HomeMy WebLinkAbout2007 CC RESO 2007-157 CDCRESOLUTION NO. 2007 — 157
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF NATIONAL CITY AUTHORIZING
THE CHAIRMAN TO EXECUTE A SUBORDINATION AGREEMENT
WITH PACIFIC VIEW ESTATES, LLC FOR A 49 UNIT SINGLE FAMILY
PROJECT LOCATED 1125, 1251, AND 1311 EAST DIVISION STREET
WHEREAS, in November 2005, Pacific View Estates, LLC and the Community
Development Commission of the City of National City (CDC) entered into a Disposition and
Development Agreement (DDA) for the development of 49 single family units at 1125, 1251, and
1311 East Division Street; and
WHEREAS, the transaction included the sale of the CDC -owned parcel located
at 1125 East Division Street to Pacific View Estates in exchange for the development of five
affordable units for low income households, and a note in the amount of $810,000 in favor of the
CDC; and
WHEREAS, the note, which is secured by a deed of trust, shall convert to first
time home loans upon completion of the affordable units; and
WHEREAS, pursuant to the DDA, the CDC note and deed of trust shall be
subordinated to any construction deed of trust in the form acceptable to the CDC.
NOW, THEREFORE, BE IT RESOLVED that the Community Development
Commission of the City of National City hereby authorizes the Chairman to execute a
Subordination Agreement with Pacific View Estates, LLC for a 49-unit single family project
located at 1125, 1251, and 1311 East Division Street.
PASSED AND ADOPTED this 3rd day of Jul
Ron Morrison, Chairman
ATTEST:
Brad Secretary
APPROVED AS TO FORM:
George H. Eiser, III
Legal Counsel
Passed and adopted by the Community Development Commission of the City of
National City, California, on July 3, 2007, by the following vote, to -wit:
Ayes: Commissioners Morrison, Natividad, Parra, Ungab.
Nays: None.
Absent: Commissioner Zarate.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Chairman, Community Development Commission
Secrets , unmiuAft evelopment Commission
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2007-157 of the Community Development Commission of the City
of National City, Califomia, passed and adopted on July 3, 2007.
Secretary, Community Development Commission
By:
Deputy