HomeMy WebLinkAboutCC RESO 2023-175RESOLUTION
NO. 202 - 175
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY, CALIFORNIA,
RATIFYING A SUBORDINATION AGREEMENT WITH NATIONAL CITY PACIFIC
ASSOCIATES, LLP, A CALIFORNIA LIMITED PARTNERSHIP, AND THE CALIFORNIA
HOUSING FINANCE AGENCY, SUBORDINATING THE DEED OF TRUST SECURING THE
PERFORMANCE OF AN AFFORDABLE HOUSING DENSITY BONUS AGREEMENT
ENTERED INTO ON DECEMBER 21, 2020 THAT RESTRICTS 26 HOUSING UNITS AT 1105
NATIONAL CITY BOULEVARD IN NATIONAL CITY
WHEREAS, on December 21, 2020, City Council approved a Density Bonus Agreement
("Agreement") that obligates National City Pacific Associates, LLP "Developer-) to restrict twenty
six (26) units 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 1105 National City Blvd in National City; and
WHEREAS, the Deed of Trust securing the performance of the Agreement will be made
subordinate and subject to California Housing Finance Agency's Deed of Trust through the
Subordination Agreement as required by the California Housing Finance Agency that has
provided permanent financing to the Developer; and
WHEREAS, the agreement will remain a lien superior to the California Housing Finance
Agency's Deed of Trust.
NOW, THEREFORE, THE CITY COUNCIL OF THE C1TY OF NATIONAL CITY,
CALIFORNIA, DOES RESOLVE, DECLARE, DETERMINE, AND ORDER AS FOLLOWS:
Section 1: The City Council hereby ratifies the Subordination Agreement with National
City Pacific Associates, LLP and the California Housing Finance Agency, subordinating the Deed
of trust securing the performance of an affordable Housing Density Bonus Agreement entered into
on December 21, 2020.
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.
R• n Morrison, Mayor
ATTEST:
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Shelley Chapel, I01UIC, City/Clerk
APPROVED AS TO FORM:
Barry J. ice, City 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, Yamane, Molina, Morrison
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: Ron Morrison
BY:
Mayor of the City of National City, California
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City Clerk of the C o Nation I City, California
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Shelley Chapel, hiNCI City Cl6r(