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Home My WebLink AboutCC RESO 2021-73RESOLUTION NO. 2021 - 73 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY, CALIFORNIA, APPROVING A SUBORDINATION AGREEMENT WITH C AVENUE 10PLEX, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY, AND PACIFIC PREMIER BANK, SUBORDINATING THE DEED OF TRUST SECURING THE PERFORMANCE OF AN AFFORDABLE HOUSING DENSITY BONUS AGREEMENT ENTERED INTO ON SEPTEMBER 25, 2019 WHEREAS, at the City of National City's ("City") September 25, 2019, City Council meeting, the City Council approved a Density Bonus Agreement ("Agreement") that obligates C Avenue 8PIex, LLC, ("Developer") to restrict one (1) unit as affordable; and WHEREAS, the restriction on the affordable unit is memorialized through that Agreement and Performance Deed of Trust assuring affordability for a total of fifty-five (55) years; and WHEREAS, this Subordination Agreement will ensure that the Density Bonus Agreement will remain superior to Pacific Premier Bank's (the "Lender") Performance Deed of Trust. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF NATIONAL CITY, CALIFORNIA, DOES RESOLVE, DECLARE, DETERMINE, AND ORDER AS FOLLOWS: Section 1: Approves a Subordination Agreement with C Avenue 10PIex, LLC, a California limited liability company, and Pacific Premier Bank, subordinating the Performance Deed of Trust securing the performance of an Affordable Housing Density Bonus Agreement entered into on September 25, 2019. Section 2: The City Clerk shall certify to the passage and adoption of this Resolution and enter it into the book of original Resolutions. PASSED and ADOPTED this 15th day of June 202 1. .y 4telo- Alejandra"So o lis, Mayor ATTEST: Luz Molina, City APPROVED AS TO FORM: Charles E. Bell Jr., Cite orney Passed and adopted by the Council of the City of National City, California, on June 15, 2021, by the following vote, to -wit: Ayes: Sotelo-Solis, Rodriguez, Bush, Morrison, Rios. Nays: None. Absent: None. Abstain: None. AUTHENTICATED BY: BY: ALEJANDRA SOTELO-SOLIS Mayor of the City of National City, California LUZ MOLINA City Clerk of the City of National City, California r kr1 Shelley Chapel, ,M , Deputy Cit4 Clerk I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of RESOLUTION NO. 2021-73 of the City of National City, California, passed and adopted by the City Council of said City on June 15, 2021.