HomeMy WebLinkAboutReso 1994-17665 RESOLUTION NO. 17665
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA APPROVING AMENDED AND RESTATED GROUND LEASE
AND LEASE RIDER AND ESTOPPEL AGREEMENT IN
CONNECTION WITH AGENCY LOAN MODIFICATION WITH
PARK VILLAGE APARTMENTS AND AUTHORIZING CITY
MANAGER TO EXECUTE SAME
WHEREAS, Civic Center Barrio Housing Corporation ("CCBHC"), a non-profit
community-based organization with a successful track record in building and rehabilitating and
operating housing for low-income families and developing tenant management associations;
and,
WHEREAS, on or about June 1, 1991, the Agency approved a $350,000 loan
("Agency Loan") to CCBHC to purchase property at 1250 Third Avenue, on which CCBHC
was to develop a 28 unit apartment complex for low-income families (the "Project"); and,
WHEREAS, on or about March 30, 1992, Park Village Limited Partnership ("Park
Village"), an affiliate of CCBHC, assumed all CCBHC's obligations under the Agency Loan;
and,
WHEREAS, on or about February 4, 1993, Park Village completed the affordable
housing element of the Project; and on or about April 12, 1994, Park Village completed the
child care facility element of the Project; and,
WHEREAS, commitments for the permanent financing of the Project have been
obtained from California Community Reinvestment Corporation ("CCRC") and from the State
of California (the "State"); and,
WHEREAS, a modification of the Agency Loan, and subordination of the Agency
affordability covenants with respect to the project are needed to facilitate the permanent
financing and permit the continued successful operation of the Project; and,
WHEREAS, Agency staff has negotiated a Loan Modification Agreement, known as
document number C094-211, Subordination Agreement, known as document number C094-
212, copies of which are on file in the office of the City Clerk, with the State and CCRC,
respectively, and associated documents in connection with the proposed permanent financing;
and,
WHEREAS, in connection with the permanent financing, the State and CCRC are
requiring certain amendments to the existing grund lease between the City and Park Village
with respect to 600 sq. ft. of property adjacent to Lauderbach Park used as the Project
childcare facility playground.
WHEREAS, the required lease amendments are designed to (1) clarify the legal
description of the leased property, (2) extend the term of the lease from 30 to 55 years to
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Resolution No. 17665
Page 2
accommodate the State's regulatory agreement and (3) protect the State's and CCRC's rights
to take over the lease from Park Village in the event that Park Village defaults under its loans.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF CHULA VISTA does hereby,
find, order, determine and resolve that:
1. The recitals and findings set forth above are true and correct and incorporated herein
by this reference.
2. The amended ground lease, known as document number C094-213, and Lease Rider,
known as document number C094-214, and Estoppel Agreement, known as document
number C094-215, in the form approved by the City Council and copies of which are
on file in the office of the City Clerk.
BE IT FURTHER RESOLVED that the City Manager is hereby authorized to execute teh
above-referenced documents in final forms approved by the City Attorney.
Resolution No. 17665
Page 3
PASSED, APPROVED and ADOPTED by the City Council of the City of Chula Vista,
California, this 20th day of September, 1994, by the following vote:
YES: Councilmembers: Fox, Horton, Moore, Rindone, Nader
NOES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
Tim Nader, Mayor
ATTEST:
Be~v~erl'~y~. 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. 17665 was duly passed, approved, and adopted by the City
Council at a joint City Council/Redevelopment Agency meeting held on the 20th day of
September, 1994.
Executed this 20th day of September, 1994.
Beverly ~. Authelet, City Clerk
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