HomeMy WebLinkAboutCC RESO 2024-12 Notice of Restriction for CUP 2011-27 Partial TerminationRESOLUTION NO. 2024 - 12
RESOLUTION OF THE CITY +CO►UNIL OF THECITY OF NATIONAL CITY, CALIFORNIA,
RATIFYING A SUBORDINATION AGREEMENT WITH APV VENTURES, LLC, A
CALIFORNIA LIMITED LIABILITY COMPANY, AND GOLDEN I CREDIT UNION,
SUBORDINATING THE DEED OF TRUST SECURING THE PERFORMANCE OF AN
AFFORDABLE HOUSING DENSITY BONUS AGREEMENT ENTERED INTO ON JULY 18,
2019, THAT RESTRICTS ONE (1) HOUSING UNIT AT 1821 E 9TH STREET IN NATIONAL
CITY."
WHEREAS, on July 18, 2019, City Council approved a Density Bonus Agreement
("Agreement") that obligates APV Ventures, LLC ("Developer") to restrict one (1) unit as
affordable for fifty-five (55) years; and
WHEREAS, a performance Deed of Trust was also recorded to secure the Agreement
on the property located at 1821 E. 9th Street in National City; and
WHEREAS, the Deed of Trust securing the performance of the Agreement will be
made subordinate and subject to Golden 1 Credit Union's Deed of Trust through the
Subordination Agreement as required by Golden I Credit Union that has provided permanent
financing to the Developer; and
WHEREAS, the agreement will remain a lien superior to Golden 1 Credit Union's 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 a Subordination Agreement with APV
Ventures, LLC and Golden 1 Credit Union, subordinating the Deed of Trust securing the
performance of an affordable Housing Density Bonus Agreement entered into on July 18,
2019.
Section 2: The City Clerk shall certify the passage and adoption of this Resolution
and enter it into the book of original Resolutions.
ATTEST:
PASSED and ADOPTED this 20th day of February 2024.
Morrison, Mayor
I
Shelley COpel, MMC, City Cler
APPROVED AS TO FORM:
:, City Attorney
Passed and adopted by the City Council of the City of National City, California, on
February 20, 2024 by the following vote, to -wit:
Ayes: Bush, Molina, Rodriguez, Yamane, Morrison
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Mayor of the City of National City, California
BY:
- - Shelley Chapel
City Clerk of the City of National City, California
31/e/ < 2 4:214
Shelly Ch •�' MMC, City Clerk