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HomeMy WebLinkAboutCT 05-12; Zephyr Ocean Street Investors; 2012-0788056; Affordable Housing Agreement/ReleaseRecording Requested by: City of Carlsbad When Recorded Mail to: City of Carlsbad City Clerk's Office Attn: City Clerk 1200 Carlsbad Village Drive Carlsbad California 92008 D 0 C # 201 2-0788056 1111111111111111111111111111111111111111111111111111111111111111111111 DEC 14, 2012 11:25 AM OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE Ernest J. Dronenburg, Jr., COUNTY RECORDER FEES: 0.00 PAGES: 7 11~~~~m~~~~~~~~~llil (Space above for Recorder's Use) AFFORDABLE HOUSING AGREEMENT (Purchase of Credits) THIS AF ORDABLE HOUSING AGREEMENT ("Agreement") is entered into this j~~day of , 2012, by and between the CITY OF CARLSBAD, a municipal corpo tion ("City") and Zephyr Ocean Street Investors ("Developer"), a limited liability company, with reference to the following: RECITALS A. Developer is the owner of certain real property in the City of Carlsbad, County of San Diego, State of California, described in "Exhibit A", which is attached hereto and incorporated herein by this reference, and which is the subject of a Tentative Map (CT 05-12), which provides conditional approval of the construction of 35 residential air-space condominium dwelling units ("Project"). B. Chapter 21.85 of the Carlsbad Municipal Code requires that this Agreement shall be entered into between the City and the Developer as a means of satisfying the Developer's affordable housing obligation, as such is defined under Chapter 21.85 of the Carlsbad Municipal Code. Planning Commission Resolution No.6394 provides that the Affordable Housing Obligation of seven (7) units ("Affordable Housing Obligation") will be satisfied by the purchase of affordable housing credits, as provided for in Chapter 21.85, Section 21.85.080. NOW, THEREFORE, incorporating the foregoing Recitals and in consideration of the mutual covenants contained herein, the parties agree as follows: 1. The Recitals are true and correct. 2. THAT SATISFACTION OF DEVELOPER'S AFFORDABLE HOUSING REQUIREMENT WILL BE BY THE PURCHASE OF AFFORDABLE HOUSING CREDITS. (a) Performance under this Agreement satisfies the Developers' obligation for affordable housing under Chapter 21.85 of the Carlsbad Municipal Code as applied to the land covered by Carlsbad Tract No. 05-12 by reason of the approvals ofthe Tentative Map ofCT 05- CA 6/15/2011 12, including Condition No. 13 of Planning Commission Resolution No. 6394, and any other applicable approval. (b) The Developer shall purchase seven (7) affordable housing credits in the Roosevelt Gardens Affordable Housing developments (within the Northwest Quadrant of the City of Carlsbad), based on availability, for an amount established by resolution of the City Council and as required by Condition No. 13 of Planning Commission Resolution No. 6394 no later than two (2) years following City Council approval of this Agreement. The credit fee shall be paid prior to the Developer receiving any building permits for the project. The subject housing credits will be reserved for said Developer for no longer than (2) years following City Council approval of this Agreement. If the Developer does not purchase the subject credits within the Roosevelt Gardens Combined Affordable Housing Project within two (2) years of the date ofthis Agreement, the City may make the credits available to one or more alternate developers and the Developer for this Agreement may then be required to satisfy its inclusionary obligation through alternate methods as approved by the City including, but not limited to, the purchase of housing credits within an alternate approved combined affordable housing project within the Northwest Quadrant of the City to the extent that credits within the Roosevelt Gardens Combined Affordable Housing Project are not available to satisfy the entire credit requirement. The Housing and Neighborhood Services Director is authorized to amend and execute this agreement to allow Developer to purchase housing credits in an alternate combined affordable housing project within the Northwest Quadrant of the City, which has been previously approved by the City Council. 3. REMEDIES Failure by the Developer to perform in accordance with this Agreement will constitute failure to satisfy the requirements of Chapter 21.85 of the Carlsbad Municipal Code and Condition No. 13 of Planning Commission Resolution No. 6394. Such failure will allow the City to exercise any and all remedies available to it including but not limited to withholding the issuance of building permits for the lots shown on Carlsbad Tract No. 05-12. 