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Home My WebLink AboutCC Resolution 10388 (BMR Clocktower Apartments Amendment)RESOLUTION NO. 10388 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL AUTHORIZING AMENDMENT TO THE BELOW MARKET RATE RENTAL HOUSING AGREEMENT BETWEEN TOMMY KENNEDY AND THE CITY OF SAN RAFAEL RE: CLOCKTOWER APARTMENTS, 729 Fourth Street, AP 11-275-01 THE CITY COUNCIL OF THE CITY OF SAN RAFAEL RESOLVES as follows: The Below Market Rate Rental Housing Agreement between Tommy Kennedy and the City of San Rafael, shall be amended to replace Exhibit B with Exhibit B2, 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 the regular meeting of the Council of said City on the fifth day of April, 1999, by the following vote, to wit: AYES: COUNCILMEMBERS: Cohen, Heller, Miller, Phillips & Mayor Boro NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: None JeaniV M. Leoncini, City Clerk unt RECORDING REQUESTFD BY: CoKarrinOf JOAN C. THAYER Recorder WHEN RECORDED MAIL TO: Aft Jeanne M. Leoncini, City Clerk 10237 .00 CITY OF SAN RAFAEL TOTAL .00 P.O. Box 151560 San Rafael, CA 94915-1560 TOTAL TENDERED FEE .00 CHANE . 00 01:48M 09 1:48—Apr-1999 19990409127 AMENDMENT TO BELOW MARKET RATE RENTAL AGREEMENT BETWEEN TO*1Y KENNEDY AND CITY OF SAN RAFAEL RE: CLOCKTOWER APARTMENTS, 729 FOURTH STREET, APN 011-275-01 (RESOLUTION NO. 10388)— LA 0388) LA Ci of 2 e� N THIS PAGE IS ADDED TO PROVIDE ADEQUATE SPACE FOR RECORDING INFORMATION ADDITIONAL RECORDING FEE APPLIES COPY AMENDMENT TO BELOW MARKET RATE RENTAL AGREEMENT BETWEEN TOMMY KENNEDY AND CITY OF SAN RAFAEL RE: CLOCKTOWER APARTMENTS, 729 FOURTH STREET, APN 011-275-01 Pursuant to Resolution No. 10378, the parties agree that the Below Market Rate Rental Agreement between Tommy Kennedy and City of San Rafael re: Clocktower Apartments, 729 Fourth Street, APN 011-275-01, dated March 15, 1999, shall be amended to replace Exhibit `B" with Exhibit `B-2", a copy of which is attached. CITY OF SAN RAFAEL By: / G.14 Albeit J. BorgXayor Dated: j j / g % Attest: JLeoncini, City Clerk Approved as to Form: �- ) z - , X, /- r1z , Gary T. Ragghianti, City Attorney OWNER Tommy Keinedy Dated: -: � word\nancye\city attomey\amend to BMR.doc CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California ss. County of Mari n On April 9, 1999 , before me, Nancy Eurman, Notary Public Date Name and Title of Officer (e.g., "Jane Doe, Notary Public") personally appeared Albert J. Boro 1- r NANCY EURMAN D C COMM. #1086576 NOTARY PUBLIC -CALIFORNIA 0 MARIN COUNTY My Comm. Expires Feb. 4, 2000 A • v - - - - - - - - - - E Name(s) of Signer(s) ?� personally known to me proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/ang subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/har/their authorized capacity(ies), and that by his/leer/their signature(s) on the instrument the person(8), or the entity upon behalf of which the person(s,) acted, executed the instrument. WITNESS my hand and official seal. / L t l --L .. Y Place Notary Seal Above Signature of Notary Public •1 OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of Document: Amendment to BMR Rental Agree. bet. Tommy Kennedy and CSR re Clocktower Apts., 729 Fourth St., APN 011-275-01 Document Date: NSA Number of Pages: Four pages Signer(s) Other Than Named Above: Tommy Kennedy Capacity(les) Claimed by Signer Signer's Name: Albert J . Boro ❑ Individual ❑ Corporate Officer — Title(s): ❑ Partner — Limited ❑ General El Attorney in Fact ❑ Trustee ❑ Guardian or Conservator XX Other: --Ma vn r Signer Is Representing: City of San Rafael Top of thumb here 0 1997 National Notary Association - 9350 De Soto Ave., P.O. Box 2402 - Chatsworth, CA 91313-2402 Prod. No. 5907 Reorder: Call Toll -Free 1-800-876-6827 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT j� State of California County of Marin ss. On Apri 1 9, 1999 before me, Date personally appeared Tommy Kennedy .