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HomeMy WebLinkAbout2007-09-25; Housing & Redevelopment Commission; Resolution 4441 HOUSING AND REDEVELOPMENT COMMISSION RESOLUTION NO. 444 2 A RESOLUTION OF THE HOUSING AND REDEVELOPMENT COMMISSION OF THE CITY OF CARLSBAD, CALIFORNIA, TO 3 APPROVE THE DISPOSITION, DEVELOPMENT AND LOAN AGREEMENT AND ALL RELATED DOCUMENTS WITH SAN DIEGO HABITAT FOR HUMANITY PROVIDING FOR ADDITIONAL 5 FINANCIAL ASSISTANCE IN THE AMOUNT OF $258,677 FUNDED WITH HOME INVESTMENT PARTNERSHIP FUNDS, AND 6 DISPOSITION OF THE PROPERTY OWNED BY THE CARLSBAD REDEVELOPMENT AGENCY LOCATED AT 2578 ROOSEVELT 7 STREET WITHIN THE VILLAGE REDEVELOPMENT AREA FOR THE DEVELOPMENT OF ELEVEN (11) CONDOMINIUMS TO BE SOLD AT AN AFFORDABLE PRICE TO VERY LOW INCOME HOUSEHOLDS.9 APPLICANT: SAN DIEGO HABITAT FOR HUMANITY, INC. CASE NO: RP 04-04A11 12 WHEREAS, San Diego Habitat for Humanity, Inc. (the "Developer") was selected by the Carlsbad Redevelopment Agency (the "Agency") to develop an eleven (11) unit condominium project 14 which shall be affordable to very low income households on property owned by the Agency and located at 2578 Roosevelt Street (the "Property") in the Northwest Quadrant of the City of Carlsbad, which is located within the boundaries of the Village Redevelopment Project Area; and 17 WHEREAS, the Agency intends to convey the Property to the Developer to develop said 1 8 affordable housing project, at no cost, which has been determined to be the total reuse value of said 19 property considering the use and the conditions, covenants, and development costs for the proposed 20 . , ,project; and 21 WHEREAS, the Agency and City of Carlsbad have previously appropriated $608,243 in financial 22 assistance to the Developer for predevelopment costs associated with said project; and 23 WHEREAS, the Developer has requested that the Agency and/or City of Carlsbad provide 24 additional financial assistance in the form of a construction and permanent loan in the total amount of 25 $258,677 to assist in the construction of said condominium units on said property; and WHEREAS, the Agency is a Community Redevelopment Agency organized and existing under 27 the Community Redevelopment Law, Health and Safety Code Section 33000, etc.seq., hereinafter referred 28 to as the "Act", and desires to assist in the financing of said project to be developed by the Developer; and 8 1 WHEREAS, the Agency is authorized to implement the Redevelopment Plan for the Carlsbad 2 Village Redevelopment Project Area; and 3 WHEREAS, to carry out the purposes of increasing and improving the community's supply of 4 low and moderate income housing, Section 33334.2(e) of the Act states that the Agency may exercise any 5 or all of its powers, including without limitations, acquiring land or building sites, improving land or 6 building sites with onsite or offsite improvements, donating land to private or public persons or entities, 7 constructing buildings or structures, acquiring buildings or structures, providing subsidies to, or for the 8 benefit of, very low income households, lower income households, or persons or families of low and 9 moderate income, or other powers to carry out the purposes of the Act; and 10 WHEREAS, the City Council and Housing and Redevelopment Commission did hold a joint 11 public hearing on the date of this resolution to consider said request for City and Agency financial 12 assistance for the construction of said eleven (11) affordable housing condominium units by the 13 Developer, and Agency disposition of the Property for said project; and, 14 WHEREAS, at said public hearing, upon hearing and considering all testimony, if any, of all 15 persons desiring to be heard, said City Council and Housing and Redevelopment Commission considered 16 all factors relating to the application and request for financial assistance and disposition of the Property for 17 said project; and, 18 WHEREAS, the Housing and Redevelopment Commission desires to approve the additional 19 financial assistance in the amount of $258,677 and disposition of the Agency-owned Property at 2578 20 Roosevelt Street for said project at no cost, which is the reuse value of the Property. 21 NOW, THEREFORE, BE IT HEREBY RESOLVED by the Housing and Redevelopment 22 Commission of the City of Carlsbad, California, as follows: 23 1. The above recitations are true and correct. 24 2. The Agency previously selected the Developer as the developer of the subject affordable housing development, known as the Roosevelt Garden Condominiums. 