4. HOLD HARMLESS Developer will indemnify and hold harmless (without limit as to amount) City and its elected officials, officers, employees and agents in their official capacity (hereinafter collectively referred to as "Indemnitees"), and any of them, from and against all loss, all risk of loss and all damage (including attorneys' fees and expenses) sustained or incurred because of or by reason of any and all claims, demands, suits, or actions, obtained, allegedly caused by, arising out of or pertaining in any manner to Developer's actions or defaults pursuant to this Agreement, and shall protect and defend Indemnitees, and any of them with respect thereto. This provision shall survive the term of this Agreement. 5. NOTICES All notices required pursuant to this Agreement shall be in writing and may be given by personal delivery or by registed or certified mail, return receipt requested to the party to receive such notice at the address set forth below: TO THE CITY: City of Carlsbad Housing & Neighborhood Services Department Attn: Housing & Neighborhood Services Director 2 CA 6115/2011 TO THE DEVELOPER: 2965 Roosevelt Street, Suite B Carlsbad, California 92008-2389 Zephyr Partners Attn: Brad Termini 11750 Sorrento Valley Rd. Suite 130 San Diego, Ca. 92121 Any party may change the address to which notices are to be sent by notifying the other parties of the new address, in the manner set forth above. 6. ENTIRE AGREEMENT This Agreement constitutes the entire agreement between the parties and no modification hereof shall be binding unless reduced to writing and signed by the parties hereto. 7. DURATION OF AGREEMENT This Agreement shall terminate and become null and void upon the payment of the affordable housing credits, or the repeal, termination, or modification of any applicable ordinance which act would render the Affordable Housing Obligation unnecessary or unenforceable. 8. SUCCESSORS This Agreement shall benefit and bind the Developer and any successive owners of affordable housing lots. II II II II II II INTENTIONALLY LEFT BLANK II II II II II II 3 CA 6115/2011 9. SEVERABILITY In the event any provision contained in this Agreement is to be held invalid, void or unenforceable by any court of competent jurisdiction, the remaining provisions of this Agreement shall nevertheless, be and remain in full force and effect. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed as of the day and year first above written. DEVELOPER By:---------- Name: Title:----------- Name: Dane Chapin Title: Co-Manager Dated: _.LJJ//t,_-__,!,O=::....,.QL._-__;_1 61:;;..;:.._ __ _ By: ~ARLSBAD A . . ~-tW<.) Debbie Fountain, Housing and Neighborhood Services Director Dated: --!..../ __,!( /..:::3_D....t.../:.......~------ (Chairman, president or vice-president and secretary, assistant secretary, CFO or assistant treasurer must sign for corporations. Otherwise, the corporation must attach a resolution certified by the secretary or assistant secretary under corporate seal empowering the office(s) signing to bind the corporation.) (If signed by an individual partner, the partnership must attach a statement of partnership authorizing the partner to execute this instrument.) (Proper notarial acknowledgment of execution by Contractor must be attached.) APPROVED AS TO FORM: Dated: ---.bf--L-')_-0<.--};L..-/__,.,J'-----2-~ __ 4 CA 6/15/2011 EXIDBITA LEGAL DESCRIPTION OF PROPERTY That portion of Lot "A" of Granville Park Unit No.2 according to Map thereofNo. 2037 and that portion ofLaguna Drive of Granville Park adjacent thereto (vacated by Resolution No. 918 ofthe City Council of the City of Carlsbad, California, recorded July 19, 1963 as Document No. 126793, Records of San Diego County California) according to Map thereofNo. 1782-all in the City of Carlsbad, County of San Diego, State of California and filed in the Office of the County Recorder of said County. 5 CA 6115/2011 • CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 State of California } County ofS;"-.{\ Vl~jO On ll I 'Oct [au\~ before me, uf\i;f<;vtvj ~ f_:;rz;nr~, N()--tH11'VtA-\?l)'(. Date \ Here Insert Name and Title of the Officer \ personally appeared V~ ~~\ {\ Name(s) of Signer(s) Place Notary Seal Above who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature: --1--l--.