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HomeMy WebLinkAboutCC Resolution 8847 (BMR Spinnaker Point Unit 5)RESOLUTION NO. 8 8 4 7 RESOLUTION OF THE SAN RAFAEL CITY COUNCIL AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AN AGREEMENT PROVIDING A SIX YEAR EXTENSION OF AN AGREEMENT TO PROVIDE BELOW MARKET RATE HOUSING SPINNAKER POINT UNIT #5 THE CITY COUNCIL OF THE CITY OF SAN RAFAEL RESOLVES AS FOLLOWS: The MAYOR and CITY CLERK are hereby authorized to execute, on behalf of the City of San Rafael, a six year extension of an agreement adopted by the City and Spinnaker Point Partnership to provide Below Market Rate Housing, a copy of which is attached and by this reference made a part hereof. I, Jeanne M. Leoncini, Clerk of the City of San Rafael, California, HEREBY CERTIFY that the foregoing Resolution was duly and regularly introduced and adopted at a Regular meeting of the Council of said City held on the 15th day of March ,1993, by the following vote to wit: AYES: Councilmembers: Breiner, Cohen, Shippey, Thayer & Mayor Boro NOES: Councilmembers: None ABSENT: Councilmembers: None JEA�MLEAO'N=�, City Clerk ORIG,INAL *9gu, m COMPLETE THIS INFORMATION: RECORDING REQUESTED BY: rr�� { AND WHEN RECORDED MAIL TO: 93--0264131'i Total 00 I Recorded I Official Records I County of I MARIN I JAMES DAL BON I Recorder I 11:30am 31 -Mar -93 I THIS SPACE FOR RECORDERS USE ONLY THIS PAGE ADDED TO PROVIDE ADEQUATE SPACE FOR RECORDING INFORMATION (ADDITIONAL RECORDING FEE APPLIES) 0 to LO r Ln r M I M I U 1 J Lj :¢ Ii )af •Z :o :Lrl) r Ln I— C) m �o �a ) ) J LU CC )Z N LL. _o i H U AGREEMENT PROVIDING A SIX YEAR EXTENSION OF AN AGREEMENT TO PROVIDE BELOW MARKET RATE HOUSING UNIT #5 SPINNAKER POINT This AGREEMENT PROVIDING A SIX YEAR EXTENSION OF AN AGREEMENT TO PROVIDE BELOW MARKET RATE HOUSING ("Agreement") is entered into between Spinnaker Point Partnership, a California General Partnership ("Owner"), and the City of San Rafael, a charter City, ("City"). RECITALS WHEREAS, Owner and the City have entered into an AGREEMENT TO PROVIDE BELOW MARKET RATE HOUSING on February 21, 1989 (Spinnaker Point Unit 5 Subdivision) a copy of which is hereby attached and by reference made a part hereof, and Zz9 WHEREAS, Owner and the City desire to extend the Agreement for a period coterminous with the Baypoint Lagoon's Development Agreement; NOW, THEREFORE, Owner and City agree as follows: 1. EXTENSION. This Agreement shall be extended for a period coterminous with the Baypoint Lagoon's Development Agreement. 2. OTHER TERMS AND CONDITIONS. All other terms and conditions of the AGREEMENT TO PROVIDE BELOW MARKET RATE HOUSING APPROVED February 21, 1989 shall remain unchanged. In Witness Whereof the parties hereto have executed this agreement on the date and year as follows: OWNER: Spinnaker Point Partnership A ifornia Limited Partnership Dated: March 31, 1993 By�� CITY: City of San Rafael Dated: -2/ad-Y-3 By: �� ' ALBEIj�` . •BORO, Mayor ATTE$T• I� E M. LEONCINI City lerk LLL -PURPOSE ACKNOWLEDGA_II_EN_ T ao� 1 - _ ._ -- -- ..-_=c= �•. - - . - - - - - - ' _ =mac - - - � - - ' - - _�- M- - State of °rn'� County of mann On MARCH 31 , 1993 before me, A. M. MARCOTTE DATE WAM TITLE of WFW" - EZu -JW GOE. NOTARY K=JC' personally appeared DENNIS HORNE NAMOS) of sicNEA(S) personally known to me - OR - M proved to me on the basis of satisfactory evidence to be the person() whose name( is/are subscribed to the within instrument and ac- OFRCU►L SEAL knowledged, to me that he/ cexecuted A. M. MARCOVE the same in hisihm4 ;;e -k authorized m Notary Puble-CaltorNa capacity(iee), and that by him ifMARIN COUNTY signature(,) on the instrument the person(s), My - • mn November 17,1995 orthee Yu on behalf ofwhichthe person ($) •••• • • acted, executed the instrument. Witness my hand and official seal. SnNATUAE CF NOTARY State of California ) County of Marin ) CAPACITY CLAIMED 0 T SiGNEA ❑ INOIVIDUAL(S) ❑ CORPORATE OFFICER(S) mum Ig PARTNER(S) ❑ ATTORNEY-IN-FACT ❑ TRUSTEE(S) ❑ SUBSCRIBING WITNESS ❑ GUARDIANlCONSERVATOR ❑ OTHER: SIGNER IS REPRESENTING: NAME OF PEASOWS) OR ENTITY(= SPINNAKER POINT PARTNERSHIP On March 31, 1993 before me, A. M. MARCOTTE, a Notary Public in and for the said County and State, personally appeared Albert J. Boro. Mavor of the Citl of San Rafael personally known to me (ar praveel i• .Is c= the brei,&- WE :3R icf "t3Ty ��� ) to be the person(s) whose names) is/are subscribed to the within executed the same in his/ instrument and acknowledged to me that he/s.. ---i � ,t r signature(s) on her �t-� - r authorized capacity() , and that by his/..