HomeMy WebLinkAboutReso 1995-18134 RESOLUTION NO. 18134.
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA APPROVING A RATIFICATION OF A LAND DONATION
AND COMMITMENT FROM HOME PROGRAM FUNDS
(~160,000) FOR AN AFFORDABLE HOUSING PROJECT
PROPOSED TO BE DEVELOPED IN RANCHO DEL REY SPA III
WHEREAS, on March 7, 1995, pursuant to the terms of city council Resolutions 17828
and 17829, the city (1) adopted an addendure to EIR 89-10; (2) approved a Conveyance
Agreement with Rancho del Rey Investors, L.P., (3) approved an Assignment Agreement with
Cordova Ventures, and (4) approved a land donation and appropriation of $160,000 of HOME
Program funds, all with respect to 2.97 acres of property within SPA III of Rancho del Rey
("Property") proposed for development into a 40-unit low income housing complex ("Project");
and
WHEREAS, concurrently therewith, pursuant to the terms of redevelopment agency
Resolution 1447, the agency appropriated ~378,280 of the low and moderate income housing
fund monies to be loaned to the Project at below market rates; and
WHEREAS, substantial funding for the proposed Project will need to be obtained from
the sale of Low Income Housing Tax Credits ("LIHTCs") which are allocated by the California
Tax Credit Allocation Committee ("TCAC"); and
WHEREAS, Cordova Ventures has been unsuccessful to date in obtaining LIHTCs for
the proposed Project from TCAC, but has reasonable expectation that an award can be
obtained from a subsequent allocation process, for which applications are due on December
11, 1995; and
WHEREAS, the city wishes to provide Cordova Ventures with the opportunity to
reapply for LIHTCs to develop the proposed Project.
NOW, THEREFORE, the City Council of the City of Chula Vista does hereby resolve as
follows:
1. Recitals True and Correct.
The city/agency finds and determines the recitals set forth above are true and correct
to the best of its knowledge.
2. City Contribution to the Proiect.
The city hereby ratifies its commitment of one hundred sixty thousand dollars
(~160,000) of HOME Program funds to be granted for the development of Project, and ratifies
its agreement to donate the property for the development of the Project pursuant to
Resolutions 17828 and 17829.
Resolution 18134
Page 2
3. Conditions to Citv/Aoencv Commitment.
Consistent with original Resolutions 17828 and 17829 the city commitments set forth
above remain conditioned upon and subject to (a) the subsequent approval by the agency and
city council of a Disposition and Development Agreement with Cordova Ventures and related
loan documents in accordance with applicable laws and existing city/agency policies; and (b)
TCAC's approval of the tax credit application, in a form approved by city/agency staff, and
its allocation to the Project of the LIHTC requested thereby.
4. Directions to Staff.
City/agency 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/agency for its approval.
Presented by Approved as to form by
--* ............."r"" I lIT
Resolution 18134
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PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 5th day of December, 1995, by the following vote:
AYES: Councilmembers: Padilia, Rindone, Horton
NAYS: Councilmembers: Alevy
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: Moot
~ley Horton, Mayor
ATTEST:
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. 18134 is duly passed, approved, and adopted by the City
Council at a regular meeting of the Chula Vista City Council held on the 5th day of December,
1995.
Executed this 5th day of December, 1995.
~Bev rly~,. Authelet, Cit~/Clerk