HomeMy WebLinkAboutResolution 98-239 N.C.S. 11/16/1998 Resolution No. 98-239 N.C.S.
1
2 of the City of Petalurrla, California
3
4
5
6 RESOLUTION APPROVING A MODIFICATION IN THE
7 IN-LIEU FEE SCHEDULE FOR CAPRI CREEK APARTMENTS
8
9
t0
11 WHEREAS Capri Creek Associates Inc. has proposed to develop a 100-unit market-rate apartment
12 complex, known as Capri Creek Apts; and
13
14 WHEREAS, Policy 10 of the City of Petaluma's Housing Element states that "The City shall tequire
15 developers of 5 or more units to (a) provide between 10 percent and 15 percent of their units at below-
16 market-rents or prices, (b) contribute to the in-lieu housing fund, or (c) propose alternative
17 measures...;" and
18
19 WHEREAS, the developer has chosen to fulfill the City of Petaluma's affordable housing requirement
20 by contributing into the In-Lieu Housing Fund; and
21
22 WHEREAS, there is a need to clarify and modify the in-lieu housing fee schedule for apartment
23 developers; and
24
25 NOW THEREFORE BE IT RESOLVED, that Capri Creek Associates will follow the following fee
26 schedule:
27
28 The amount of $142,500 (100 units @ $1,425) is to be paid before issuance of Certificates of
29 Occupancy;
30
31 The amount of $97,500 (100 units @ $475) is due and payable at the earlier of the following: (1) upon
32 resale, refinance, or any other transfer of the property, e.g. REIT, etc., or (2) commencing January 1 of
33 the 8th year following issuance of the first certificate of occupancy, interest-free payments will be due
34 the City of Petaluma Housing Fund and repaid in full. by December 31 of the 13th year. This timetable
35 is structured to coincide with the payment schedule of the Mello-Roosbonds on this project.
Raotueon Nu. 98-239 rr.cs. Page 1 of 2
1
2
3
4 BE IT FURTHER RESOLVED that in order to memorialize this agreement and secure payment of
5 the deferred housing fees, a Housing In-Lieu Agreement will be developed and recorded against the
6 property and will become Exhibit A to this resolution;
7
8 BE IT FURTHER RESOLVED that the City Manager or his designee is hereby authorized to sign all
9 necessary documents pertaining to this agreement.
10
11
12 inlieuca
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Approved as to
Council of the City of Petaluma at a (Regular) (7{ytgg~jx[K'3~{gpgl~ meeting
on the ......L6IIII daY of ...............N.O.V.£Il1beL......................, 19..$8., by the
following vote:
C' tt
AYES: Torliatt, Read, Vice Mayor Maguire, Mayor Hilligoss
NpES: None
ABSENT: K ee (one seat vaca by resignation of Mar to ~
ATTEST: -'-----y
. .
City Clerk a or
Cbmcil File
cn ones gas. v,.,......:98.-2.39...., ncs_ Page 2 Of 2