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Home My WebLink AboutCC Resolution 11719 (BMR Agr. Amendment)CITY COUNCIL OF THE CITY OF SAN RAFAEL RESOLUTION NO. 11719 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL AUTHORIZING AN AMENDMENT TO THE BELOW MARKET RATE HOUSING AGREEMENT BETWEEN SIGNATURE @ REDWOOD VILLAGE, LLC AND THE CITY OF SAN RAFAEL (RE: REDWOOD VILLAGE) WHEREAS, the City of San Rafael and the Marin Housing Authority entered into a Below Market Rate Housing Agreement (the "Agreement") with SIGNATURE @ REDWOOD VILLAGE, LLC on March 25, 2003; and WHEREAS, the Agreement provides for a total of 26 Below Market Rate units within the 133 unit development; and WHEREAS, the developer has requested a change to one of the previously designated Below Market Rate units; and WHEREAS, the Marin Housing Authority Board approved the change on March 1, 2005 and signed an Amendment to the Agreement; NOW, THEREFORE, IT IS HEREBY RESOLVED that the City Council authorizes the Mayor and the City Clerk to execute on behalf of the City of San Rafael, an Amendment to the Below Market Rate Housing Agreement between SIGNATURE @ REDWOOD VILLAGE, LLC, the City of San Rafael and Marin Housing, a copy of which is hereby attached and by this reference made a part hereof. I, JEANNE M. LEONCINI, City 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 City Council held on the 21rst day of March, 2005, by the following vote, to wit: AYES: COUNCILMEMBERS: Cohen, Heller, Miller, Phillips & Mayor Boro NOES: COUNCILMEMBERS: None ABSENT/ DISQUALIFIED: COUNCILMEMBERS: None n --„ JE M. LEONCINI, City Clerk ® H L� {til t! L A Marin JOAN C. THAYER 2005-0030946 4/28/2005 11:37aa REC FEE .00 Recording Requested by: MARIN COUNTY TOTAL .00 Rr=rmmnT:R NO FEE City of San Rafael A P �r TOTALETENDERED .00 CHAN.00 When Recorded Return to: 11:37AN 28 -Apr -2005 20050428000135 jn ASSESM'IP711 City of San Rafael Thank You Attention: Jeanne M. Leoncini, City Clerk Have A Nice Day P. O. Box 151560 San Rafael, CA 94915-1560 Requested By: PUBLC (Note: Certified copy of Resolution #11719, adopted by San Rafael City Council 3/21/05, attached. AMENDMENT TO BELOW MARKET RATE HOUSING AGREEMENT Project Name: REDWOOD VILLAGE Location: Los Ranchitos Road and N. San Pedro Road, San Rafael Developer: SIGNATURE AT REDWOOD VILLAGE, LLC, or any successor in interest This Amendment to Below Market Rate Housing Agreement ("Amendment") is made and entered into this 16th day of February , 2005 , 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 "Marin Housing Authority"), and SIGNATURE AT REDWOOD VILLAGE, LLC, or any successor in interest (hereinafter referred to as "the Developer"). A. The Developer intends to construct a residential housing development within the corporate limits of the City. 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 therein twenty (20) dwelling units to be sold at prices that are within the means of moderate -income households and six (6) dwelling units to be sold at prices that are within the means of low-income households. C. Marin Housing Authority is authorized by law to participate in programs that provide housing for households of low and moderate income, and is by experience qualified to screen and determine eligibility of applicants for low and moderate -income housing. D. The parties entered into that certain Below Market Rate Housing Agreement ("Agreement") dated March 25, 2003 and recorded September 30, 2003, which Agreement provides for cooperation 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 households. The parties hereto desire, by this Amendment, to memorialize their agreement to the substitution of one below market rate unit (#127) in exchange for one market rate unit (#129) as enumerated below. NOW THEREFORE, it is hereby agreed by and between the parties hereto as follows: Exhibit A to the Agreement shall be deleted in its entirety and replaced with the attached Exhibit A. Exhibit B to the Agreement shall be deleted in its entirety and replaced with the attached Exhibit B. 