HomeMy WebLinkAboutRDA Reso 2001-1761
RESOLUTION NO. 1761
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF CHULA VISTA TO APPROVE AND APPROPRIATE $266,324
FROM THE LOW AND MODERATE INCOME HOUSING FUND TO
REIMBURSE PACIFIC BAY HOMES FOR DEVELOPMENT FEES
ASSOCIATED WITH THE DEVELOPMENT AND CONSTRUCTION
OF THE AFFORDABLE HOUSING UNITS WITHIN ROLLING HILLS
RANCH
WHEREAS, on March 3, 1992, the City of Chula Vista and Pacific Bay Homes entered into
an Agreement to provide Low and Moderate Income Housing within Salt Creek I; and
WHEREAS, the Agreement to provide Low and Moderate Income Housing stipulated that a
Per Unit Subsidy would be deposited into an interest bearing account with the City of Chula Vista
Redevelopment Agency for the development of a first time homebuyer program; and
WHEREAS, the Per Unit Subsidy funds were not needed for the first time homebuyer
program due to exceptional market conditions, therefore, the City and Pacific Bay Homes agreed
that the Per Unit Subsidy funds would be utilized to offset development fees for a future project; and
WHEREAS, on June 17, 1997, the City and Pacific Bay Homes executed the Affordable
Housing Agreement calling for Property Owner to provide 131 units affordable to low-income
households; and
WHEREAS, as part of said agreement Pacific Bay Homes proposed to build a 116 unit low
income senior apartment complex in Rolling Hills Ranch to satisfy part of the affordable housing
obligation; and
WHEREAS, the Per Unit Subsidy funds were not placed in a development account, Pacific
Bay Homes elected to pay development fees upfront and request reimbursement at a later date; and
WHEREAS, Pacific Bay Homes has submitted supporting documentation itemizing the
payment of the development fees in the amount of $580,000; and
WHEREAS, the City has received $266,400 in principal and $24,924 in interest from the Per
Unit Subsidy; and
WHEREAS, the Agreement to Provide Low and Moderate Income Housing stipulated that
$25,000 of the Per Unit Subsidy shall be retained by the City in its sole discretion to provide
affordable housing opportunities;
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula Vista does
hereby approve and appropriate $266,324 from the Low and Moderate Income Housing Fund to
reimburse Pacific Bay Homes for development fees associated with the development and
construction of the affordable housing units within Rolling Hills Ranch.
Presented by
Approved as to form by
~~
Chris Salomone
Director of Community Development
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Resolution No. 1761
Page 2
PASSED, APPROVED and ADOPTED BY THE REDEVELOPMENT AGENCY OF THE CITY OF
CHULA VISTA, CALIFORNIA this 4th day of December, 2001 by the following vote:
AYES:
NOES:
Members Davis, Padilla, Rindone, Salas, and Chair/Mayor Horton
None
ABSENT:
None
ABSTENTIONS:
None
&h~~
Shirley Horto
Chairman
ATTEST:
(ù~~
Chris Salomone
Executive Secretary
STATE OF CALIFORNIA)
COUNTY OF SAN DIEGO) ss:
CITY OF CHULA VISTA)
I, Chris Salomone, Executive Secretary to the Redevelopment Agency of the City of Chula Vista,
California DO HEREBY CERTIFY that the foregoing is a full, true and correct copy of Resolution No.
1761 and that the same has not been amended or repealed.
Dated: December 4, 2001
~~
Chris Salomone
Executive Secretary