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HomeMy WebLinkAboutItem No. 35 - Affordable Housing In Lieu Fee Agreementn CITY OF LAKE ELSINORE JOINT REPORT TO CITY COUNCIL AND REDEVELOPMENT AGENCY TO: MAYOR AND CITY COUNCIL CHAIRMAN AND REDEVELOPMENT AGENCY BOARD` t� FROM: BARBARA LEIBOLD, CITY ATTORNEYlAGENCY COUNSEL DATE: DECEMBER 13,'.2005 SUBJECT: AFFORDABLE: HOUSING IN LIEU FEE AGREEMENT AND INCLUSIONARY HOUSING CONDITIONS OF APPROVAL BACKGROUND Pursuant to California Community Redevelopment Law `(Health & Safety Code Sections 33000, et seIq.), fifteen percent (15 %) of each new residential development.' project occurring within a Project Area must be designated as affordable housing. The City; in an effort to satisfy this 15% requirement; has established a practice of imposing affordable housing obligations as a condition of approval for residential projects located withinthe Agency's Redevelopment Project Areas. - Developers may opt to forgo providing affordable units if they provide an alternative equivalent. The alternative equivalents available include: dedication of land, construction of affordable dwelling units on alternative sites; or payment of in lieu fees. A. standard in lieu .fee has yet to be established by the City., „ DISCUSSION a On October 27, 2005, the City, the Agency and the Redevelopment Advisory Committee held a Joint Study Session to address.affordable housing in lieu fees. In response to this Joint Study Session, the RedevelopmenfAdvisory Committee held a series of meetings to discuss the City's in''lieu fee obligations .and a 'citywide. inclusionary housing ordinance. The Committee's discussions on the City's in lieu fee standard have been divided into three distinct groupings: (1) projects approved on or before December 13, 2005; (2) projects pending final City approval after December 13, 2005, including projects with applications deemed complete prior to the effective date of a citywide AGENDA ITEM N0. _�OF�� JOINT REPORT TO CITY COUNCIL AND REDEVELOPMENT AGENCY / \ DECEMBER 13, 2005 PAGE 2 ; ' inclusionary housing ordinance; and, (3) projects with applications deemed complete, after the effective date ofa citywide inclusionary housing ordinance: 1. Projects approved on or before December. 13, 2.005 - The Committee began by addressing projects within the Project Areas that have been 4 . approved on or before December 13, 2005. The condition of approval imposed on this class of developers doles not state the amount of the in lieu fee that could be paid to satisfy the affordable;housing obligation It was the Committee's intent to provide developers in this category with definitive guidance as to their responsibilities should they choose an in lieu fee option. Developers attending these Committee meetings expressed their. concerns about the in, lieu fee for current projects: The developers indicated that projects subject to an existing condition of approval did not budget for an in lieu fee in excess of $2.00 per square. foot. - The developers indicated that the economic Viability their current projects would be jeopardized if -the fee exceeded $2.00 per square foot , The Committee acknowledged the developers'' concerns and shared their concern that a� fee in excess of $2.00 could burden currently approved projects.. As a result, the Committee determined to recommend _that a' fair in lieu fee for the projects that are already conditionally approved is$2.00 persquare foot Pursuant to the Committee's recommendation;the City Attorney prepared the attached Affordable Housing In Lieu Fee Agreement (the "Agreement" � Under the terms of the Agreement, a developer must pay to the City in lieu fees of $2.00 per square foot of assessable space. ' The.developer's obligations run with the land and are binding upon successors in interest to'the` property. The developer's obligations under the Agreement will be formally released by the "City upon paymentby the developer or its successors of the in lieu fees required by the Agreement. The Agreement would be used for the projects approved on or before December 13, 2005, , AGENDA ITEM 1y0. � �J PACE _OF �"� JOINT REPORT TO CITY COUNCIL AND REDEVELOPMENT AGENCY DECEMBER 13, 2005 PAGE 3 2.; ., ProDOsed Droiectsthat havenot received