HomeMy WebLinkAboutCC Resolution 7744 (Peacock Gap Affordable Housing)RESOLUTION NO. 7744
A RESOLUTION AUTHORIZING THE SIGNING OF
AN AMENDMENT TO 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, an amendment to an agreement
with Dividend Development Corporation and the Housing Authority
of the County of Marin, relating to the sale of newly constructed
residential units to low and moderate income families within
the Peacock Ridge 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 MONDAY , the 20TH day of JUMP. ,
1988, by the following vote, to wit:
AYES: COUNCILMEMBERS:Boro, Breiner, Frugoli, Thayer & Mayor Mulryan
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
JEA 4. LEONCINI, City Clerk
ORIGINA1 -7T�'el
AMENDMENT TO AGREEMENT
Project Name: PEACOCK RIDGE
Location: Pt. San Pedro Road and San Marino Drive, Peacock Gap
Developer: DIVIDEND DEVELOPMENT CORPORATION, or any successor in interest
Amendment is hereby made this 10th day of May , 1988, to that certain
Agreement dated April 6, 1987 and recorded as Instrument Number 87-49960, official
records of the County of Marin, California, among the CITY OF SAN RAFAEL, a
municipal corporation (hereinafter referred to as "the City"), 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 (hereinafter referred to as "the
Authority"), and DIVIDEND DEVELOPMENT CORPORATION, or any successor in interest
(hereinafter referred to as "the Developer").
Specifically, EXHIBIT "B" to the Agreement is hereby amended to reflect changed Lot
Numbers as submitted by the Developer, and updated Household Income, Mortgage Rate and
Sales Price for the twelve Below Market Rate units in accordance with provisions of
the original Agreement. The Revised EXHIBIT "B" is 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 HOUSING AUTHORITY OF THE
COUNTY OF MARIN
By., s`7--, - L - —' ter- By:
ATTEST
By: /k
Clerk
ATTEST:
By:
Secretary'
DIVIDEND DEVELOPMENT CORPORATION
By: I w. /,,�
Its: Vice President
Attachments: EXHIBIT "A": Legal Description of Property
EXHIBIT "B": Schedule of BMR Units and Sales Prices
EXHIBIT "C": Priorities and Preferences for Eligibility
EXHIBIT "D": County of Marin FY 1988 Median Income Schedule
C 0 F y
PEACOCK RIDGE/DIVIDEND DEVELOPMENT CORP. Page 1 of 5
CITY OF SAN RAFAEL/HOUSING AUTHORITY OF THE COUNTY OF MARIN 0120E/880411
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.COUNTY OF UkRIN J
On this }i day of May in the year 1988 before me,
�
t s+ PrP , personally appeared personally known to me (or
Al Aramburu ory
proved to me on the basis
fs of ha trman of the Boaid onc5upetor be Sthe person who exe-
cuted this instrument a
there 4-" e f t tAXte 06 o 6 64zen I
oftIn Mir i n ntY hoU511'y ,,•, bUbddV.(b•Wn)
l n=e o1 ce pu eonponn tf_on, agency on .t',c� poAza C
and acknowledged to me that the (pubs nco&potAatiOn,i agcy 0h pox-aA444 aUb"vc, "n)
executed it.
ic
OFFICIAL SEAL
'^" LOIS E. ST. SURE• NOTARY PUBLIC •CALIFORNIA • MARIN COUNTY
Notar ubin and for said County State VMyComm E.pire,NO' 12. 8B ;
CORPORATE ACKNOWLEDGMENT No 20;
State of �� On this the _� day of 19-ff, before me,
SS. —
County ofC� l,/Q.��1
the undersqgned Notary Public, p onall ppeared
A
LC
OFFICIAL SEAL
MARY CATHERINE CONDGROTH
Notary PubiX-Cal forrla
SANTA CLARK COUNTY k
My Comm Exp. Apr. 23, 1990
3600 Prurreridae Av., Santa Dar-., CA P3051J
%120 122
. im i r- yr %,ML1rUK[11M
ss.
COUNTY OF MARIN
personally known to me
proved to me on the basis of satisfactory evidence
to be the pers n(s) who exe uted the within instrument as
VaL or on behalf of the corporation therein
named, and acknowledged to me that the corporation executed it.
WITNESS my hand and official seal.
t1l�11-ssi
nature �%
t,A - NAL NOTARt ASSOCIATION • E2j6 RcmmFt Ava • P O Box ' 12 : • uanoga Warn CA 9130.1 8 t
On this 20th day of JUNE , 1988, 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
-ev}denee3 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.
JEANN(, MNCINI, NO ARY UP BLIC in and for
said County and State.
