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Home My WebLink AboutD-1848 Village at Broad Street - APN 004-845-009 Recorded 11/25/2009FIRST AINfEuCA CONgANY Recording Requested by and when recorded return to: City of San Luis Obispo Community Development Department 990 Palm Street San Luis Obispo, CA 93401 -3249 JULIE RODEWO As h San Luis Obispo County— ClerldRecorder 11125/2009 11.149 am Recorded at the request of First American Title Company D O C #! : 2/009065487 I Titles: 1 Pages: 10 Fees 0.00 Taxes 0.00 Others 0.00 PAID $0.00 Recorded for the Benefit of the City of San Luis Obispo at No Fee Under Section 27383 of the Government Code AGREEMENT BETWEEN THE CITY OF SAN LUIS OBISPO AND VILLAGE AT BROAD STREET FAMILY HOUSING, L.P. TO PROVIDE AFFORDABLE RENTAL HOUSING (APN 004 - 845 -009) This agreement is made and entered into on November _ft 2009, by and between Village at Broad Street Family Housing, L.P., a California limited partnership (herein referred to as "property owner"), and the City of San Luis Obispo, a municipal corporation and charter city in the State of California (hereinafter referred to as "City ") WITNESSETH: WHEREAS, the property owner has received development approval for an affordable housing project; and WHEREAS, as a condition of use permit approval, the property owner is required to provide 41 affordable rental housing units, pursuant to this agreement; WHEREAS, prior to issuing construction permits for said development project, the City requires an affordable housing agreement defining the terms and conditions under which the required affordable rental housing units will be provided; NOW, THEREFORE,. in consideration of mutual covenants, conditions, promises and agreements herein set forth, the parties agree as follows: 1. Affordable Rental Housing Provided. The property owner agrees to construct and make available 41 affordable rental housing units, located at APN 004- 845 -009 in the City of San Luis. Obispo, California, during the term of this agreement. The property owner agrees to provide 5 rental dwelling units that meet the 30% Area Median Income standard ( "AMI ") of California Tax Credit 585411152458v4 1 j) / rtlS' Allocation Committee ( "TCAC "), 5 rental dwelling units that meet the 40% AMI of TCAC, 21 rental dwelling units that meet the 50% AMI of TCAC, and 10 rental dwelling units that meet the 60% AMI of TCAC. 2. Design of Affordable Rental Units. The property owner agrees to provide 41 affordable units in the locations designated in Exhibit "A" or as amended with the Community Development Director's approval. Said dwelling units shall be comparable in design and amenities to similarly sized market rate units in the same development, to the approval of the Community Development Director. 3. Affordable Housing Use and Renter Eligibility. Said affordable housing units shall be used exclusively for rental housing for the term of this agreement. Said units shall be rented only to persons eligible under the TCAC income standards for the appropriate income level. The mix of affordable income units shall not change during the term of this agreement, except in accordance with the tax credit agreement to be entered into between the property owner and TCAC, as such agreement: may be amended from time to time (the "Tax Credit Agreement "). 4. Recorded Agreement to Guarantee Affordability. Property owner understands and agrees to the continued use of the property for rental housing for low or moderate - income persons in accordance with this agreement for 55 years from the date of execution of this agreement. Said agreement shall be recorded prior to occupancy of the development project, and shall run with the land and apply to all subsequent owners, heirs, assigns or successors in interest for the subject property. 5. Rental Cost. Property owner understands and agrees that during the term of this agreement, monthly rental costs for the designated affordable units shall not exceed maximum allowed rental costs specified by TCAC for the specified income level. 6. Term. The term of this agreement shall commence on the date first above written and shall terminate fifty -five (55) years from that date. 7. Compliance with Affordability Agreement. Failure to comply with the terms of this agreement shall constitute a breach of the requirements of the Promissory Note made by property owner to the City of San Luis Obispo, and may result in the City initiating action to insure compliance consistent with the provision of said Promissory Note. 8. Employment Status. Nothing in this agreement is intended nor shall be construed to create an employer - employee relationship or a joint venture relationship between City and property owner. Neither property owner nor any of property owner's agents or employees shall be considered to be agents or 58541 \152458v3 2 employees of City in connection with the performance of the obligations under this agreement. 