HomeMy WebLinkAboutReso 1997-18799 RESOLUTION NO. 18799
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA APPROPRIATING FIVE HUNDRED AND TWENTY THREE
THOUSAND NINE HUNDRED AND SIXTY FIVE DOLLARS
($523,965) FROM THE HOME PROGRAM AND THREE
HUNDRED SEVENTY TWO THOUSAND NINE HUNDRED AND
FORTY DOLLARS ($372,940) FROM DISPOSITION PROCEEDS
FROM THE SALE OF LAND AT C)R AROUND 750 ADA STREET
FOR THE DEVELOPMENT OF AN EIGHTEEN (18) UNIT
AFFORDABLE HOUSING PROJECT
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, the City of Chula Vista ("City") is in control of funds under the HOME
Investment Partnership Program (42 U.S.C. Section 12741 et seq.) ("HOME Program Funds")
which program is designed to provide assistance to affordable housing projects; and
WHEREAS, City staff and South Bay Community Services (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 Townhomes Amended and Restated Conveyance Agreement and
Escrow Instruction between the SBCS and the City ("City/SBCS Conveyance Agreement");
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; and
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 FIC)ME 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
Resolution 18799
Page 2
WHEREAS, the proposed use of HOME 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
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. ADDro!ariation.
The City hereby appropriates Five Hundred Twenty-Three Thousand Nine
Hundred Sixty-Five Dollars ($523,965) of HOME Program Funds and Three Hundred Seventy-
Two Thousand Nine Hundred Forty Dollars (9372,940) from unanticipated proceeds from the
sale of City property located at or around 750 Ada Street for purposes of funding City
obligations pursuant to the Development Agreement for the Trolley Terrace Townhomes
project.
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
~ n M. Kahen ~
Resolution 18799
Page 3
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
Sh~~Mayo'~r
ATTEST:
Beveily~.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. 18799 was duly passed, approved, and adopted by the City
Council at a regular meeting of the Chula Vista City Council held on the 21 st day of October,
1997.
Executed this 21 st day of October, 1997
~uthelet, City Clerk