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HomeMy WebLinkAboutD-1645 1144 Walnut Street - 001-207-015 Recorded 04/27/2005• RECORDING REQUESTED BY 61bNs n WHEN RECORDED MAIL TO SP.� ���s 6b►spo CA A r JULIE RODD San Luis Obispo County— Clerk/Recorder Recorded at the request of Public H O C #: 2005033446 Titles: 1 Pages: g Fees 0.00 Taxes 0.00 Others 0.00 PAID $0.00 AR 4/27/2005 12:36 PM DOCUMENT TITLE G►�'T �� �� Recordin g by Requested q Y and when recorded return to: City of San Luis Obispo Community Development Department 990 Palm Street San Luis Obispo, CA 93401 -3249 is 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 THE COURTYARDS ON WALNUT, LLC TO PROVIDE AFFORDABLE RENTAL HOUSING LOCATED AT 1144 WALNUT STREET' This agreement is made and entered into on July 6 , 2004, by and between The Courtyards on Walnut LLC (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 a 17 -unit common interest subdivision ; and WHEREAS, as required by the Inclusionary Housing Ordinance pursuant to Council Resolution No. 9297, the property owner is required to provide 1 affordable rental housing unit, pursuant to the City's Affordable Housing Standards; and 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 1 affordable rental housing units, located at 1144 Walnut Street, Unit 7 , CY SLO BL 35 PTN LT 4 HATHWAY ADD PTN BL 7 - APN 001 - 207 -015 (new subdivision map recorded in the Office of the County Recorder at Book 24, Page 54, 55 and 56 on October 26, 2004), in compliance with the Inclusionary Housing Requirement, during the term of this agreement. The property owner agrees to provide 0 rental dwelling units that meet the City's affordability standard for "low- income" and 1 rental dwelling unit that meets the affordability standard for "moderate- income." 2. Design of Affordable Rental Units. The property owner agrees to provide 1_ 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 income standards in the City's . Affordable Rental Housing *ernent • Page 2 Affordable Housing Standards for the appropriate income level, as determined by the City's Community Development Director, the City's Housing Authority, or by the property owner. The mix of affordable income units shall not change during the term of this agreement, unless the Director determines such a change meets or exceeds the Inclusionary Housing Requirement. 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 for.a minimum of 30 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 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 in the City's Affordable Housing Standards for the specified income level. Rental costs may be adjusted to reflect changes to the Affordable Housing Standards as updated by the City. I 6. Term. The term of this agreement shall commence on the date first above written and shall terminate thirty (30) 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 Inclusionary Housing Ordinance and may result in the City initiating legal action as authorized by the Municipal Code of the City of San Luis Obispo, until the terms of this agreement have been met, to the approval of the Community Development Director. 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 "project ownerNeither The courtyards on walnut, LLc nor any of agents or employees shall be considered to be agents or 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: Affordable Rental Housing Sernent Page 3 • (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 City's Affordable Housing Standards. 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, subject to City Community Development Director approval, consistent with the Inclusionary Housing Requirement. 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. Non - Assignment of Agreement. This agreement implements the requirements of the Inclusionary Housing Ordinance and applies only to property owner(s), heirs, successors, or assigns for property described in Exhibit "A." The property owner shall not assign or transfer this agreement, or any part hereof without the prior written consent of City, and any such assignment or transfer without City's prior written consent shall be considered null and void. 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. Affordable Rental Housing *ernent Page 4 ii 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 required to be given to City shall be addressed as follows: 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: John M. Wilson, Manager The Courtyards on Walnut, LLC 444 Higuera Street, Suite 200 San Luis Obispo, CA 93401 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. IN WITNESS WHEREOF, the parties hereto have executed this agreement as of the day and year first above written. PROPERTY OWNER: L81. u F1.1 John M. Wilson, Manager , Property Owner THE COURTYARDS ON WALNUT, LLC APPROVED AS TO FORM AND LEGAL EFFECT: Jo at Lowell, City Attorney Date 1f • Affordable Rental Housing Agreement Page 5 ATTEST: d,ey.Hooper, ity Clerk �.•` ^' "'°" '�` `` ALL IGNATURES MUST BE NOTARIZED State of California County of San Luis Obispo } On before me, Notary Public, personally appeared known to me or ( ) proved to me on the whose name is subscribed to the within in executed the same in her capacity, and t person or the entity upon behalf of which the Witness my hand and official seal. Notary Public ( ) personally s of satisfactory evidence to be the person ,ument and acknowledged to me that she It by her signature on the instrument the son acted, executed the instrument. ( ) individual(s) ( ) corporation ( ) partnership ( ) attorney -k -fact ( ) political agency • STATE OF CALIFORNIA ) )ss COUNTY OF SAN LUIS OBISPO ) �J On April 13, 2005, before me Audrey Hooper, City Clerk, personally appeared Ken Hampian, (City Administrative Officer), CITY OF SAN LUIS OBISPO, 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 the person(s) acted, executed the instrument. WITNESS my hand and official seal. • � Signature � ' C Clerk (This area for official City Seal.) STATE. OF California COUNTY OF San Luis Obispo On �e� Ne r before me, Nicol R. Zundel, Notary Public AA W � (Name, Title of Officer) personally appeared ,e10 �1V.\ n % • i 1 ,,jQti 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 the person(s) acted, executed the instrument. NICOL R. ZUNDEL Commission #1404601 E Notary Public California SAN LUIS OBISPO COUNTY My Commission. Expires March 9, 2007 (This area for notarial seal) O A 5 1 5 LANDSGAPL ARCHITCCTURC AND PLANNING � M—wo 3G7 MICL"O V LNLw ce5 o CAIiOPNW r TRACT 2447- COURTYARDS ON WALNUT EXHIBIT A NO SCALE 7/06/04 END OF DOCUMM