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Home My WebLink AboutCC Resolution 8039 (Marin Lagoon)RESOLUTION NO. 8039 A RESOLUTION AUTHORIZING EXECUTION OF AMENDMENT TO BELOW MARKET RATE AGREEMENT BETWEEN FIRST SOUTHWEST DIVERSIFIED PARTNERS AND CITY OF SAN RAFAEL RE MARIN LAGOON THE CITY COUNCIL OF THE CITY OF SAN RAFAEL RESOLVES as follows: The MAYOR and CITY CLERK are authorized to execute, on behalf of the City of San Rafael, a Below Market Rate Agreement between the City and Southwest Diversified, Inc., the Ecumenical Association for Housing and the Marin County Housing Authority, a copy of which is hereby attached and by this reference made a part hereof. I, JEANNE M. LEONCINI, Clerk of the City of San Rafael, hereby certify that the foregoing resolution was duly and regularly introduced and adopted at a regular meeting of the Council of said City on Monday, the 18th day of September, 1989, by the following vote, to wit: AYES: COUNCILMEMBERS:Boro, Breiner, Frugoli, Thayer & Mayor Mulryan NOES: COUNCILMEMBERS:None ABSENT: COUNCILMEMBERS:None J 1 M/Gt � . . LEONCI�VI , City Clerk ORIGINAL 1%0 .301 _. MAic To,, " 9 6 1 8 9 3 yen/m,5 M. 4GONG/-Ni " CITY CCaei5A1V1?AG7oE4-A14END14ENT TO AGREE14ENT SpN 1&rI4g,1 qY91 I ✓ 0 D6 0 Project Name: MARIN LAGOON Location: Civic Center North, Parcel 3, San Rafael Developer: FIRST SOUTHWEST DIVERSIFIED PARTNERS, or any successor in interest Amendment is hereby made this 18th day of SEPTEMBER , 1989, to that certain Agreement dated February 6, 1989 and recorded as Instrument Number 89-13716, official records of the County of Marin, California, among the CITY OF SAN RAFAEL, a municipal corporation ("City"), the ECUMENICAL ASSOCIATION FOR HOUSING, a California nonprofit corporation ("EAH"), FIRST SOUTHWEST DIVERSIFIED PARTNERS, a California Limited Partnership, or any successor in interest ("Developer"), and the HOUSING AUTHORITY OF THE COUNTY OF MARIN, a public body, corporate and politic, created under the Housing Authority Law of the State of California ("Authority"). Specifically, EXHIBIT "B" to the Agreement is hereby amended to reflect the substitution of one unit in Phase III for another like unit in the same Phase, as indicated in the revised EXHIBIT "B" attached hereto and incorporated by reference. IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first above written. CITY OF SAN RAFAEL ATTEST: By:. Clerk FIRST SOUTHWEST DIVERSIFIED PARTNERS, A CALIFORNIA LIMITED PARTNEP!3iIP, by SOUTHWEST DIVERSIFIED, INC., its managing general partner, By: . Name: Richard E. Garlinghouse Title: Senior /ice President SOUIHWESI DIVERSIFIED, INC. HOUSING AUTHORITY OF THE COU TY OF MARIN By ATTEST: By: Secretary ECUMENICAL ASSOCIATION FOR HOUSING By: Name: Greg r A._yson Title: Actinq Executive Director Attachments: EXHIBIT "A": Legal Description of Property EXHIBIT "B": Schedule of BMR Units and Sales Prices 0312E/890818 "" r � F Page 1 of 4 a t a� S cc� aW W o n w` E CU It m d aF m c c `0 O U m C`Q CL o` Uiz i N m ED LO C 0 1 89 STATE OF CALIFORNIAS a n Fra I S C 0 Iss. COUNTY OF I On A u a u S t 22. 1989 _ _ ___, before me, the undersigned, a Notary Public in and for said State, personally appeared Richard E. G a r l i n Q h o u s e and n/a personally known to me (or proved to me on the basis of satisfactory evidence) to be the persons who executed the within instrument as S e n i o r Vice President and n / a Secretary, on behalf of Southwest Diversified, Inc. the corporation therein named, and acknowledged to me that said corporation executed the within instrument pursuant to its by- laws ora resolution of its board of directors, said corporation being known to me to be one of the partners of First Southwest Diversified Partners the partnership that executed the within instrument, and ack- nowledged to me that such corporation executed the same as such partner and that such partnership executed the same. WITNESS my and an o fici I seal j Signature . _�1 STATE OF CALIFORNIA OFFICIAL SEAL PHYLIS L. MORROW Notary Public -California CITY AND COUNTY OF SAN FRANCISCO My Commission Expires Feb. 5. 19o0 r' r V Y''4 r V 'v r' • - - - (This area for official notarial seal) COUNTY cOF MARIN ) 10 ` On this .T day of i•.c�a� , 198 before me, i`�� , a Notary Public in and for • " County and State, iding the in, duly commissioned and sworn, personally appeared A nCSG - personally known to me (or proved td e on � basis of satisfacto}�evidence) to be the person(s) whose name(s) is/are subscribed to the withiif instrunieflt and acknowledged that he executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this Certificate Cult above written. a OFFICIAL SEAL M L SCOTT A f1GTF.RY PUBLIC -CALIFORNIA NOTARY PUBLIC in and for said County and State ��y,'• MARIN c > My comm. expiress MAR MAR 23, 1993 PROOF OF EXECUTION BY SUBSCRIBING WITNESS STATE OF CALIFORNIA COUNTY OF MARIN On 1DJ5If , before me the undersigned a notary public for the 1 state, personally appeared known