HomeMy WebLinkAboutCC Resolution 7297 (Grove Hill Subdivision)RESOLUTION NO. 7297
A RESOLUTION AUTHORIZING THE SIGNING OF A
CONTRACT, LEASE OR 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 contract, lease or agreement with
American Savings and Loan/Al von der Werth and Housing Authority of the
County of Marin involving provisions for below market rate residential
units, (Re Grove Hill Subdivision mitigation off-site),
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 intro-
duced and adopted at a Regular
City held on Tuesdav
meeting of the City Council of said
the 18 t -h day of February_,
19 86, by the following vote, to wit:
AYES: COUNCILMEMBERS:Breiner, Frugoli, Nave, Russom & Mayor Mulryan
NOES: COUNCILMEMBERS:None
ABSENT: COUNCILMEMBERS:None
- �r _
JE NE M. LEONCINI, City Clerk
ORIGINA1
7Z 9-I
AGREEMENT
Project Name: Grove Hill
Location: Fifth Ave. at California Ave., San Rafael
Developer: American Savings and Loan Association, or any successor in
interest
This Agreement is made and entered into this 1? -,A day of ��,3 ,�.,i 1986,
among the CITY OF SAN RAFAEL, a municipal corporation (hereina-ter 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 "tile Authority"), and AMERICAN SAYINGS
AND LOAN, or any successor in interest (hereinafter referred to as "the
Developer").
A. The Developer intends to construct a residential housing development on that
certain real property situated within the corporate limits of the City,
which real property is more particularly described in Exhibit "A" attached
hereto and incorporated herein.
B. The City, in accordance with the provisions of the Housing Element of its
General Plan, has approved the Developer's proposed development on condition
that the Developer provide four (4) dwelling units to be sold at prices
which are within the means of moderate -income families.
C. The Authority is authorized by law to participate in programs which provide
housing for families of low and moderate income, and is by experience
qualified to screen and determine eligibility of applicants for low and
moderate -income housing.
The parties hereto desire, by this Agreement, to cooperate in implementing the
efforts of the Developer to comply with the requirement that the Developer make
available said dwelling units at prices which are within the means of
moderate -income families.
NOW THEREFORE, it is hereby agreed by and between the parties hereto as follows:
1. The Developer agrees that four (4) dwelling units within the housing
development in San Rafael known as "Captain's Cove" shall be provided by the
Developer in lieu of providing four (4) dwelling units within the project
approved by the City for the property described in Exhibit "A" attached
hereto, to be sold to moderate -income families in accordance with the terms
and pursuant to the procedures set forth in this Agreement. Said dwelling
units are identified in Exhibit "B" attached hereto. Said dwelling units
are hereinafter referred to as "the Units."
2. The Developer agrees that the selling price for the Units shall not exceeL'
the prices set forth in Exhibit "B" attached hereto.
3. The Developer agrees to offer the Units for sale only to individuals or
families who have been certified as eligible by the Authority.
4. The Developer further agrees to give written notice to the Authority at
least one hundred and twenty (120) days prior to anticipated occupancy of
the Units.
CITY OF SAN RAFAEL Page 1 of 7
INCLUO,'1014AARY IVJUSII.r,�_ iMTY AGrLLNL 0127E/860206
J -J. •. U• N. ��:33 aJJJJI 1LauiuEis diju cr -ity eligibility of
applicants as per( . or families of moderate incor A family or indivi-
dual shall be deemed to qualify as a moderate -income applicant provided the
income of such family or individual does not exceed one hundred twenty percent
(1201) of the median income for the San Francisco Primary Metropolitan
Statistical Area (PMSA)--San Francisco, San Mateo and Marin County --as
determined by the United States Department of Housing and Urban Development,
Office of Economic Affairs, Economic and Market Analysis Division, with
adjustments for smaller or larger families (see Exhibit "D" attached hereto).
