HomeMy WebLinkAboutReso 1997-18797 RESOLUTION NO. 18797
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA APPROVING A DISPOSITION AND DEVELOPMENT
AGREEMENT & HOME PARTICIPATION AGREEMENT WITH
SOUTH BAY COMMUNITY SERVICES FOR THE DEVELOPMENT
E)F AN EIGHTEEN (18) UNIT AFFORDABLE HOUSING PROJECT
PROPOSED TQ BE DEVELOPED AT QR AROUND 750 ADA
STREET
WHEREAS, the City has previously approved the commitment of HOME funds to
develop an 18 unit affordable housing project (Trolley Terrace Townhomes or "Project") to be
located on 1.21 acres of land at or around 750 Ada Street; and
WHEREAS, City staff has presented for City Council approval an Amended and
Restated Conveyance Agreement which implements the sale of land from the City to South
Bay Community Services (SBCS), the Project Developer; and
WHEREAS, SBCS has obtained Low Income Housing Tax Credits ("LITHTCs") toward
the project with the California Tax Credit Allocation Committee under Section 42 of the
Internal Revenue Code;
WHEREAS, SBCS has obtained commitments from the following sources to fund the
project: (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 LITHTCs allocated by TCAC; and
WHEREAS, the provision of affordable housing units like the Project is consistent with
and called for by the City's General Plan Housing Element, the Comprehensive Housing
Affordability Strategy, the federal HOME program, and California Health and Safety Code; and
WHEREAS, the City wishes to provide SBCS with loans from federal HOME funds and
from property disposition proceeds in order to partially finance the development of the Project;
and
WHEREAS, the City provision of funds to the Project will directly improve the City's
supply of very low and low income housing; and
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, the proposed use of HE)ME program funds requires compliance with the
National Environmental Policy Act (NEPA) and staff has completed the compliance process by
filing required notices and preparing the required Environmental Assessment document and
providing the required public review period for all NEPA related documents; and
WHEREAS, the City has negotiated with SBCS the terms and conditions of a
Disposition and Development Agreement/HOME Participation Agreement ("Development
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Resolution 18797
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Agreement") which established the terms for the City loans to the Project, SBCS's obligations
to develop and operate the Project, and which imposes affordability covenants on the Project
property.
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Chula Vista does
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. Approval of Aareement.
The City hereby approves the Development Agreement in substantially final form
presented, with such minor changes as may be approved or required by the City Attorney, and
hereby authorizes and directs the Mayor to execute same. A final form of the Agreement shall
be kept on file with the City Clerk as Document No. C097-1 sl-
3. Directions to Staff.
City staff is hereby authorized and directed to take any appropriate action
consistent with the purposes of this Resolution, including, without limitation, preparing and
approving final forms of all documents necessary to implement the terms of the Development
Agreement, and executing related escrow instructions, all subject to final approval as to form
by the City Attorney.
Presented by Approved as to form by
Chris Salomone J M Kaheny ' ~
Community Development Director , y
Resolution 18797
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PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 21 st day of October, 1997, by the following vote:
AYES: Councilmembers: Moot, Padilia, Rindone, Salas, and Horton
NAYES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
Shirley H~ Mayor
ATTEST:
Beverly A'.~Authelet, 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. 18797 was duly passed, approved, and adopted by the City
Council at a regular meeting of the Chula Vista City Council held on the 21st day of October,
1997.
Executed this 21 st day of October, 1997
Beverly ,~.Auth~let, City Clerk
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