HomeMy WebLinkAbout2011-06-21; Housing & Redevelopment Commission; Resolution 506Exhibit 13
1 RESOLUTION NO. 506
2 A RESOLUTION OF THE CITY OF CARLSBAD HOUSING AND
REDEVELOPMENT COMMISSION APPROVING THE
3 ESTABLISHMENT OF A RESERVE FUND FOR THE TYLER
4 COURT AFFORDABLE SENIOR APARTMENTS, AND SETTING
FORTH THE PURPOSE AND USE FOR SAID FUND.
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6 WHEREAS, on September 30, 1999, the Redevelopment Agency of the City of Carlsbad
purchased the Tyler Court Senior Apartment Complex for the purpose of providing permanent
7 affordable housing for very low income senior citizens in Carlsbad; and
WHEREAS, the Redevelopment Agency has continuously owned said apartment
complex since acquisition in 1999; and
WHEREAS, the Housing and Redevelopment Commission has previously determined
that it is appropriate and necessary to contract for outside professional services for exclusive
11 day-to-day management of the Tyler Court Senior Apartments, which includes ongoing
maintenance, repairs and capital improvements, and the Commission has subsequently
12 contracted for said services since acquisition in 1999 ; and
WHEREAS, from time to time, rental revenues may exceed operational costs in a given
year resulting in surplus cash from the Tyler Court Senior Apartments, which is intended to be
used for operations and/or repairs, renovations, capital improvements or other related activities
, <- for said apartment complex only for as long as the Redevelopment Agency owns said complex;
and
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WHEREAS, the Commission desires to formally establish a reserve fund and set forth
17 the purpose and use for said funds for the Tyler Court Senior Apartments.
18 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.
21 2. The Housing and Redevelopment Commission hereby authorizes the
Redevelopment Agency Executive Director and Finance Director to establish a
22 reserve fund for the Tyler Court Senior Apartments for deposits of surplus
operating cash from said Agency-owned apartments.
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3. The Housing and Redevelopment Commission hereby authorizes the use of said
Tyler Court Reserve Fund for the specific purpose of funding ongoing operations
of the Tyler Court Senior Apartments and/or for the costs associated with repairs,
maintenance, renovations/rehabilitation, capital improvements or other related
25 costs for said apartments as deemed appropriate by the Agency's Executive
Director and/or designee.
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Exhibit 13
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4. The Agency Executive Director and Finance Director are authorized to
2 appropriate and/or distribute said funds from the Reserve Fund for costs related
to the ongoing operation, maintenance, repair, renovation or other capital
improvement program for the Tyler Court Senior Apartments for as long as the
Agency owns said property.
5 5. If the Commission transfers ownership of the Tyler Court Senior Apartments
to the City of Carlsbad or a private party for any reason, the Finance Director is
6 hereby authorized to accept and transfer the cash available in the Tyler Court
Reserve Fund from the Carlsbad Redevelopment Agency to the City of Carlsbad's
' Housing Trust Fund for use by the City and/or Carlsbad Housing Authority to fund
ongoing operations, maintenance, repairs, rehabilitation or other capital
improvement projects related to the Tyler Court Senior Apartments, and/or to be
used to create additional affordable housing opportunities for low income
households within the City of Carlsbad as determined to be appropriate by the City
10 Council.
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1 PASSED, APPROVED AND ADOPTED at a Joint Special Meeting of the
2 Carlsbad Housing and Redevelopment Commission, Carlsbad City Council, Carlsbad
3 Municipal Water District Board of Directors held on the 21st day of June 2011, by the
4 following vote to wit:
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AYES: Commission Members Hall, Kulchin, Blackburn, Douglas, Packard.
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NOES: None.8
9 ABSENT: None.
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MATT HALL, Chairman
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ATTEST:
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'-LISA HILDABRAND, Secretary
16 (SEAL)
17 ^ v ••' '•• £ '17 re/ ESTABLISHED \\ ;
18 IIX 197°
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