HomeMy WebLinkAbout2005-03-15; Housing & Redevelopment Commission; Resolution 3911
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HOUSING AND REDEVELOPMENT COMMISSION
RESOLUTION NO. 391
A RESOLUTION OF THE HOUSING AND REDEVELOPMENT
COMMISSION OF THE CITY OF CARLSBAD, CALIFORNIA, TO
ASIDE FUNDING IN THE AMOUNT OF $941,516 TO ASSIST IN
PROVIDING FINANCIAL ASSISTANCE TO EL CAMINO FAMILY
HOUSING PARTNERS FOR CONSTRUCTION OF FIFTY SIX (56)
AFFORDABLE APARTMENT UNITS WITHIN THE SOUTHEAST
QUADRANT OF THE CITY OF CARLSBAD AND OUTSIDE THE
REDEVELOPMENT PROJECT AREA@).
APPLICANT:
APPROPRIATE REDEVELOPMENT AGENCY HOUSING SET-
EL CAMINO FAMILY HOUSING PARTNERS
CASE NO: SDP 02-13
WHEREAS, El Camino Family Housing Partners, LLC, has proposed to construct 56
apartment units affordable to lower and moderate income households on El Camino Real at
Cassia Street in the Southeast Quadrant of the City of Carlsbad, which is located outside the
boundaries of the Redevelopment Plan areas (Village and South Carlsbad Coastal
Redevelopment Project Areas); and
WHEREAS, El Camino Family Housing Partners, LLC, has requested that the City of
Carlsbad provide financial assistance in the form of a construction and permanent loan to assist
in the construction of said apartment units; and
WHEREAS, the Redevelopment Agency of the City of Carlsbad, hereinafter referred
to as “Agency”, is a Community Redevelopment Agency organized and existing under the
Community Redevelopment Law, Health and Safety Code Section 33000, etc.seq., hereinafter
referred to as the “Act”, and desires to assist in the financing of said project to be developed by
El Camino Family Housing Partners, LLC; and
WHEREAS, the Agency is authorized to implement the Redevelopment Plan for the
Carlsbad Village Redevelopment and South Carlsbad Coastal Redevelopment Project Areas;
and
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HRC Resolution No. 391
Page 2
WHEREAS, Section 33334.2 of the Act requires that not less than twenty percent
(20%) of all taxes which are allocated to the Agency for purposes of increasing and improving
the community’s supply of low and moderate income housing; and
WHEREAS, pursuant to Section 33334.2 of the Act, the Legislature declares its intent
that the Low and Moderate Income Housing Set-Aside Fund shall be used to improve and
increase the supply of affordable housing within the community; and
WHEREAS, to carry out the purposes of increasing and improving the community’s
supply of low and moderate income housing, Section 33334.2(e) of the Act states that the
Agency may exercise any or all of its powers, including without limitations, acquiring land or
building sites, improving land or building sites with onsite or offsite improvements, donating
land to private or public persons or entities, constructing buildings or structures, acquiring
buildings or structures, providing subsidies to, or for the benefit of, very low income
households, lower income households, or persons or families of low and moderate income, or
other powers to carry out the purposes of the Act; and
WHEREAS, pursuant to Section 33334.2(g) (1) of the Act, the Agency may use said
funds outside the project area(s) upon a resolution of the Agency and the Legislative body that
the use will be of benefit to the project area(s); and
WHEREAS, on the 24th day of February, 2005, City of Carlsbad Housing
Commission did hold a public meeting to consider a request for CityIAgency financial
assistance for the construction of said 56 affordable housing apartment units by the affordable
housing developer, El Camino Family Housing Partners, LLC, and subsequently recommended
approval of the request for assistance; and
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HRC Resolution No. 391
Page 3
WHEREAS, on the 15* day of March, 2005, the City Council and Housing and
Redevelopment Commission did hold a joint public meeting to consider said request for City
and Agency financial assistance for the construction of said 56 affordable housing apartment
units by the affordable housing developer, El Camino Family Housing Partners, LLC; and,
WHEREAS, at said public meeting, upon hearing and considering all testimony, if
any, of all persons desiring to be heard, said City Council and Housing and Redevelopment
Commission considered all factors relating to the application and request for financial
assistance; and,
WHEREAS, the Housing and Redevelopment Commission approved the appropriation
and expenditure of $941,516 from the Low and Moderate Income Housing Set-Aside Fund
outside the Redevelopment Project Areas for the purposes of providing loan proceeds to the
City of Carlsbad to fund a construction loan for El Camino Family Housing Partners, LLC, to
construct 56 units of rental housing for very low, low and moderate income personslfamilies.
