HomeMy WebLinkAbout1983-04-05; City Council; Resolution 71871
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RESOLUTION NO. 7187
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD RELATING TO THE ISSUANCE OF
REVENUE BONDS FOR A MULTI-FAMILY RESIDENTIAL
RENTAL PROJECT
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WHEREAS, the City of Carlsbad (the "City") is authorized
>y the provisions of Health and Safety Code Sections 52000 et seq.
:o issue revenue bonds for the purpose of financing multi-family
residential rental projects; and
WHEREAS, Community Resources Corporation (the "Developer")
Lntends to develop a multi-family residential project consisting
)f approximately 300 rental units to be located in the Hosp Grove
irea (the "Project") : and
WHEREAS, the Project will be of benefit to the City and
its residents; and
WHEREAS, as an inducement to the Developer to carry out
:he Project, the City desires to authorize the issuance of bonds to
lrovide financing for the construction and development thereof;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the
:ity of Carlsbad, as follows:
1) Subject to the completion of the necessary legal xoceedings and other matters relating thereto to the full satisfaction of the City Council, the City Council hereby declares its intention to provide financial assistance to the Developer, or its successors or assigns, or such other persons or entities lesignated by the City Council, through the issuance of bonds in :he approximate principal amount of $15,000,000 for the purpose of xoviding financing of the Project.
2) The bonds shall be issued subject to the conditions
:hat (i) the City Council by appropriate resolution shall agree to icceptable terms and conditions for the bonds (and for the sale and
lelivery thereof) and all other documents and agreements to be
!xecuted by the City in connection with such bonds; (ii) all
requisite governmental approvals shall have first been obtained;
:iii) the City shall select, as appropriate, bond counsel, financial consultant, underwriter and financial feasibility :onsultant in connection with the issuance of the bonds; (iv) the >ends shall be payable solely from revenues derived from the financing of the Project or other investments made with the
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?roceeds of such bonds, and the bonds shall not constitute a debt 01 liability of the City or any agency or authority thereof; and (v)
the City and the Developer shall have entered into a letter sgreement in which the Developer agrees to apply all incidental
iosts and expenses of the City incurred in connection with the bond
Einancing and with such other terms and conditions as are considerec
iecessary or appropriate by the City Council and the Developer.
3) Based on the foregoing, it is understood that the
wailability of such financial assistance is a substantial inducement to the Developer to undertake the Project in a manner ilesired by the City, but that there can be no assurance that such 3onds will in fact be issued.
4) The appropriate officers and agents of the City are iereby authorized and directed to take whatever additional action
relating to the aforesaid financial assistance may be deemed reasonable and desirable in furtherance of this resolution.
5) Notwithstanding the foregoing the City Council Zxpressly reserves the right to disapprove or to conditionally 3pprove the Project if, in the determination of the City Council,
the Project fails to conform with any applicable planning, zoning, subdivision, or building laws, ordinances, and/or policies 3pplicable to the Project; and the adoption of this resolution shall not be deemed to indicate the City Council's determination that the Project conforms thereto.
PASSED, APPROVED AND ADOPTED this 5th day of April I
1983, by the City Council of the City of Carlsbad by the following
rote:
AYES: Council En-bers Casler, Lewis, Kulchin, CHick and Prescott
NOES : None
ABSENT: None
I ASLER, Mayor
7ATTEST :
(SEAL)