ten to twelve (1 0- 12)
affordable housing units which will be affordable to lower income households. The project,
therefore, has the ability to effectively serve the Agency/City’s housing needs and priorities as
expressed in the Housing Element, the Consolidated Plan and the Village Master Plan.
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.
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2. That based on the information provided within the Housing and Redevelopment
Commission Staff Report and testimony presented during the public meeting of the
Housing Commission on July 23, 2003, the Housing and Redevelopment
Commission hereby ADOPTS Resolution No. 369 , APPROVING a
$200,000 pre-development loan to Wakeland Housing and Development
Corporation, approval of the Pre-Development Loan Agreement and related
documents to pay pre-development costs for the development of an affordable
housing development at 2578 Roosevelt Street.
3. That the Redevelopment Agency Executive Director or his or her designee be
authorized to execute all documents related to provision of the Agency assistance,
including but not limited to a Pre-Development Loan Agreement, Promissory
Note, Assignment Agreement, and Exclusive Negotiating Rights Agreeement in
substantially the form presented to the Housing and Redevelopment Commission,
and subject to review and final 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 9th day of
SEPT. ,2003 by the following vote, to wit:
AYES: Commissioners Lewis, Finnila, Kulchin /7
NOES: Commissioners Hall,
ABSENT: None
ABSTAIN: None
ATTEST:
(SEAL)
@E Resolution No. 369
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