HomeMy WebLinkAboutReso 2005-061
RESOLUTION NO. 2005-061
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING A LOAN AGREEMENT AND
RELATED RESTRICTIVE COVENANTS, AND AFFORDABLE
HOUSING AGREEMENT, AND TRANSFERRING
AVAILABLE HOME FUNDS FROM EXHISTING PROJECTS
TO PROVIDE FINANCIAL ASSISTANCE TO SENIORS ON
BROADWAY LIMITED PARTNERSHIP, A CALIFORNIA
LIMITED PARTNERSHIP, FOR THE DEVELOPMENT AND
OPERATION OF SENIORS ON BROADWAY AFFORDABLE
HOUSING DEVELOPMENT
WHEREAS, Seniors on Broadway Limited Partnership, a California limited partnership
(the "Developer") has proposed to construct a 42-unit apartment building located at 825
Broadway in the City of Chula Vista (the "Project"); and
WHEREAS, the Seniors on Broadway development shall provide forty-one-units of
affordable rental housing to very low-income seniors and one unit for an on-site manager; and
WHEREAS, the City has been allocated funds from the United States Department of
Housing and Urban Development ("HUD") pursuant to the federal government's HOME
Investment Partnerships Program (42 U.S.C. Section 1274, et seq.) which can be used to provide
subsidies to or for the benefit of very low income and lower income households in accordance
with HOME regulations (24 C.F.R. Section 92, et seq.); and
WHEREAS, in order to implement the requirements of the HOME Program, the City
Council of the City of Chu1a Vista (the "City Council") proposed to enter into a Loan Agreement
and Related Restricted Covenants (the "Loan Agreement") with the Developer, pursuant to
which the City would provide a loan not to exceed One Million Forty Three Thousand Eight
Hundred and Fifty Dollars ($1,043,850) to the Developer, and the Developer shall develop,
construct, and operate the Project, restricting the occupancy of 41 of the apartment units in the
Project to very low income seniors, and rent those units at an affordable rent; and
WHEREAS, the City and the Developer are required pursuant to the Loan Agreement to
enter into an "Affordable Housing Agreement" which would set forth the affordable
requirements applicable to the Project; and
WHEREAS, the City has adopted a Housing Element to the City General Plan which sets
forth the objective of providing housing to satisfY the needs and desires of various age, income
and ethnic groups of the community, and which specifically provides for the development of
rental housing units through City assistance; and
WHEREAS, the Loan Agreement and the Affordable Housing Agreement further the
goals of the City set forth in the Housing Element as it will facilitate the creation of affordable
housing which will serve the residents of the neighborhood and the City; and
WHEREAS, the City Council has duly considered all terms and conditions of the
proposed Loan Agreement and Affordable Housing Agreement and believes that the agreements
are in the best interests of the City and the health, safety, and welfare of the residents of the City,
Resolution 2005-061
Page 2
and in accord with the public purposes and provisions of applicable Federal, State and local law
requirements.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF CHULA VISTA DOES
HEREBY RESOLVE AS FOLLOWS:
Section 1. The City Council hereby approves the Loan Agreement and Affordable Housing
Agreement in substantially the form presented and transfers $1,043,850 of Home Funds from
existing projects to provide financial assistance to the Seniors on Broadway development. The
Mayor and City Manager and their designees are hereby authorized to sign all documents, to
make all approvals and take all actions necessary or appropriate to carry out and implement the
Loan Agreement and Affordable Housing Agreement and to administer the obligations,
responsibilities and duties of the City to be performed under the Loan Agreement, Affordable
Housing Agreement and related documents.
Section 2. The City Attorney, on behalf of the City, is hereby authorized to make revisions
to the Loan Agreement and Affordable Housing Agreement which do not materially or
substantially increase the obligations of the City thereunder or materially or substantially change
the uses or development permitted on the site.
Presented by
Approved as to form by
Madigan
unity Development Dir
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Ann Moore
City Attorney
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Resolution 2005-061
Page 3
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 22nd day of February, 2005, by the following vote:
AYES:
Councilmembers:
Castaneda, Davis, McCann, and Padilla
NAYS:
Councilmembers:
None
ABSENT:
Councilmembers:
Rindone
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ATTEST:
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Susan Bigelow, MMC, City Cler
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certifY that the foregoing
Resolution No. 2005-061 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 22nd day of February, 2005.
Executed this 22nd day of February, 2005.
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Susan Bigelow, MMC, City Clerk