HomeMy WebLinkAboutCC RESO 2023-176RESOLUTION NO. 2023 r 176
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY, CALIFORNIA,
RATIFYING A SUBORDINATION AGREEMENT WITH ORANGE STREET PARTNERS, LLC,
A CALIFORNIA LIMITED LIABILITY COMPANY, AND QUANTA FINANCE INC.,
SUBORDINATING THE DEED OF TRUST SECURING THE PERFORMANCE OF AN
AFFORDABLE HOUSING DENSITY BONUS AGREEMENT ENTERED INTO ON DECEMBER
12, 2022 THAT RESTRICTS ONE HOUSING UNIT AT 1628 ORANGE STREET IN NATIONAL
CITY
WHEREAS, on December 12, 2022, City Council approved a Density Bonus Agreement
("Agreement") that obligates Orange Street Partners, LLC ("Developer") to restrict one (1unit as
affordable for a total of fifty-five years; and
WHEREAS, a Performance Deed of Trust was also recorded to secure the Agreement
on the property located at 1628 28 Orange Street in National City; and
WHEREAS, the Deed of Trust securing the performance of the Agreement will be made
subordinate and subject to the Quanta Finance Inc. Deed of Trust through the Subordination
Agreement as required by Quanta Finance Inc. that has provided permanent financing to the
Developer; and
WHEREAS, the Agreement will remain a lien superior to the Quanta Finance Inc. 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: The City Council hereby ratifies the Subordination Agreement with Orange
Street Partners, LLC and Quanta Finance Inc., subordinating the Deed of Trust securing the
performance of an affordable Housing Density Bonus Agreement entered into on December 12,
2022.
Section 2: The City Clerk shall certify the passage and adoption of this Resolution and
enter it into the book of original Resolutions.
PASSED and ADOPTED this 5th day of December 2023.
on Morrison, Mayor
ATTEST:
t LAO
Shelley Chapel, M,City Clek
APPROVED AS TO FORM:
Barry J. SulCity Attorney
Passed and adopted by the City Council of the City of National City, California, on
December 5, 2023 by the following roll -call vote, to -wit:
Ayes: Bush, Rodriguez, Y man , Molina, Morrison
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: Ron Morrison
BY:
Mayor of the City of National City, California
City Clerk of the C
y
f National City, California
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Shelley Chapel, , City Clerk