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Home My WebLink AboutA2632 - DENNIS MARTIN QUAIL POINTE HOMES LOW INCOME HOUSING PD 110 TRACT 16581-3 CS 5.0135 'o m THIS AGREEMENT is entered into this day of �dt 19g( ° between the City of Palm Springs, California, ("CITY" , and Dennis Martir ° _ ; '> Quail Pointe Homes, Inc. , ("DEVELOPER") . o� Q o CY WHEREAS, the CITY approved Tract 16581-3, Phase 2 of 5.0135-PD-110 includir �a M a density bonus; and , v i V WHEREAS, a condition of that approval was that the homes be made affordabl z v to families of moderate income; and Q •r- C N 6 W n WHEREAS, CITY and DEVELOPER entered into an agreement dated October 11 v o 1988, regarding the affordability restrictions for the homes; and WHEREAS, CITY and DEVELOPER now wish to update the affordability restrictions agreed upon on October 11, 1988, to reflect more current income limitations. NOW THEREFORE, CITY and DEVELOPER agree as follows: 1. The 49 homes still to be constructed in Tract 16581-3 will be sold at or below the following prices: Plan A: $111,950 Plan B: $126,950 Plan C: $129,950 2. DEVELOPER shall make available to qualified moderate income homebuyers with incomes equal to or less than, $36,480 for a family of three; $40,560 for a family of four; and $43,800 for a family of five; below market interest rate financing. The financing, at a minimum shall include: a) Riverside County Single Family Mortgage Bond Financing at an 8.05% interest rate for first-time homebuyer. b) A Graduated Payment Mortgage Program starting at a rate of 8.033% with seven 2% yearly payment increases. c) A "buydown" of the FHA market interest rate to reduce the FHA market interest rate for qualified buyers to 8.25% for a minimum period of three years from the close of escrow. 3. Qualified moderate income homebuyers' monthly payments (principal , interest, taxes, and insurance) shall not exceed $912 for Plan A and $1,014 for Plans B and C. 4. Fifty percent (50%) of the homes subject to this agreement shall be sold to families whose total gross family income does not exceed the limits set forth in paragraph 2 above, and whose total monthly payment does not exceed the limits, set forth in Paragraph 3 above. DEVELOPER shall maintain records and documentation of qualified homebuyers' incomes, financing, and monthly payments. These records shall be available to CITY representatives upon request for monitoring and verification. 5. No occupancy permits shall be issued on any homes in Tract 16581-3 until such time as DEVELOPER can document the availability of the financing specified in Paragraph 2 above. DEVELOPER may offer additional financing programs beyond those specified in Paragraph 2. 6. All other conditions and terms of approval of 5.0135-PD-110 remain in full force and effect. QUAIL POINTE HOMES, INCC..J DENNIS MARTIN ATTEST: CITY OF PALM SPRINGS, CALIFORNIA L_ City Clerk City'Manager REVIEWED AND APPROVED:_ i ��, THIS AGREEMENT is entered into this day of 6�6tz-el 1988, m between the Cityof Palm Springs, California .c ("CITY" and Dennis Martin , _ _ Quaile Pointe Homes, Inc. , ("DEVELOPER") . o = a O M WHEREAS, the CITY approved Tract 16581-3, Phase 2 of 5.0135-PD-110 including � a density bonus ; and 00 a Cr .r, WHEREAS, a condition of that approval was that the homes be made affordable to families of moderate income. v N — L U NOW, CITY and DEVELOPER agree as follows: r N C W •r 1. The 83 homes in Tract 16581-3 will be sold at or below the following prices: v o.r CD z oxW ¢ c. Plan A - $ 99„950 Plan B - $114,950 Plan C - $119,950 2. DEVELOPER will make available to qualified homebuyers with incomes equal to or less than, $33,360 for a family of three, $37 ,080 for a family of four, and $40,080 for a family of five, home financing at interest rates sufficient after payment of 10% down, to allow monthly payments (principal , interest, taxes, and insurance) of not to exceed $827 for Plan A, and $902 for Plans B and C. This financing shall be made available at the time the first unit in Tract is available for sale and shall remain available until the final unit has closed escrow. 3. No occupancy permits shall be issued onany of the 83 homes in Tract 16581-3 until such time as DEVELOPER can document the availability of this financing for the entire time units are available for sale in Tract 16581-3. 4. No building permits will be issued by the CITY on the third phase of 5.0135-PD-110 until such time as DEVELOPER can document the availability of this financing for the entire time units are available for sale in Tract 16581-3. 5. All other conditions and terms of approval of 5.0135-PD-110 remain in full force and effect. QUAILE POINTE HOMES, INC. „7 DENNIS MARTIN ATTEST: CITY OF PALM SPRINGS, CALIFORNIA By CityClerk — ems°eJCity M• City Manager REVIEWED AND APPROVED: F T" 8'/17/90 P-CE)LICER CAU :R I!"Ci IRB.11 2 12 F]",FU I-I': 41ILTO].1'cVy�j r";Pp'- '1 ITT d W) D": P HIP ON RFII-� F[RIP '[�'1 r� I"" , - - I 1AB� -",iNc, T'= M.1� -, . L:7[EFID on f I TE-1 LO p -c-'fF.'2PFC--�,�FFFJRD--D 5-11,71 K-�PDL7�-E'3 D--� WM. SCHWARTZ/BARKMAN, INC. 41-865 BOARDWALK, #201 PALM DESERT, CA 92260 COMPANY LET-Er, FTRiT OAKBROOK SYNDICATE COMPANY INSURED LETTER PASS CONSTRUCTION COiVIPANY L QUAIL POINTE/ 49 LTD. TER----- SUNATR DEVELOPMENT CORP. Comp,"Lly I AUG 9 En JOHN L. BLASINGAME --"W DENNIS A. MARTIN COIAPANY E LETO ER DAVID GARTHWAITE - OckICDV III+ II pt1' OFT1!Lj� A Plo �,n-I 1 ir:Folv;�Ym T�--m v'r,i�-n r, r[r 1��, K PILO 11 1 Cv)-I VA I�U—I AIIJVR%110i"EM",rEIELM 1-..FJdNT,TII 011 rq VIDIEROM OF P7 PH D FR D U.Ufl-.N C INE-Il I C 7 "H'r 1 T :IS IFll E LJ E' '-'L:A "F�r 61V LUFFY Pl:fflI N F- EY T1S17,M'3ILCOF:S;D- IJ C IONS nF CU(11L:'oucv- I co POLICY EFFECTIVE I I Till TYPE OF INSURANCE POLICY NUMBER DATE(IIMUOD�Y) CELI ElE°j_LF^13ILITV GENERAL AGGREGATE 000, X COMMERCIAL GENERAL LIABILITY PRODUCIS COMPdOPS AGGREGATE 1, 00, A— -- — I CLAIMS MADE OCCURRENCE TBA/BINDER 0978 8/11/10 8111/91 1�RVIRI PRO 1111U.111 ',Ooo 11 IT] X DAINE9 S E CONTRACTORS PROTECTIVE EACH OCCURPLIECE 1,000, 1 li FIRE DAMAGE(APY OHL LIFE) 50, MEDICAL�XRENST IANY ONE -ERI,OIFj 51 `.UTOIHODFAq F-LIf'211-i!i Y ANY AUTO icSL ALL OWNED AUTOS 30DILY mnv SCI SORTED AUTOS FARED AUTOS EMILY INJURY NON-OWNED ALTOS T,!,R DENT) GARAGE LIABILITY PROPERTY OAHAGE q-t-ENN-IT" �,EACH ��QHAHE OCCUTPENCE it OTHER THAN UMBRELLA FORM STATILLI"NEY (C4CH ACCIODEP 01 IINSEA.,POLICY LIWI) LiPEu-FTv DISEASE EACH EMPLOYEE) DESCRIPTION OF OPERATIONS/LOCA I IONS/VEHICLES/RESTRICTIONS/SPECIAL ITEMS clrgw,U�j I,J':1 H.- IN TP I F,Isj I E, I I OF JoIj I r,FAIR"(IF-H I F,oYyj-.F,=PC L I(�? 11 D,F�-T"➢k[ CITY OF PALM SPRINGS !=BsnTe®M IJAIT!- f[.I- mcC'Fwv,' v'lu T -F UD = im -I-3200 E. '°, IQUIIIZZ—McCAELLUMI WAY Ly""HU 30 EN)"S!"V.-ENT."H! NOTICE IQ INE:'�,-PJTIF P E L -FH 1) q PALM SPRINGS, CA 92263-1786 J'Fb, 1-11TI FP611I 10 Ninli- SUCIN PH`IUIPIe ',(U`.D, k1dPOKc1- 1110 0I-q-FYnIhj; i'IL LIA,D]LITY OF AIRY:rICI5 WON'-I NECX)r'U1UuY5'', Oic CE, AUTHORIZED REPRESENTATIVE SCHWARTZ/BARKMAN INC.