entitlementsas of December 13, 2005 Secondly, the Committee addressed those projects that fall between the $2.00 standard. listed above and the time when a citywide inclusionary housing ordinance becomes effective. More specifically, this discussion addressed projects pending final City approval after December 13, 2005, includingthose projects with applications deemed complete prior to the effective date of a citywide inclusionaryhousing ordinance. The Committee's determination regarding thein lieu fee for projects.in this category .was guided by a Housing In -Lieu. Fee Financial Analysis prepared by Staff. This analysis examined the outcomes of an in lieu fee of $1.30, $3.50, or $6.50 for current projects Within the Project Areas. Developers were also involved in discussion of this fee. The Committee concluded that the appropriate fee for this category is $3.50 per square foot of assessable space. This fee would be' imposed on all projects pending final approval after December 13, 2005, including projects with applications'deemed complete prior to the effective date of a citywide inclusionary housing ordinance 3. Inclusionary housing ordinance The final prong of the Committee's analysis concerned a citywide inclusionary housing ordinance. The Committee and Staff are currently preparing an affordability gap,, analysis and continuing discussions with the development community. The Committee continues to examine and analyze 'each `component of the "inclusionary housing ordinance' and intends to submit a proposed version of the ordinance to the City Council in March 2006. FISCAL'IMPACT Under the Agreement's, all in lieu fees paid by developers to the City will be deposited into a City account to be•used,exclusively for purposes of providing affordable housing in furtherance of the City's regional housing needs as set forth in the Housing Element and consistentwith the requirements of Health and Safety" Code Section 33413(b). The City and Agency will retain discretion under the Agreement to deposit the in lieu fees into the Agency's Low and Moderate Income Housing Fund. AGENDA IT&A PAGE OF JOINT REPORT TO CITY COUNCIL AND REDEVELOPMENT AGENCY DECEMBER 13, 2005 PAGE 4 The overall amount of money that will be generated by each project is relevant only in situations where the developer elects to pay an in lieu fee instead of building actual units or otherwise satisfying the condition. Using the $2.00 per square foot in lieu fee by way of example, the total revenue generated 15Y the following projects would be approximately $7.6 million Developer • ; ` Project.Name Total Units Estimated Average Square Footage Fee @ $2.00 Centex - North Tuscany 807 - 3;165 - $5;108,310 CLC Viscaya 168 _ 2,200. $ 739,200 .- DR Horton - Belcaro '141_,• 1,382.- - • - %$389,724 - KB Homes Serenity 219 2,700 $ 1,182,600 Teddy - Riverlake Villas 51 -:- _ . -.. - . _ 1,700.-, i - $ 173,400 -... - ESTIMATED .. TOTAL ... . , . • $7,593,234 RECOMMENDATIONS 1. That the City Council and Agency Board approve the form of the Affordable Housing In Lieu Fee Agreement at $2r 00 per square foot of assessable space for projects approved on or before December 13,2005. „ 2. That Staff be directed to impose the following condition on all residential development projects, regardless of size, pending final City approval after December•13; 2005, including projects with applications deemed complete prior to the effective date of a citywide, inclusionary- housing ,;ordinance,. Prior, to the issuance of any budding permit for the Project, ,. Developer shall enter into an agreement with the City and the RedevelopmentAgency of the City of Lake Elsinore to provide (a) . 