HomeMy WebLinkAbout2002-07-09; City Council; Resolution 2002-2081
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CITY COUNCIL RESOLUTION NO. 2002-208
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, TO APPROVE A REQUEST TO
PROVIDE FINANCIAL ASSISTANCE TO DOVE FAMILY
HOUSING ASSOCIATES, L.P. WHICH INCLUDES A
CONSTRUCTION LOAN OF $2,070,000 FROM THE HOUSING
TRUST FUND AND TO APPROVE THE RELATED LOAN
DOCUMENTS FOR CONSTRUCTION OF ONE HUNDRED
EIGHTY (180) AFFORDABLE APARTMENT UNITS WITHIN THE
VILLAGES OF LA COSTA MASTER PLAN.
APPLICANT: DOVE FAMILY HOUSING ASSOCIATES, L.P.
CASE NO: SDP 01-17
WHEREAS, the master developer of the Villages of La Costa Master Plan, Real Estate
Collateral Management, has proposed to construct 180 apartment units affordable to lower income
households as a means to satisfy their affordable housing obligation as permitted by Carlsbad
Municipal Code Section 21.85 of the City's Inclusionary Housing Ordinance; and
WHEREAS, Real Estate Collateral Management has retained Dove Family Housing
Associates, L.P., to develop and operate the 180 apartment units affordable to lower income
households; and
WHEREAS, Dove Family Housing Associates has requested that the City of Carlsbad provide
financial assistance in the form of a construction loan to assist in the construction of said apartment
units; and
WHEREAS, on the 9" day of May, 2002, City of Carlsbad Housing Commission did hold a
public meeting to consider a request for City financial assistance for the construction of said 180
affordable housing apartment units by the affordable housing developer, Dove Family Housing
Associates and subsequently recommended approval of the request for assistance; and
WHEREAS, on the 9" day of July, 2002, the City Council did hold a public meeting to
consider said request for City financial assistance for the construction of said 180 affordable housing
apartment units by the affordable housing developer, Dove Family Housing Associates; and;
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CC ResolutionNo. 2002-208
Page 2
WHEREAS, at said public meeting, upon hearing and considering all testimony, if any, of all
persons desiring to be heard, said Council considered all factors relating to the application and request
for financial assistance:
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City of
Carlsbad, California, as follows:
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The above recitations are true and correct.
the City of Carlsbad’s Housing Element and Consolidated Plan, the Inclusionary
The request for City financial assistance is consistent with the goals and objectives of
Housing Ordinance, and the Carlsbad General Plan.
The request for City financial assistance will assist the affordable housing developer
to construct a total of 180, one, two, three and four bedroom affordable apartment
units. 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.
That the City Council of the City of Carlsbad hereby APPROVES financial assistance
to the proposed affordable housing project known as the Villages of La Costa
Affordable Apartments Project in the form of a construction loan in the amount of
$2,070,000 from the City of Carlsbad’s Housing Trust Fund.
That the City Council authorizes the City Manager or his designee to execute all
documents related to provision of the City assistance, including but not limited to a
Loan Agreement, Note, Deed of Trust and Regulatory Agreement, in substantially the
form presented to the City Council, subject to review and approval by the City
Attorney.
That the City Council authorizes the City Manager or his designee to execute
subsequent subordination agreement(s), as required, subject to review and approval by
the City Attorney andlor Special Legal Counsel.
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CC ResolutionNo. 2002-208
Page 3
PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council
of the City of Carlsbad, California, held on the 9* day of July I 2002, by the following vote,
to wit:
AYES: Council Members Lewis, Finnila, Hall
NOES: None
ABSENT: Council Member
ABSTAIN: Council Member '
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