HomeMy WebLinkAboutSR - PP/CUP 05-22 & TT 34179 - Summit-Monterey PropertiesCITY OF PALM DESERT
STAFF REPORT
REQUEST: APPROVE A LOAN RECOGNITION AGREEMENT BETWEEN THE CITY
OF PALM DESERT AND SUMMIT-MONTEREY PROPERTIES, LLC.
(ALSO KNOWN AS "FALLING WATERS")
SUBMITTED BY: JANET MOORE, DIRECTOR OF HOUSING
DATE: AUGUST 9, 2007
CONTENTS: LOAN RECOGNITION AGREEMENT
Recommendation:
By Minute Motion that the City Council:
1. Approve a Loan Recognition Agreement in accordance with the conditions of
approval of the Summit -Monterey Properties, LLC project by Resolution No.
06-27 between the City of Palm Desert and Summit -Monterey Properties,
LLC., substantially as to form; and
2. Authorize the Mayor to execute the finalized agreement.
Executive Summary:
Approval of the Loan Recognition Agreement ("Agreement") will allow the developer of Falling
Waters to secure financing for the approved project without affecting the requirements placed upon
the project as part of Resolution No. 06-27. The approved project is a 247 unit residential
condominium development. As part of the approval process the condominium project owner has
agreed to reserve 20% of the units, that range in size from 1,000 to 1,205 square feet, at specified
prices that range from $305,990 to $329,990.
Discussion:
As part of the conditions of approval for the condominium project (247 units) known as "Falling
Waters" the developer has entered into a Housing Agreement restricting 20% of the project units
to households that earn up to 200% of the area median income. The specified prices range from
$305,990 to $329,990 and are targeting a group of homebuyers that are just outside the low and
moderate income range. The 49 units will be dispersed throughout the residential development,
and will comprise of 14 one-bedroom/den (1,000 square foot) units and 35 two -bedroom (1,205
square foot) units.
The development is in proximity to residential neighborhoods and has convenient access to public
transportation, schools, parks, and commercial services. In addition, a number of amenities are
being provided within the project for the residents of the entire development.
G \rda\Patty Leon\JMM\staff report\Summit Monterey Loan Recognition Agmt 8-9-07.wpd
Staff Report
Summit -Monterey Properties, LLC - Approval of a Loan Recognition Agreement
August 9, 2007
Page 2
The developer now desires to secure financing to construct the project and is requesting that the
City approve a Loan Recognition Agreement for that purpose. AD requirements and conditions of
approval will remain the same and transfer to any successors and assigns. Legal counsel has
reviewed the Agreement and finds the Agreement to be within the parameters of the approved
conditions.
Staff, therefore, recommends approval of the Loan Recognition Agreement.
Submitted by:
Ja -t Moore
H•`si . Authority Administrator
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Approval:
stir McCarthy, ACM/Re
lopment
Department Head:
1Save Yrigoy
Director ofii edevelopment/Housing
Carlos L. Orte City Manager
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)rig nal on File with City Clerk's Office
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