15% of the units constructed on the Property as affordable housing units in accordance with the requirements of Section 33413(b)(2) AGEAIDA ITEM N0. PAGE _OF Q.d (--) JOINT REPORT TO CITY COUNCIL AND REDEVELOPMENT AGENCY DECEMBER 13, 2005 PAGES of the California Community Redevelopment Law (Health & ' Safety Code Sections 33000, et seq.), or. (b) an alternative 'equivalent action as determined by the City which may, include, (without limitation) dedication of vacant land, construction of affordable units on another site,-or payment of an in lieu fee at the rate of $3.50 per square foot of assessable space for each dwelling unit in the Project. For purposes of this condition, "assessable space" means all of the square footage within the perimeter.of a residential structure, not including any carport, walkway, garage, overhang, patio; enclosed patio, detached accessory structure, or similar area. The. amount of the square footage within the perimeter of a residential structure shall be calculated by the building department of the City in accordance with the standard practice of the City in calculating structural perimeters. n 3:. That the City.Council and Agency Board authorize the, Mayor and>Agemy, Chairman to execute the attached Agreement as to specific projects in such final form as prepared by the City Attorney /Agency Counsel. PREPARED BY: BARBARA ZEID,LEIBOLD, CITY ATTORNEY Al APPROVED FOR AGENDA LISTING: CITY MANAGER'S OFFICE / . EXECUTIVE DIRECTOR'S OFFICE AFFORDABLE HOUSING IN LIEU FEE AGREEMENT; THIS AFFORDABLE HOUSING IN LIEU FEE AGREEMENT ("Agreement"), dated for identification purposes as of 2005 is made by and among the REDEVELOPMENT, AGENCY OF THE CITY OF LAKE ELSINORE ( "Agency "), a public body corporate and politic created pursuant to and exercising powers conferred by the California Community Redevelopment Law (Health & Safety Code Section 33000 et seq., hereinafter the "Redevelopment Law "), the CITY OF LAKE ELSINORE ("City"'), a California municipal corporation and , a' ("Developer"). RECITALS The following recitals are a substantive part of this Agreement: A. Developer has proposed the development of residential dwelling units known as (the "Project ") located the City of Lake Elsinore and within the Ranc B. City has adopted a Housing Element to its General -Plan pursuant to Government Code, Section 65580 et seq., which sets forth the City's policies, production goals, and objectives 'to :satisfy -and provide its regional fair, share of housing available to all economic segments of the community; including low, and moderate - income ,households and very low income households.' C. . City has conditioned the land use entitlement permits for the Project such that prior to the issuance of building permits, the`Developer shall enter into an agreement with the Agency to provide 15% of the dwelling units in the Project as affordable housing in accordance with the requirements of Section 33413(b) of the Redevelopment Law -or an alternative equivalent action which may include dedication of land, construction, of affordable dwelling units on alternative sites, or payment of in lieu.fees. D. In satisfaction of the condition of approval established by the City in connection with the inclusionary affordable housing requirements of the Project and in furtherance of the City's and Agency's affordable housing goals and objectives, Developer has agreed to pay, and City has agreed to accept payment from Developer of certain fees ( "Affordable Housing Fees ") in lieu of providing affordable housing units in the Project. NOW, THEREFORE, in consideration of the mutual covenants and promises herein, the City, Agency, and Developer agree as follows: 1. Affordable Housing Fees. Developer shall pay to City, Affordable Housing Fees in an amount equal to $2.00 per square foot of assessable space for each dwelling unit in the Project. For purposes of this Agreement, "assessable space" means all of the square footage within the perimeter of a residential structure, not including any carport, walkway, garage, overhang, patio, enclosed patio, detached accessory structure, or similar area. The amount of the Imerrim�Affordable Housing Fee Agreement 120805 AGENDA ITEM NO.�._.�. --- PAGE�Q —OF. square footage•within the perimeter of a residential structure shall be calculated by the building t department of the City in accordance with the standard practice of the City in calculating structural perimeters. 