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Home My WebLink AboutReso 73-07 Fairway Ranch Sr Housing RESOLUTION NO. 73 - 07 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DUBLIN ********************* APPROVING THE FIRST AMENDMENT TO THE AFFORDABLE HOUSING REGULATORY AGREEMENT FOR DUBLIN RANCH AREA B - FAIRWAY RANCH SENIOR HOUSING WHEREAS, on July 1, 2003, the City Council approved a Site Development Review for PA 03- 010, Fairway Ranch Affordable Housing Community, on approximately 24.5 gross acres (19.4 net acres) of land located in Dublin Ranch Area B, within the Eastern Dublin Specific Plan, between Dublin Boulevard and Central Parkway, East of Keegan Street (APN 985-0027-001) for the development of 930 residential dwelling units on three parcels of land, of which 322 are senior rental units, 304 are multi- family rental units, and 304 are for-sale condominiums; and WHEREAS, of the 294 affordable senior rental units, 64 units are restricted to very-low income households, 99 units are restricted to low income households, and 131 units are restricted to moderate income households all for a period of 55 years; and WHEREAS, an Affordable Housing Regulatory Agreement entitled "Affordable Housing Regulatory Agreement by and among Chang Su-O Lin, Hong Lien Lin, Dublin Ranch Senior Apartments, L.P. and the City of Dublin, Dublin Ranch Area B - Fairway Ranch Senior Housing" was approved on December 1,2003, that contains the legal basis for securing this affordable housing and this Agreement is recorded on the property; and WHEREAS, there are three types of affordable units in the project, 93 Project Affordable Units which satisfy the City of Dublin Inclusionary Ordinance; 162 Excess Affordable Units for which the City has offered certain incentives and waivers; and 332 Affordable Credit Units which are units that have been provided that will result in the ability for the Developer to use these units towards the Inclusionary Zoning Ordinance requirements for 2,655 units in'specified areas of the City; and WHEREAS, the City of Dublin has received a request from James Tong of Charter Properties, the authorized representative for Dublin Ranch Holdings, LLC, to defer the rental of 65 of the moderate units for five years; and WHEREAS, these 65 deferred moderate units are classified as "additional units"; and WHEREAS, the City Council reviewed Charter Property's request to defer the rental of the 65 moderate units for five years and is supportive of the request; and WHEREAS, an Amendment to the Affordable Housing Agreement has been prepared and is attached as Exhibit A to this Resolution. NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin does hereby authorize the City Manager to execute the First Amendment to the Affordable Housing Agreement (Exhibit A) on behalf of the City. Page 1 of2 PASSED, APPROVED AND ADOPTED this 15th day of May 2007 by the following vote: AYES: Councilmembers Hildenbrand, Oravetz, Sbranti and Mayor Lockhart NOES: None ABSENT: Councilmember Scholz ABSTAIN: None '~ CC-MTGS/5-15-07/Reso 73-07 Fairway Ranch Senior Housing 1 st Amendment 8.1 G:\PA#\2003\03-010 Fairway Ranch Groves\Reso's & Ord's\RESO Amendment to AHA 5-07.doc Page 2 of2 'l~ I it NO FEE DOCUMENT Recording requested by: City of Dublin When recorded mail to: City of Dublin 100 Civic Plaza Dublin, CA 94568 Attn: City Clerk Space above this line for Recorder's use. FIRST AMENDMENT TO AFFORDABLE HOUSING REGULATORY AGREEMENT by and among Chang Su-O Lin, Hong Lien Lin, Dublin Ranch Senior Apartments, L.P. and the City of Dublin Dublin Ranch Area B - Fairway Ranch Senior Housing 1 J .)-~ ~ , This First Amendment to Affordable Housing Regulatory Agreement (this "First Amendmenf') is entered into effective as of May 15, 2007 ("Effective Date") by and among Chang Su-O Un (an individual, also known as Jennifer Un) and Hong Lien Un (an individual, also known as Frederic Un) (collectively "Landowner"), Dublin Ranch Senior Apartments, L.P., a California limited partnership (hereafter "Project Owner") and the City of Dublin, a municipal corporation ("City"). City, Landowner and Project Owner are collectively hereinafter referred to as the "Parties." Terms used herein without definition shall have the meaning ascribed to such terms in the Agreement (defined below). RECITALS A. Landowner, Project Owner and City entered into that certain Affordable Housing Regulatory Agreement (the "Agreement), dated as of December 1, 2003, and recorded in the Official Records of Alameda County as Instrument