25 3. The Developer's request for financial assistance is consistent with the goals and objectives of 26 the City of Carlsbad's Housing Element and Consolidated Plan, the Carlsbad General Plan, and the Redevelopment Plan for the Village Redevelopment Project Area. //// 28 //// //// . •,1 1 4. The request for Agency financial assistance will assist the affordable housing developer to 2 construct a total of eleven (11), one and two bedroom affordable condominium units affordable to very low income households. The project, therefore, has the ability to effectively 3 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 and inclusionary housing requirements 4 for the Village Redevelopment Project Area in the City of Carlsbad, In accordance with Section 33433 of the Act, the Housing and Redevelopment Commission hereby finds and 5 determines, based upon substantial evidence provided in the record before it (including the accompanying staff report and Section 33433 Summary Report, each of which are 6 incorporated herein by this reference), that the consideration for the conveyance of the Property as set forth in the Disposition Development and Loan Agreement (the "DDLA"), is 7 not less than the fair reuse value of the Property at the use and with the covenants and conditions and development costs authorized and required by the DDLA In accordance with 8 Section 33433 of the Act, the Housing and Redevelopment Commission hereby finds and determines that the development of the Property pursuant to the DDLA will provide housing 9 opportunities for very-low income persons, and is consistent with the implementation plan. 10 5. That the Housing and Redevelopment Commission authorizes the Agency's Executive Director or his/her designee to execute the DDLA and related documents to fund a 11 construction/permanent loan in the total amount of $258,677 to the Developer (for a total assistance of $1561,920), in substantially the form presented to the Commission and subject to 12 final approval by Agency's General Counsel. Said loan will be funded with HOME Investment Partnership Funds provided by the City of Carlsbad. 13 6. That the Housing and Redevelopment Commission authorizes the Agency's Executive 14 Director or his/her designee to execute all applicable documents, subject to final approval by Agency's General Counsel, to dispose of the Agency-owned property at 2578 Roosevelt Street 15 within the Village Redevelopment Project Area of the City of Carlsbad through a fee conveyance to the Developer. 16 7. That the Planning Commission has previously made the required General Plan conformity finding for disposition of property within the Village Redevelopment Project Area by the Agency, and a determination has been made that the disposition is consistent with the land use controls and implementation of activities of the Redevelopment Plan because it eliminates a blighting influence, permits a project which is consistent with all applicable land use regulations and controls, and is providing for affordable housing for very low income households within the project area. -j 8. That the Housing and Redevelopment Commission authorizes the Agency's Executive Director or his/her designee to execute subsequent subordination agreement(s) subordinating -- the Agency's 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 subject to the ~T Executive Director's finding that no other financing that does not require subordination is reasonably available. 24 9. That the Housing and Redevelopment Commission authorizes the Finance Director to 25 appropriate and expend the funds set forth within this approval for the subject construction/permanent loan to the Developer for the subject affordable housing project, and 26 as set forth in the approved loan documents. 27 //////// 28 //// //// 10 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 10. That the Housing and Redevelopment Commission hereby accepts $258,677 in HOME Investment Partnership Funds to provide proceeds for the construction/permanent loan to be provided to the Developer for the subject affordable housing project, PASSED, APPROVED, AND ADOPTED at a Special meeting of the Housing and Redevelopment Commission of the City of Carlsbad, California, held on the J^t^ day of September 2007, by the following vote, to wit: AYES: Commission Members Lewis, Kerlcbin, Hall, NOES: None. ABSENT: None. ABSTAIN: None. Nygaard. CLAUDE A. LEWIS, Chairman ATTEST RAYMOND R. PATCHETT, Secretary ;oY ESTABLISHED''^^ ~ Z '• i 5» -= 2A 1970 /g =