HomeMy WebLinkAbout2023-11-07; City Council; Resolution 2023-272RESOLUTION NO. 2023-272
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, APPROVING A TWO-YEAR EXTENSION OF THE LOAN
COMMITMENT PERIOD FOR A $1.5 MILLION LOAN FROM THE HOUSING
TRUST FUND TO CHELSEA INVESTMENT CORPORATION FOR THE WEST OAKS
AFFORDABLE HOUSING PROJECT (DEV 2013-018)
WHEREAS, on Dec. 7, 2021, the City Council authorized a loan commitment in the amount of
$1,500,000 to Chelsea Investment Corporation for the West Oaks affordable housing project for a
period of 24 months; and
WHEREAS, the project developer has experienced a delay in the project processing due to
challenges outside of the developer's control associated with the project's sewer connection; and
WHEREAS, the project developer has requested a two-year extension of the city loan
commitment; and
WHEREAS, the financial assistance supports the city's affordable housing needs and priorities
expressed in the Housing Element.
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 extending the approval for financial assistance to Chelsea Investment Corporation
is consistent with the goals and objectives of the City of Carlsbad's Housing Element,
and the General Plan.
3.That the findings adopted in City Council Resolution 2021-267 are extended for an
additional 24-month period from the original expiration date of Dec. 7, 2023.
PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council of the City of
Carlsbad on the 7th day of November, 2023, by the following vote, to wit:
AYES:
NAYS:
ABSTAIN:
ABSENT:
Blackburn, Bhat-Patel, Acosta, Burkholder, Luna.
None.
None.
None.
KEITH BLACKBURN, Mayor
SHERRY FREISINGER, City Clerk
(SEAL)