In certifying eligibility of applicants, the Authority shall adhere to the
priorities and preferences adopted by the City and attached hereto as EXHIBIT
"C". Preference for individuals or families falling within any of the
priorities established in EXHIBIT "C" shall be determined by lottery or other
equitable method mutually agreed upon by the City and the Authority. The
Authority shall be paid a fee of $500 per unit to be paid by the buyer, which
payment shall be included in the buyer's closing costs upon sale of the Unit.
6. In the event that any Unit remains unsold at the end of one hundred twenty
(120) days from the date of written notice from the Developer to the Authority
prior to anticipated occupancy, the Developer shall notify the Authority in
writing of such fact. Within ten (10) working days after receipt of such
written notice, the Authority or its assignee may notify the Developer in
writing that it will purchase such Unit. If such notice is given by the
Authority, the Developer shall then sell such Unit to the Authority or its
assignee at the same price it would have been available for sale to families
of moderate income. As used herein, the term "sold" shall mean the execution
of a contract for purchase and the approval of a mortgage loan for the buyer.
In the event that the Authority or its assignee declines to purchase such
Unit, it may be sold by the Developer on the open market without restriction
as to price. In such event, the Developer shall pay to the City from the sale
price of such Unit seventy-five percent (75%) of the difference between the
market price achieved and the below -market -rate sales price specified in
Exhibit "B", or $20,000, whichever is greater. Said sum shall be paid to the
City upon close of escrow on the sale of such Unit or, if the sale is pursuant
to a contract of sale, upon execution of such contract, whichever shall first
occur. The City shall pay to the Authority ten percent (107) of this sum for
the Authority's use in administering Below Market Rate projects including, but
not limited to, on-going BIMR monitoring and future BMR re -sales. The balance
of any such payments made to the City shall be retained by the City in a
special account to be used solely for activities which it deems will
facilitate the provision of housing for persons of low or moderate income.
7. Each deed or contract conveying a Unit to an applicant certified by the
Authority shall contain a restriction constituting a right of first refusal,
pursuant to which the buyer agrees that prior to selling the property, it will
first be offered for sale to the Authority or its assignee, in writing. Said
deed restriction shall be in the form of an attachment to the Grant Deed
provided by the Authority which shall be incorporated by reference and
recorded with the Grant Deed.
8. In the event that the development project is not constructed or in the event
that the master plan for the project is amended or revised such that the Units
specified in Paragraph 1 are no longer required thereby, this Agreement shall
thereupon become void, unless one or more of the Units have previously been
sold in accordance with the provisions of this Agreement, in which event the
provisions of this Agreement will continue in force with respect to the Unit
or Units so sold.
Gi UVE WLL/Ameeicat, i rgs and Lo: -..n Association Page 2 of 7
City aF � all Rafael/Ilk).!_ ,;�; ilu, i-1 o; the. Gouji.:_y or Marin 0127E/860206
h, , iiut, icu5 vuyu i r -co De given under the terms -c his Agreement shall
be sent by First Gass Mail and deposited postage p,,:paid in the United
States Mail Service in Marin County, California, addressed as follows:
To the City: City of San Rafael
P. 0. Box 60
San Rafael, California 94913
Attention: Anne Moore, Planning Director
To the Authority: Housing Authority of the County of Marin
P. 0. Box 4282
San Rafael, CA 94913
Attention: Janet Miller Schoder, Executive Director
To the Developer: American Savings and Loan Association
300 North Harrison, Fourth Floor
Stockton, CA 95203
Attention: Howard Lawson, Vice President
Any party may change the address to which notice shall be mailed to it by
giving notice thereof to the other parties by certified mail.
10. The parties agree that, upon demand, they will subordinate this agreement
to a purchase money loan secured by a first deed of trust from a
recognized institutional lender to the extent this agreement may affect
the rights of said lender under the deed of trust and its ability to sell
said mortgage to either the Federal Home Loan Mortgage Corporation or the
Federal National Mortgage Association.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day
and year first above written.
