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HomeMy WebLinkAboutCT 15-07; RREG Investments Series LLC Series 1045; 2022-0389700; Affordable Housing Agreement/Release, .. Recording 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 , DOC# 2022-0389700 111111111111 lllll 11111 1111111111 lllll lllll lllll 11111 1111111lll llll llll Oct 05, 2022 11 :04 AM OFFICIAL RECORDS Ernest J. Dronenburg, Jr., SAN DIEGO COUNTY RECORDER FEES: $0 00 (SB2 Atkins: $0.00) PAGES: 7 (Space above for Recorder's Use) AFFORDABLE HOUSING AGREEMENT (Purchase of Credits) THIS AFFORDABLE HOUSfNG AGREEMENT ("Agreement") is entered into this 12th day of October, 2021, by and between the CITY OF CARLSBAD, a municipal corporation ("City") and RREG Investments Series LLC Series 1045. ("Developer"), a California Limited Liability Corporation, with reference to the following: RECITALS A.Developer is the owner of certain real property in the City of Carlsbad, County of SanDiego, 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 (CT15-07), which provides conditional approval of the construction of thirteen (13) single family dwelling units ("Project"). B.Chapter 21.85 of the Carlsbad Municipal Code requires that this Agreement shall beentered 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. 7339 provides that the Affordable Housing Obligation of two (2) units ("Affordable Housing Obligation") will be satisfied by the construction of the affordable housing obligation on the project site and concurrent with the project's market rate units. Subsequent to approval of the project by the Planning Commission on June 19, 2019 and City Council on August 20, 2019, the City Council considered and approved a request on October 12, 2021 from the new property owner and developer (RREG Investments Series LLC Series 1045) to purchase hvo (2) affordable housing credits in a combined, off-site affordable housing development (Tavarua Affordable Development) within the northwest quadrant of the city, as provided for in Chapter 21.85, Section 21.85.080, as an alternative to construction of the affordable housing obligation on the site of the market rate units. 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. CA 2/5/2013 2.THAT SATISFACTION OF DEVELOPER'S AFFORDABLE HOUSINGREQUIREMENT WILL BE BY THE PURCHASE OF AFFORDABLEHOUSING CREDITS. (a)Performance under this Agreement satisfies the Developers' obligation foraffordable housing under Chapter 21.85 of the Carlsbad Municipal Code as applied to the land covered by Carlsbad Tract No.15-07 (CT15-07) by reason of the approvals of the Tentative Map of CT 15-07, including Condition No. 15 of Planning Commission Resolution No. 7339, and any other applicable approval. (b)The Developer shall purchase two (2) affordable housing credits in the TavaruaAffordable Housing development (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. 15 of Planning Commission Resolution No. 7339 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 two (2) years of the date of this Agreement, the City shall make the credits available to one or more alternate developers and the Developer for this Agreement shall then be required to satisfy its inclusionary obligation through alternate methods as approved by the City. 3.REMEDIESFailure 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. 15 of Planning Commission Resolution No. 7339. 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. 15-07 (CT15-07). 4.HOLD HARMLESSDeveloper will indemnify and hold harmless (without limit as to amount) City and itselected officials, officers, employees and agents in their official capacity (hereinafter collectively referred to as "lndemnitees"), 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.NOTICESAll 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 & Homeless Services Department Attn: Housing & Homeless Services Director 1200 Carlsbad Village Drive Carlsbad, California 92008 2 CA 2/5/2013 TO THE DEVELOPER: RREG Investments Series LLC Series 1045 Attn: Cameron St. Clair, Principal 5315 Avenida Encinas, Suite 200 Carlsbad, Ca. 92008 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 AGREEMENTThis 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 AGREEMENTThis 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.SUCCESSORSThis Agreement shall benefit and bind the Developer and any successive owners of affordable housing lots. THE REMAINDER OF THIS PAGE HAS BEEN LEFT INTENTIONALLY BLANK 3 CA 2/5/2013 9.SEVERABILITYIn 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: ��--:::�:-,---'.,.-e--------.1"......----:----:--:-,.- ()-C,f l l-,S 'L ()1-\,S Title:-�_,_,__,,_,,____,.....-.==.._,_ ____ _ Name: Title: Dated: _____,\..._;:cw�'---,-"'--\ ___ _ By: � a�:t?C\ .. :,. Dated: _------1:)-=r>_·_,_q__.J-�...,__._) ___ _ By: Dated: CITY OF CARLSBAD �� Mandy Mill�tor � k�lls Housing & Homeless Services -------------- (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 ojjice(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: Celia A. Brewer, City Attorney By:�-<RoR K.ump, A ssistaat City Attorney Dated: _ _,_/-=O_---'o:2=-_7_--=al::........c.l ___ _ 4 CA 2/5/2013 EXHIBIT A LEGAL DESCRIPTION OF PROPERTY Lots I through 7, inclusive, of City of Carlsbad Tract No. CT 02-06, in the City of Carlsbad, County of San Diego, State of California, according to map thereof No. 16265, filed in the Office of the County Recorder of San Diego County on April 27, 2018. 5 CA 2/5/2013 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 om�1J:0000000080:o:o:o 11:00:00000:ou:o:00:11:0:s:011:0 H=rno:o:o:01c80000:000:oo:o@:-Rr■.tE:0100880800 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 County of � f:... ,-,. D I l � \:, On Ge >m 'cu \-\ .�d°" before me, Date } TT t\1.,, .., LL<-\t..� f>sv:'-�, �� '-t ¼;�J...lL... Here tsert Name and Title of Jhe Officer \ personally appeared _CA __ \.:...'°"_.:__'\...,;=--· -=�=--,._,.--=--_"i't-_•=---·--C-=-'----'--�'-'-�-',.. _________________ _ Name(s) of Signer(s) 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. �---·· ·----··1• ,, . STACV lECKWART � � � �� Nota,y >ubllc -California � � ·v� , .. � ,: 0f'tingeCourity f., Commission II 2250274 '''0 •'· Moy Comm. [Jtpires Jut 16, 2022 Place Notary Seal and/or Stamp Above I certify under PENAL TY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. 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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: _____________ _ □Corporate Officer -Title(s): ______ _□Partner -□ Limited □ General□Individual □Attorney in Fact□Trustee □Guardian of Conservator□Other:Signer is Representing: _________ _ Signer's Name: □Corporate Officer -Title(s): ______ _□Partner -□ Limited □ General□Individual□Trustee D Other: □Attorney in Fact□ Guardian of Conservator Signer is Representing: _________ _ ll O U80000=0c80808 o:oc0:o:1J0:8tO 0:00:0:000:oHtll t01)1300:08001JCJ808018080lffl880�8:88080080BOO ©2017 National Notary Association CALIFORNIA ALL-PURPOSE CERTIFICATE OF ACKNOWLEDGMENT A notary public or other officer completing this certificate verifies only the identityof 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 County of San Diego } } On � • 7 11,,0 7.., 2 before me, Ana Alarcon, Notary Public personally appeared �Cl'(\ l� }1 l \\s (Here,nsertnameand6tleoflfieofflcer) 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 PENAL TY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal.l . ,;;.. . . . ANA ALARCON • • l0-"i" � COMM. #2333444 zcr:lli ·e. Notary Public • California � � \�/. 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