HomeMy WebLinkAbout1983-06-21; City Council; Resolution 72481
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RESOLUTION NO. 7248
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, RELATING TO THE ISSUANCE OF REVENUE BONDS FOR A MULTI-FAMILY RESIDENTIAL RENTAL PROJECT
WHEREAS, the City of Carlsbad (the "City") is authorized by the provisions
if Health and Safety Code Sections 52000 et seq. to issue revenue bonds for the
iurpose of financing multi-family residential rental projects; and
WHEREAS, Michael O'Gara (the "Developer") intends to develop a multi-
'amily senior residential project consisting of approximately 37 rental units to
le located on the southwest corner of Chinquapin and Harrison; 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 the Project, the
:ity desires to authorize the issuance of bonds to provide financing for the
:onstruction and development thereof;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Carlsbac
.s follows:
1) Subject to the completion of the necessary legal proceedings and other iatters relating thereto to the full satisfaction of the City Council, the City iounci1 hereby declares its intention to provide financial assistance to the leveloper, or its successors or assigns, or such other persons or entities lesignated by the City Council, through the issuance of bonds in the approximate wincipal amount of $1,100,000 for the purpose of providing financing of the 'roject.
2) The bonds shall be issued subject to the conditions that (i) the City :ouncil by appropriate resolution shall agree to acceptable terms and conditions 'or the bonds (and for the sale and delivery thereof) and all other documents ind agreements to be requisite governmental approvals shall have first been Ibtained; (iii) the City shall select, as appropriate, bond counsel , financial :onsultant, underwriter and financial feasibility consultant in connection with ;he issuance of the bonds; (iv) the bonds shall be payable solely from revenues lerived from the financing of the Project or other investments made with the iroceeds of such bonds, and the bonds shall not constitute a debt or liability
If the City or any agency or authority thereof; and (v) the City and the leveloper shall have entered into a letter agreement in which the Developer agree:
;o apply all incidental costs and expenses of the City incurred in connection wit1 ;he bond financing and with such other terms and conditions as are considered.
3) Based on the foregoing, it is understood that the availability
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if such financial assistance is a substantial inducement to the Developer to indertake the project in a manner desired by the City, but that there can be no issurance that such bonds will in fact be issued.
4) ind directed to take whatever additional action relating to the aforesaid 'inancial assistance may be deemed reasonable and desirable in furtherance of ;his resolution.
The appropriate officers and agents of the City are hereby authorized
5) Notwithstanding the foregoing the City Counci 1 expressly reserves the qight to disapprove or to conditionally approve the Project if, in the determina- tion of the City Council, the Project fails to conform with any applicable ilanning, zoning, subdivision, or building laws, ordinances, and/or policies ipplicable to the Project; and the adoption of this resolution shall not be ieemed to indicate the City Council's :hereto, determination that the Project conforms
PASSED, APPROVED AND ADOPTED this 21st day of June , 1983, by the
:ity Council of the City of Carlsbad by the following vote, to wit:
AYES:
NOES : None
Council mrs Casler, Lewis, Kulchin, Chick and Prescott
ABSENT: None
lTTEST :
A
7 MARY HY CASLER, Mayor