HomeMy WebLinkAbout1983-07-05; City Council; Resolution 7278# .
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RESOLUTION NO. 7278
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, RELATING TO THE ISSUANCE OF REVENUE BONDS FOR A
PROJECT APPLICANT: NORMANDY PACIFIC MULTI-FAMILY RESIDENTIAL RENTAL PROJECT.
WHEREAS, the City of Carlsbad ( the "City") is authorized by the provisions
of Health and Safety Code Sections 52000 et seq. to issue revenue bonds for the
purpose of financing multi-family residential rental projects; and
WHEREAS, Normandy Pacific (the "Developer") intends to develop a mu1 ti-
family residential project consisting of approximately 24 dwelling units to
be located on the southeast corner of Harding Street and Oak Avenue; 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
City desires to authorize the issuance of bonds to provide financing for the
construction and development thereof;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Carlsbad
as follows:
1) Subject to the completion of the necessary legal proceedings 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 designated by the City Council, through the issuance of bonds in the approximate principal amount of $1,300,000 for the purpose of providing financing of the Project.
2) The bonds shall be issued subject to the conditions that (i) the City Council by appropriate resolution shall agree to acceptable terms and conditions for the bonds (and for the sale and delivery thereof) (ii) all &her documents and agreements to be requisite governmental approvals shall have first been obtained; (iii) the City shall select, as appropriate, bond counsel, financial consultant, underwri ter and fi nanci a1 feasi bi 1 i ty consultant in connecti on wi th
the issuance of the bonds; (iv) the bonds shall be payable solely from revenues derived from the financing of the Project or other investments made with the proceeds of such bonds, and the bonds shall not constitute a debt or liability of the City or any agency or authority thereof; and (v) the City and the Developer shall have entered into a letter agreement in which the Developer agrees to apply all incidental costs and expenses of the City incurred in
connection with the bond financing and with such other terms and conditions as
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are considered.
Based on the foregoing, it is understood that the availability of such financial assistance is a substantial inducement to the Developer to undertake the project in a manner desired by the City, but that there can be no assurance that tuch bonds will in fact be issued.
4) The appropriate officers and agents of the City are hereby authorized md directed to take whatever additional action relating to the aforesaid financial assistance may be deemed reasonable and desirable in furtherance of this resolution.
Notwithstanding the foregoing the City Council expressly reserves the right to disapprove or to conditionally approve the Pro.ject if, in the determination of the City Council, the Project fails to conform with any 3pplicable planning, zoning, subdivision, or building laws, ordinances, and/or solicies applicable to the Project; and the adoption of this resolution shall not be deemed to indicate the City Council's determination that the Project conforms there t 0.
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PASSED, APPROVED AND ADOPTED this 5th day of ~uly , 1983, by
the City Council of the City of Carlsbad by the following vote, to wit:
councilkkmbers casler, Ws, Kulchin, chi& and Prescott AYES:
NOES: None
ABSENT: None
ATTEST :
MARY HdCASLER, Mayor
(Seal )
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