HomeMy WebLinkAbout0010_2_Transfer of APN 365-30-001 GF to Fund 106 - Exhibit A Reso1
RESOLUTION 2016- _____
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.
Resolution 2016-__
Transfer of APN 365-30-001
Page 2
SECTION 2.The 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, is approved.
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 2016.
____________________________
Brian Tisdale
Mayor
ATTEST:APPROVED AS TO FORM:
________________________________________________________
Susan M. Domen, MMC Barbara Leibold
City Clerk City Attorney
Resolution 2016-__
Transfer of APN 365-30-001
Page 3
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, Susan M. Domen, MMC, City Clerk of the City of Lake Elsinore, California, do hereby certify
that Resolution No. ___________ was adopted by the City Council of the City of Lake Elsinore,
California, at the regular meeting of _____________________, and that the same was adopted
by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Susan M. Domen, MMC
City Clerk