HomeMy WebLinkAboutCC Resolution 7912 (Spinnaker Point BMR)RESOLUTION NO. 7912
A RESOLUTION AUTHORIZING THE SIGNING OF
AN AGREEMENT
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 Spinnaker Point Partnership (Spinnaker
Point Unit 5 Subdivision), 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 Tuesday, the 21st day of February, 1989, by
the following vote, to wit:
AYES: COUNCILMEMBERS: Boro, Breiner, Frugoli & Mayor Mulryan
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: Thayer
JEA . LEONCIN i\, City Clerk
TO PROVIDE BELOW PLARKBT RATE HOUSING
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 #5 of Spinnaker Point, and more particularly described as
Assessor's Parcels 9-081-07, 08, 47 & 48, and 9-082-06 ("Proper-
.ty n) .
WHEREAS, City has approved a Vesting Tentative Subdivision
Map for the Property, described as TS 86-2, which allows 48
residential townhouse units on the Property ("Approved Tentative
Map")
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. Deposit of In -Lieu Fees. 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 BMR
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
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) BMR 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 Limit. 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 BMR
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. Disposition of In -Lieu Fees. 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
8. Attorney_& 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 Agreeaent. 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.
10. successors and Assigns. 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:
Dated: Apr i 1 14 , 1989
CITY:
Dated:Februar% 21, 1989
Spinnaker Point �a;-tnership,
A Calif o` eral partnership
City of San Rafael
C `'—
+9y -Lawrence E. muiryan, [Mayor
Attest:
J a ?re M. Leoncin , City Clerk
3
(Partnership
STATE OF CALIFORNIA
COUNTY OF Marin
on April 14, M"
"'.C. Cara
before"Ile
Sper"Alh. app -r-4 itinC.
Is.
i . ..er.6rici,s
for proved to _me on the basis of satisfactory evidence) to be
one o •d the p�tners of the p+rtnership
that executed the within instrument, and ackoo+rledRed to me that
such partnership executed the same.
WITNESS my hand and official seal.
form 3215 (Ca /2.87
51ATt OF CALIFORNIA )
}
COUNTY OF MARIN ss.
a Notary Public in and for said State.
(known to mel
�;� C. ��i•:?,'-.L SEAL
�? R C HEARD
I Lir .�:�� f.'`T1"Y" �UHL(C - CALIFJ^NI4 a
t:??.ref•! COUNTY t
My rniirm. ez i«s ;UL 10, 19P^
(no a," * 61hCal noanaf wb
On this 2Zt day of FEBRUARY , 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 bac_pco>led_to_ale_un..basis-ef-Batas#aE-to-r
ev}dence3-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
JEANINE K LEONCINI '
NOTARY PUBLIC - CALIFORNtA
* m MARJN COUNTY ,
M ,^� My Can, Expires Nov 29, 1991 �
ISO' 51h Av- P.Q Box F sir F.43e( CA 94915-0000
JEANNE M. �CINCWIN07AR BLIC in and for
said County and State.
Y
EXHIBIT 'A'
Based on the County of Marin in -lieu fee formula updated March
1988.
A. Criteria:
1. Percent of affordable units required by City is lot
of the total project density (48 units x 10% - 4.8 -
5 units)
2. Market Rate Housing Cost:
a. Construction cost of an average size 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, lot downpayment, current fixed
mortgage interest rate of 9.75%).
B. ADnlication
1. Market rate cost/unit: $ 180,000.00
2. Maximum unit cost @100 of median: - 114,450.00
3. Total in -lieu fee/unit: 65,550.00
4. Fee for 4.8 BMR 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.