HomeMy WebLinkAboutCC Reso No 2016-117 CC Reso Approving a Disposition , Development, and LoanRESOLUTION NO. 2016-117
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,
CALIFORNIA, APPROVING A DISPOSITION, DEVELOPMENT, AND LOAN
AGREEMENT BY AND BETWEEN THE CITY OF LAKE ELSINORE AND
LAKE ELSINORE CCR LLC
Whereas, the City of Lake Elsinore (City) owns certain real property identified as APN 365 -030-
001 (Property); and,
Whereas, Government Code Section 37350 provides that a city may dispose of real property for
the common benefit; and,
Whereas, the City has been allocated 1,196 very low income units, 801 low income units and 897
moderate income units as part of its regional housing allocation for the current Housing Element
period (2014 - 2021); and,
Whereas, the existing developments for low income households in the City are not likely to meet
the projected need for low income housing in the Lake Elsinore community; and,
Whereas, use of the Property as affordable housing serves the common benefit by assisting the
City in meeting the State mandate to provide very low income, low income and moderate income
housing; and,
Whereas, Lake Elsinore CCR LLC, a California limited liability company (Developer), proposes to
purchase the Property and develop 81 units of housing affordable to low income and very low
income households (including one resident manager's unit) with related improvements on the
Property (Development); and,
Whereas, City staff has negotiated a proposed Disposition, Development and Loan Agreement
(DDLA) with the Developer; and,
Whereas, the City Council (Council) has duly considered all terms and conditions of the proposed
DDLA and believes the potential disposition of the Property pursuant thereto is in the best interests of
the City, and the health, safety and welfare of its residents, and is for the common benefit in accord
with Government Code Section 37350.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE DOES HEREBY
RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1. The City Council (Council) hereby approves the DDLA and all exhibits thereto
substantially in the form on file with the City Clerk. The City Manager is hereby authorized and
directed to execute the DDLA and all exhibits thereto on behalf of the City, and the City Clerk is
authorized and directed to attest thereto. The City Manager is hereby authorized to modify the DDLA
and exhibits thereto, subject to City Attorney review and approval, provided such modifications do not
materially alter the business terms set forth in the DDLA. Copies of the DDLA and exhibits thereto
when executed shall be placed on file in the office of the City Clerk.
CC Reso. No. 2016 - 117
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Section 2. The City Manager is hereby authorized to execute on behalf of the City such further
documents and take such further actions as may be necessary or appropriate to carry out the City's
obligations pursuant to the DDLA.
Section 3. The Council appropriates funds in the amounts and from the City accounts as
described in the DDLA to fund the City Loans as defined in the DDLA.
Section 4. The City Clerk shall certify to the adoption of this Resolution.
Section 5. This Resolution shall take immediate effect upon adoption.
Passed and Adopted this 11th day of October, 2016.
Bri isdale, Mayor
ATTEST:
_ v
Diana Giron, CMC
Deputy City Clerk
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, Diana Giron, Deputy City Clerk of the City of Lake Elsinore, California, do hereby
certify that Resolution No. 2016 -117 was adopted by the City Council of the City of Lake
Elsinore, California, at the Regular meeting of October 11, 2016, and that the same was
adopted by the following vote:
AYES: Council Members Hickman, Johnson, and Manos;
Tisdale
NOES: None
ABSENT: None
ABSTAIN: None
Mayor Pro Tern Magee and Mayor
Diana Gir n, CMC
Deputy City Clerk