HomeMy WebLinkAbout1984-12-18; City Council; Resolution 78441
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to provide finanLial assistance for multifamily residential
developments wit in the City;
WHEREAS, Lincoln-Seascape, a California Limited Partnership
(collectively tlde "Developer") has requested financial assistance
in connection with the construction of an approximately 208 unit
multifamily ren a1 housing project proposed to be located on a
parcel of land on the south side of Camino De Las Ondas and east
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of Paseo Del No 4 lte in the City of Carlsbad (hereinafter the
"Project") ; and ~
WHEREAS, dhe City, as an inducement to the Developer, is
willing to auth 0 rize the issuance of obligations in an amount
sufficient to p ovide financing for the Project subject to the
restrictions of the Act and all applicable state and federal laws 4
as they present I y exist, providing that the Project receives all
necessary gover mental approvals and providing further that at
least
by individuals &r families of low or moderate income (which, as
defined in Sect on 103(b) (12) (C) of the Internal Revenue Code of
1954, as amended, are persons whose income does not exceed eighty
percent (80%) of the median gross income for the San Diego
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twenty percent (20%) of the units in the project are occupic
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Metropolitan St tistical Area) for at least a ten (10) year period
issuance of the obligations, or such longer perioc from the date o
RESOLUTION NO. 7844
THE LINCOL:.\J
UTION OF INDUCEMENT OF THE CITY COUNCIL
CITY OF CARLSBAD INDICATING ITS INTENT E OBLIGATIONS TO PROVIDE FINANCING FOR
MULTIFAMILY HOUSING PROJECT PROPOSED BY
-SEASCAPE, A CALIFORNIA LIMITED PARTNERSHIP
WHEREAS, t e City Council of the City of Carlsbad is
Tuthorized, purs ant to Chapter 7 (commencing with Section 52075)
3f Part 5 of Division 31 of the Health and Safety Code (the "Act");
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ind other matters
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relating thereto to the full satisfaction of the
as may be requirkd by state or federal law;
NOW, THEREFORE, BE IT RESOLVED by the Ci-y Council of the City
)f Carlsbad, as f llows: b SECTION 1. the City Council hereby determines that the
indertaking of th financing of the proposed Project by the City wil
)e a substantial 1 actor in the accrual of public benefits to be
-eceived from the Project, should the Project be approved and
:onstructed, and t hat the proposed financing is in accord with the
urposes and of the Act.
SECTION 3.1 The obligations to be issued shall be special I
2bligations of tqe City payable solely from revenues to be received
3y the City pursyant 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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3f the City, the~State of California or any political subdivision
2f the State. I
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SECTIOW 4.1 I The City Manager, or his designee, is hereby
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indic
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to p:
SECTI( N 5.
required process
departments are
the economic feai
3f the Act. It
"some other simi
indebtedness wit:
954, as amended
SECTION 6.
Zity to issue bo
and approvals ar
spplicable laws.
shall not limit
to deny any furt
.Iltimate complet
SECTION 7.
_-
Fon adoption.
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te to the Developer the willingness on the
ceed with the proposed financing.
The City is hereby authorized to commence
lg and approval of the Project and the City
part
.he
rected to consider opportunities to contribute to
bility of the units as required by Section 52080
I intended that this resolution shall constitute
lr official action" toward the issuance of
.n the meaning of the Internal Revenue Code of
The adoption of this resolution shall not bind the
1s until and unless all other necessary actions
taken or received in accordance with all
The adoption of this resolution does not and
1 any manner whatsoever the City's full discretion
?r permit or approval that may be necessary for
In of the Project.
This resolution shall take effect immediately
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SECTION 8.
.his resolution a
!ertification to
PASSED, APP
:ity Council of t
)f December, 1984
AYES: CamC
NOES: OunC
ABSTAIN: N
ABSENT: N
iTTEST:
,LETHA L. RAUTENK
Seal)
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rhe City Clerk shall certify to the adoption of
3. shall cause this resolution and this
3 filed in the Office of the City Clerk.
XED, AND ADOPTED at a regular meeting of the
3 City of Carlsbad, California, on the 18th day
by the following vote, to wit:
Members Casler, I;ewis, Kulchin, and Chick
Member Pettine
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4NZ, City 'Clerk