Resolution Number 00-6-6-6341
RESOLUTION NO. 00-6-6-6
AFFORDABLE HOUSING LOAN TO WILLOW PARTNERS, LLC. FOR
DEVELOPMENT OF AFFORDABLE SENIOR APARTMENT
COMPLEX (WILLOW PARTNERS LLC/VILLA PALOMA)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JUAN
CAPISTRANO, CALIFORNIA, AUTHORIZING A $500,000 AFFORDABLE
HOUSING LOAN TO WILLOW PARTNERS, LLC, FOR THE
DEVELOPMENTOFAN EIGHTY-FOUR (84) UNIT, AFFORDABLE SENIOR
APARTMENT COMPLEX ON AN EXISTING 1.9 ACRE PARCEL LOCATED
AT 27191 PASEO ESPADA AND MORE PRECISELY REFERRED TO AS
ASSESSORS PARCEL NUMBER 666-241-06 (WILLOW PARTNERS
LLC/VILLA PALOMA)
WHEREAS, Willow Partners, LLC, has requested the City to provide a
$500,000 (five -hundred thousand dollars) affordable housing loan for their planned senior
affordable apartment project previously approved by the Planning Commission and the City
Council, with the terms of the loan including a 3% interest rate and a thirty (30) year term;
and,
WHEREAS, Willow Partners, LLC, has submitted a Federal Tax Credit
application to the State of California Tax Credit Allocation Committee committing to provide
thirty-one (31) "very -low" income units, and thirty-seven (37) "low" income units; and,
WHEREAS, the City Council, on March 7, 2000 approved a mitigated
negative declaration and all mitigation measures were included in the City Council's
approving resolution for the project, and the City has otherwise complied with all applicable
provisions of the California Environmental Quality Act (CEQA); and,
WHEREAS, the City Council conducted a duly noticed public meeting on
June 6, 2000.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of
"San Juan Capistrano does hereby make the following findings:
The proposed project is consistent with the policies and objectives of the San Juan
Capistrano General Plan, specifically, the Housing Element because the density
bonus allocation will assure the provision of 100% affordable dwelling units which
far exceeds the affordability requirements of Section 9-3.511 of Title 9, Land Use
Code, and by doing so, meets thirty (30%) percent of the City's affordable housing
objective over the fnext five (5) years; and,
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2. The proposed project has demonstrated a bonafide "need" for the requesed
affordable housing loan based on an evaluation of the project's pro -forma financial
analysis conducted by the City's consultant, by Keyser -Marston Associates, Inc.
(KMA); and,
3. The proposed project's loan request of $500,000 can be funded by the City's "In -lieu
Housing Fee Fund" which presently has a balance of $1,211,300 (one million, two -
hundred and eleven thousand, three -hundred dollars) of uncommitted funds
available for expenditure with on other requests, or anticipated loan requests.
NOW, THEREFORE, BE IT FURTHER RESOLVED, that the City Council of
the City of San Juan Capistrano hereby authorizes a $500,000 (five -hundred thousand
dollars) affordable housing loan to Willow Partners, LLC, for the development of the Villa
Paloma senior affordable apartment project with the terms of the loan including a 3%
interest rate and a thirty (30) year term, subject to the provision of thirty-one (31) "very -low"
income units, and thirty-seven (37) "low" income units. Furthermore, the promissory note
shall be revised to include a provision committing to the development of thirty-one (31)
"very -low" income units, and thirty-seven (37) "low" income units.
PASSED, APPROVED, AND ADOPTED this
Jime .2000.
ATTEST:
CITY CLERK-)
6th
day of
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343
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF SAN JUAN CAPISTRANO )
I, CHERYL JOHNSON, City Clerk of the City of San Juan Capistrano,
California, DO HEREBY CERTIFY that the foregoing is a true and correct copy of
Resolution No. 00-6-6-6 adopted by the City Council of the City of San
Juan Capistrano, California, at a regular meeting thereof held on the 6th day of
June , 2000, by the following vote:
AYES: Council Members Bathgate, Greiner, Hart, Swerdlin
and Mayor Campbell
NOES: None
ABSTAIN: None
ABSENT: None
(SEAL)
CHERYL JO SO , CITY CLERK
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