HomeMy WebLinkAbout1996-05-09; Housing Commission; Resolution 96-0051
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HOUSING COMMISSION RESOLUTION NO. 96-005
A RESOLUTION OF THE HOUSING COMMISSION OF THE
CITY OF CARLSBAD, CALIFORNIA TO RECOMMEND TO
THE CITY COUNCIL THE APPROVAL OF AN
APPROPRIATION OF $200,000 FROM THE HOUSING
TRUST FUND TO PROVIDE FINANCIAL ASSISTANCE TO
THE AFFORDABLE HOUSING PROJECT KNOWN AS THE
LAUREL TREE APARTMENTS PROJECT
WHEREAS, on June 28, 1994, the Housing and Redevelopment
Commission approved a financial commitment of $500,000 of redevelopment
housing set-aside funds to the Laurel Tree Apartment project conditioned upon the
project receiving the necessary land use approvals and other financing; and
WHEREAS, on December 1 1 , 1995, the Laurel Tree Apartment project
received necessary local entitlements from the City of Carlsbad; and
WHEREAS, on April 11, 1996, the Laurel Tree Apartment project
received necessary land use approvals from the California Coastal Commission; and
WHEREAS, the Laurel Tree Development Team is preparing to apply for
a Low-Income Housing Tax Credit to finance the Laurel Tree Apartment project; and
WHEREAS, to be highly competitive in the application process to obtain
the Low-Income Housing Tax Credit necessary to finance the Laurel Tree Apartment
project, the Laurel Tree Development Team must take actions to enhance the
affordability of the subject project; and
WHEREAS, to improve the affordability of the Laurel Tree Apartment
project, the project will require an additional cash infusion of $1 million; and
WHEREAS, the Laurel Tree Development Team has obtained an
additional commitment of financing in the amount of $500,000 from private
developers and $300,000 from the Tax Credit Investor; and
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WHEREAS, the Laurel Tree Development Team has an additional need
for $200,000 in financial assistance and is requesting this assistance from the City
of Carlsbad; and
WHEREAS, the Laurel Tree Development Team has offered to convey
the property for the Laurel Tree Apartment project to the City of Carlsbad as a
condition of the financial assistance agreement between the City and the Laurel Tree
Development Team and then lease the property back from the City for the purposes
of project operations; and
WHEREAS, the Housing Commission believes that the City's financial
participation in the Laurel Tree Apartment project will be a sound investment based
on the high leverage of City funds to private funds in producing 138 units of
affordable housing for the City of Carlsbad.
NOW, THEREFORE, BE IT HEREBY RESOLVED by the Housing
Commission of the City of Carlsbad, California, as follows:
1. The above recitations are true and correct.
2. That the use of $200,000 from the Housing Trust Fund, together with
the previously approved, commitment of $500,000 from the
Redevelopment Housing Set-Aside Fund, will promote the City of
Carlsbad's housing goals through the production of 138 affordable
apartment units within the Laurel Tree Apartment project.
3. That any commitment of City financial assistance is conditioned on the
Laurel Tree project obtaining all other necessary financing and
approvals.
4. The Housing Commission recommends to the City Council that the City
Manager, or his designee, upon consultation with the City Attorney to
execute documents required for the appropriation of $200,000 from
Housing Trust Fund, as well as the previously approved $500,000 from
the Redevelopment Housing Set-Aside Fund, to the Laurel Tree
HC RES0 NO. 96-005 -2-
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Apartment project to financially assist in the production of 138
affordable housing units and to convey the property for the Laurel Tree
Apartments to the City of Carlsbad which will then be leased back to
the Laurel Tree Development Team.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the
Housing Commission of the City of Carlsbad, California, held on the 9th day of May,
1996, by the following vote, to wit:
AYES: Chairperson Calverley, Commissioners: Michael
Schlehuber, Ofelia Escobedo, Bailey Noble, Bob Rose,
Cheri Sat0 and Kathleen Wellman.
NOES: None.
ABSENT: Commissioner
ABSTAIN: None.
ATTEST:
EVAN E. BECKER
Housing and Redevelopment Director
HC RES0 NO. 96-005
Scarpelli.
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