HomeMy WebLinkAboutReso 1995-18135 RESOLUTION NO. 18135
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA APPROVING (1) AN AMENDED AND RESTATED
CONVEYANCE AGREEMENT AND ESCROW INSTRUCTIONS
WITH RANCHO DEL REY INVESTORS; (2) AN AMENDED AND
RESTATED ASSIGNMENT OF CONVEYANCE AGREEMENT AND
ESCROW INSTRUCTIONS WITH CORDOVA VENTURES; AND (3)
AN AMENDED AND RESTATED LOW INCOME HOUSING
AGREEMENT BETWEEN RANCHO DEL REY INVESTORS AND
CORDOVA VENTURES, ALL WITH RESPECT TO 2.97 ACRES OF
PROPERTY WITHIN SPA Ill PROPOSED FOR DEVELOPMENT
INTO A 40-UNIT LOW INCOME HOUSING COMPLEX AND
AUTHORIZING MAYOR TO EXECUTE THE AMENDED AND
RESTATED CONVEYANCE AGREEMENT AND ESCROW
INSTRUCTIONS AND THE AMENDED AND RESTATED
ASSIGNMENT OF CONVEYANCE AGREEMENT AND ESCROW
INSTRUCTIONS
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 redevelopmerit 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 housing complex 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 housing complex.
NOW, THEREFORE, the City Council of the City of Chula Vista does hereby resolve as
follows:
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Resolution 18135
Page 2
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. City ADoroval of Aereements
The city hereby approves (1) Amended and Restated Conveyance Agreement and
Escrow Instructions with Rancho del Rey Investors, (2) Amended and Restated Assignment
of Conveyance Agreement and Escrow Instructions with Cordova Ventures, and (3) amended
and restated Low Income Housing Agreement between Rancho del Rey Investors and Cordova
Ventures, all which agreements are amended and restated for the purpose of providing
changes to the performance dates to accommodate reapplication for LIHTCs and are not
materially amended or restated in any other way. A copy of the above agreements are on file
in the city clerk's office and known as Document Nos. C095-259, CO95-260, and CO95-261
respectfully.
3. City Execution of AQreements
The council hereby authorizes the mayor to execute the amended and restated
Conveyance Agreement and Escrow Instructions with Rancho del Rey Investors and the
amended and restated Assignment of Conveyance Agreement and Escrow Instructions with
Cordova Ventures.
4. Conditions to City ADDroval and Execution of AQreements.
The city approval and execution of agreements set forth above are 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; (b) the city staff's approval of the
proposed Project's TCAC application for LIHTCs, and subsequently, (c) TCAC's approval of
the tax credit application and its allocation to the Project of the LIHTC requested thereby.
5. Directions to Staff.
City/agency staff is hereby authorized and directed to take any ppropriate action
negotiatioT oa fina, DDA and
Presented b.f,,~~ Appr, as to~/~~rm y
Community Developm ' City Attorney
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Resolution 18135
Page 3
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
'~hirley Horton, Mayor
ATTEST:
Bev~erly.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. 18135 was 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 A. Authelet, City Clerk
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