2. Payment Schedule. The Affordable Housing Fees shall be made by Cashier's Check payable to the City'as follows: 2.1 At, the time of ;issuance by the City of building permits for the Project model units; and 2.2 At the time of issuance by the City of certificates of occupancy for the remaining dwelling units in the Project., 3. Affordable Housing Account. Upon receipt of the Affordable Housing,Fees from Developer pursuant to this Agreement, the City shall deposit such funds into a City, account to be used exclusively for purposes of providing affordable housing in furtherance of its regional housing needs as set forth in its Housing Element and consistent with the requirements of.Health and Safety Code Section 33413(b). At the election of the City and,the Agency, City may deposit said Affordable Housing Fees into the Agency's Low and Moderate Income Housing Fund ( "Housing Fund ") established pursuant, to Sections 33334.2 and 33334.3 et seq. of the Redevelopment Law, for the purpose of increasing, improving, and preserving the community's supply of housing available, to low and moderate income households at an, affordable housing /-� cost. f 4. Withholding of Building Permit or Certificate of Occupancy. In. the event Developer fails to tender the Affordable Housing Fees, or portion thereof, in accordance with Section 1., of this Agreement, City shall have no obligation to issue and shall withhold issuance of the building permit(sy or certificate(s) of occupancy conditioned upon such payment. In addition, City retains discretion to refuse to issue a building permit or certificate of,occupancy for any structure within the Project if Developer has materially failed or refused to complete any other requirement applicable to any building permit or certificate of occupancy. 5. Waiver of Rights and Claims. Developer hereby waives and releases any present or future rights or claims Developer may have or possess against City or Agency, their respective employees, agents and officials, under Government Code Section 66000 et seq. and similar rights or claims under State or Federal law with respect, to the Developer's .payment of Affordable Housing Fees and City's or Agency's receipt and /or use of Affordable Housing Fees pursuant to. this Agreement. 6. Mediation. The parties agree to make a good faith attempt to resolve any disputes arising out.of this Agreement through mediation prior to. commencing litigation. The parties shall mutually agree upon the mediator and share the costs of mediation equally. If the parties are unable ,to agree upon. a mediator, the dispute shall be submitted to JAMS/ENDISPUTE ( "JAMS ") or its, successor in interest. JAMS shall provide the parties with the names of five qualified mediators. Each party shall have the option to strike two of the five mediators selected by JAMS and thereafter the mediator.remaining shall hear the dispute. If the dispute remains unresolved after mediation, either party may commence litigation. Interrim Affordable Housing Fee Agreement 120805 -2- - ArTNIDA ITEM N0, > +VCP Q F 7. Jurisdiction and Venue. Jo the extent .permitted by law, legal actions must be r � instituted and.maintained in the Superior Court of the County of Riverside, State of California. `,,,f 8. Covenant of Good Faith and Fair Dealing. No party shall do anything which shall have the, effect of harming or injuring the right of another party to receive benefits' of this Agreement; each party shall refrain from doing anything which`would. render, its performance' under this Agreement impossible; and each party shall do everything which this Agreement contemplates to accomplish the objectives and purpose ofthis Agreement. 9. Enforceabilitv; Memorandum of Agreement. This Agreement and Developer's obligations established herein shall, without regard to technical classification and designation, run with the land and shall be binding on Developer and any successors in interest to the Project, for the benefit and in favor of City, its successors and assigns, and the Agency and its successors and assigns.. City, Agency, and Developer agree that unless this Agreement is amended or terminated pursuant to its terms, 'this'' Agreement shall be enforceable by any party notwithstanding any subsequent change in any applicable General Plan, Redevelopment Plan,' Specific Plan,` zoning' ordinance, subdivision ordinance or -any other land use ordinance or building ordinance, resolution regulation or rule, 'or policy adopted by City. Developer shall execute and deliver to City a Memorandum of Agreement in substantially the form attached hereto as Attachment No. 1 which' shall incorporate a statement of the obligations created under this Agreement and which shall be recorded by City in the Official Records of Riverside County, California. Upon final payment by Developer of all of the Affordable Housing Fees required by, this Agreement, City and Agency shall execute and record a Release in substantially the form attached hereto as Attachment No. 2 releasing Developer and its successors and assigns from any further obligations hereunder. 