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 Agency financial assistance is consistent with the goals and
objectives of the City of Carlsbad’ s Housing Element and Consolidated Plan,
the Carlsbad General Plan, and the Redevelopment Plans for the Village Area
and South Carlsbad Coastal Redevelopment Project Areas.
3. The request for Agency financial assistance will assist the affordable housing
developer to construct a total of 56, 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 as well as meet the housing needs for the Redevelopment
Project Areas in the City of Carlsbad.
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HRC Resolution No. 391
Page 4
4. That the expenditure of monies from the Low and Moderate Income Housing
Fund for the purposes of funding a construction and permanent loan to El
Camino Family Housing Partners, LLC, to an affordable housing project
containing 56 rental units outside the Redevelopment Project Area(s), in which
such funds are generated, are and will be of benefit to the respective Project
Area(s) based on the following findings:
a.
b.
C.
The Village Redevelopment Area currently consists of a number of
restaurants, hotels, time-share projects and small retail operations which
depend on and offer employment at low to moderate income wages. The
proposed housing project offers affordable housing opportunities with
restricted rents affordable to moderate, low and very low income
households. These type of restricted rental housing units will be beneficial
to the employees working within the Village Redevelopment Area.
The South Carlsbad Coastal Redevelopment Area is proposed to have
several new restaurants, hotels, time-share projects and small retail
operations which will also depend on and offer employment at low to
moderate income wages. The proposed housing project will assist in
providing affordable housing opportunities for those employees and
ultimately benefit the project area by providing an employee pool which is
located in close proximity to the project area.
The proposed project is located on bus routes and connects to major
transportation corridors which will allow direct access to the Village and
South Carlsbad Coastal Redevelopment Project Areas. The households
residing within the proposed project will be able to take advantage of the
public transportation systems which will allow them to work and shop in the
Village Redevelopment Area and ultimately in the South Carlsbad Coastal
Redevelopment Area as well. This will have a significant impact on the
Redevelopment Agency’s efforts to revitalize the Village Project Area.
5.
6.
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That the Low and Moderate Income Housing Set-Aside Funds will promote the City of
Carlsbad’ s housing goals and satisfies specific requirements of the Community
Redevelopment Law to expend a portion of its tax increment to produce affordable
housing opportunities for low and moderate income persons.
That the expenditure of the subject Low and Moderate Income Housing Set-Aside
Funds to assist the City of Carlsbad in providing financial assistance to the subject
project in the form of a residual receipts construction loan in the total amount of
$1,454,276 is consistent with the Village Redevelopment Area Low and Moderate
Income Housing Set-Aside Spending StrategyPlan.
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HRC Resolution No. 391
Page 5
7. That the Housing and Redevelopment Commission authorizes the Agency’s
Executive Director or hisher designee to execute all documents related to
provision of the Agency assistance to the City of Carlsbad to help fund the
residual receipts constructiodpermanent loan to El Camino Family Housing
Partners, LLC, for development of the subject affordable housing project.
8. That the Housing and Redevelopment Commission authorizes the Agency’s
Executive Director or hisher designee to execute subsequent subordination
agreement(s) subordinating the City/Agency’ s Regulatory Agreement and Deed
of Trust to the Deed of Trust for construction and permanent lenders, as
required, subject to review and approval by the Agency’s General Counsel
and/or Special Legal Counsel, and subject to the Executive Director’s finding
that no other financing that does not require subordination is reasonably
available.
9. That the Housing and Redevelopment Commission authorizes the Finance
Director to appropriate and expend the funds set forth within this approval by
transferring such funds to the City to provide a portion of the proceeds
($941’5 16) for the residual receipts constructiodpermanent loan to El Camino
Family Housing Partners, LLC, for the subject affordable housing project, and
as set forth in the approved loan documents.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the
Housing and Redevelopment Commission of the City of Carlsbad, California, held on the
15th day of March ,2005, by the following vote, to wit:
AYES: Commissioners Lewis,
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
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