RESOLUTION NO. 2025-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, CALIFORNIA, AUTHORIZING AN AMENDED AND RESTATED DEVELOPMENT AND LOAN AGREEMENT AMONG NCRC RICHMAR SENIOR VILLAGE LP, THE CITY OF SAN MARCOS AND THE CITY OF SAN MARCOS IN ITS CAPACITY AS THE SUCCESSOR HOUSING AGENCY TO THE FORMER SAN MARCOS REDEVELOPMENT AGENCY AND RELATED ACTIONS.
WHEREAS, concurrently herewith the City Council of the City of San Marcos acting in its capacity as the Successor Housing Agency to the former San Marcos Redevelopment Agency is authorizing the amendment and restatement of that certain Development and Loan Agreement (Richmar Station) dated as of August 11, 2015, between the Successor Housing Agency to the former San Marcos Redevelopment Agency (“SHA”) and NCRC Richmar Senior Village LP (f/k/a Richmar Station San Marcos, LP), a California limited partnership (“Developer”), which was amended by that certain Amendment to Development and Loan Agreement (Richmar Station-311 Pleasant Way) dated September 15, 2017, and by that certain Second Amendment to Development and Loan Agreement (Richmar Station-Kumar and Trapezoid) dated July 11, 2018 (as amended, the “Original DLA”); and WHEREAS, a duly notice public hearing was held by the City of San Marcos and the SHA on April 8, 2025; and WHEREAS, any capitalized terms not defined in this Resolution shall have the meanings set forth in the Amended and Restated Development and Loan Agreement attached to the Staff Report; and WHEREAS, the Developer, SHA and City desire to expand the inventory of affordable units and to continue with revitalization of the Richmar neighborhood, which will be provided by this proposed project, which will create 51 units of senior affordable housing, plus one unrestricted manager’s unit (collectively, the “Project”); WHEREAS, the Developer, SHA and City desire to: (1) amend and restate the Original DLA in its entirety in the form of the Amended and Restated Development and Loan Agreement attached to the Staff Report; (2) for the City to convey the City Phase 1 Property to the SHA; (3) for the Developer to convey the Developer Phase 1 Property to the SHA; (4) for the SHA to ground lease the Site to the Developer; (5) for the Developer to convey the SHA-Funded, Developer Properties to the SHA; (6) for the SHA to accept the SHA-Funded, Developer Properties as payment in full of the Prior SHA Loan; (7) for the SHA to make a $6,000,000.00, 3%, 55-year residual receipts loan to the Developer; and (8) for the Developer to construct the Project on the Site.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of San Marcos, as follows:
1. The foregoing recitals are true and correct and are incorporated into this Resolution by this reference.
2. The Amended and Restated Development and Loan Agreement attached to the Staff Report is hereby approved and the City Manager is authorized to execute and deliver the Amended and Restated Development and Loan Agreement.
3. The City Manager is authorized to convey the City Phase 1 Property to the SHA.
4. The City Manager is authorized to execute all documents and instruments that are necessary and/or appropriate to implement these approvals and to take all actions necessary and/or appropriate to implement these approvals.
PASSED, APPROVED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS at a regular meeting held on the __ day of __________, 2025, by the following roll call vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
______________________________
Rebecca D. Jones, Mayor
City of San Marcos
Attest:
______________________________
Phillip Scollick, City Clerk
Resolution No. 2025- XYXY