Loading...
HomeMy WebLinkAboutRDA Reso 2010-2022RDA RESOLUTION NO. 2010-2022 RESOLUTION OF THE CITY OF CHULA VISTA REDEVELOPMENT AGENCY AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE A LOAN AGREEMENT BY AND BETWEEN THE REDEVELOPMENT AGENCY AND LANDINGS II, L.P. AND ALL OTHER AGREEMENTS AND DOCUMENTS NECESSARY FOR THE FINANCING OF THE LANDINGS II AFFORDABLE APARTMENT PROJECT WHEREAS, California Health and Safety Code Sections 33334.2 and 33334.6 authorize and direct the Redevelopment Agency of the City of Chula Vista (the "Agency") to expend a certain percentage of all taxes which aze allocated to the Agency pursuant to Section 33670 for the purposes of increasing, improving and preserving the community's supply of low and moderate income housing available at affordable housing cost to persons and families of low- and moderate-income, lower income, and very low income; and WHEREAS, pursuant to applicable law the Agency has established a Low and Moderate Income Housing Fund (the "Housing Fund"); and WHEREAS, pursuant to Health and Safety Code Section 33334.2(e), in carrying out its affordable housing activities, the Agency is authorized to provide subsidies to or for the benefit of very low income and lower income households, or persons and families of low or moderate income, to the extent those households cannot obtain housing at affordable costs on the open market, and to provide financial assistance for the constmction and rehabilitation of housing which will be made available at an affordable housing cost to such persons; and WHEREAS, pursuant to Section 33413(b), the Agency is required to ensure that at least 15 percent of all new and substantially rehabilitated dwelling units developed within a Project azea under the jurisdiction of the Agency by private or public entities or persons other than the Agency shall be available at affordable housing cost to persons and families of low or moderate income; and WHEREAS, Landings II, L.P. (the "Developer") proposes to construct a 143-unit multifamily rental development, with units affordable to very low households at 50 percent (50%) of the Area Median Income (AMI) and to low households at 60 percent (60%) of the Area Median Income (AMI) within the Winding Walk master planned community on a vacant site (Lot 1 of Map No. 15479) located at the north west comer of Discovery Road and Crossroads Street in the City of Chula Vista ("Project," or "Landings II"); and RDA Resolution No. 2010-2022 Page 2 WHEREAS, the Agency has determined, based on the evaluation of the development budget, 55-year operating pro forma, sources and uses for the Project, that additional financing is appropriate and necessary in order to make the Project feasible; and WHEREAS, on October 20, 2009, the Agency conditionally approved a loan of four million dollazs ($4,000,000) from its Housing Fund to assist with the financing gap for the construction of the Project; and WHEREAS, in order to carry out and implement the Redevelopment Plan for the Agency's redevelopment projects and the affordable housing requirements and goals thereof, the Agency proposes to enter into a Loan Agreement (the "Loan Agreement") with the Developer, pursuant to which the Agency would make a loan to the Developer (the "Agency Loan"), and the Developer would agree to develop all of the apartment units in the Project for occupancy of very low and lower-income households and rent those units at an affordable housing cost; and WHEREAS, in accordance with Califomia Health and Safety Code Section 33334.2 (g), staff is recommending that the Agency find and determine that even though the Project is to be located outside the City's redevelopment project azeas, those azeas will benefit through the creation of jobs in the project azea and elsewhere in the City by providing housing for persons who work within the City's redevelopment project areas, and through the policies served by dispersing affordable housing throughout the jurisdiction rather than clustering it all in one azea; and WHEREAS, the Agency has adopted an Implementation Plan pursuant to Health and Safety Code Section 33490, 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 WHEREAS, on the 8~' day of October, 2009, the Chula Vista Redevelopment Corporation (CVRC), held a public meeting to consider said request for an Agency Loan; and WHEREAS, the CVRC, upon hearing and considering all testimony, if any, of all persons desiring to be heazd, and considering all factors relating to the request for an Agency Loan has recommended to the Agency that the loan be conditionally approved subject to the Agency's approval of an affordable housing regulatory and loan agreement; and WHEREAS, the Environmental Review Coordinator reviewed the proposed Project for compliance with the California Environmental Quality Act (CEQA) and has determined that the proposed project was adequately covered in previously adopted Final Second Tier Environmental Impact Report, EIR 01-02. Thus, no further CEQA review or documentation is necessary. NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA does hereby authorize the Executive Director to execute a loan agreement between the Redevelopment Agency and Landings II, L.P. and all other agreements and documents necessary for the financing of the Landings II Affordable Apartments. RDA Resolution No. 2010-2022 Page 3 Presented by Approved as to form by ~~ ,~ ~, . ~; <t ~~' Gary Ha ert, P. ., AI P Bart C. Miesfe~ Deputy City M ager/Director of Agency Cotkfise Development Services PASSED, APPROVED, and ADOPTED by the Redevelopment Agency of the City of Chula Vista, California, this 4th day of May 2010, by the following vote: AYES: Agency Members: Bensoussan, Castaneda, Ramirez, Thompson and Cox NAYS: Agency Members: None ABSENT: Agency Members: None l'~~f,~,,_~~ Cheryl Cox, Chairp son ATTEST: /- / l~ Eric Crockett, Secretary STATE OF CALIFORNIA COUNTY OF SAN DIEGO CITY OF CHULA VISTA I, Eric Crockett, Secretary of the Chula Vista Redevelopment Agency, do hereby certify that the foregoing RDA Resolution No. 2010-2022 was duly passed, approved, and adopted by the Redevelopment Agency at a regular meeting held on the 4th day of May 2010. Executed this 4th day of May 2010. /- / Eric Crockett, Secretary