CITY OF SAN RAFAEL
Lawrence E. Mulryan, Mayor
ATT?,Jea-nne
`'-
By
M. 'Leonci n'i-,, City Clerk
Dated.: February 18, 1986
HOUSING AUTHORITY OF THE
COUNTY OF MARIN
BY:
ATTEST:
BY:
Dated:
Secretary
DEVELOPER: AMERICAN SAVINGS +AND LOAN ASSOCIATION
BY: ✓ '..
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 Median Income Schedule
GROYC HILL/Americon Savings an an Association Page 3 of 7
City of San C,afatel /Hr sing Au _, � c,the Count- f Marin 01 27E/80'0205
Date:
Project Pane: Grove Hill
Location: Fifth Ave. at California Ave., San Rafael
Developer: American Savings and Loan Association, or any successor in
interest
DESCRIPTION:
All that certain Real Property situated in the City of San Rafael, County of
Marin, State of California, described as follows:
PARCELS A, 8 and LOTS 1 through 18, inclusive, as shown upon that certain map
entitled, "Map of Grove Hill", filed for record June 14, 1985 in Vol unie 19 of
Maps at page 50, Marin County Records.
GROVE III LI./Amurfcar, and 1�o ,ociation Page 4 of 7
€.ity of `�mn Ila f-,�i .',1r, : Authcrit.,, F thr County of Marin 0127E/860206
Project Name:
Location:
Date: �'7 0r.(,
Grove Hill
Fifth Ave. at California Ave., San Rafael
Developer: American Savings and Loan Association, or any
successor in interest
Total Number of
Units in Development: Eighteen (18)
Number of BMR Units: Four (4) Units to be provided by the Developer in the
"Captain's Cove" housing development, San Rafael
SCHEDULE OF BMR UNITS AND SALES PRICES
No. of Units Type Unit No. or Address
Four (4) 2 BR 116 & 122 Captains Cove Dr.
47 & 48 Wharf Circle
Sales Price
$65,000
Following are the family sizes and incomes used to establish the sales price
for each unit (refer to Exhibit "D").
Unit Size Household Size Percent of
Median
Income
Household Incorie
2 BR Two person 90%
of median
$26,136
The BMR sales prices have been established
based on
the above
incomes, and
mortgage rates and debt -to -income ratio as
follows:
Mortgage Rate/Term
10.54*
/ 30 -year fixed
Loan -to -Value Ratio
904
Percentage of Gross Monthly Income for
Mortgage Payment (Principal and Interest)
254
* Mortgage rate based on tax-exempt financing which is being provided by the
Developer using the 1983 County of V arin Home Mortgage Revenue Bond
Program.
GROVE HILL/American Sav, n -)n Association Page 5 of 7
City of San Rasztcl,1.11 „ I L -y of the County of Marin 0127E/860206
Date: t- , � , - �.
Project Name: Grove Hill
Location: Fifth Ave. at California Ave., San Rafael
Developer: American Savings and Loan Association, or any successor in
interest
In certifying eligibility of applicants for the subject project, the Authority
shall give priority as follows:
Qualifications for Lottery
1. The applicant's income must fall within the specified income
limitations (can not exceed 1203Z of median income).
2. The applicant's assets may not exceed 75% of the sales price of the
unit.
3. The applicant may not currently own or have any legal interest in a
primary residence.
Priority for Lottery Selection
1. First priority for one of the Units shall be given to persons
currently employed permanently, full-time by the City of San Rafael.
2. Second priority shall be given to persons living or working
permanently, full-time in San Rafael.
3. Third priority shall be given to persons living or working
permanently, full-time in Marin County.
4. Fourth priority shall be given to all other applicants.
c,i.O: !1111/Ainnricar, I" - and Loan Association Page 6 of 7
City of Star rtaf,va I/t?o g t� : �rnn� � �.,_ 4uujity of Marin 0127E/860206
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HILL/American Savings
and Loan Association
City
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Rafael/Housing
Authority of the
County
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