10. Amendment. City, Agency, and Developer;'by mutual agreement, may amend the terms of this. Agreement in writing and the amendment shall be accomplished in the manner provided by law. 11. Indemnification. Developer hereby releases and agrees to protect, defend, hold harmless and indemnify the City, the Agency, their respective officers, employees, agents, and assigns from and against all claims, injury, liability, loss, cost, and expense or damage, however same may be caused, including all costs and reasonable attorney's fees in providing the defense to any claim arising from the performance of this Agreement by Developer, its agents, subcontractors and/or assigns. This provision is intended to be broadly construed and extends to,' among other things,'any challenge to the validity of this Agreement or anything 'related to its passage. 12. Notices. Except as otherwise expressly provided herein, all notices and demands pursuant to this Agreement shall be in writing and delivered in person, by commercial courier or by first class certified return receipt requested' mail, postage' prepaid. Except as otherwise expressly provided herein, notices shall be- considered delivered 'upon receipt or two days after mailing if sent by mail. Notices shall be addressed as appears below for the respective parties; provided, however, that either party may change its address for purposes of this Section by giving written notice to the other parties. These addresses may be used for service of process: i N0. Interrim Affordable Housing Fee Agreement 120805 -3- � - - ' � AGENDA ITE PAGE OFv?� CITY:. City of Lake Elsinore °•. . . 130 South Main Street': v. Lake 'Elsinore; CA 92530 • '' Attention: City Manager• ^° AGENCY: •. Redevelopment Agency of the City of Lake Elsinore 130 S.. Main Street Lake Elsinore, California- 92530 Attention: Executive Director With Copy to:' Van "Blarcom, Leibold, McClendon & Mann, P.C. 23422 Mill Creek Drive, Suite 105 Laguna Hills,, California 92653 Attention: Barbara Z. Leibold; Esq: - - DEVELOPER:, With Copy to: 13. General. n 13.1 No Waiver. No delay or omission by City or Agency in exercising any right or power accruing upon the, noncompliance or failure to perform by Developer under the provisions of this Agreement shall impair any right or power or be construed to be waived. A waiver by City or Agency of any of the covenants or conditions to be performed by Developer, City, or Agency shall not be construed as a waiver of any succeeding breach of the same or other covenants and conditions. 13.2 Entire Agreement. This Agreement contains the sole and entire agreement between City, Agency, and Developer concerning the Project's affordable housing obligations and payment of Affordable Housing Fees. All prior or contemporaneous agreements, understandings, representations, and statements, oral or written, are merged in this Agreement and shall be of no further force or effect. 13.3 Further Documents. Each party shall execute and deliver to the other all other instruments and documents as may be reasonably necessary to carry out this Agreement in order to provide and secure to the other party the rights and privileges granted by this Agreement. 13.4 Time of Essence. Time is of the essence in the performance of each and every covenant and obligation to be performed by City, Agency, and Developer hereunder. 