HomeMy WebLinkAboutRES CC 2016 3476 2016 0203 RESOLUTION NO. 2016-3476
A RESOLUTION OF CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, AMENDING THE FISCAL YEAR
2015/2016 BUDGET BY APPROPRIATING $1,550,000.00 FROM
THE CITY AFFORDABLE HOUSING FUND (2201) FOR
PURCHASE OF FIRST TIME HOME BUYER UNITS AT 6575,
6566, 6530 & 6518 RANGEWOOD COURT
WHEREAS, on November 8, 2006, the City of Moorpark and William Lyon
Homes (W Lyon) executed the Affordable Housing Purchase and Sale Agreement for
tracts 5187 and 5405 (Properties), which requires the sale of seventeen (17) dwelling
units to very low, low and moderate income buyers. The agreement provides that the
City shall be responsible at its sole discretion for marketing; selecting and qualifying
eligible buyers; and overseeing the escrow processes to sell the affordable units. It
stipulates that if no qualified buyer has been identified at the time the W Lyon receives
its final inspection approval, the City agrees to purchase the units at the affordable sales
price based on a household size of four (4) persons per Section 50052.5(b) of the
California Health and Safety Code and the City shall have sole responsibility for
approving any subsequent sale of the units; and
WHEREAS, on January 9, 2008, W Lyon transferred the Tracts to ORA Ashford
94, LLC; ORA Marquis 89, LLC; and ORA Brighton 17, LLC. Subsequently, on
September 19, 2014, K Hovnanian Companies of Southern California (K Hovnanian
Homes) acquired the unbuilt portions of the Properties; and
WHEREAS, on June 17, 2015, the City of Moorpark adopted the Operating and
Capital Improvement Projects budget for Fiscal Year (FY) 2015/16, which includes
$338,716 appropriations in the City Affordable Housing Fund (2201) for operations; and
WHEREAS on December 8, 2015, K Hovnanian Homes received the final
inspection approval for the affordable housing units and the City successfully closed
escrow on thirteen (13) of the seventeen (17) affordable units; and
WHEREAS, a staff report has been presented to the City Council recommending
the purchase of the remaining four (4) affordable housing units located at 6575, 6566,
6530, and 6518 Rangewood Court, Moorpark, CA 93021, for the First Time Home
Buyer program from K. Hovnanian Homes at the affordable sales price of $375,000 per
unit pursuant to the agreement; and
WHEREAS, City Council authorized the City Manager to resale the affordable
housing units located at 6575, 6566, 6530, and 6518 Rangewood Court, Moorpark, CA
93021 according to the provisions of the Affordable Housing Purchase and Sale
Agreement and Policy 3.5 First-Time Home Buyer Affordable Housing Program per
Resolution No. 2015-3378; and
Resolution No. 2016-3476
Page 2
WHEREAS, an aggregate budget amendment of $1,550,000 is requested from
the City Affordable Housing Fund (2201) - $1,500,000 for the purchase price, $30,000
for closing costs related to the resale of the four affordable housing units, and $20,000
for property maintenance; and
WHEREAS, Exhibit "A", attached hereto and made a part hereof, describes said
budget amendment and the resultant impact to the budget line items.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City Manager is authorized to purchase the remaining
affordable housing units located at 6575, 6566, 6530, and 6518 Rangewood Court,
Moorpark, CA 93021 at the affordable sales price of $375,000 per unit; to resale the
aforementioned affordable housing units to eligible buyers; and to sign all documents
relevant to the purchase and subsequent resale transactions.
SECTION 2. An aggregate budget amendment of $1,550,000 from the City
Affordable Housing Fund (2201), as more particularly described in Exhibit "A", attached
hereto, is hereby approved.
SECTION 3. The City Clerk shall certify to the adoption of this resolution and
shall cause a certified resolution to be filed in the book of original resolutions.
PASSED AND ADOPTED this 3rd day of February, 2016.
Janice S. Parvin, Mayor
ATTEST:
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Maureen Benson, City Clerk = C-'; `,••
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Exhibit A — Budget Amendment
Resolution No. 2016-3476
Page 3
EXHIBIT A
BUDGET AMENDMENT FOR
City Affordable Housing Fund for purchase of 6575, 6566, 6530 &6518 Rangewood Court
FISCAL YEAR 2015/16
FUND ALLOCATION FROM:
Fund Account Number Amount
City Affordable Housing Fund 2201-5500 $ 1,550,000.00
$
Total $ 1,550,000.00
DISTRIBUTION OF APPROPRIATION TO EXPENSE ACCOUNTS:
Account Number Current Budget Revision Amended Budget
2201.2430.5025.9102 $ 109,000.00 $ 30,000.001 $ 139,000.00
2201.2430.5025.9252 $ 20,000.00 $ 20,000.00
2201.2430.5025.9610 $ 220,000.00 $ 1,500,000.00 $ 1,720,000.00
$
Total $ 329,000.00 $ 1,550,000.00 $ 1,879,000.00
Resolution No. 2016-3476
Page 4
STATE OF CALIFORNIA
COUNTY OF VENTURA ) ss.
CITY OF MOORPARK
I, Maureen Benson, City Clerk of the City of Moorpark, California, do hereby
certify under penalty of perjury that the foregoing Resolution No. 2016-3476 was
adopted by the City Council of the City of Moorpark at a regular meeting held on the 3rd
day of February, 2016, and that the same was adopted by the following vote:
AYES: Councilmembers Mikos, Millhouse, Pollock, Van Dam, and Mayor Parvin
NOES: None
ABSENT: None
ABSTAIN: None
WITNESS my hand and the official seal of said City this 5th day of February,
2016.
Maureen Benson, City Clerk
(seal)
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