HomeMy WebLinkAbout2023-05-09; City Council; Resolution 2023-122RESOLUTION NO. 2023-122
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, AUTHORIZING THE TRANSFER OF MANAGING GENERAL
PARTNER INTEREST FOR THE VISTA TERRACE APARTMENTS FROM
SOLUTIONS FOR CHANGE, INC. TO KINGDOM DEVELOPMENT, INC.
WHEREAS, the City of Carlsbad provided a HOME Investment Partnership Funds loan in the
amount of $780,000 to Solutions for Change, Inc. to assist in the acquisition and rehabilitation of a 47-
unit apartment complex located at 786 Postal Way in the City of Vista, known as the Vista Terrace
Apartments to provide affordable housing; and
WHEREAS, Solutions for Change, Inc. has requested that the city consent to transfer the
managing general partnership interest for the Vista Terrace Apartments from Solutions for Change, Inc.
to Kingdom Development, Inc.; and
WHEREAS, Kingdom Development, Inc. has committed to operate the project as affordable
housing for extremely low, very low and low income households, as outlined in existing regulatory
agreements recorded against the property; and
WHEREAS, city staff has conducted due diligence on Kingdom Development, Inc. and has
determined they have the professional expertise to operate the project in good standing and consistent
with all regulatory agreement provisions.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad, California, as
follows:
1. That the above recitations are true and correct.
2. That the City Council authorizes the City Manager, or his designee, to execute any
documents necessary to transfer the Managing General Partner interest for the Vista
Terrace Apartments from Solutions for Change, Inc. to Kingdom Development, Inc. after
review and approval of the City Attorney.
PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council of the City of
Carlsbad on the 9th day of May, 2023, by the following vote, to wit:
AYES:
NAYS:
ABSTAIN:
ABSENT:
Blackburn, Bhat-Patel, Acosta, Burkholder, Luna.
None.
None.
None.
KEITH BLACKBURN, Mayor
P~ SHERRY FREISINGER, City Clerk f l.., (SEAL)