• -
OFFICIAL SE 7 °7
IEANNE V. LE0NC[NI1 ;
? Hyl
NOTA:.', PIJ
--
My Corm Ex. -:res Nov. 29, 1991 y
1400 - 50 Aga.,
P.O. 60: 60, San Rafael, CA 94915-0060
EXHIBIT "A"
Project Name: PEACOCK RIDGE
Location: Pt. San Pedro Road and San Marino Drive, Peacock Gap
Developer: DIVIDEND DEVELOPMENT CORPORATION, or any successor in interest
All that certain Real Property situated in the City of San Rafael, County of Marin,
State of California, described as follows:
BEGINNING AT THE MOST NORTHEASTERLY CORNER OF THAT CERTAIN PARCEL OF LAND CONVEYED TO
THE ROMAN CATHOLIC ARCHBISHOP OF SAN FRANCISCO BY LATIPAC, INCORPORATED, RECORDED MARCH
28, 1957 IN BOOK 1103 OF OFFICIAL RECORDS AT PAGE 267: RUNNING THENCE FROM SAID POINT
OF BEGINNING, ALONG THE SOUTHERLY BOUNDARY OF MARIN BAY SUBDIVISION, AS SHOWN UPON THAT
CERTAIN MAP ENTITLED "MAP OF MARIN BAY UNIT ONE". RECORDED SEPTEMBER 22, 1960 IN BOOK 10
OF MAPS AT PAGE 78 MARIN COUNTY RECORDS, NORTH 78008'13" EAST 173.24 FEET; THENCE
NORTH 81000' EAST 50.00 FEET TO THE MOST NORTHWESTERLY CORNER OF THAT CERTAIN PARCEL
OF LAND CONVEYED BY PEACOCK GAP, INCORPORATED, TO THE MARIN MUNICIPAL WATER DISTRICT,
RECORDED MAY 20, 1964 IN BOOK 1816 OF OFFICIAL RECORDS OF MARIN COUNTY, AT PAGE 10;
THENCE ALONG THE WESTERLY LINE OF SAID PARCEL, SOUTH 9000'00" EAST 36.00 FEET TO THE
MOST SOUTHWESTERLY CORNER OF THAT CERTAIN PARCEL OF LAND CONVEYED BY LATIPAC,
INCORPORATED, TO THE MARIN MUNICIPAL WATER DISTRICT, RECORDED OCTOBER 26, 1966 IN BOOK
2088 OF OFFICIAL RECORDS OF MARIN COUNTY, AT PAGE 273; THENCE ALONG THE SOUTHERLY LINE
OF LAST SAID PARCEL NORTH 81000'00" EAST 30.00 FEET: THENCE NORTH 9000'00" WEST
31.56 FEET TO THE MOST SOUTHWESTERLY CORNER OF THAT CERTAIN PARCEL OF LAND CONVEYED BY
LATIPAC, INCORPORATED, TO HARRY HELBIG, ET UX, RECORDED OCTOBER 28, 1966 IN BOOK 2088 OF
OFFICIAL RECORDS OF MARIN COUNTY, AT PAGE 587; THENCE ALONG THE SOUTHERLY LINE OF LAST
SAID PARCEL NORTH 76003'34" EAST TO THE SOUTHERLY LINE OF AFORESAID MARIN BAY
SUBDIVISION; THENCE ALONG THE SOUTHERLY LINE OF MARIN BAY SUBDIVISION NORTH 81000'00"
EAST 0.78 FEET; THENCE ON A TANGENT CURVE TO THE LEFT, HAVING A RADIUS OF 650.00 FEET, A
CENTRAL ANGLE OF 28058'28" AN ARC DISTANCE OF 328.71 FEET TO A POINT OF REVERSE
CURVATURE, THENCE ON A CURVE TO THE RIGHT, HAVING A RADIUS OF 350.00 FEET, A CENTRAL
ANGLE OF 18028'28" AN ARC DISTANCE OF 112.85 FEET TO A POINT OF REVERSE CURVATURE,
THENCE ON A CURVE TO THE LEFT, HAVING A RADIUS OF 500.00 FEET, A CENTRAL ANGLE OF
28015'00" ARC DISTANCE OF 246.53 FEET TO A POINT OF REVERSE CURVATURE, THENCE ON A
CURVE TO THE RIGHT, HAVING A RADIUS OF 250.00 FEET, A CENTRAL ANGLE OF 37015'00" AN
ARC DISTANCE OF 162.53 FEET, THENCE NORTH 79030'00" EAST 270.00 FEET, THENCE ON A
TANGENT CURVE TO THE LEFT, HAVING A RADIUS OF 700.00 FEET A CENTRAL ANGLE OF 37030' AN
ARC DISTANCE OF 458.15 FEET TO A POINT OF COMPOUND CURVATURE, THENCE CONTINUING ON A
CURVE TO THE LEFT HAVING A RADIUS OF 1650.00 FEET A CENTRAL ANGLE OF 14000'00" AN ARC
DISTANCE OF 403.17 FEET TO A POINT OF REVERSE CURVATURE, THENCE ON A CURVE TO THE RIGHT
HAVING A RADIUS OF 600.00 FEET, A CENTRAL ANGLE OF 11030'00" AN ARC DISTANCE OF 120.43
FEET, AND THENCE NORTH 39030'00" EAST 366.76 FEET TO THE MOST SOUTHERLY CORNER OF PCL
A, AS SHOWN UPON SAID MAP; THENCE LEAVING SAID SUBDIVISION BOUNDARY ON A CURVE TO THE
RIGHT, FROM A TANGENT WHICH BEARS SOUTH 84025'55" EAST, WHOSE RADIUS IS 1940 FEET,
THROUGH A CENTRAL ANGLE OF 8020'42", AN ARC DISTANCE OF 282.56 FEET, THENCE ON A
REVERSE CURVE WHOSE RADIUS IS 660 FEET, THROUGH A CENTRAL ANGLE OF 22037'12", AN ARC