3. Developer shall remove the Below Market Rate Agreement from title on Condominium Unit number 127 and shall record the Below Market Rate Agreement against Condominium Unit Number 129. In no event shall Condominium Unit number 127 be subject to the Resale Restriction Agreement and Option to Purchase. IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first above written. CITY OF SAN RAFAEL By.,*J.ro Al erh Its: Ma vo r ATTEST: By:A _ . JeaWn(e M. Leoncini, City Clerk HOUSING AUTHORITY OF THE CO 'Y O MARIN Its: Chairman, Board of Commissioners ATTEST: C Notn"_ •.4i/_. J SIGNATURE AT REDWOOD VILLAGE, LLC By: Its: S(2el-2" a -t y Attachments: Exhibit "A" — Legal Description Exhibit 'B" — Schedule of BMR Unit and Sales Price EXHIBIT "A" Exhibit A: The legal description for the lots containing the condominium units shall read as: All that real property located in the State of California, County of Marin, City of San Rafael and described as follows: Lots 71 through 79 inclusive as shown on the certain Map entitled "Map of Redwood Village," filed September 30, 2003 in Book 2003 of Maps at Page 229 of Marin County Records. The legal description for the 26 BMR units shall read as: All that real property located in the State of California, Count of Marin, City of San Rafael and described as follows: Condominium Units numbered 101, 105, 108, 111, 112, 115, 120, 122, 123, 126, 129, 132, 135, 137, 138, 139, 141, 145, 147, 148, 151, 152, 155, 156, 157, and 161 as shown on the Residential Condominium Plan entitled "Residential Condominium Plan for Redwood Village," recorded September 30, 2003, under Recorders Serial Number 2003-0120977. EXHIBIT "B" Project Name: REDWOOD VILLAGE Location: Los Ranchitos Road and N. San Pedro Road, San Rafael Developer: SIGNATURE AT REDWOOD VILLAGE, LLC, or any successor in interest Total Units: 133 BMR Units: 26 Following are the household size and income used to establish these sales prices: Cateeory Tyne SCHEDULE OF BMR UNITS AND SALES PRICES Affordability Income Units Tyne Size Lot or Unit No. Affordability Cateeory Sales Price 6 2BR / 2.513a 1,242 sf TH Plan 1 75% of Median Low $205,9501 / 10 213R / 2.513a 1,242 sf TH Plan 1 90% of Median Mod $251,800L/ 2 2BR / 2.5Ba 1,242 sf TH Plan 1 95% of Median Mod $266,900L/ 3 213R / 2.513a 1,277 sf TH Plan 2 95% of Median Mod $266,9001/ 5 313R / 2.513a 1,471 sf TH Plan 3 95% of Median Mod $299,100L/ Following are the household size and income used to establish these sales prices: Cateeory Tyne Household Size Affordability Income Low 2BR / 2.5Ba Three Persons 75% of Median $61,7501 / Mod 213R / 2.513a Three Persons 90% of Median $74,1 001/ Mod 213R / 2.513a Three Persons 95% of Median $78,250L/ Mod 313R / 2.5Ba Four Persons 95% of Median $86,9001/ Loan rate and term and loan -to -value ratio used to establish the above sales prices: Mortgage Rate: 6.25 fixed-rate 1 Term / Amortization: 30 yr. / 30 yr. Loan -to -Value Ratio: 95% Monthly Homeowners Association Fees: $175 Median Income: FY2003 Median Income effective 1/31/03 1 1 Recalculation of the above sales price shall be permitted at the time of receipt by Marin Housing Authority of the Developer's written notice one hundred forty (140) days prior to the issuance of Certificates of Occupancy for the Unit 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 140 -day notice, the sales price shall be recalculated by Marin Housing Authority using the most affordable available mortgage rate for a 30 -year, fixed-rate mortgage as determined by Marin Housing Authority and using the most recent median income for the San Francisco PMSA as determined by H.U.D. CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of Ma r i n on April 4, 2005 Date personally appeared ss. beforeme, Esther Colette Beirne. Notary Public Name and Title of Officer (e.g., 'Jane Dae, Notary Public") Albert J. Boro ESTHER COLETTE BEIRNE Commhslon # 1423444 @,My Nom► PubAc - California Marin County Comm. Expires Jun 10, 2007, Name(s) of Signer(s) ICC personally known to me ❑ proved to me on the basis of satisfactory evidence