HomeMy WebLinkAboutReso 1996-18312 COUNCIL RESOLUTION NO. 18312
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA APPROVING RATIFICATION OF A $160,000 LAND
DONATION AND COMMITMENT FROM HOME PROGRAM
FUNDS FOR AN AFFORDABLE HOUSING PROJECT PROPOSED
TO BE DEVELOPED IN RANCHO DEL REY SPA Ill
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
9160,000 of HOME Program funds, all with respect to 2.97 acres of property within SPA Ill
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 May 28,
1996; 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 Project.
The City hereby ratifies its commitment of One Hundred Sixty Thousand Dollars
(9160,000) 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 18312
Page 2
3. Conditions to Citv/AQencv 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.
resen e Approved as to form by
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Resolution 18312
Page 3
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 21st day of May, 1996, by the following vote:
AYES: Councilmembers: Alevy, Padilia, Rindone, Horton
NAYES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: Moot
Shir,|~y Horton, Mayor
ATTEST:
Beverly/~. 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. 18312 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 May,
1996.
Executed this 21st day of May, 1996.
Bev~erly. Authelet, City Clerk
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