HomeMy WebLinkAboutCarlsbad Public Financing Authority; 2005-05-03;LICENSE AGREEMENT BETWEEN
CITY OF CARLSBAD AND
CARLSBAD PUBLIC FINANCING AUTHORITY
FOR DEVELOPMENT OF THE MUNICIPAL GOLF COURSE
Retroactive to May 3, 2005, the City of Carlsbad (“City”), owner of the property
shown on attached Exhibit A (“the Property”), on which a municipal golf course is to be
built, hereby authorizes the Carlsbad Public Financing Authority (“Authority”) to enter
and use the Property for development and construction of the Carlsbad Municipal Golf
Course. Authority shall require that the contractors for all three phases of the golf
course development include the City and its representatives as insureds on all policies
obtained for the construction of the golf course.
It is the intention of the City and the Authority to enter into a more formal
agreement in 2006 whereby the City will ground lease the Property to the Authority
and lease the Property back from the Authority for the term of the ground lease, and a
completed 18-hole municipal golf course, including clubhouse and ancillary buildings.
The Authority will then apply the City’s lease payments toward its obligation to repay
the tax-exempt bonds to be issued by the Authority to finance the golf course
development. The ground lease will be presented to the governing bodies of the City
and the Authority for approval, along with the financing documents.
Once executed in 2006, the ground lease will supercede this license
agreement.
Carlsbad Public Financing Authority City of Carlsbad
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SITE MAP
1 CITY OF CARLSBAD
GOLF COURSE
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