9. Inspections. City reserves the right to inspect the premises upon reasonable notice to the property owner to ensure that the property is being maintained, operated, and used as described herein and as graphically shown in Exhibit "A ", consistent with applicable federal, state and local codes. The property owner agrees to correct all conditions found by such inspections not to conform to the. applicable requirements within 90 days of written notice, or such period as determined by the Director. 10. Reporting. The property owner shall report to the City Community Development Director annually, on or before July 31st of each year or at such other interval as mutually agreed by the parties, to enable City to verify the property is being used for eligible activities and complies with the terms of this agreement. As a minimum, information to be submitted includes: (a) Tenants' income characteristics for affordable units, length of residency, rent' cost of comparable market -rate units on the property, and other pertinent information documenting tenant eligibility and affordability of dwelling units; (b) Certification by the Housing Authority of the City of San Luis Obispo or . qualified non - profit agency that the property is being operated to provide housing benefits for eligible low and moderate persons, consistent with the requirements of this agreement. Notwithstanding any of the foregoing, so long as a Tax Credit Agreement is in effect, property owner may satisfy its reporting obligations under this agreement by delivering to the City Community Development Director a copy of each report required to be delivered under the Tax Credit Agreement on or prior to the date such report is due under the Tax Credit Agreement. 11. Entire Agreement and Modification. This agreement sets forth the full and entire understanding of the parties regarding the matter set forth herein. Any other prior or existing understandings or agreements by the parties, whether formal or informal, regarding any matters are hereby superseded or terminated in their entirety. No changes, amendments, or alterations shall be effective unless in writing and signed by all parties hereto. This agreement may be amended at any time by written agreement of .the parties, subject to City Community Development Director approval, consistent with the conditions of use permit approval or as otherwise modified by Planning Commission or City Council approval. 58541 \152458v3 3 The property owner specifically acknowledges that in entering into and executing this agreement, he relies solely upon the provisions contained in this agreement and no others. 12. Laws and Regulations. The property owner acknowledges that he(she) is familiar with and will comply with all local and State laws and regulations that pertain to construction, health and safety, labor, fair housing practices, equal opportunity and all other matters applicable to maintaining sound, safe and affordable rental housing. 13. Assignment of Agreement. This agreement applies only to property owner(s), heirs, successors, or assigns for property described in Exhibit "A." The property owner may assign or transfer this agreement to any transferee of the property and improvements, provided that such transferee has assumed the obligations under this agreement. 14. Law and Governing Venue. This agreement has been executed and delivered in the State of California, and the validity, enforceability and interpretation of any of the clauses of this agreement shall be determined and governed by the law of the State of California. All duties and obligations of the parties created hereunder are performable in the City San Luis Obispo, County of San Luis Obispo, and such County shall be that venue for any action, or proceeding that may be brought, or arise out of, in connection with, or by reason of this agreement. 15. Enforceability. If any term, covenant, condition or provision of this agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the provisions hereof shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby.. 16. Agreement Binding. All provisions of this agreement shall be binding on the parties and their heirs, assigns and successors in interest. 