HomeMy WebLinkAboutResolution 98-169 N.C.S. 08/17/1998 RESOLUTION NO. 98-169 N.C.S.
of the City of Petaluma, California
VILLAGE CHATEAU
RESOLUTION APPROVING AGREEMENT ON AFFORDABILITY RESTRICTIONS
AND PAYMENT IN LIEU OF TAXES (PILOT)
WHEREAS Vintage Gold Senior Apartments, L.P. (Owner) owns or is about to acquire,
certain real property located at 333 No. McDowell (Property), and has received necessary
City approvals to develop a 240 unit multifamily rental senior housing project known as
Vintage Chateau Senior Apartments; and
WHEREAS,. City Council Resolution 88-371 approved the Planned Unit District with a
Condition of Approval requiring that an Agreement ensuring.Seniortenant very low and
low income affordability restrictions be in place before issuance of building permits; and
WHEREAS, the Owner has applied for and obtained tax credits under the how Income
Housing Tax Credit Program and Tax ,Exempt Multifamily Revenue Bonds, both of which
require certain affordability and other restrictions on the use of the property; and
WHEREAS, the Owner intends to apply for the Property to be exempted from the
payment of real property taxes pursuant to Section 214(g) of the California Revenue and
Taxation Code; and
WHEREAS, Owner and City desire to arrange for an alternative annual payment to City
to support municipal services the Citywill provide to Owner with respect to the property
and Project; and
WHEREAS, the Owner and the City have agreed to an agreement which assembles and
records the various affordability restrictions on this project and provides for payments in
lieu of taxes to the City;
NOW THEREFORE BE IT RESOLVED that the City Council hereby approves and
authorizes the City Manager to sign the agreement and other necessary documents to
ensure all senior tenant very ]ow and low income. affordability restrictions and provide for
annual payments to the City.
Uader 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 Appmved as to
Council of the City of Petaluma at a (Regular) QFl~aalnairdpX(8p~1) meeting form
on the .....1..ZS11.._........ day of ...........E1.UgSdSt 19..9$•, by the
following vote:
'City Attorney
AYES: Torliatt, Hamilton, Stomps, Vice Mayor Maguire, Mayor Hilligoss ,
NOES: None ~
ASSENT: Keller, re
/J~ ~ ~J
ATTEST : ~.._c.....~dl..'....................~....._............
' Clerk Mayor
tb~mcil Fila.._._.._.._....._...._.
CA IOAS Nes. Nu...........,9.8.-.1.~ N.QS. 2
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