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RESOLUTION NO. 2015-064 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING AN AFFORDABLE HOUSING REGULATORY AGREEMENT RELATED TO LAKE POINTE BETWEEN THE CITY AND LENNAR HOMES OF CALIFORNIA, INC. AND AUTHORIZING THE CITY MANAGER TO RELEASE THE ATTENDANT SECURITY AGREEMENT AND BOND UPON COMPLETION OF THE RECORDATION OF THE REGULATORY AGREEMENT AND PAYMENT OF THE IN-LIEU FEE TO THE CITY'S INCLUSIONARY FUND AS PROVIDED FOR IN THE REGULATORY AGREEMENT (CONTINUED FROM MARCH 17, 2015)
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RECOMMENDED ACTION
Recommended Action
Council adopt the resolution.
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SUMMARY
On March 13, 2013 Council approved a Security Agreement for the Lake Pointe (the "Project") in Eastlake III in order to establish methods of compliance for their Affordable Housing Obligation. Tonight's action will approve a Regulatory Agreement between the City and Lennar Homes of California Inc. (the "Developer") in compliance with the Security Agreement.
ENVIRONMENTAL REVIEW
The Development Services Director has reviewed the proposed activity for compliance with the California Environmental Quality Act (CEQA) and has determined that the activity is not a "Project" as defined under Section 15378(b)(5) of the State CEQA Guidelines because it involves only the approval of an agreement for implementation of a development project that has already been approved; therefore, pursuant to Section 15060(c)(3) of the State CEQA Guidelines the activity is not subject to CEQA. Thus, no environmental review is necessary.
BOARD/COMMISSION RECOMMENDATION
Not Applicable.
DISCUSSION
The City's Balanced Communities Policy ("Inclusionary Housing") requires the provision of housing for all economic groups and distribution of affordable housing throughout the City. The City requires 10 percent of any new subdivision in excess of fifty (50) units to be made affordable for low and moderate-income families (5% low and 5% moderate). The primary objective of this policy is to inc...
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