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HomeMy WebLinkAboutCC Resolution 8610 (BMR Housing)RESOLUTION NO. 8 610 RESOLUTION OF THE SAN RAFAEL CITY COUNCIL AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AN AGREEMENT PROVIDING A ONE YEAR EXTENSION OF AN AGREEMENT TO PROVIDE BELOW MARKET RATE HOUSING THE CITY COUNCIL OF THE CITY OF SAN RAFAEL RESOLVES AS FOLLOWS: The MAYOR and CITY CLERK are hereby authorized to execute, on behalf of the City of San Rafael, a one year extension of an agreement adopted by the City and Spinnaker Point Z�aemship io provide Below Market Rate Housing, a copy of which is attached and by this reference made a part hereof. I, Jeanne M. Leoncini, Clerk of the City of San Rafael, California, HEREBY CERTIFY that the foregoing Resolution was duly and regularly introduced and adopted at a Regular meeting of the Council of said City held on the 18th day of February , 1992, by the following vote, to wit: AYES: Councilmembers: Breiner, Cohen, Shippey, Thayer & Mayor Boro NOES: Councilmembers: None ABSENT: Councilmembers: None �/ 9�-ate¢ )%. JEA1 &E M. LEONCINI,Iity Clerk ORIBINA[ ��,� AGREEMENT PROVIDING A ONE YEAR EXTENSION OF AN AGREEMENT TO PROVIDE BELOW MARKET RATE HOUSING UNIT #5 SPINNAKER POINT This AGREEMENT PROVIDING A ONE YEAR EXTENSION OF AN AGREEMENT TO PROVIDE BELOW MARKET RATE HOUSING ("Agreement") 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 and the City have entered into an AGREEMENT TO PROVIDE BELOW MARKET RATE HOUSING on February 21, 1989 (Spinnaker Point Unit 5 Subdivision) a copy of which is hereby attached and by reference made a part hereof; and WHEREAS, Owner and the City desire to extend the Agreement for a period of one (1) year from February 22, 1992 to February 21,1993: NOW, THEREFORE, Owner and City agree as follows: 1. EXTENSION. This Agreement shall be extended for a period of one year beginning February 22, 1992 and ending February 21, 1993. 2. OTHER TERMS AND CONDITIONS. All other terms and conditions of the AGREEMENT TO PROVIDE BELOW MARKET RATE HOUSING APPROVED February 21, 1989 shall remain unchanged. In Witness Whereof the parties hereto have executed this agreement on the date and year as follows: OWNER Spinnaker Point Partnership A C'forma Limited Partnership Dated �/ �� g 2 - By: 1 , CITY City of San Rafael Dated: 42/-� 7`i �' �` By: ABE j. BORO, Mayor ATTEST:il,�-,c.dc.H„ E M. LEONCINI City Clerk State of California ) County of Marin ) On February 24, 1992 before me, A. M. MARCOTTE, a Notary Public in and for the said County and State, personally appeared Albert J. Boro, Mayor of the City of San Rafael personally known to me evid e) to be the person(s) whose name(s) is/ate subscribed to the within instrument and acknowledged to me that he/she/tom executed the same in his/ lyer/tqyetr authorized capacity(ies) , and that by his/h:9r/th��r signature(R) on 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. A. M. MARCO E, NOTARY PUBLIC My commission expires 11/17/95 (Partnership) STATE OF CALIFORNIA SS. COUNTY OF MARIN C„ March 19, 1992 before me the undersigned personally appeared DENNIS R. HORNE for proved to me on the basis of satisfactory evidence) to be One r4 thepartners of the partnership that executed the within instrument, and acknowledged to me that such partnership executed the same. WITNESS my hand and official seal. r Si tura A. �COYTE Notary AWA04dwomaLAAMN COUNTY . Cww Me: November 17.1995 .............. . .. a Notary Public in and for said State, (known to me) Form 3215 (CA 12.82) IThi,.rea for official notarial -ml) AGREEMENT PROVIDING A ONE YEAR EXTENSION OF AN AGREEMENT TO PROVIDE BELOW MARKET RATE HOUSING UNIT #5 SPINNAKER POINT This AGREEMENT PROVIDING A ONE YEAR EXTENSION OF AN AGREEMENT TO PROVIDE BELOW MARKET RATE HOUSING ("Agreement") 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 and the City have entered into an AGREEMENT TO PROVIDE BELOW MARKET RATE HOUSING on February 21, 1989 (Spinnaker Point Unit 5 Subdivision) a copy of which is hereby attached and by reference made a part hereof: WHEREAS, Owner and the City desire to extend the Agreement for a period of one (1) year from February 22,1991 to February 21, 1992; NOW, THEREFORE, Owner and City agree as follows: 1. EXTENSION. This Agreement shall be extended for a period of one year beginning February 22, 1991 and ending February 21, 1992. 