HomeMy WebLinkAbout2005-06-09; Housing Commission; Resolution 2005-0041
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HOUSING COMMISSION RESOLUTION NO. 2005-004
THE HOUSING COMMISSION RECOMMENDS APPROVAL TO
THE CITY COUNCIL OF $1,932,000 IN FINANCIAL CASH
ASSISTANCE FROM THE CITY OF CARLSBAD’S HOUSING
TRUST FUND TO CHELSEA INVESTMENT CORPORATION FOR
AFFORDABLE APARTMENT UNITS TO BE LOCATED IN THE
VILLAGE OF LA COSTA MASTER PLAN DEVELOPMENT OF THE
CITY OF CARLSBAD.
CONSTRUCTION OF ONE HUNDRED SIXTY-EIGHT (168)
APPLICANT: HUNTERS POINTE APARTMENTS
WHEREAS, the Chelsea Investment Corporation has proposed to construct 168
apartment units affordable to low and very low income households within the City of
Carlsbad and has requested financial assistance &om the City of Carlsbad to assist in the
financing of said affordable housing project; and
WHEREAS, the request for financial assistance to construct said units has been
submitted to the City of Carlsbad’s Housing Commission for review and consideration;
and
WHEREAS, said Housing Commission did, on the gth day of June, 2005, hold a
public meeting to consider the request for City financial assistance for the construction of
said 168 affordable housing apartment units by the affordable housing developer, Chelsea
Investment Corporation; and
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.
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HC RESOLUTION NO. 2005-04
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2. The request for City financial assistance is consistent with the goals and
objectives of the City of Carlsbad’s Housing Element, Consolidated Plan, the
Inclusionary Housing Ordinance, and the Carlsbad General Plan.
3. The request for City financial assistance will assist the affordable housing
developer to construct a total of 168, one, two and three bedroom affordable
apartment units which will be affordable to households earning 35% to 60%
of area median income for San Diego Courity or less. 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.
4. That based on the information provided within the Housing Commission
Staff Report and testimony presented during the public meeting of the
Housing Commission on June 9, 2005, the Housing Commission hereby
ADOPTS Resolution No. 2005-04, recommending APPROVAL to the City
Council to provide up to $1,932,000 in financial cash assistance fiom the
City of Carlsbad’s Housing Trust fund to Chelsea Investment Corporation
for the construction of one hunclred sixty-eight (168) affordable apartment
units to be located in the La Costa Oaks Village 3.6 of the Villages of La
Costa Master Plan Development within the City of Carlsbad.
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5. That the Housing Commission recommends that the City Manager or his or
her designee be authorized by the City Council to prepare and execute all
documents related to provision of the City assistance, including but not
limited to a Financial Assistance Loan Agreement, Note, Deed of Trust and
Regulatory Agreement, subject to review and approval by the City Attorney.
PASSED, APPROVED, AND ADOPTED at a meeting of the Housing Commission of the
City of Carlsbad, California, held on the 9" day of June, 2005, by the following vote, to wit:
AYES: SCARPELLI, SCHRAML, AND SMITH
NOES: NONE
ABSENT: RITCHIE AND HUSTON
ABSTAIN: NONE
EDW- SCARPENI, CHAIRPERSON CARL ADHOU GCOMMISSION rp
D&&.b&) 7
DEBORAH K. FOWAIN HOUSING AND REDEVELOPMENT DIRECTOR
HC RESOLUTION NO. 2005-004
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