to be the person(-&) whose name(&) is/afe subscribed to the within instrument and acknowledged to me that he/sheAbA3y executed the same in his/ha4#teFr authorized capacity(ies), and that by his/ho 4heir signature(&) on the instrument the person(&), or the entity upon behalf of which the person(&) acted, executed the instrument. WITNESS my hand and official seal. ,155 ffe. Signature of Notary Public 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 Housing Agreement Document Date: Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer Signer's Name: Albert J. BorO ❑ Individual Top of thumb here ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Attorney -in -Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: Ci tv of San Rafael 0 1999 National Notary Association - 9350 De Sato Ave., P.O. Box 2402 - Chatsworth, CA 91313-2402 - www.nationainalary.org Prod. No. 5907 Reorder. Call Toll -Free 1-800.876-6827 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California ss. County of On l of / 0 ,L Date personally appeared before me, —� C�f_V7r i0� ) JEANINE MICHAELS V COMM.411 1526165 NOTARY PUBLIC-CAuFORNIA D MARIM COUNTy n COMMA. EXP. NOV.12, 2006 CameEN le of Officer (e.g., "Jane Doe, Notary Plic' '-)L�N (s) ofr(s) } r p.p rsonally known to me f proved to me on the basis of satisfactory evidence to be the person(s) whose name( is/ar subscribed to the withi instrument and acknowledged to me thrr/theirthorized a/they executed the same in his/� capacity(ies)- and ait by his/hler/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITN S my hand and official seal. 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 Attach Document Title or Type of Document: 7 t .I ' 112 Document Date: _ 1 111, ! a t1 Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer Signer's Name: ❑ Individual ❑ Corporate Officer — Title(s): ❑ Partner Limited Gener it ❑ Attorney -in -Fact ❑ Trustee ❑ Guardian or C 'se vator Other: trl �-� lrZi r1 %-y J 0 (lf= Signer Is Representing: (—n-,) '2"VL✓} Z.gw� i�-�I, ii 0 1999 National Notary Association • 9350 De Soto Ave., P.O. Box 2402 • Chatsworth, CA 91313-2402 • www.nationainotary.org Prod. No. 5907-Rdbrder: Call Toll -Free 1-800-876-6827 State of California Count of Alameda }ss. On February 16, 2005 Date personally appeared before me, Ruth Stamos, Notary Public. Robert Fregulia Names) of Signer(s) ✓ Personally known to me Proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. WITNESS my hand and official seal. - -6& u h Stamos-Commission No. 1457360 Optional Though the information below is not required bylaw, it may prove valuable to persons relying on the document and could prevent finudulent removal and reattachment of this forst to another document. Description of Attached Document Title or Type of Document: Amendment to Below Market Rate Housing Agreement Document Date: Signer(s) Other Than Named Above: Capacity(ies) Other than Named Above: Signers Name: ❑ Individual ❑ Corporate Officer-Title(s): ❑ Partner- ❑ Limited ❑ General ❑ Attorney -in -Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer is Representing: Number of Pages: Five (5) a„ RUTH STAMOS Commission # 1457360 Notary Public California Alameda County "� My Comm. Expires Jan 18, 20081 Ruth Stamos, Notary Public. Robert Fregulia Names) of Signer(s) ✓ Personally known to me Proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. WITNESS my hand and official seal. - -6& u h Stamos-Commission No. 1457360 Optional Though the information below is not required bylaw, it may prove valuable to persons relying on the document and could prevent finudulent removal and reattachment of this forst to another document. Description of Attached Document Title or Type of Document: Amendment to Below Market Rate Housing Agreement Document Date: Signer(s) Other Than Named Above: Capacity(ies) Other than Named Above: Signers Name: ❑ Individual ❑ Corporate Officer-Title(s): ❑ Partner- ❑ Limited ❑ General ❑ Attorney -in -Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer is Representing: Number of Pages: Five (5)