�_, ______ � "'---or the entity upon behalf of which the the instrument the person(,&), person(,&) acted, executed the instrument. WITNESS my hand and official seal. OFFICIAL SEAL A. M. MARCOTTE ' Notary Public-Callfornla ; /y n� = MAR{N COUNTY � My Commisdon Expires , A. M. MAR�OTTE, NOTARY PUBLIC .... • November 17, 1995 My commission expires 11/17/95 ........ " A".SENEhiL TO PROVIDE BELOW MARKET RATS-HOUSIMG This AGREEMENT TO PROVIDE BELOW MARKET RATE HOUSING ("Agree- ment') is entered into between Spinnaker Point Partnership, a California General Partnership, ("Owner") and the City of San Rafael, a Charter City, ("City"). RECITALS WHEREAS, Owner is the owner of certain real property located in San Rafael, Marin County, California, commonly known as Unit 15 of Spinnaker Point, and more particularly described as Assessor's Parcels 9-081-07, 08, 47 & 48, and 9-082-06 ("Proper- ty") WHEREAS, City has approved Map for the Property, described residential townhouse units on Map"); a Vesting Tentative Subdivision as TS 86-2, which allows 48 the Property ("Approved Tentative WHEREAS, Condition (r) of the Approved Tentative Map requires the applicants to provide a total of five of the 48 units for below market rate ("BMR") sales to moderate income families, or to pay in -lieu affordable housing fees based upon the amount per unit specified in Exhibit "A" attached hereto and incorporated herein by reference; WHEREAS, Owner and City desire to satisfy Condition (r) of the Approved Tentative Map in the following manner: NOW, THEREFORE, Owner and City agree as follows: 1. peoosit of In=Lieu Feed. Upon execution of this Agreement and recordation of the final map for the Approved Tentative Map, owner shall deposit with City an irrevocable letter of credit or equivalent financial guarantee from a financial institution subject to regulation by the state or federal government pledging that the sum of $314,640.00 ("In -Lieu Fees") is on deposit and guaranteed for satisfaction of the HMR requirement established by Condition (r) of the Approved Tenta- tive Map. The sum of $314,640.00 is based upon an in -lieu fee of $65,550.00 per BMR unit. The letter of credit or equivalent financial guarantee shall be in a form acceptable to the City Attorney. 2. Escrow Account. City shall hold the letter of credit or equivalent financial guarantee submitted pursuant to paragraph 1 for the period of this Agreement, or such longer period of time as agreed to in writing by both parties. 3. Off -Site BMR Units. Owner shall pursue development of five (5) BMR units on adjacent property commonly known as 1 COF Spinnaker on the Bay, and more particularly described as Asses- sor's Parcels 9-100-01, 04, 05; 9-142-13, 24, 26, 53; and 9-010- 17, 21 ("Spinnaker on the Bay Parcel"). The five (5) BHR units to be developed pursuant to this Agreement shall be in addition to any requirement in the San Rafael General Plan 2000 for development of BMR units on the Spinnaker on the Bay Parcel. 4. Time I.;m* . This Agreement shall be valid for a period of one year from the date of its execution and may be extended annually thereafter for an additional two years, or for such longer period of time as may be agreed to in writing by both parties. Should the Owner fail.to secure the appropriate planning/building approvals for all or a portion of the five BHR units which are the subject of this Agreement, and/or if the Spinnaker on the Bay project is not being processed in a diligent fashion toward construction, the City shall provide written notice to Owner that the Agreement shall not be extended. 5. Deposition of In -Lieu Feel. If, within the time period specified in paragraph 4, or any extension thereof, Owner receives all approvals from City for a final subdivision map on the Spinnaker on the Bay parcel, which final map includes provisions for the five BMR units required by this Agreement and condition (r) of the Approved Tentative Map, Owner shall develop the five BMR units and the In -Lieu fees held by City pursuant to this Agreement shall be refunded to Owner. City may hold the In - lieu fees until actual construction of the units is completed or guaranteed. If Owner fails to secure the appropriate approvals for all or a portion of the five BMR units as set forth herein, and within the time limits set forth herein, City may make demand on the security and take possession of all or a portion of the In - Lieu fee proceeds ($65,550.00 per BMR unit) based upon the number of BMR units which are not actually to be constructed, and use said proceeds in accordance with City policy for in -lieu afford- able housing fees. 6. BMR Units. BMR units developed pursuant to this Agreement and condition (r) of the Approved Tentative Map shall be administered in accordance with the buyer selection and resale restriction requirements of the Marin County Housing Authority. 