HomeMy WebLinkAboutReso 2015-064 RESOLUTION NO. 2015-064
RESOLUTION OF THE CITY COUT'CTL OF THE CITY" OF
CHUL.A VISTA APPROVING AN AFFORDABLE HOUSING
REGULATORY .AGREEMENT RELATED TO LAKE POII�TTE
BETV�'EEN THE CITY At�'D LET�'AR HOMES OF
CALIFORI�'IA INC. AND AUTHORIZING THE CITY
MAI�'.AGER TO RELE.ASE THE ATTENDA\'T SECURITY
AGREE�4ENT AND BOI�'D UPON COn�PLETION OF THE
RECORDATION OF THE REGULATORY .4GREEA9ENT .AND
PAYI�4E?�TT OF THE It�'-LIEU FEE TO THE CITY`S
II�'CLUSIONARI' FUI�TD AS PROVIDED FOR 12�t THE
REGULATORY AGREEMENT
\4THEEZEAS; the Cit��'s Balanced Communities Polic�� (`Inclusionan� Policv") requires 10
percent of any ne�+= subdivision in excess of fiftv (50) units to be made affordable for lo��� and
moderate-income families (�% lo�v and �% moderate): and
VJHEREAS. an "A,reement to Post Securitv for Affordable Housins Oblieation"
("Security A�reemenr') ���as entered into on March 13, 2013, n�ith Lennaz Homes of Califomia,
Inc. (`Developer'), to secure the satisfaction of their Affordable Housing Oblisation" and
�L'HEREAS, the De��eloper desires to e�ercise the altemati��e method of compliance
identified in Section 1.2.b of the Security Agreement which requires the construction of eleven
moderate income housine units and payment of an imlieu fee to the Cit}� of$1,378;842 (for 11.1
units) to be placed into the Inclusionan� Housing Fund; and
VdHEREAS. the Securin� Aereement requires the De��eloper within t���o ��ears to postins
of the bond to enter into a regulator�� aereement related to anv units to be constructed; and
��'HEREAS, to comply ���ith the Securitv Aereement. the Cih� has prepared an Affordable
Housine Re�ularorv Aereement bet��-een the Cit�� and Lennar Homes of Califomia lnc..
(`Developer') for Cit� Council's consideration and approval, a copy of�ti�hich is on file with the
Cirv Clerk`s Office: and
�'�'HEREAS, Cin� Polic�� \'o. ��3-02 sets forth the equit�� requirements for homebuvers in
affordable housing projects; and
A'HEREAS, the Federal Housing Administration (`FHA") and Depar[ment of Veterans
Affairs (��VA") have chaneed their financins undenvritine requirements, and City Policv No.
4�3-02's equit}� requirements do not vet reflect the chaneed FHA and \'A undenvriting
requirements; and
V�'HEREAS, ei��en the current FHA and VA unden��riting requirements, the equit�� share
requirements set forth in Policv 1�'0. 4�3-02 ha��e been modified for initial homebuyers of this
project in order to meet current FHA and VA financina undenvritine requirements.
NOR'. THEREFORE. BE IT RESOLVED that the Cit�� Council of the Cit�� of Chula
\'ista does hereb�� approve the Affordable Housine Regulaton� Agreement for Lal:e Pointe
bet��een the Cit�� and Lennar Homes of Califomia lnc.. in substantial form. and authorize the
Resolution No. 201�-064
Page No. 2
City Manager to release the Security Agreement and bond upon completion of the recordation of
the Regulatory Agreement on the eleven moderate units and payment of the required in-lieu fee
to the City`s Inclusionary Housing Fund. The City Council further authorizes the City Manager
to make such minor modifications that may be approved or required by the City Attome��.
Presented b}� Approved as to form by
� ��
Kel G. Broughton, FASLA len R.Googin� �
Director of Development Ser��ices ii}�Atto�ney
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 14th day of Apri12015 by the following vote:
AYES: Councilmembers: Aauilar. Bensoussan. McCann, Miesen and Salas
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
� �!/
Mary as, Mayor
AT7'EST:
/6�l��
Donna R. Norr s. C City Clerk
STATE OF CALIFORN[A )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Donna R. Norris, City Clerk of Chula Vista, California, do l�ereby ceriify that the foregoing
Resolution No. 2015-064 H�as duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 14th day of April 2015.
Executed this 14th day of April 2015.
�� � ��
Donna R. Norri , CMC, City Clerk