HomeMy WebLinkAbout2008 CC RESO 2008-100 CDCRESOLUTION NO. 2008 — 100
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF NATIONAL CITY
AUTHORIZING THE CHAIRMAN TO EXECUTE A
SUBORDINATION AGREEMENT WITH
PACIFIC VIEW ESTATES, LLC, AS REQUIRED BY
THE CALIFORNIA DEPARTMENT OF REAL ESTATE,
FOR A 49 UNIT SINGLE-FAMILY PROJECT LOCATED AT
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 housing 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 housing units; and
WHEREAS, pursuant to the State of California Department of Real Estate, the
CDC Note and Deed of Trust must be subordinated to any Covenants, Conditions, and
Restrictions (CC & Rs) on each of the five affordable single-family lots.
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. Said Subordination Agreement is on file in
the office of the City Clerk.
PASSED and ADOPTED this 3rd day of Jun
Ron Morrison, Chairm
ATTEST:
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 June 3, 2008, by the following vote, to -wit:
Ayes: Commissioners Morrison, Natividad, Parra, Ungab, Zarate.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Chairman, Community Development Commission
Secretary, niU�Ky Development Commission
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2008-100 of the Community Development Commission of the City
of National City, California, passed and adopted on June 3, 2008.
Secretary, Community Development Commission
By:
Deputy