2. OTHER TERMS AND CONDITIONS. All other terms and condition of the AGREEMENT TO PROVIDE BELOW MARKET RATE HOUSING APPROVED February 21, 1989 shall remain unchanged. In Witness Whereof the parties hereto have executed this agreement on the date and year as follows: OWNER Spinnaker Point Partnership A California Limited Partnership Dated 2 2 cl / By 1 / CITY . City of San Rafael Dated May 14, 1991 B LAWRENCE E. MULRYAN, Mayor ATTEST: kNE M. *�NCINI, City Clerk .-i:2c .,✓or•'.r—..,,..'... vrrrrr�lc��'+...�`�+ �,a'./.✓-i••C:r���G'���.�r._— _ I State of CALIFORNIA On this the 22nd day of Ma 199L, before me, SS. _ - County of MARIN A. M. MARCOTTE the undersigned Notary Public, personally appeared RtAM��1AlApiM�YY��. pFk1ALSEAL - D_ENNIS_HORNE A.M. MARCOTTE - d NOTARY PUBLIC -CALIFORNIA - personally known to me Pi *WOfwnL WNCaw* &V���ExptaC Nw.6,10 = X proved to me on the basis of satisfactory evidence ..• • to be the persons) who executed the within instrument on behalf of the partnership, and acknowledged to me that the partnership executed it. WITNESS my hand and official seal. ii Notary's Signature I) PARTNERSHIP ACKNOWLEDGMENT FORM 7130052 NATIONAL NOTARY ASSOCIATION • 23012 Ventura Blvd • Woodland Hills CA 9136 STATE OF CALIFORNIA ss. COUNTY OF WiR I y On this 14th day of MAY 1991, before me, JEANNE M. LEONCINI, a Notary Pubic in and for the said County and State, residing therein, duly commissioned and sworn, personally appeared LAWRENCE E. MULRYAN , personally known to me (rvr`-provie-d--t-c,tire-QFt -the -bas4s-trf-inti-s­f-a-etory ev-i-de�) 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. O.�FI 1ALL SIS? -I, }� s JEANNE rA. LMiNC1,1!i NOTARY FU3LlC - GALlFOriP:IA JEANNIJ�Eoric INI. NOTARY PUBLIC in and f'or��' -- ,/ A;AFINCOUNTY 11 said County arid State . My Comm. Exptrc5 lgav 29, 1991 1400 - 5th Ave., P.O. COX 60. San R:!34 CA J4915 -00u0 1�iGRES�iENT TO PROVIDE BELAW MARKET RATS HOUSING This AGREEMENT TO PROVIDE BELOW MARKET RATE HOUSI14G ("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 15 of Spinnaker Point, and more particularly described as Assessor's Parcels 9-081-07, 08, 47 & 48, and 9-082-06 ("Proper- tyn); WHEREAS, City has approved Map for the Property, described residential townhouse units on Map"); a Vesting Tentative Subdivision as TS 86-2, which allows 48 the Property ("Approved Tentative 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 COPN a 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. pjsaosition 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. J3MR 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 Rafaei, CA 94912 P.O. Box 60 San Rafael, CA 94915 8. Attorneys Fees. If either party files any action or brings any proceeding against the other arising out of this l 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 Agreement. This Agreement constitutes the entire agreement between the parties respecting the natters 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: April 14 . 1989 CITY: Dated: February 21, 1989 Spi A C By; rtnership, a7l partnership City of San Rafael By; C-� awrence E. Mulryan, Mayor Attest: J a Tte M. Leoncin , City Clerk c (Ptutnershii STATE OF %.ALtrORNIA GOUNTI' OF Plarin Oa April 1-'+, we" SIX ca Si6lic', Pen°eu'll) appeared ' J. :.CnC'riC1:S jot proved tome on the baau d sotialactery evidenoel to be C' ; -I c� o a .-j the partxiers d the rtnership that executed the wlthin instrument, a ■cknow=tto me that such partne»hip executed the same. WMESS m) hand sad official seal. Signaturr r ' F orm 3215 ICA 12 821 S1ATE OF CALIFORNIA ) } ss. COUNTY OF MARIN a Notary PuMk in and for sold State, (known to mel IraAL SEAL i _:.1,. ►1 C HEARD r.^TA^Y ?U©LIC - CALIFORNIA A1: 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 10% of the total project density (48 units x 10% = 4.6 - 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, 10% downpayment, current fixed mortgage interest rate of 9.75%). B. Application 1. Market rate cost/unit: S 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.