HomeMy WebLinkAbout2006-01-24; City Council; Resolution 2006-0151 CITY COUNCIL RESOLUTION NO. 2006-015
2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
3 CARLSBAD, CALIFORNIA, APPROVING THE ISSUANCE OF TAX-
EXEMPT OBLIGATIONS IN AN AMOUNT NOT TO EXCEED $30
4 MILLION BY THE CALIFORNIA MUNICIPAL FINANCE
AUTHORITY TO FINANCE THE CONSTRUCTION OF ONE
5 HUNDRED SIXTY-EIGHT (168) AFFORDABLE APARTMENT UNITS
WITHIN VILLAGES OF LA COSTA AND DIRECTING CERTAIN
ACTIONS
7 APPLICANT: CHELSEA INVESTMENT CORPORATION
CASE NO: SDP 04-13
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WHEREAS, the California Municipal Finance Authority, a public entity of the State of
California and a joint powers authority, ("CMFA") intends to issue tax-exempt obligations (the
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"Obligations") for the purpose, among other things, of making a loan to Chelsea Investment
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Corporation ("Chelsea") or a limited partnership or limited liability company to be established by
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Chelsea (the "Developer"), the proceeds of which shall be used by the Developer to finance the
j 5 acquisition, construction and development of a multifamily housing rental facility to be located
16 on the east side of the realigned Rancho Santa Fe Road, south of San Elijo Road, and west of the
17 City limit for the City of San Marcos in the City of Carlsbad, California (the "Project"); and
18 WHEREAS, the CMFA is authorized by Chapter 7 of Part 5 of Division 31 of the Health
19 and Safety Code of the State of California (the "Law") to issue and sell revenue bonds for the
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purpose of financing the acquisition, construction and development of multifamily rental housing
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facilities to be occupied in part by low and very low income tenants; and
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WHEREAS, the Obligations will be considered to be "qualified exempt facility bonds"
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24 under Section 142(a) of the Internal Revenue Code of 1986, as amended (the "Code"), and
25 Section 147(f) of the Code requires that the "applicable elected representative", which is the City
26 of Carlsbad, shall hold a public hearing on and approve the issuance of the Obligations; and
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3 WHEREAS, this City Council is the elected legislative body of the City; and
4 WHEREAS, a notice of public hearing in a newspaper of general circulation in the City
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has been published, to the effect that a public hearing would be held by this City Council on the
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date hereof regarding the issuance of the Obligations by the CMFA and the nature and location of
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the Project; ando
9 WHEREAS, this City Council held said public hearing, at which time an opportunity was
10 provided to present arguments both for and against the issuance of such Bonds and the nature and
11 location of the Project; and
1 *?WHEREAS, it is in the public interest and for the public benefit that the City approve the
issuance and delivery of the Obligations by CMFA for the purpose of financing the acquisition,
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construction and development of the Project;
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WHEREAS, the City shall not have any liability for the repayment of the Obligations or
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any responsibility for the Project; and
jg WHEREAS, the City reasonably expects to receive a portion of the issuance fee to
19 reimburse the City for certain expenditures related to the required public hearing and/or to be
20 used for any other lawful purpose.
21 NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City
22 of Carlsbad, California, as follows:
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1. The City hereby finds and determines that the foregoing recitals are true and correct.
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2. The City hereby approves the issuance and delivery of the said Obligations by CMFA
25 for the purpose of paying the costs of financing the acquisition, construction and
development of said Project. It is intended that this Resolution shall constitute a
declaration of "official intent" within the meaning of Section 1.150-2 of the Treasury
27 Regulations promulgated under the Code for purposes of providing for and
authorizing the reimbursement of Reimbursement Expenditures from the proceeds of
28 the Obligations.
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3. The adoption of this Resolution shall not bind the City or CMFA to issue the
Obligations. Additionally, the adoption of this Resolution does not and shall not limit
in any manner whatever the full discretion of the City to deny any further permit or
approval that may be necessary for ultimate completion of the proposed Project.
4. The City Council approves the City becoming a member of CMFA and hereby
authorizes the City Manager to execute the Joint Powers Authority Agreement to
allow the City to become a member of the CMFA, in substantially the form presented
and subject to final approval of said agreement by the City Attorney.
5. This resolution shall take effect upon its adoption.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the City
Council of the City of Carlsbad, California, held on the 24th day of _JanuaryA 2006, by
the following vote, to wit:
AYES: Council Members Lewis, Hall, Kulchin, Packard, Sigafoose
NOES: None
ABSENT: None
ABSTAIN:
WIS , Mayor
ATTEST:
(SEAL)
"*;.&„>*