HomeMy WebLinkAboutCC Resolution 7737 (BMR Agreement)RESOLUTION NO. 7737
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 Housing
Agreement (Rental) between the City of San Rafael and Transamerica
Realty Services, Inc., 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 16th day of May ,
1988, by the following vote, to wit:
AYES: COUNCILMEMBERS: Boro, Breiner, Thayer & Mayor Mulryan
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: Frugoli
JEAtN/t M. LEONCINI City Clerk
q""R1B1NA[ ,,,,
Lit
• �r,� X5'8 JUN -3 1111 t2: 30
BELOW MARKET RATE�' CCI, j v (;n� i�0Rii)�
rs
HOUSING AGREEMENT (RENTAL)
No FN OCN03
THIS BELOW MARKET RATE HOUSING AGREEMENT is made and entered
into by and between the City of San Rafael, a municipal corpora-
-J tion (hereinafter referred to as "City"), and Transamerica Realty
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= a' Services, Inc., a California corporation (hereinafter referred to
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as "Transamerica") with reference to the following facts and
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C) a
circumstances:
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(a) Transamerica
is developing a 128 -unit
congregate care
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senior housing project
(hereinafter referred
to
as the "Project"
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w
275 Los Ranchitos Road,
San Rafael, Marin
County,
California.
C) at
(b) The City has
approved the Project,
and
as part of the
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approval process, has
required that 13 units
be
reserved for
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rental at affordable rates, referred to herein as "below market
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rate."
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~ (c) The parties wish hereby to cooperate in implementing
wthe provision for below market rate rentals, and to insure that
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13 units in the project will be available for such purpose for a
operiod of 20 years.
IT IS THEREFORE AGREED by and between the parties hereto as
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c follows:
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Q 1. Thirteen units within the Project shall be made
available on a continuing basis during the specified term of this
Agreement for rental to persons or families whose total annual
income does not exceed the median income established for the San
COPY,
Francisco Primary Metropolitan Statistical Area, as determined by
the U.S. Department of Housing and Urban Development, Office of
Economic Affairs, Economic and Market Analysis Division, adjusted
for family size, as periodically revised and as set in Exhibit A
attached hereto.
2. The monthly residence fees and rentals charged for
the subject units shall not exceed the Maximum Affordable Monthly
Fees calculated as shown in the formula contained in Exhibit B
attached hereto.
3. Commencing not later than 30 days following issu-
ance of the Certificate of Occupancy for the Project, and annual-
ly thereafter within 30 days following each consecutive anniver-
sary of said issuance, Transamerica or the property manager for
the Project or successor(s) thereof shall provide to the City the
following:
(a) A chart similar in form to Exhibit B hereto,
updatea to show the then current median income levels according
to the most recently published data pertaining to the San
Francisco Primary Metropolitan Statistical Area available as of
the date of each consecutive anniversary. The residence fees and
rentals for the subject units shall thereupon be adjusted accord-
ingly.
(b) A list, similar in form to Exhibit C attached
hereto, showing 13 rental units within the Project which are then
currently available to and/or occupied by individuals whose in-
comes are within the ranges shown within the median income previ-
- 2 -
ously specified. Said list shall include the number of each such
unit, the names of the occupants, and evidence of the income of
said occupants.
Unless the City objects in writing within 45 days from the
date when the information specified in subparagraphs (a) and (b)
immediately above is provided to it, which writing shall be de-
livered by City to the person who provided the information, said
information shall be conclusively deemed correct and binding on
the parties hereto.
(c) The selection of individual tenants qualify-
ing for the below market rate rental units shall be on a first-
come, first-served basis. Transamerica or the project manager
shall retain a waiting list and shall be responsible for the
selection of those potential tenants that would qualify for the
available units. As part of annual review by the City, Exhibit C
shall be reviewed by the Marin County Housing Authority staff to
verify qualified tenants, annual incomes and monthly fees.
Transamerica or its successors shall be responsible for any costs
associated with review by the Marin County Housing Authority
staff.
4. Transamerica hereby covenants and warrants that upon
the sale or transfer by Transamerica of any interest in the
Project, it shall specifically advise the succeeding owner(s) and
obtain from them a written acknowledgement of their willingness
to be bound to the terms and provisions of this Agreement for the
entire term hereof.
- 3 -
5. This agreement shall be binding on the successors and
assigns of Transamerica with respect to the Project and on all
persons having or acquiring any right, title or interest in the
Project. A duplicate original of this Agreement shall be record-
ed in the office of the Recorder of the County of Marin immedi-
ately following due execution by the parties hereto.
6. This instrument contains the entire agreement of the
parties relating to the provision of below market rate housing in
STATE OF CALIFORNIA )
COUNTY OF MARIN ) SS.
On this 25th day of May . 1988, before me, A. M. MARCOTTE, a Notary
Public in an for the said County and State, residing therein, duly commissioned and
sworn, personally appeared . �ulrvan , personally known
to me (or proved to me on the basis of satisfactory evidence) to be the
Ma r 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.
Ae
:9 Votary Public
in and for said County and State
OFFIC AL SEAL
seal BARBARA T. HUDSON
NOTARY PUBLIC — CALIFORNIA
San Francisco County
wffmY COMMISS13f Expires June 24. 198P
OFFICIAL SEAL
A.M. MARCOTTE
NOTARY PUBUG X FOPMA
ft*W offCS h MARK UUny
W oown+r w Elms 4W. e, to
Notary Public
urrY AND �.` j ruKiVTA
COUNTY OF SAN FRANCISCO ,
� ss.
Th fo ego in9 i ns tru
ment was
ackgowledge before
198 Y me
this f
day of
seal
BARBARA T. HUDSON
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son
County
ftku J1X* 24. 10MJ���
Nota ry Public '��
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EXHIBIT B
The chart below will be used to calculate Maximum Affordable
Monthly Fees to be charged to residents of the facility. Pro-
jected Monthly Fees for the 13 Below Market Rate (BMR) units
shall not exceed the Maximum Affordable Monthly Fees. Projected
Monthly Fees are defined as the maximum monthly fees, including
housing and all standard services to be charged to the residents
of the 13 BMR units.
Occupants
and %
Units
Unit Type
of
Median
Income
2
Studio
1
Person
90% of Median x
80%
Assisted
1
Person
90% of Median x
80%
3
Studio
Alcove
1
Person
90% of Median x
70%
7
1 Bedroom:
1
Person
100% of Median x
70%
or,
2
Persons
100% of Median
x 70%
1
2 Bedroom:
1
Person
100% of Median x
70%
or
2
Persons
100% of Median
x 70%
EXHIBIT C
Unit No. Resident Name Annual Income Monthly Fee Move -In Date