HomeMy WebLinkAboutReso 1996-18313 RESOLUTION NO. 18313
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA APPROVING (1) AN AMENDED AND RESTATED
CONVEYANCE AGREEMENT AND ESCROW INSTRUCTIONS
WITH RANCH0 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 III 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 AND (4) AUTHORIZING THE 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 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 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 May 28,
1996; 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:
Resolution 18313
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 AoDr0val of Aareements
The City hereby approves (1) Amended and Restated Conveyance Agreement
and Escrow Instructions with Rancho del Ray Investors (CO96-074), (2) Amended and
Restated Assignment of Conveyance Agreement and Escrow Instructions with Cordova
Ventures (CO96-075), and (3) Amended and Restated Low Income Housing Agreement
Between Rancho del Rey Investors and Cordova Ventures (CO96-076), all which
agreements are amended and restated for the purpose of providing changes to the
performance dates to accommodate reapplication for LIHTCs (as more specifically
provided in such agreements) and are not materially amended or restated in any other
way.
3. City Execution of Aoreements
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 ADDroyal and Execution of Aoreements.
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 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
Resolution 18313
Page 3
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 21 st day of May, 1996, by the following vote:
AYES: Councilmembers: Alevy, Padilia, Rindone, Horton
NAYES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: Moot
Shirley Horton, Mayor
ATTEST:
Beverly A. 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. 18313 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 21 st day of May, 1996.
· Authelet, City Clerk