HomeMy WebLinkAboutCC Reso No 2017-091 Affordable Housing Asset of Fund 106RESOLUTION NO. 2017 — 091
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,
CALIFORNIA, APPROVING THE TRANSFER OF APN 377 - 292 -027 AS A
GENERAL FUND REAL PROPERTY ASSET TO AN AFFORDABLE HOUSING
ASSET OF FUND 106 IN EXCHANGE FOR $26,000
Whereas, the City of Lake Elsinore (City) owns certain real property identified as APN 377 -292-
027 (Property); and,
Whereas, the Property is an approximately 7,405 square foot residential zoned vacant parcel
located in a residential neighborhood near the City's downtown area on the southwest corner of
East Pottery Street and Granite Street; and,
Whereas, the Property presents an excellent opportunity for an infill, affordable, for -sale home
consistent with the City's efforts to provide a mix of housing opportunities to all economic
segments of the community; and,
Whereas, the City collects an Affordable Housing in Lieu Fee applicable to certain new residential
housing properties developed within the City and holds the Affordable Housing in Lieu Fees
collected in the Affordable Housing in Lieu Fund (Fund 106) for use with respect to the
development of affordable housing units; and,
Whereas, the acquisition of the Property by Fund 106 conforms with the purposes of the
Affordable Housing in Lieu Fee program; and,
Whereas, the Property was recently appraised at a fair market value of $26,000.
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.
Section 2: The City Council approves the transfer of the Property to Fund 106 in exchange for
payment from Fund 106 to the City's general fund of a purchase price equal to the appraised fair
market value in the amount of Twenty -Six Thousand Dollars ($26,000).
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.
CC Reso. No. 2017 — 091
Page 2 of 2
Section 6. The City Clerk shall certify to the adoption of this Resolution and enter it into the book
of original Resolutions.
Passed and Adopted on this 25th day of July 2017.
Robert E.
Mayor
Attes - --
Susan M. Domen, MMC
City Clerk
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. 2017 -091 was adopted by the City Council of the City of Lake Elsinore,
California, at the Regular meeting of July 25, 2017, and that the same was adopted by the
following vote:
AYES: Council Members Hickman, Manos and Tisdale; Mayor Pro Tern Johnson and Mayor Magee
NOES: None
ABSENT: None
ABSTAIN: None
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(�uu�san. Domen, MMC
City Clerk