HomeMy WebLinkAboutReso 1996-18314 RESOLUTION NO. 18314
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA APPROVING THE AMENDED AND RESTATED RANCHO
DEL REY SPA III AFFORDABLE HOUSING AGREEMENT WITH
RANCHO DEL REY INVESTORS, L.P.
WHEREAS, pursuant to that certain Agreement concerning Rancho Del Rey and Low-
Moderate Income Housing, dated August 7, 1990, Rancho Del Rey Investors, L.P., a California
limited partnership ("RDR"), as successor in interest to Rancho Del Rey Partnership, a
California general partnership, is obligated to provide 23 low income housing units to the City
in connection with its development of SPA III of the Rancho Del Rey master planned
community (the "SPA III Affordable Housing Obligation"); and
WHEREAS, RDR has been negotiating with the City an agreement (the "SPA III
Affordable Housing Agreement") which sets forth (1) the terms and conditions pursuant to
which RDR may fulfill its SPA III Affordable Housing Obligation; (2) the security being provided
to the City in order to secure such obligation; and (3) other terms and conditions relating to
the continued development of SPA III and the potential creation and allocation of surplus
"affordable housing credits" in the event RDR performs certain duties under such agreement;
and
WHEREAS, one of the methods for RDR satisfying its SPA III Affordable Housing
Obligation contemplated by the SPA III Affordable Housing Agreement is the donation, subject
to certain terms and conditions, by RDR to the City of certain real property within SPA III,
owned by RDR, comprised of an approximately 2.97 acre parcel, as more particularly
described in Exhibit A attached hereto ("Site"), and the development of the Site by third
parties into an affordable housing project (the "Project"); and
WHEREAS, the terms for the transfer of the Site by RDR to the City are more
specifically set forth in that certain Rancho Del Rey Spa III Conveyance Agreement and
Escrow Instructions between RDR and the City (the "RDR/City Transfer Agreement") being
approved by the City concurrently herewith; and
WHEREAS, the terms and conditions for the transfer of the Site by the City to the
proposed developers of the Project and the City and Agency's funding commitment to the
Project, subject to certain terms and conditions, are being approved concurrently herewith.
NOW, THEREFORE, the City Council of the City of Chula Vista 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.
Resolution 18314
Page 2
2. Aperoyal Of City/Conveyance Aoreement and Escrow InStructions and the SPA. III
Affordable Housin~ Aareement.
The City (a) approves the SPA Ill Amended and Restated Affordable Housing
Agreement in substantially the form presented, with such minor modifications as may
be required or approved by the City Attorney; and (b) authorizes the Mayor to execute
same, the final form of such agreements to be kept on file with the City Clerk known
as Document No. C096-065.
3. Directions to Staff.
City staff is hereby authorized and directed to take any appropriate action consistent
with the purposes of this Resolution.
Prese~~d2~]/~~%,~ Approved as to form by
·. ' Uce
Ci{~'At[orney ' .....
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Resolution 18314
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!ey Horton, Mayor
ATTEST:
Beve~rly.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. 18314 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