- - NANCY EURMAN D 0 COMM. 111086576 II �® NOTARY PUBLIC -CALIFORNIA 0 MARIN COUNTY 4 My Comm. Expires Feb. 4, 2000 i Nancy Eurman, Notary Public Name and Title of Officer (e.g., "Jane Doe, Notary Public") Name(s) of Signer(s) personally known to me proved to me on the basis of satisfactory evidence to be the person(§) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their Authorized capacity(ies), and that by . his/hor/their signature(4on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. Place Notary Seal Above r i Signature of Notary Public '.l OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of Document: Amendment to BMR Rental Agree. bet. Tommy Kennedy and CSR re Clocktower Apts., 729 Fourth St., APN 011-275-01 Document Date: NSA Number of Pages: Five pages Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer Signer's Name: Tommy Kennedy ❑ Individual ❑ Corporate Officer — Title(s): ❑ Partner — Limited - General ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator Y,] Other: --GWnPr Albert J. Boro Signer Is Representing: C1 ocktower Apartments ®1997 National Notary Association • 9350 De Soto Ave., P.O. Box 2402 • Chatsworth. CA 91313.2402 Top of thumb here Prod. No. 5907 Reorder: Call Toll -Free 1-800.876-6827 EXHIBIT "B2" CITY OF SAN RAFAEL BELOW MARKET RATE RENTAL AGREEMENT PROJECT NAME: Clocktower Apartments DATE: ADDRESS: 729 Fourth Street OWNER: Tommy Kennedy TOTAL NUMBER OF UNITS: 30 TOTAL NUMBER OF LOW INCOME UNITS: 5 Number of Low Income Units @ 65% of median: 3 (2-1 br & 1 -studio) Number of Low Income Units @ 80% of median: 2 (1-1br & 1 -studio) AFFORDABLE HOUSING EXPENSE CALCULATION: For example, using the 1999 Median Gross Income for the Area such calculation would be as follows 1 person 2 person 3 person Median 50,700 57,900 65,150 65% 32,950 37,650 42,350 80% 40,560 46,350 52,150 Low Income Units @ 65% of median: The studio unit Housing Expense shall not exceed 1/12 of 30% of 65% of the median gross annual income for a 1 person household. The one bedroom unit Housing Expense shall not exceed 1/12 of 30% of 65% of the median gross annual income for a 2 perrson household. Studio - Income: $32,950 (One person household @ 65% of median) Maximum Housing Expense : ($32,950/12) x 30% = $823 1 Bedroom - Income: $37,650 (Two person household @ 65% of median) Maximum Housing Expense : ($37,650/12) x 30% = $941 Low Income Units @ 80% of median: The studio unit monthly rent shall not exceed 1/12 of 30% of 80% of the median gross annual income for a 1 person household. The one bedroom unit rent shall not exceed 1/12 of 30% of 80% of the median gross annual income for a 2 person household. Studio - Income: $40,550 (One person household @80% of median) Maximum Housing Expense : ($40,550/12) x 30% = $1,014 1 Bedroom - Income: $46,350 (Two person household @ 80% of median) Maximum Housing Expense: ($46,350,/50/12) x 30% = $1,159 Exhibit B2 revised March 29, 1999 1