13.5 Counterparts. Agreement may be signed in multiple counterparts which, when signed by all parties, shall each constitute a binding agreement. f ' AC EnrnA ITEM No- Interrim Affordable Housing Fee Agreement 120805 -4- � , OF 14. Interpretation. Developer, acknowledges that this Agreement is the product of / \ mutual arms length negotiation and drafting, and each represents and warrants to the other that it �J has been represented by legal counsel in the negotiation and drafting of this Agreement. Accordingly, the rule of construction which, provides, the ambiguities in a document shall be construed against the drafter of the document shall have no application to the interpretation and enforcement "of this Agreement. , In any action or proceeding to interpret or enforce this Agreement, the finder of fact may refer to such extrinsic evidence not in direct conflict with any specific provision of this Agreement to determine and give effect to the intention of the parties hereto. 15. • Authority to Execute The person or persons executing this Agreement on behalf of Developer warrant and represent that they have the authority to execute this Agreement on behalf of Developer and represent that they .have. the, authority to bind Developer to the performance of its obligations in;this - Agreements The parties acknowledge and accept the terms and conditions of this - Agreement as evidenced by the following signatures of their duly authorized representatives. This Agreement shall become operative on the date first written above. IN WITNESS WHEREOF, the parties hereto have executed this Affordable Housing Fee Agreement on the dates set forth below. "CITY" - .:.. THE CITY OF LAKE ELSINORE,- a'Califomia municipal corporation Dated: , 200_ ; By: } Mayor AGENDA ITEM NQ Interrim Affordable Housing Fee Agreement 120805 -5= - - _®F ��— [Signatures Continued from Previous Page] "AGENCY" REDEVELOPMENT AGENCYOF THE CITY OF LAKE ELSINORE, a public body, corporate and politic Dated: 200_ By: Chairman ATTEST: By: Agency Secretary I APPROVED AS TO FORM: Van Blarcom, Leibold, McClendon & Mann, P.C. nBarbara Zeid Leibold, City Attomey /Agency Counsel "DEVELOPER" Dated: 1200— : By: Its: • - In[errim Affordable Housing Fee Agreement 120805 � - -6- AGENDA ITEM 1%10. ATTACHMENT NO: 1 RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: ) City of Lake Elsinore Y ) 130 S. Main Street ) Lake Elsinore, California 92530 ) Attn: City Clerk ) _ ( above for Recorder's Use Only) This document is exempt from the payment of a recording fee pursuant to Government Code Section 6103. MEMORANDUM OF AGREEMENT This Memorandum Agreement (this "Memorandum ") is dated for identification purposes as of this _ day of 20, by and among the CITY, OF LAKE ELSINORE, a California municipal corporation, the REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, a public body corporate and politic' (the "Agency ") and ,a ( "Developer "). ( l This Memorandum is made with reference to the following: 1. Developer is the owner in fee of certain real property located in the City of Lake Elsinore, County of Riverside, State of California, more particularly described in the legal description attached hereto as Exhibit "A and incorporated herein by this reference (the "Property ") 2. Developer proposes to develop residential dwelling units known as (the "Project ") on the Property and the City has conditioned the land use entitlement permits for the Project such that prior to the issuance of building permits, The Developer shall enter into an agreement with the Agency to provide 15% of the dwelling units in the. Project as affordable housing in accordance with the requirements of Section 33413(b) of the California Health & Safety Code or an alternative equivalent action which may include dedication of land, construction of affordable dwelling units on alternative sites, or payment of in lieu fees. 3. In satisfaction of the condition of approval relating to affordable housing, City, Agency, and Developer have entered into that certain Affordable Housing In Lieu Fee Agreement dated as of 2005 (the "Agreement "). The Agreement is a public record and is available for public inspection in the office of the City Clerk of the City of Lake Elsinore at 130 S. Main Street, Lake Elsinore, California 92530. 