to me and swore to me that she )was �awitness when who ROBERT personally CKWELL signed the within instrument on behalf of Marin Housing Authority as a Cparty thereto, in his capacity as President of Marin Housing Authority Commission. OFFICIAL SEAL [� B GA7 BLER B� G r:OTi�R'/ PUBLIC - CALIFORNIA Notary�. Public 'J- MARIN COUNTY ` _ My comm, expires JUN 4, 1993 SLATE OF CALIFORNIA ) ss. COUNTY OF MARIN ) On this 25th day of SFPTFMRFR 1989, before me, JEANNE M. LEONCINI, a Notary Public in and for the said County and State, residing therein, duly commissioned and sworn, personally appeared LAWRENCE E. MULRYAN , personally known to me io-r-ped--to--rye-an-the -bas-i's-o-f--,-a-ti-s-firct0ry e-�-i-deft•c-4 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, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. OFFICIAL SEAL �ARY JEANNE M. LEONCINIJEANNE . EONCINIIC in and for NOTARY MAARNCOUNTYCALIFORNIA said C o u n ty n d State. "" My Comm. Expires Nov. 29, 1991 1100. 5th Ave.. P.O. 0 r.1 c.q r, 2; 1 PI D.— r,n'tCn EXHIBIT 'A' Sq 6 1 x 9 3 Project Name: MARIN LAGOON Location: Civic Center North, Parcel 3, San Rafael Developer: First Southwest Diversified Partners, or any successor in interest DESCRIr i IGid. All that certain Real Property situated in the City of San Rafael, County of Marin, State of California, described as follows: Marin Lagoon, being a resubdivision of Parcels 3 and D--23 PM 52, as filed the 8th day of February, 1989 in Volume 20 of Maps at -Page 62. RECaRDED AI REQUEST Of ACE- N CIf SHO N 1989 OCT 20 M 1` 00 MIAMI; RTY CALIFORNIA 0312E/890818 Page 2 of 4 EXHIBIT "B" Project Name: MARIN LAGOON Location: Civic Center North, Parcel 3, San Rafael Developer: First Southwest Diversified Partners, or any successor in interest Total BMR Units: 18 BMR Homeownership Units out of 224 Total Units SCHEDULE OF BMR UNITS AND SALES PRICES Phase Type Size Location Income Sales Price* I 2BR/2BA 1033sf Unit "DR"/Building #13 Moderate $102,176* 3BR/2BA 1145sf Unit "C" /Building #13 Moderate $113,529* 3BR/2BA 1145sf Unit "CR"/Building #13 Moderate $113,529* II 2BR/2BA 1033sf Unit "D" / Building #7 Moderate $102,176* 2BR/2BA 1033sf Unit "DR"/ Building #8 Moderate $102,176* 3BR/2BA 1145sf Unit "C" / Building #7 Moderate $113,529* 3BR/2BA 1145sf Unit "CR"/ Building #7 Moderate $113,529* 3BR/2BA 1145sf Unit "C" / Building #8 Moderate $113,529* 3BR/2BA 1145sf Unit "CR"/ Building #8 Moderate $113,529* III -2-B4./24)V - - - - -1-n3 s f------ U*4- -Bu444i4�g- -#I----- -Hadar-at------ 4l_O2_r1-71 2BR/2BA 1033sf Unit "DR"/ Building 14 Moderate $102,176* 2BR/2BA 1033sf Unit "D" / Building #3 Moderate $102,176* 2BR/2BA 1033sf Unit "DR"/ Building #3 Moderate $102,176* 2BR/2BA 1033sf Unit "D" / Building #4 Moderate $102,176* 2BR/2BA 1033sf Unit "D" / Building #5 Moderate $102,176* 2BR/2BA 1033sf Unit "DR"/ Building #5 Moderate $102,176* 3BR/2BA 1145sf Unit "CR"/ Building #1 Moderate $113,529* 3BR/2BA 1145sf Unit "C" / Building #5 Moderate $113,529* 3BR/2BA 1145sf Unit "CR"/ Building #5 Moderate $113,529* Following are the family sizes and incomes used to establish the sales price for each un7L: Unit Type Household Size Income Group Percentage of Median Income* 2BR/2BA Three Persons Moderate 105.56% of Median $40,377* 3BR/2BA Four Persons Moderate 105.56% of Median $44,863* --Continued on Next Page-- MARIN LAGOON/First Southwest Diversified Partners Page 3 of 4 City of San Rafael/Housing Authority of the County of Marin 0312E/890818 EXHIBIT "B' The sales prices have been established based on the above incomes, current industry mortgage rates and debt -to -income ratio as follows: Mortgage Rate/Term: Loan -to -Value Ratio: 10.5%* / 30 -year, fixed-rate Percentage of Gross Monthly Income for Mortgage Payment (Principal and Interest): 25% * Recalculation of the above sales prices shall be permitted thirty (30) days after receipt by Marin Housing Authority of the Developer's written notice one hundred fifty (150) days prior to the anticipated issuance of Certificates of Occupancy for the Units if either: (i) it is determined that the above -stated mortgage rate is different from the then -current market interest rate; or, (ii) it is determined that the median income for the San Francisco.PMSA as determined by the U.S. Department of H.U.D. has changed from that set forth in Exhibit "D" attached hereto. Thirty (30) days after receipt of the Developer's 150 -day Notice, the sales price shall be recalculated by Marin Housing Authority using the most affordable prevailing mortgage rate for a 30 -year, fixed-rate mortgage as determined by Marin Housing Authority and using the most recent median income for the San Francisco PMSA as determined by H.U.D.. Such an adjustment to the sales price shall be allowed more than one time only if mutually agreed by all the parties to this Agreement. MARIN LAGOON/First Southwest Diversified Partners Page 4 of 4 City of San Rafael/Housing Authority of the County of Marin 0312E/890818