AGENDA REPORT
REQUEST FOR CITY COUNCIL ACTION
DATE: 3/6/2019
TO: Honorable Mayor and City Council Members
FROM: Community Development Department
SUBJECT:
Title
City Council consideration of the First Amendment to an Agreement and Deed Restriction between the City of Corona and Fullerton Magnolia Senior Apartments, L.P. dated May 5, 1998, for the operation of a senior citizen apartment complex located at 1910 Fullerton Avenue.
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RECOMMENDED ACTION:
Recommended action
That the City Council approve the First Amendment to an Agreement and Deed Restriction between the City of Corona and Fullerton Magnolia Senior Apartments, L.P.
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ANALYSIS:
The City of Corona and Fullerton-Magnolia Senior Apartments, L.P. entered into an Agreement and Deed Restriction for the property located at 1910 Fullerton Avenue on May 5, 1998. The Agreement was in response to the conditions of approval placed on Conditional Use Permit 97-18, approved by the Planning Commission on February 9, 1998, for the establishment of senior citizen housing consisting of 200 apartments. The conditions of approval required the developer of the project to record a deed restriction on the property that would restrict the operation to only senior citizen housing.
The senior citizen apartment complex is known as the Vintage Terrace Apartments. The apartments are financed with a Housing and Urban Development (HUD) loan through the federal government, which allows the units to be set aside as low income housing for senior citizens. The current financing on the property is good until Year 2038. The city's Housing Element of the General Plan also acknowledges Vintage Terrace as one of the city's assisted affordable housing developments for seniors.
The owner of the property is in the process of refinancing their HUD loan that would extend the affordability of the senior citizen housing for another 40 years. During this process, HUD discovered that the currently recorded Agreement...
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