4. The purpose of this Memorandum is to provide notice to all persons of the existence of the Agreement and the obligations of the Developer and its successors and assigns NO. Inlerrim Affordable Housing Fee Agreement 120805 ATTACHMENT NO. 1 AGENDA ITEM _ r- . .op r) n to pay certain fees as set forth therein. This :Memorandum is prepared for the purpose of recordation and in no way modifies the provisions of the Agreement. IN WITNESS WHEREOF, City, Agency; and Developer_ have executed this Memorandum as of the date first set forth above. "CITY" Dated: ATTEST: By: City Clerk 200_ Dated: 200 ATTEST: By: Agency Secretary THE CITY OF LAKE ELSINORE, a California municipal corporation By: Mayor "AGENCY" REDEVELOPMENT AGENCYOF THE CITY OF LAKE ELSINORE, a public body, corporate and politic By: Chairman APPROVED AS TO FORM: Van Blarcom, Leibold, McClendon & Mann, P.C. Barbara Zeid Leibold, City Attorney /Agency Counsel f [Signatures Continued on Next Page] Interrim Affordable Housing, Fee Agreement 120805 AGENDA ITEM NO._,-- PAGE 13 0p [Signatures Continued from Previous Page] / ",."DEVELOPER" Dated: 200_ gy. , Its: AGENDA MM NO. Imertim Affordable Housing Fee Agreement 120805 PACE_ t" OF CALIFORNIA ALL - PURPOSE ACKNOWLEDGMENT f State of California ) County of ) SS On personally appeared before me, NAME(S) OF SIGNER(S) personally known to —OR_ proved to me on the basis of satisfactory evidence to r be the person(s) whose name(s) is /are subscribed to the within instrument and acknowledged to me that he /she /they executed the same in his/her /their authorized capacity /ies, and that by his/her /their signature(s) on the instrument the person(s), or the entity upon behalf of which person(s) acted, executed the instrument. Witness my hand and official seal n SIGNATURE OF NOTARY OPTIONAL' Although the data below is OPTIONAL, it may prove valuable to persons relying on the document and could prevent fraudulent reattachment of this form. t ' Capacity claimed by signer: ❑ Individual • Corporate Officer(s) • Partner(s) ❑ General ❑ Limited ❑ .Attorney -in -fact ❑ Trustee(s) ❑ Guardian/Conservator u VH1CG - Signer is representing: Name of Person(s) or Entity(ies) Description of Attached Document: Title or Type of Document Number of Pages Date of Document Signer(s) Other Than Named Above Inlerrim Affordable Housing Fee Agreement 120805 ACENI)A ITEM NO- CALIFORNIA ALL - PURPOSE ACKNOWLEDGMENT State of California ) County of ) SS On before me, personally appeared NAME(S) OF SIGNER(S) personally known to me —OR— proved to me on the. basis of satisfactory evidence to be.the person(s) whose name(s) is /are subscribed to the within instrument and acknowledged to me that he /she /they executed the same in his/her /their authorized capacity /ies, and that by his/her /their signature(s) on the instrument the person(s), or the entity , upon behalf of which person(s) acted, executed the instrument. Witness my hand and official seal. SIGNATURE OF NOTARY OPTIONAL Although the data below is OPTIONAL, it may prove valuable to persons relying on the document. and could prevent fraudulent reattachment of this form. - Capacity claimed by.signer: , ❑ Individual ❑ Corporate Officer(s) ❑ Partner(s) 1, . ' ` ❑ General ❑ Limited ❑ Attorney -in -fact ❑ Trustee(s) ❑ Guardian/Conservator ❑ Other: Signer is representing: Name of Person(s) or Entity(ies) Interrim Affordable Housing Fee Agreement 120805 Description of Attached Document: Title or Type of Document Number of Pages Date of Document Signer(s) Other Than Named Above AGENDA fTEM ND. rrACE�_OF_,�. n 1 CALIFORNIA ALL - PURPOSE ACKNOWLEDGMENT State of California ) County of ) SS - On , before me, personally appeared NAME(S) OF SIGNER(S) personally known to me —OR— proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is /are subscribed to the within instrument and acknowledged to me that he /she /they executed the same in his/her /their authorized capacity /ies, and that by his/her /their signature(s) on the instrument the person(s), or the entity upon behalf of which person(s) acted, executed the instrument. Witness my hand and official seal. SIGNATURE OF NOTARY OPTIONAL Although the data below is OPTIONAL, it may prove valuable to persons relying on the document and could prevent fraudulent reattachment of this form. Capacity claimed by signer: ❑ Individual ❑ Corporate Officer(s) ❑ Partner(s) ❑ General ❑ Limited ❑ Attorney -in -fact ❑ Trustee(s) • Guardian/Conservator • Other: Signer is representing: Name of Person(s) or Entity(ies) Interrim Affordable Housing Fee Agreement 120805 Description of Attached Document: Title or Type of Document Number of Pages Date of Document Signer(s) Other