7. Notices. All notices and demands shall be given in writing by registered or certified mail, postage prepaid, and return receipt requested. Notices shall be addressed as appears below for each party, provided that if any party gives notice of a change of name or address, notices to the giver of that notice shall thereafter be given as demanded in that notice. To Owner: Hendricks and Horne P.O. Box 3389 2 To City: City of San Rafael Planning Department San Rafael, CA 94912 P.O. Box 60 San Rafael, CA 94915 B. Attorneys Fees. If either party files any action or brings any proceeding against the other arising out of this Agreement, or is made a party to any action or proceeding brought by the escrow holder, then as between Owner and City, the prevailing party shall be entitled to recover as an element of its costs of suit, and not as damages, reasonable attorney's fees to be fixed by court. 9. Entire bg eement. This Agreement constitutes the entire agreement between the parties respecting the matters set forth and supercedes all prior discussion, negotiations, and agreements whether oral or written. Any amendment to this Agreement, Including an oral modification supported by new consideration, must be reduced to writing and signed by both parties before it will be effective. lo. Successm and As6ians. This Agreement inures to the benefit of, and is binding on, the parties, their respective heirs, personal representatives, successors and assigns. In Witness Whereof the parties hereto have executed this Agreement on the date and year as follows. OWNER: Spinnaker Point�tnership, A Californ: eralartnership Dated: Apr i 1 14. 1989 CITY: Dated: February 21, 1989 I / City of San Rafael " awrence E. Muiryan; Mayor Attest: J a Tte M. Leoncin City Clerk 3 (Party `Ip. STAT, F CAL irORN1A CdUNT1.OF Marin on April 14. 1909 bdore a e persorwllt appearw J. t.clnc.richs lar proved to nw an the basis of satisfactory arideooel to be 0-m- of 'd the Peurtnere of the rtnmhip that nocutsd the within i"trument. a tw ackwied;ed to me that Poch paruxnhip esrcuted the ume. FITNESS m1 hand and official sed. SLVWIUFT r orrn 3215 ICA 1 J -Ul S1ATE OF CALIFORNIA ) Ss. COUNTY OF MARIN ) a Notary Public In and for sold Star, lknown to Poel 1 C'c' 111aL SEAL t5 C HEARD c t'I 1407A. -Y ; UBLIC - CALIFortNIA t:.:rlit CouxlY ,•e kI cnmm. expues JUL 10, 19F" till area * 011rid w..al wll On this 27th day of VB RUARY 1969. before me, JEANNE M. LEONCINI, a Notary Public in an6r the said County and State, residing therein, duly commissioned and sworn, personally appeared LAWRENCE E. MULRYAN , personally known to me tor- -pco►ted- to- ae_=i-•tha.•basis-of-&ata6faf-tory- evidencei-to be the Mayor of the City of San Rafael that executed the within document and acknowledged to me that said City of San Rafael did execute the same. IN WITNESS WHEREOF, 1 have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. JEANNE M.ARY i n for E Em4r.NUBLI n o d o said County and State. OFFICIAL SEAL 'JEANNE M. LEONCII NOTARY PUBLIC - CAl1FOF MARIN COUNTY My Camn Eapims Nov 29, 1 1400 51h Ma• PA. lint 60VS>tn Att�dyfa91916 EXRIBIT 111 ►f A ;Z91041alik ION 1� •;6;: ; Loll L Based on the County of Marin in-lieu"fas formula updated March 1988. A. criteria: 1. Percent of affordable units required by City is 10% of the total project density (46 units x 10% - 4.8 - 5 units) 2. Market Rate Housing Cost: a. Construction cost of an average site 1500 square feet unit @ 80.00/square feet* - $120,000.00 b. average land/site development cost/lot-$60,000.00. C. Total cost for construction $180,000/unit. 3. Affordable Housing Limits: a.• Annual income of a 4 person household @ 100% of the median (moderate income) - 1988 H.U.D. limits -$42,500.00 b. Maximum set unit price is $114,450.00 (assumes 30 year loan, 10% downpayment, current fixed mortgage interest rate of 9.751). B. APPlication 1. Market rate cost/unit: $ 1808000.00 2. Maximum unit cost @100 of median: - 114,450.00 3. Total in -lieu fee/unit: 65,550.00 4. Fee for 4.8 BHA units: x4.8- $314,640.00 *Dollar per square foot figure is an "average' based upon a survey of residential development construction in the County.