HomeMy WebLinkAboutReso 2007-209
RESOLUTION NO. 2007-209
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROPRIATING $960,000 FROM HOME
INVESTMENT PARTNERSHIP FUNDS FOR FINANCIAL
ASSISTANCE FOR THE DEVELOPMENT OF THE LANDINGS
AFFORDABLE APARTMENTS, AUTHORIZING THE CITY
MANAGER TO EXECUTE A LOAN AGREEMENT BETWEEN
THE CITY OF CHULA VISTA AND CIC LANDINGS, L.P. AND
ALL OTHER AGREEMENTS AND DOCUMENTS NECESSARY
FOR THE FINANCING OF THE PROPOSED LANDINGS
AFFORDABLE APARTMENTS, AND AUTHORIZING THE CITY
MANAGER TO EXECUTE AN AMENDMENT TO THE
EXISTING AFFORDABLE HOUSING REGULATORY
AGREEMENT FOR THE 115 AFFORDABLE FOR-SALE UNITS
AND A NEW AFFORDABLE HOUSING AGREEMENT FOR
THE 92 AFFORDABLE RENTAL UNITS IN NEIGHBORHOOD
R-19 IN OTAY RANCH VILLAGE ELEVEN
WHEREAS, Brookfield Shea Otay, LLC proposed to build 207 affordable for-sale units (92
low-income and 115 moderate-income) in Neighborhood R-19 ofOtay Ranch Village Eleven to
satisfY its affordable housing obligations; and
WHEREAS, the City and Brookfield Shea entered into an Affordable Housing Regulatory
Agreement (Regulatory Agreement) to assure the continued affordability of the units; and
WHEREAS, Brookfield Shea desires to revise the development so that the 92 low-income
units will be rental units rather than for-sale units; and
WHEREAS, the Landings Affordable Apartments will provide 92 affordable rental units: and
WHEREAS, the City and Brookfield Shea wish to amend the Affordable Housing Regulatory
Agreement to apply only to the 115 moderate-income for-sale units; and
WHEREAS, the City and Brookfield Shea wish to enter into an additional Affordable
Housing Agreement to apply to the 92 low-income rental units; and
WHEREAS, on March 20, 2007, pursuant to Resolution No. 2007-064, the City Council
conditionally approved financial assistance, subject to future appropriation, in an amount not to
exceed $920,000 from the City's HOME Investment Partnership Program (HOME) funds for the
development of the Landings Affordable Apartments subject to the City's approval of an affordable
housing regulatory agreement an.:! a loan agreement and certain minimum conditions.
Resolution No. 2007-209
Page 2
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista as
follows:
I. That it appropriates $960,000 from HOME Investment Partnership funds for financial
assistance for the development ofthe Landings Affordable Apartments.
2. That it authorizes the City Manager to execute a loan agreement between the City of Chula
Vista and CIC Landings, L.P. and all other agreements and documents necessary for the financing of
the Landings Affordable Apartments.
3. That it authorizes the City Manager to execute an amendment to the existing Affordable
Housing Regulatory Agreement for the 115 affordable for-sale units and a new Affordable Housing
Agreement for the 92 affordable rental units in neighborhood R-19 in Otay Ranch Village Eleven.
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Ann H1X
Community Development Acting Director
Approved as to form by
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Ann Moore
City Attorney
PASSED, APPROVED, and ADOPTED by the City Council of the City ofChula Vista,
California, this 7th day of August 2007 by the following vote:
AYES:
NAYS:
ABSENT:
Councilmembers:
Castaneda, McCann, Ramirez, Rindone, and Cox
Councilmembers:
None
Councilmembers:
None
ATTEST:
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Cheryl Cox, Mayor~
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Susan Bigelow, MMC, City C k
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. 2007-209 was duly passed, approved, and adopted by the City Council at a regular
meeting of the Chula Vista City Council held on the 7th day of August 2007.
Executed this 7th day of August 2007.
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Susan Bigelow, MMC, City Cle
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