HomeMy WebLinkAboutCC RESO 2020-215RESOLUTION NO. 2020 — 215
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
APPROVING A SUBORDINATION AGREEMENT WITH APV VENTURES, LLC, A
CALIFORNIA LIMITED LIABILITY COMPANY, AND WESTERN ALLIANCE BANK, AN
ARIZONA CORPORATION, SUBORDINATING THE DEED OF TRUST SECURING
THE PERFORMANCE OF AN AFFORDABLE HOUSING DENSITY BONUS
AGREEMENT ENTERED INTO ON OCTOBER 6, 2019 THAT RESTRICTS ONE
HOUSING UNIT AT 1821 EAST 9TH STREET IN NATIONAL CITY
WHEREAS, at October 6, 2019, City Council approved a Density Bonus
Agreement ("Agreement") that obligates APV Ventures LLC ("Developer") to restrict one
(1) unit as affordable for a total of fifty-five (55) years; and
WHEREAS, a Performance Deed of Trust was also recorded to secure the
Agreement on the property located at 1821 East 9th Street in National City; and
WHEREAS, the Deed of Trust securing the performance of the Agreement will be
made subordinate and subject to a lender's Deed of Trust through the Subordination
Agreement as required by the lender that has provided permanent financing to the
Developer; and
WHEREAS, the Agreement will remain a lien superior to the lender's Deed of
Trust.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of
National City hereby approves a Subordination Agreement with APV Ventures, LLC, a
California limited liability company, and Western Alliance Bank, an Arizona corporation,
subordinating the Deed of Trust securing the performance of an Affordable Housing
Density Bonus Agreement entered into on October 6, 2019.
PASSED and ADOPTED this 1st day of December
Alejandra Sotelo-Solis, Mayor
ATTEST:
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Michael R. Dall
y Clerk
APPROVED AS TO FORM:
Charles E. Bell Jr., City ney
Passed and adopted by the Council of the City of National City, California, on
December 1, 2020 by the following vote, to -wit:
Ayes: Councilmembers Cano, Morrison, Quintero, Rios, Sotelo-Solis.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: ALEJANDRA SOTELO-SOLIS
Mayor of the City of National City, California
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City Clerk of the City of l City, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2020-215 of the City of National City, California, passed and
adopted by the Council of said City on December 1, 2020.
City Clerk of the City of National City, California
By:
Deputy