HomeMy WebLinkAboutReso 1997-18547- RESOLUTION NO. 18547
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA APPROVING THE SECOND AMENDED AND RESTATED
AFFORDABLE HOUSING AGREEMENT WITH RANCHO DEL REY
INVESTORS, L.P.
WHEREAS, pursuant to that certain Agreement concerning Rancho Del Rey and Low-
Moderate Income Housing, dated August 7, 1990, Rancho Del Roy Investors, L,P., a California
limited partnership ("RDR"), as successor in interest to Rancho Del Roy Partnership, a
California general partnership, is obligated to provide 23 low income housing units to the City
in connection with its development of SPA III of the Rancho Del Roy master planned
community (the "SPA III Affordable Housing Obligation"); and
WHEREAS, RDR and the City previously entered into an agreement (the "SPA III
Affordable Housing Agreement") which sets forth (1) the terms and conditions pursuant to
which RDR may fulfill its SPA III Affordable Housing Obligation; (2) the security being provided
to the City in order to secure such obligation; and (3) other terms and conditions relating to
the continued development of SPA III and the potential creation and allocation of surplus
"affordable housing credits" in the event RDR performs certain duties under such agreement;
and
WHEREAS, one of the methods for RDR satisfying its SPA III Affordable Housing
Obligation contemplated by the SPA III Affordable Housing Agreement is the donation, subject
to certain terms and conditions, by RDR to South Bay Community Services of certain real
property within SPA III, owned by RDR, comprised of an approximately 2.97 acre parcel,
("Site"), and the development of the Site by third parties into an affordable housing project
(the "Project"); and
WHEREAS, RDR and the City desire to amend the SPA III Affordable Housing
Agreement in order to conform its terms to the changes in the Project being approved by the
City and Redevelopmerit Agency concurrently herewith.
NOW, THEREFORE, the City Council of the City of Chula Vista hereby resolves as
follows:
1. Recitals True and Correct.
The City finds and determines the recitals set forth above are true and correct to the
best of its knowledge.
2. AeDroval of SPA III Affordable Housino Agreement.
The City hereby (a) approves the SPA III, second Amended and Restated Affordable
Housing Agreement in substantially the form presented, with such minor modifications
as may be required or approved by the City Attorney; and (b) authorizes the Mayor to
execute same, the final form of such agreement to be kept on file with the City Clerk
as document No. CO97-001.
Resolution 18547
Page 2
3. Directions to Staff.
City staff is hereby authorized and directed to take any appropriate action consistent
with the purposes of this Resolution.
Presented by Approved as to form by
Chris Salomone J . Kaheny
Community Development Director
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Resolution 18547
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PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 7th day of January, 1997, by the following vote:
AYES: Councilmembers: Padilia, Rindone, Salas, and Horton
NAYES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: Moot
Shirle/y Horton, Mayor
ATTEST:
Beverly ~. Authelet, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do hereby certify that
the foregoing Resolution No. 18547 was duly passed, approved, and adopted by the City
Council at a regular meeting of the Chula Vista City Council held on the 7th day of January,
1997.
Executed this 7th day of January, 1997.
Beverly ~'. Aut;lelet, City Clerk