HomeMy WebLinkAbout1999-07-13; Housing & Redevelopment Commission; Resolution 311-. 0 0
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HOUSING AND REDEVELOPMENT COMMISSION RESOLUTION NO. 311
RESOLUTION APPROVING, AUTHORIZING AND DIRECTING
EXECUTION OF AN AMENDED AND RESTATED JOINT EXERCISE OF
POWERS AGREEMENT ALLOWING THE HOUSING AND
REDEVELOPMENT COMMISSION TO PARTICIPATE IN THE ECONOMIC
DEVELOPMENT FINANCING PROGRAMS OF THE CALIFORNIA
STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY AND
APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE
REFUNDING BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY FOR THE PURPOSE OF REFINANCING
THE DEVELOPMENT OF THE SEASCAPE APARTMENTS.
WHEREAS, the Carlsbad Housing and Redevelopment Commission (the “Commissic
expressed an interest in participating in the economic development financing progral
“Programs”) in conjunction with the parties to that certain Amended and Restated Joint Ex€
Powers Agreement Relating to the California Statewide Communities Development Authol
“Authority”), dated as of June 1, 1988 (the “Agreement”); and
WHEREAS, there is now before this Commission the form of the Agreement; and
WHEREAS, the Commission proposes to participate in a Program and desires that 2
208-unit multifamily residential housing facility located at 6938 Seascape Drive in the
Carlsbad, commonly known as the Seascape Village Apartments (the “Project”), located w
City, to be refinanced with the proceeds of a series of multifamily housing revenue refundir
(the “Obligations”) to be issued by the Authority; and
WHEREAS, the City Council of the City of Carlsbad has held a public hearing with re
and has approved by resolution the issuance of, the Obligations for the purpose of refinan
acquisition and construction of the Project; and
WHEREAS, it is in the public interest and for the public benefit that the Commission (
and
WHEREAS, the Agreement has been filed with the Commission, and the membe~
Commission, with the assistance of its staff, have reviewed said document;
NOW, THEREFORE, BE IT RESOLVED by the Carlsbad Housing And Redevc
27 II Commission as follows:
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1. The Agreement is hereby approved and the Chairperson or Executive Dire
designee thereof is hereby authorized and directed to execute said docume1
such changes, insertions and omissions as may be approved by said Chairpe
Executive Director, and the Secretary or such Secretary's designee is
authorized and directed to attest thereto.
2. The Commission hereby approves the issuance of the Bonds by the Author
ratifies all actions heretofore taken with respect to the Bonds and the Project 7
understanding that the Authority will issue the Bonds subject to the inclusio:
Commission as a third party beneficiary in the Regulatory Agreement and Dec
connection with the issuance and delivery of the Obligations. It is the pu'p
intent of the Commission that this resolution constitute approval of the issuanc
Obligations for the purposes of Section 9 of the Agreement.
of Restrictive Covenants with respect to the Project to be executed and dek
3. The officers of the Commission are hereby authorized and directed, joir
severally, to do any and all things and to execute and deliver any and all dol
that they deem necessary or advisable in order to carry out, give effect to and
with the terms and intent of this Resolution and the refinancing approved here1
4. The Developer shall be responsible for the payment of all present and future
connection with the issuance of the Obligations, including, but not limited to,
and expenses incurred by the City or the Commission in anticipation of the issl
the Obligations. The payment of the principal, redemption premium, if s
purchase price of and interest on the Obligations shall be solely the responsi
the Developer. The Obligations shall not constitute a debt or obligation of thc
the Commission.
5. The Secretary of the Commission shall forward a certified copy of this Resolul
an originally executed Agreement to:
Thomas A. Downey, Esq.
Jones Hall, A Professional Law Corporation
650 California Street, 18th Floor
San Francisco, California 94108
Ana Marie del Rio, Esq.
Orrick, Herrington & Sutcliffe LLP
Old Federal Reserve Bank Building
400 Sansome Street
San Francisco, California 941 11
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HRC RES0 NO.
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PASSED, APPROVED, AND ADOPTED at a regular meeting of the Housil 2
6. This resolution shall take effect immediately upon its passage.
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the following vote, to wit: 4
Redevelopment Commission of the City of Carlsbad, California, held on the 13” day of Julv, :
5 AYES: Commissioners Lewis, Nygaard, Finnila, Hall ii Kulchir:
6 I/ NOES: None
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ABSENT: None
ABSTAIN:
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(SEAL)
HRC RES0 NO.
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