Than Named Above AGENDA ITEM NO. _Or AGENDA ITEM NO Interrim Affordable Housing Fee Agreement 120805 - EXhltllt A- ' PACE _�OF� 2 A^� ATTACHMENT NO.2 1 RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO:. ) City of Lake Elsinore ) 130 S. Main Street ) Lake Elsinore, California 92530 ) Attn: City Clerk ) (Space above for Recorder's Use Only) This document is exempt from the payment of a recording fee pursuant to Government Code Section 6103. RELEASE f ' THIS RELEASE (this - `,`Release ") is made this day of , 20 by and among the CITY OF LAKE ELSINORE ( "City "), a California municipal corporation, the REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE ( "Agency "), a public body, corporate and politic created pursuant to and exercising powers conferred by the California Community Redevelopment Law (Health & Safety Code Section 33000 et seq.) and a ( "Developer "). RECITALS The following recitals are a substantive part of this Release: D. Developer has commenced and /or completed the development of residential dwelling units known as - (the "Project ") located _ in the City of Lake Elsinore and more particularly described in Exhibit "A" (the "Property "). The Property is located within the Rancho Laguna Redevelopment Project Area No. _ E. City conditioned the land use entitlement permits for the Project requiring that the Developer provide 15% of the dwelling units in the Project as affordable housing in accordance with the requirements of Section 33413(b) of the California Health & Safety Code or an alternative equivalent action such as dedication of land, construction of affordable dwelling units on alternative sites, or payment of in lieu fees. C. In satisfaction of the condition of approval established by the City in connection with the inclusionary affordable housing requirements of the Project and in furtherance of the City's and Agency's affordable housing goals and objectives, City, Agency, and Developer entered into an Affordable Housing In Lieu Fee Agreement dated (the "Agreement "), whereby Developer agreed to pay, and City agreed to accept payment from Developer certain fees ( "Affordable Housing Fees ") in lieu of providing affordable housing units in the Project. ., Interrim Affordable Housing Fee Agreement l2ogo5 ATTACHMENT NO. 2 AGENDA ITEM No., PAGE_�2_OF D. To memorialize the obligations under the Agreement and provide notice of such (.6) obligations to successors and assigns, the parties recorded a Memorandum of Agreement dated . ,20 and recorded against the Property on , 20 as Instrument. No. Under the terms of the Agreement, Developer's I obligations run with the land and are binding upon successors in interest to the Property. Moreover, said obligation would be formally released by the City upon payment by the Developer or its successors of all of the Affordable Housing Fees required by the Agreement. F. Developer has paid to City all Affordable Housing Fees required .by the Agreement, and the parties hereto are entering into this Release in order to remove the lien of the _ _ Affordable Housing In Lieu Fee Agreement from the Property. NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby declared, understood, and agreed that as follows: 1.. Release of Agreement. The Agreement and all maters secured thereby are hereby removed and released from the Property. ` IN WITNESS WHEREOF, City, Agency, and Developer have executed this Release as of the day and year first above written. "CITY" THE CITY OF LAKE ELSINORE, a California municipal corporation Dated: ,200 By: Mayor ATTEST: - - By: City Clerk [Signatures Continued on Next Page] Interrim Affordable Housing Fee Agreement 120805 - ' AGENDA ITEM w. . PAGE OF� -� w f [Signatures Continuedfrom'Previous Page] "AGENCY" REDEVELOPMENT AGENCYOF THE CITY OF LAKE ELSINORE, a public body, corporate and politic Dated: 200 By: Chairman ATTEST: By: Agency Secretary APPROVED AS TO FORM: Van Blarcom, Leibold, McClendon & Mann, P.C. Barbara Zeid Leibold, City Attorney /Agency Counsel Dated: 200 lnterrim Affordable Housing Fee Agreement 120805 "DEVELOPER" By: Its: AGENDA ITEM N0. `Zj� PAGE 1_OF� EXHIBIT "A LEGAL DESCRIPTION [To Be Inserted] Inrertim Affordable Housing Fee Agreement 120805 Exhibit A - .AGENDA ITEM NO. f -G PAGE OF '�2