HomeMy WebLinkAbout2025-14 - 129 NCB, LLC - Ratification of a Subordination Agreement for an Affordable Housing Density Bonus Development RESOLUTION NO. 2025 - 14
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY,
CALIFORNIA, RATIFYING A SUBORDINATION AGREEMENT WITH 129 NCB, LLC,
A CALIFORNIA LIMITED LIABILITY COMPANY, AND FISHER FINANCIAL GROUP
INC., DBA NATIONSCHOICE MORTGAGE, SUBORDINATING THE PERFORMANCE
DEED OF TRUST TO THE LENDER DEED OF TRUST AND SUBORDINATING THE
LENDER DEED OF TRUST TO THE AFFORDABLE HOUSING DENSITY BONUS
AGREEMENT FOR 129 NATIONAL CITY BLVD IN NATIONAL CITY.
WHEREAS, on June 15, 2021, City Council approved by Resolution 2021-74 a
Density Bonus Agreement ("Agreement") that obligates 129 NCB, LLC ("Developer") to
restrict two (2) units as affordable to very low-income households for fifty-five (55) years;
and
WHEREAS, the Agreement was entered into on July 12, 2021 and recorded with the
Office of the Recorder of the County of San Diego on April 22, 2022; and
WHEREAS, a Performance Deed of Trust was recorded concurrently with the
Agreement on April 22, 2022 to secure the Agreement on the property located at 129
National City Blvd in National City; and
WHEREAS, 129 NCB, LLC secured refinancing for the development and on
January 27, 2025, the City Manager executed the Subordination Agreement with
Developer and Fisher Financial Group Inc., dba NationsChoice Mortgage ("Lender")
incorporated herein as Exhibit A; and
WHEREAS, the Deed of Trust securing the performance of the Agreement was
made subordinate and subject to Lender's Deed of Trust through the Subordination
Agreement; and
WHEREAS, the Density Bonus Agreement will remain a lien superior to Lender'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: That the City Council hereby ratifies the Subordination Agreement with
129 NCB, LLC and Fisher Financial Group Inc., dba NationsChoice Mortgage,
subordinating the Deed of Trust to the performance of an Affordable Housing Density
Bonus Agreement entered into on July 12, 2021 .
Section 2: That 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 18th day o ruary 2025.
R orrison, Mayor
ATTEST:
Sh II hapel, MMC, City Clerk
0
APPROVED AS TO FORM:
Barry J. gc tz, City Attorney
Passed and adopted by the City Council of the City of National City, California, on
February 18, 2025 by the following vote, to-wit:
Ayes: Molina, Rodriguez, Yamane, Bush, Morrison
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Mayor of the City of National City, California
dF NATJI�,�,,,_ Shelley Chapel
�`� City Clerk of the City of National City, California
BY:
ot-
Shelley Ch I, MMC, City Clerk
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