No. 2003728506 on December 16, 2003. Landowner is the owner of the real property ("Property") located in the City of Dublin, County of Alameda, described in Exhibit A hereto. B. Among other provisions, the Agreement requires 131 units in the Project (the "Moderate-Income Units") to be offered for rent at affordable levels and occupied by households of Moderate-Income or less. C. The Parties desire to amend the Agreement to permit Landowner and Project Owner to defer for a period of five (5) years, the imposition of affordability restrictions for 65 of the Moderate-Income Units (the "Deferred Units") and to extend the time period during which affordability restrictions will apply to such units for an additional five-year period so that rent and occupancy requirements will apply to the Deferred Units for a total of sixty (60) years. NOW, THEREFORE, in consideration of the foregoing recitals (which are hereby incorporated into this Agreement) and the covenants and mutual obligations contained in this Agreement, the Parties hereby agree as follows. Section 1. The following new Section 3.1.1 is hereby added to the Agreement, to read as follows: "3.1.1 Deferral of Occupancy and Rent Restrictions and Extension of Term of Affordability Restrictions for Certain Moderate-Income Units. Notwithstanding anything to the contrary set forth in this Agreement, until January 3, 2012, Landowner and Project Owner may rent sixty-five (65) of the Restricted Units (hereafter, the "Deferred Units"), which pursuant to Section 3.1 and Exhibit B are required to be rented to households of Moderate-Income, without rent restrictions to tenants of any income. Beginning on January 4, 2012, as the Deferred Units become vacant, Landowner 963925-2 2 ytl.t;L . t. and Project Owner shall rent the Deferred Units and any vacant unrestricted units in the Project to tenants who qualify as Moderate-Income or less until all occupancy and rent restrictions set forth in Exhibit B have been met for the Project. Notwithstanding anything to the contrary set forth in this Agreement, this Agreement shall remain in full force and effect through January 3, 2072 with respect to the sixty- five (65) Deferred Units. Nothing in this Section 3.1.1 shall preclude Landowner and Project Owner from renting any vacant Deferred Units or unrestricted units to tenants who qualify as Moderate-Income prior to January 4, 2012." Section 2. This First Amendment may be signed in multiple counterparts, each of which shall be an original and all of which taken together shall constitute one document. Except as expressly agreed above, the provisions of the Agreement shall remain unchanged and in full force and effect. IN WITNESS WHEREOF, the Parties have executed this First Amendment to Affordable Housing Regulatory Agreement, effective as of the date first written above: LANDOWNER ~ :5..<"17 L,~ -!y f.k..tl;;" __ ,t..:.-.. Cha g Su-O Un 4;rI ~ ~ ~ rAc7 ~ ~-.q ~ Hon~en Un PROJECT OWNER Dublin Ranch Senior Apartments, L.P., a California limited partnership By: KL Acquisition Management, LLC, A California limited liability company Its: General Partner 963925-2 3 ~ 1lJ. w I, CITY CITY OF DUBLIN By: Richard C. Ambrose, City Manager Attest: City Clerk Approved as to form: By: City Attorney SIGNATURES MUST BE NOTARIZED 0411 << $(. : J- P'.'J {~(/} (""1r:=J : C.a:;:J}~o.: <:'~1~\4~~ ~~ate: MAY 1 0 ~~07. $..-,,_ ,-iH~ 'f~" ~~. .i', '1V if; , "Fr)-l:-.ITi}F .. i;jf)~ r\,rt~;:)j~1::i~/;i~:Jj~t ""'liff' 1~ Attested at the Shllo-R;:m NotRrv Office " , Signatur:/:~:~<l~~)t~~~t ~l}~Cl}~J~:t t~:: document is/are authentic, ""('''4'1 ;-<.(.~ 1..;", .Notary Public~... /7 f4..V '''II> ~f.!L. .:.'.. _. _ rs~ ~ /'" \.... ':~<;.:.(,;, i 1 Wu, Shuo-Ren I c~ t) 5~/'\J I 1FL-13. No.207. TUNG-HWA N. RD.. TAIPEI. TAl I I,W ~:I L.:.._....!_.~I___-.1 963925-2 4 J . ),it, .. '. Exhibit A PROPERTY DESCRIPTION (Attach legal description of Senior parcel.) All THAT CERTAIN REAL PROPERTY SITUATED IN THE CITY OF DUBLIN, COUNTY OF ALAMEDA, STATE OF CALIFORNIA DESCRIBED AS FOllOWS: LOT 1 AS SAID LOT IS SHOWN ON THE MAP OF TRACT 7453, FILED FOR RECORD ON NOVEMBER 24. 2003, IN BOOK 273 OF MAPS AT PAGES 52 THROUGH 56, INCLUSIVE, ALAMEDA COUNTY RECORDS. 963925-2 5 J .. tiL, State of California ) ) ) County of Alameda On ,20_. before me, , a Notary Public, personally appeared , personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in hislherltheir authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS rny hand and official seal. (seal) Notary Public 963925-2 6 vJ }1- '