HomeMy WebLinkAboutReso 1997-18605 RESOLUTION NO. 18605
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA APPROVING A 1.16 ACRE LAND DONATION FOR AN
EIGHTEEN (18) UNIT AFFORDABLE HOUSING PROJECT
PROPOSED TO BE DEVELOPED AS TROLLEY TERRACE
TOWNHOMES AND THE AMENDED AND RESTATED
CONVEYANCE AGREEMENT AND ESCROW INSTRUCTIONS
WITH SOUTH BAY COMMUNITY SERVICES WITH RESPECT TO
1.16 ACRES OF REAL PROPERTY LOCATED AT 746 AND 750
ADA STREET.
WHEREAS, South Bay Community Services ("SBCS") has been negotiating with the
City to develop an 18-unit affordable housing project known as Trolley Terrace Townhomes
("Project") at 746 and 750 Ada Street ("Site") and is requesting that the City make a land
loan of Three Hundred Seventy-Two Thousand Nine Hundred Forty Dollars (9372,940) for
purchase of subject property; and
WHEREAS, City staff and SBCS have negotiated certain terms for the transfer of the
Site by the City to SBCS as more specifically set forth in that certain Trolley Terrace
Conveyance Agreement and Escrow Instruction between the SBCS and the City ("City/SBCS
Conveyance Agreement"); and
WHEREAS, City staff will negotiate with SBCS the terms of a Disposition and
Development Agreement ("DDA") pursuant to which the City would agree to provide SBCS
(or an assignee thereof approved by the City) with financial and other assistance in order to
facilitate the development of the Project if SBCS secures tax credits from the California Tax
Credit Allocation Committee ("TCAC"); and
WHEREAS, to further assist in funding the cost of the Project, SBCS intends to file an
application for Low Income Housing Tax Credit ("LITHTC") with the California Tax Credit
Allocation Committee under Section 42 of the Internal Revenue Code;
WHEREAS, SBCS proposes to fund the project through the following sources: (1) Bank
of America Community Development Bank Construction and Permanent Loan; (2) Local
Initiative Support Corporation Development Loan; (3) Federal Home Loan Bank Affordable
Housing Program Grant, (4) City of Chula Vista Development Loan; (5) City of Chula Vista
Land Loan; and (6) a sale of LIHTCs allocated by TCAC to the project; and
WHEREAS, the deadline for submission of the TCAC application is March 31, 1997;
and
WHEREAS, various actions required by the City procedures and State law in order to
permit the transfer of the Site to SBCS and the development of the Project on the Site,
including but not limited to, negotiation and approval of the DDA, will not be completed by
March 31, 1997; and
Resolution 18605
Page 2
WHEREAS, pursuant to Resolution 1831 O, City Council previously adopted Negative
Declaration IS-93-07 and addendum thereto; therefore no further action under CEQA is
required for this project; and
WHEREAS, among the requirements of the TCAC application are evidence of financing
commitment by any local public agency, including the amounts and sources thereof and
evidence of site control or its equivalent where it is impossible to complete the transfer of the
Site proper to the application deadline; and
WHEREAS, the purpose of this Resolution is to comply with such TCAC application
requirements by providing SBCS with documentation evidencing the City's commitment to
provide partial financing for the Project from a Land Loan, HOME Program Funds, and Site
control by SBCS and/or a limited partnership of which SBCS is a general partner; and
WHEREAS, on March 18, 1996 the City Council held a public meeting on the matter
of this Resolution at which meeting the City Council considered the staff report, the proposed
City/SBCS Amended and Restated Trolley Terrace Conveyance Agreement and Escrow
Instructions, and all other information and evidence presented.
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Chula Vista does
hereby find, order, determine and resolve 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. A~roval of Citv/SBCS Conveyance Aareement
The City approves the City/SBCS Conveyance Agreement in substantially the form
presented, with such minor modifications as may be required or approved by the City
Attorney and authorizes the Mayor to execute same, the final form of such Agreement
to be kept on file with the office of the City Clerk as Document No. C097-023.
3. Conditions to City Commitment
The City commitments set forth above are each conditioned upon and subject to the
subsequent approval by the City Council of the DDA and related loan documents in
accordance with applicable laws and existing City policies and TCAC's approval of the
tax credit application which was presented to the City in connection herewith, and its
allocation to the Project of the LIHTC requested thereby.
Resolution 18605
Page 3
4. Directions to Staff
City staff is hereby authorized and directed to take any appropriate action consistent
with the purposes of this Resolution including negotiation of a final DDA and
presentation thereof to the City for its approval.
Presented by Approved as to form by
Chris Salomone J M. Kaheny
Director of Community Development rney
Resolution 18605
Page 4
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 18th day of March, 1997, by the following vote:
AYES: Councilmembers: Moot, Rindone, Salas, and Horton
NAYES: Councilmembers: None
ABSENT: Councilmembers: Padilia
ABSTAIN: Councilmembers: None
'~/Z/f~'~'~'~on, Mayor
ATTEST:
~utl~elet, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
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. 18605 was duly passed, approved, and adopted by the City
Council at a regular meeting of the Chula Vista City Council held on the 18th day of March,
1997.
Executed this 18th day of March, 1997.
~Authelet, City Clerk