~----:---:-:-:-.,----:::--:-c.,----- OPTIONAL--~~------------------ Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of Document: ----------------------------- Document Date: ___________________ Number of Pages: _____ _ Signer(s) Other Than Named Above:------------------------- Capacity(ies) Claimed by Signer(s) Signer's Name: ____________ _ C Corporate Officer -Title(s): _______ _ =:J Individual RIGHT THUMBPRINT OF SIGNER =:J Partner -D Limited 0 General Top of thumb here n Attorney in Fact 0 Trustee 0 Guardian or Conservator C Other: ________ _ Signer Is Representing: ___ _ Signer's Name: ____________ _ 0 Corporate Officer -Title(s): _______ _ [J Individual RIGHT THUMBPRINT OF SIGNER 1-:::: Partner -Ll Limited LJ General Top of thumb here n Attorney in Fact 0 Trustee 0 Guardian or Conservator LJ Other: ________ _ Signer Is Representing: ___ _ © 2010 National Notary Association· NationaiNotary.org • 1-800-US NOTARY (1-800-876-6827) Item #5907 .. . . CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California } County of ~n .D)~o On lliNe:rober3Cttnabefore me;Htr\ua L ~ce~'. ~o!uvy Pub L'c.. Date nsert NamealldT)le o the Officer personally appeared Qe\o'o le FD u:vkl 0 Name(s) of Signer(s) PATRICIA L. CRESCENTI a Commission# 1887595 z :( Notary Public -California z I San Diego County !: J. o o ••• Ml :on txere: :•1 t\2[1!1 who proved to me on the basis of satisfactory evidence to be the person1.>f whose name~ is/a:re subscribed to the within instrument and acknowledged to me that he/she/tAe;' executed the same in R+s/her/tf;teir authorized capaci~, and that by his/her/theft" signature(Jq on the instrument the person~·-or the entity upon behalf of which the person~acted, executed the instrument. I certify under PENAL TV OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Place Notary Seal and/or Stamp Above Signature: __L_g,.C:,J.\o..__~d......:.2J~~~~===~­ OPTIONAL----------------------~ Though the information below is not required by law, it may prove valuable to persons relying on the nnr"'"''"mc, and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Signer's Name.·_--------"'-~-------- 0 Corporate Officer-Title(s): ---"'------- 0 Individual 0 Partner -0 Limited 0 Attorney in Fact D Trustee D D © 2008 National Notary Association • 9350 De Soto Ave., PCOC Box 2402 • Chatsworth, CA 9t 313-2402 • www.NationaiNotary.org RIGHT THUMBPRINT OF SIGNER D General Top of thumb here Item #5907 Reorder. Call Toll-Free 1-800-876-6827 • ~ECORDEO REQ·U-ESTOF-. \ . First American Title · · : . HOMEBUILDER SERVICES ___________ __J AND WHEN RECORDED MAIL TO : City Clerk CITY OF CARLSBAD . 1200 Carlsbad Village Dr. Carlsbad, CA. 92008 DOC# 2015-0325646 llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll Jun 23, 2015 02:03 PM OFFICIAL RECORDS Ernest J. Dronenburg, Jr., SAN DIEGO COUNTY RECORDER FEES: $18.00 PAGES: 2 SPACE ABOVE THIS LINE FOR RECORDER'S USE ASSESSOR'S PARCEL NO. N/A PROJECT NO. & NAME: c=r~o=s----:-1=2---'----- Summer House -Ocean Street RELEASE OF AFFORDABLE HOUSING AGREEMENT NOTICE IS HEREBY GIVEN that the Affordable Housing Agreement ex~cuted by Zephyr Ocean Street Investors and the City of Carlsbad, recorded on December 14, 2012, as Document No. 2012-0?Beose, has been satisfied and is hereby released. APPROVED AS TO FORM: CELIA A BREWER Date CITY uBA~ .,-- .By: ~~~ Date DEBBIE FOUNTAIN Housing and Neighborhood Services Director eo~!ts CA 06/1812015 .. -..... CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE§ 1189 • A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California before me, \?a:kic ia L ~e.o\j ~ ~1ZWi .fubl j G Here Insert Name ahd Title otfthe Officer · Cou:; of Son n,ocr On ::.lute 'a"«c aO\S Date peffion~~ appeared ~~~~~b~~~.~~~~~~~lL.Iun~~~~~~~~~~~~~~~~- Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the perso~ whose name~ is/ate subscribed to the within instrument and acknowledged to me tAa.t i'te/she/they executed the same in his/her/their authorized capacityijes), and that by his/her/tl:leir signature~ on the instrument the persoR{St or the entity upon behalf of which the perso~ acted, executed the instrument. I certify under PENAL TV OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. • PATRICIA l. CRESCENT! Commission # 2065912 ~ Notary Public • California ~ WITNESS my hand and official seal. z San Diego County ... J. • • • • Jlt0T"!i txer~ ~al t\2&1al Place Notary Sea/ Above ------------------------------oPTIONAL------------------------------ Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Descrip · of Attached Document Title or Type Document: ____________ _ Number of Pages: Signer(s) Other Than Named Abo : ____________ _ Capacity(ies) Claimed by S1 Signer's Name: --------::::.......:,-----:::7~ D Corporate Officer -Title(s): ------::::;;,...c:------"''o;;::-- D Partner -D Limited D Gene D Individual D Attorn · Fact D Trustee D G D Other:------:::;;>.-£----------- Signer Is R ©2014 National Notary Association· www.NationaiNotary.org • 1-800-US NOTARY (1-800-876-6827