HomeMy WebLinkAboutCC Reso No 2016-069 Transfer of APN 365-030-001RESOLUTION 2016 - 069
A RESOLUTION OF THE CITY OF LAKE ELSINORE, CALIFORNIA
APPROVING THE TRANSFER OF APN 365- 030 -001 AS A GENERAL FUND
REAL PROPERTY ASSET TO FUND 106 IN EXCHANGE FOR TWO- MILLION
DOLLARS ($2,000,000)
WHEREAS, the City of Lake Elsinore (the "City ") owns certain real property identified as APN
365- 030 -001 (the "Property "); and,
WHEREAS, the Property was acquired with and is an asset of the City's General Fund; and,
WHEREAS, the Property is currently valued at Two - Million Dollars ($2,000,000); and,
WHEREAS, the City collects an Affordable Housing In Lieu Fee applicable to certain new
residential housing properties developed within the City (as of April 26, 2016, the Affordable
Housing In Lieu Fee was equal to $2.00 per square foot of habitable space); and,
WHEREAS, the City holds all of the Affordable Housing In Lieu Fees it collects in trust for the
Affordable Housing In Lieu Fund (the "Fund 106 ") for later use with respect to the development
of affordable housing units; and,
WHEREAS, the City has received a proposal from Lake Elsinore CCR LLC (the "Developer ") to
acquire the Property for the purpose of developing: i) approximately 81 units of affordable
housing for income - eligible households, including one manager's unit, to be developed on the
Property; ii) office space; iii) community meeting room and social service center for use by the
residents of the Property; iv) passive and active open space areas; and v) related parking and
other improvements located or to be located on the Property (the "Affordable Housing Project ");
and,
WHEREAS, existing developments for low- income households in the City of Lake Elsinore are
not likely to meet the projected need for low- income housing within the City; and,
WHEREAS, the acquisition of the Property by Fund 106 and the proposed Affordable Housing
Project conform with the purposes of the Affordable Housing in Lieu Fee program; and,
WHEREAS, consistent with the foregoing, it is necessary to transfer the Property to Fund 106 in
exchange for Fund 106 reimbursing the City's General Fund in the amount of Two - Million
Dollars ($2,000,000), representing the value of the Property; and,
WHEREAS, all of the prerequisites with respect to the approval of this Resolution have been
met.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE DOES
HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. The Recitals set forth above are true and correct and incorporated herein by
reference.
Reso. No. 2106 -069
Page 2 of 2
SECTION 2. The transfer the Property to Fund
City's general fund in the amount of Two - Million
the Property, is approved.
106 in exchange for Fund 106 reimbursing the
Dollars ($2,000,000), representing the value of
SECTION 3. The City Manager is authorized to take such actions and execute such
documents as are necessary to effectuate the intent of this Resolution.
SECTION 4. If any provision of this Resolution or the application thereof to any person or
circumstance is held invalid, such invalidity shall not affect other provisions or applications of
this Resolution which can be given effect without the invalid provision or application, and to this
end the provisions of this resolution are severable. The City hereby declares that it would have
adopted this Resolution irrespective of the invalidity of any particular portion thereof.
SECTION 5. This Resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED this 14th day of June 2.016.
Brian Tisdale
Mayor
ATTEST:
Susan M. Domen, MMC
City Clerk
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
AP ROVED AS TO RM•
arbara Leibold
City Attorney
I, Susan M. Domen, MMC, City Clerk of the City of Lake Elsinore, California, do hereby certify
that Resolution No. 2016 -069 was adopted by the City Council of the City of Lake Elsinore,
California, at the regular meeting of June 14, 2016, and that the same was adopted by the
following vote:
AYES: Council Members Hickman, Johnson and Manos, Mayor Pro Tern Magee and
Mayor Tisdale
NOES: None
ABSENT: None
ABSTAIN: None
Susan M. Domen, MMC
City Clerk