HomeMy WebLinkAbout1984-08-21; City Council; Resolution 77101
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RESOLUTION NO. 7710
A RESOLUTION OF INDUCEMENT OF THE CITY COUNCIL
OF THE CITY OF CARLSBAD, CALIFORNIA INDICATING
ITS INTENT TO ISSUE OBLIGATIONS TO PROVIDE
FINANCING FOR THE MULTIFAMILY HOUSING PROJECT
PROPOSED BY RODNEY F. STONE AND GEORGE A.
FERMANIAN
WHEREAS, the Council of the City of Carlsbad is authorized,
pursuant to Chapter 7 (commencing with Section 52075) of Part 5
Df Division 31 of the Health and Safety Code (the "Act"), to
provide financial assistance for multifamily residential
developments within the City;
WHEREAS, Rodney F. Stone and George A. Fermanian (collective1
the "Developer"), on behalf of themselves and a partnership to be
formed by them, have requested financial assistance in connection
with the construction of an approximately 642-unit multifamily
rental housing project proposed to be located on a 64.28 acre parce
of land at the southeast corner of Alga and Alicante in the City
of Carlsbad (hereinafter the "Project") ; and
WHEREAS, the City, as an inducement to the Developer, is
willing to authorize the issuance of obligations in an amount
sufficient to provide financing for the Project subject to the
restrictions of the Act and all applicable state and federal laws
as they presently exist, providing that the Project receives all
necessary governmental approvals and providing further that at
least twenty percent (20%) of the units in the Project are occupied
by individuals or families of low or moderate income (which, as
defined in Section 103(b) (12) (C) of the Internal Revenue Code of
1954, as amended, are persons whose income does not exceed 80
percent of the median gross income for the San Diego Metropolitan
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Statistical Area) for at least a 10-year period from the date of
issuance of the obligations, or such longer period as may be
required by State or Federal law;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
3ity of Carlsbad as follows:
SECTION 1. The City Council hereby determines that the
mdertaking of the financing of the proposed Project by the City
Mill be a substantial factor in the accrual of public benefits to
De received from the Project, should the Project be approved and
zonstructed, and that the proposed financing is in accord with the
purposes and requirements of the Act.
SECTION 2. Subject to (i) the completion of the proceedings
2nd other matters relating thereto to the full satisfaction of the
Zity Council and City staff, including the execution of a Developer
Agreement between the City and the Developer satisfactory to the
Zity, (ii) the proposed Project receiving all necessary
governmental approvals, and (iii) there being no further reductions
in development standards such as increased densities or reduced
amenities with respect to the Project, the City Council hereby
agrees to provide financial assistance to the Developer, or such
other affiliated entity as may be approved by the City, through
the issuance of obligations in an amount of approximately
$33,000,000, or such higher amount as is necessary to finance the
Pro j ect .
SECTION 3. The obligations to be issued shall be special
obligations of the City payable solely from revenues to be received
by the City pursuant to a loan or other financing agreement in a
form acceptable to the City and shall not be a general obligation
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of the City, the State of California or any political subdivision o
the State.
SECTION 4. The City Manager, or his designee, is hereby
directed to indicate to the Developer the willingness on the part
of the City to proceed with the proposed financing.
SECTION 5. The City is hereby authorized to commence the
required processing and approval of the Project and the City
departments are directed to consider opportunities to contribute
to the economic feasibility of the units as required by Section
52080 of the Act. It is intended that this Resolution shall
constitute "some other similar official action" toward the issuance
of indebtedness within the meaning of the Internal Revenue Code of
1954, as amended.
SECTION 6. The adoption of this Resolution shall not bind
the City to issue bonds until and unless all other necessary action:
and approvals are taken or received in accordance with all
applicable laws. The adoption of this Resolution does not and shal:
not limit in any manner whatsoever the City's full discretion to
deny any further permit or approval that may be necessary for
ultimate completion of the Proejct.
SECTION 7. This Resolution shall take effect immediately
upon adoption.
SECTION 8. The City Clerk shall certify to the adoption
Df this Resolution and shall cause this Resolution and this
zertification to be filed in the office of the City Clerk.
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PASSED, APPROVED AND ADOPTED at a regular meeting of the
City Council of the City of Carlsbad, California on the 21st day
of August, 1984, by the following vote, to wit:
AYES :
NOES : None
ABSTAIN : None
Council Pkmbers Casler, Iewis, Kulchin, Chick and Prescott
ABSENT :
ITTEST:
(Seal)