17. Waivers. City's waiver or breach of any one term, covenant or other provision of this agreement shall not be a waiver of a subsequent breach of the same term, covenant or provision of this agreement or of the breach of any other term, covenant or provision of this agreement. 18. Notices. Unless otherwise provided, all notices herein required shall be in writing, and delivered in person or sent by United - States first class mail, postage prepaid. Notices shall be deemed received when delivered in person or five days after deposit in the mail. Notices required to be given to City shall be addressed as follows: 58541 \152458v3 4 Community Development Director City of San Luis Obispo 990 Palm Street San Luis Obispo, CA 93401 -3249 Notices that are required to be given to,the property owner shall be addressed as follows: Village at Broad Street Family'Housing, L.P. c/o Roem Development Corporation 1.650 Lafayette Street Santa Clara, CA 95050 Attention: Jonathan Emami Telephone: (408) 984 7-5600 Facsimile: (408) 984 -3111 . With a copy to: Cox Castle & Nicholson LLP 555 California Street, 10th Floor San Francisco, CA 94104 Attention: Stephen C. Ryan Telephone: (415) 262.5150 Facsimile: (415) 392 4250 Provided that any party may change such address by. notice in writing to the other parties and thereafter notices shall be transmitted to the new address. [Signatures appear on the following page] 58541 \15246M 5 . i IN WITNESS WHEREOF, the parties hereto have executed this agreement as of the day and year first above written. PROPERTY OWNER: VILLAGE AT BROAD STREET FAMILY HOUSING, L.P., a California limited partnership By: Roem Development Corporation, a. California corporation, its general partner By: Jona an Emami, Vice President CITY: By Ken Hampian, City Manager APPROVED AS TO FORM: Jonathan Lowell, City Attorney Date ATTEST: City Clerk 585411152458v4 6 IN WITNESS WHEREOF, the parties hereto have executed this agreement as of the day and year first above written. PROPERTY OWNER: VILLAGE AT BROAD STREET FAMILY HOUSING, L.P., a California limited partnership By: Roem Development Corporation, a California corporation, its general partner By: CIT By: Jonathan Emami,. Vice President APPROVED AS TO FORMA: nathan Lowell, City Attorney Date ATTEST: City Clerk 585411152458v3 6 C� • ALL SIGNATURES MUST BE NOTARIZED! STATE OF CALIFORNIA ) COUNTY OF c % �IaYCy ss � On Nm yr 20,2M, , before me, Notary Public, personally appeared J0 1 Enyr i, , who proved to me on the basis of satisfactory evidence to be the person(o whose name( is /ay6 subscribed to the within instrument, and acknowledged to me that he /�/#hey executed the same in his /he ;4he*F- authorized capacity(ieo§), and that by his /hef/th& signature(g) on the instrument the person(,, or the entity upon behalf of which the person(g) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. tary Public 58541 \152458v4 7 �nlnnnnnninOnnB --- -PNn -- FARHEEN GHATALAI M COMM. N0.1796807 s NOTARY PUBLIC• CALIFORNIA SANTACLARACOUNTY COMM. EXPIRES APRIL 28, 2012 :i0 W uetl/A �x�oee�m�en Rn�Y W 1670f �! W �� (Seal) • • ALL SIGNATURES MUST BE NOTARIZED! STATE OF CALIFORNIA ) ss COUNTY OF ) On before me, Notary Public, personally appeared , who proved to me on the basi/irument factory ev. ence to be the person(s) whose names) is/are subscribed hin inst ment, and acknowledged to me that he /she /they executed the is /h their authorized capacity(ies), and that by his /her /their signature( i trument the person(s), or the entity upon behalf of which the person executed the instrument. I certify under PENALTY. OURY under the laws of the State of California that the foregoing paragraand correct. WITNESS my hand ar)d"official seal. Notary is �v 58541 \152458v3 7 (Seal) • 0 STATE OF CALIFORNIA ) )ss COUNTY OF SAN LUIS OBISPO ) On November 19, 2009, before me Elaina Cano, City Clerk, personally appeared Kenneth C. Hampian, City Manager, CITY OF SAN LUIS OBISPO, who proved to me on the basis of satisfactory evidence to be the persono whose nameO is /aI6 subscribed to the within instrument and acknowledged to me that he /s /ttiy executed the same in his*r /thpi� authorized capacity(iq4), and that by his r /tir signatures on the instrument the person( , or the entity upon behaPf of which the person acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. Witness my hand and official seal. Signature , 4 ,� City Clerk (Seal) END OF DOCUMENT