DISTANCE OF 260.56 FEET; THENCE SOUTH 8042'25" EAST 170.66 FEET; THENCE SOUTH
11021'51" WEST 165.32 FEET; THENCE SOUTH 31035'06" WEST 184.05 FEET, THENCE ON A
TANGENT CURVE TO THE RIGHT WHOSE RADIUS IS 440 FEET, THROUGH A CENTRAL ANGLE OF
25051'53", AN ARC DISTANCE OF 198.63 FEET, THENCE SOUTH 57026'59" WEST 645.82 FEET,
THENCE ON A TANGENT CURVE TO THE RIGHT WHOSE RADIUS IS 640 FEET, THROUGH A CENTRAL ANGLE
OF 19006', AN ARC DISTANCE OF 213.35 FEET, AND THENCE SOUTH 76032'59" WEST 1117.64
FEET TO THE EASTERLY BOUNDARY OF THE AFORESAID PARCEL TO THE ROMAN CATHOLIC ARCHBISHOP;
RUNNING THENCE ALONG THE EASTERLY LINE OF LAST SAID PARCEL NORTH 13027'01" WEST 432.82
FEET TO THE POINT OF BEGINNING.
PEACOCK RIDGE/DIVIDEND DEVELOPMENT CORP. Page 2 of 5
CITY OF SAN RAFAEL/HOUSING AUTHORITY OF THE COUNTY OF MARIN 0120E/880411
EXHIBIT "B"
(Revised)
Project Name: PEACOCK RIDGE
Location: Pt. San Pedro Road and San Marino Drive, Peacock Gap
Developer: DIVIDEND DEVELOPMENT CORPORATION, or any successor in
interest
Total Number of
Units in Development: 60
Number of BMR Units: 12
SCHEDULE OF BMR UNITS AND SALES PRICES
No. of Units Type of Unit Floor Plan Lot No. Sales Price
Twelve (12) 3BR/2-1/2BA Plan "B" No. 2, 3, 6, 7, $112,000*
10, 11, 18, 19,
22, 23, 26 & 27
Following are the family sizes and incomes used to establish the sales price for
each unit:
Unit Size Household Size Percent of Median Income Household Income
3 BR 4 Persons 100% of median $42,500*
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 10.0%* fixed rate / 30 years
Loan -to -Value Ratio 9011
Percentage of Gross Monthly Income for
Mortgage Payment (Principal and Interest) 2511
* Recalculation of the above sales prices shall be permitted at the time of
receipt by the Authority of the Developer's written notice one hundred twenty
(120) days prior to the 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.
Upon receipt of the Developer's 120 -day notice, the sales price shall be
recalculated by the Authority using the most affordable available mortgage
rate for a 30 year, fixed-rate mortgage as determined by the 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.
PEACOCK RIDGE/DIVIDEND DEVELOP14ENT CORP. Page 3 of 5
CITY OF SAN RAFAEL/HOUSING AUTHORITY OF THE COUNTY OF I4ARIN 0120E/880411
EXHIBIT "C"
Project Name: PEACOCK RIDGE
Location:
Pt. San Pedro Road and San Marino
Drive,
Peacock Gap
Developer:
DIVIDEND DEVELOPMENT CORPORATION,
or any
successor in interest
In certifying eligibility of applicants for the subject project, the Authority
shall establish the eligibility of applicants and give priority as follows:
Requirements for Eligibility
1. The applicant's total household income must fall within the
moderate -income limitations (can not exceed 120% of the current
median income for the San Francisco PMSA).
2. The applicant's total assets may not exceed 75% of the sales price of
the unit.
3. The applicant(s) may not currently own or have any legal interest in
another residence.
4. The applicant's household must consist of at least three persons in
order to qualify for a three-bedroom unit.
Priority for Lottery Selection
A priority system for the lottery, if any, will be decided upon among the
Developer, the City and the Authority prior to the advertising and
conducting of a lottery for purchase of the BMR Units based upon legal
counsel resolving certain issues with respect to the legality of certain
types of priorities specified in the Tentative Map.
PEACOCK RIDGE/DIVIDEND DEVELOPMENT CORP. Page 4 of 5
CITY OF SAN RAFAEL/HOUSING AUTHORITY OF THE COUNTY OF MARIN 0120E/880411
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