HomeMy WebLinkAbout2003-03-18; Housing Commission; Resolution 2003-0021
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HOUSING COMMISSION RESOLUTION NO. 2003-002
THAT THE HOUSING COMMISSION RECOMMEND APPROVAL TO
THE HOUSING AND REDEVELOPMENT COMMISSION OF $210,000 IN
FINANCIAL ASSISTANCE FROM THE REDEVELOPMENT LOW AND
MODERATE INCOME FUND AND APPROVAL OF THE LOAN
AGREEMENT AND RELATED DOCUMENTS WITH WAVE CREST
RESORTS I1 FOR CONSTRUCTION OF THREE (3) AFFORDABLE
CONDOMrNTUM UNITS TO SATISFY THE INCLUSIONARY HOUSING
ORDINANCE REQUIREMENT FOR THE LAGUNA POINT PROJECT
APPLICANT: WAVE CREST RESORTS I1
CASE NUMBER: RPO 1-08
WHEREAS, the Wave Crest Resorts I1 is the developer of the twenty-one
unit (2 1) Laguna Point condominium project; and
WHEREAS, on April 9,2002, the Housing and Redevelopment Commission
of the City of Carlsbad approved the twenty-one unit (21) Laguna Point
condominium project; and
WHEREAS, as a requirement of the approval of the Laguna Point
condominium project; the Developer is required to construct and sell three (3) units
that will be affordable to low income households as a means to satisfy the affordable
housing obligation as required by Carlsbad Municipal Code Section 21.85 of the
City's Inclusionary Housing Ordinance; and
WHEREAS, the Developer has requested financial assistance from the
Housing and Redevelopment Commission to assist with the development of the
affordable housing units; and
WHEREAS, the Housing Commission did, on the 18th day of March, 2003,
hold a special public meeting to consider the request for Redevelopment Agency
financial assistance for the construction of said three (3) affordable condominium
units; and
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HC RESOLUTION NO. 2003-002
PAGE 2
WHEREAS, upon hearing and considering all testimony, if any, of all
persons desiring to be heard, said Commission considered all factors relating to the
proposal to construct said affordable housing units.
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. The request for Redevelopment Agency financial assistance 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.
3. The request for Redevelopment Agency financial assistance will assist
the affordable housing developer to construct a total of three one-
bedroom affordable condominium units which will be sold at prices
which are affordable to low income households. The project,
therefore, has the ability to effectively serve the AgencyICity’s
housing needs and priorities as expressed in the Housing Element, the
Consolidated Plan and the Village Master Plan.
4. That based on the information provided within the Housing
Commission Staff Report and testimony presented during the special
public meeting of the Housing Commission on MARCH 18,2003, the
Housing Commission hereby ADOPTS Resolution No. 2002-003,
recommending APPROVAL to the Housing and Redevelopment
Commission to provide up to $210,000 in financial assistance from
the Carlsbad Redevelopment Agency’s Low and Moderate Income
Housing Fund to Wave Crest Resorts I1 for the Laguna Point
condominium project.
Ill
Ill
Ill
Ill
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5. That the Housing Commission recommends that the Redevelopment
Agency Executive Director or his or her designee be authorized by the
Housing and Redevelopment Commission to execute all documents related to
provision of the Agency assistance, including but not limited to a Loan
Agreement, Note, Deed of Trust and Regulatory Agreement, in substantially
the form presented to the Housing Commission on March 18, 2003, and
subject to review and final approval by the City Attorney.
PASSED, APPROVED, AND ADOPTED at a special meeting of the
Housing Commission of the City of Carlsbad, California, held on the 1 8th day of
March, 2003, by the following vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
w
DEBORAH K. FOUNTAIN
HOUSING AND REDEVELOPMENT DIRECTOR
HC RESOLUTION NO. 2003-002
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