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Home My WebLink About1983-04-05; City Council; 7345; INDUCEMENT RESOLUTION FOR MORTGAGE REVENUE BOND FINANCING* .I CITY r f CARLSBAD - AGENDAaL d .t:' IAB#x I rn DEW. I IMTG= DEPT.BIJx;, 4/5/83 I 1:;:; INDUcEpm RESOLUTION FOR PBWAE REVENUE €?OD FINANCIXG t I RECOMMENDED ACTION: Council adopt a Resolution of Inducement No. 7/f7expressing Council's inter to provide Mortgage Revenue Bond financing for a multi-family housing projec I ITEM EXI?LANATION The applicant, Cormunity Resources Corporation proFses a 300 unit apartmen project in the Grove Master Plan. (Property formerly owned by Broadmoar HOI The applicant,'in return for providing 20% low and derate income housing, requesting mortgage revenue bond financing, The City Attorney and the Director of Building and Planning have reviewed C project and it appears to be consistent with the General Plan, the City's Housing Element and Council's affordable housing goals. Adoption of the resolution does not cormit the City to approve this project however; adoption of the resolution gives the developer the opportunity to development and land costs as part of the mrtgage revenue bond issue for any qualified project on the site. FISCAL IMPACT costs incurred will be recovered as part of the mrtgage revenue bond issue EXHIBITS I 1. n Lb] > 0 CE tL 8. Q. 2 P t; a d 0 z 3 0 0 I Resolution No. 71 f 7 I - 1 '. 1 2 3 P 4 RESOLUTION NO. 7187 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD RELATING TO THE ISSUANCE OF REVENUE BONDS FOR A MULTI-FAMILY RESIDENTIAL RENTAL PROJECT '. i 4 5 6 WHEREAS, the City of Carlsbad (the "City") is authc by the provisions of Health and Safety Code Sections 52000 ( to issue revenue bonds for the purpose of financing multi-f( 7 11 residential rental projects; and 8 WHEREAS, Community Resources Corporation (the "Devl intends to develop a multi-family residential project cons 9 lo I' of approximately 300 rental units to be located in the Hosp area. (the "Project") ; and I.2 /I WHEREAS, the Project will be of benefit to the Cit l3 //its residents; and 14 15 16 17 WHEREAS, as an inducement to the Developer to carr the Project, the City desires to authorize the issuance of provide financing for the construction and development ther NOW, THEREFORE, BE IT RESOLVED, by the City Counci 181/City of Carlsbad, as follows: 19 I 1) Subject to the completion of the necessary leg 20 proceedings and other matters relating thereto to the full 28 financial consultant, underwriter and financial feasibilit) (iii) the City shall select, as appropriate, bond counsel, 27 requisite governmental approvals shall have first been obtz executed by the City in connection with such bonds: (ii) a] 26 delivery thereof) and all other documents and agreements tc acceptable terms and conditions for the bonds (and for the 25 that (i) the City Council by appropriate resolution shall 2 2) The bonds shall be issued subject to the condi 24 providing financing of the Project. 23 the approximate principal amount of $15,000,000 for the pur designated by the City Council, through the issuance of bor! 22 its successors or assigns, or such other persons or entitie its intention to provide financial assistance to the Develc 21 satisfaction of the City Council, the City Council hereby d consultant in connection with the issuance of the bonds; (I bonds shall be payable solely from revenues derived from tf financing of the Project or other investments made with thc I b <- # t 1 2 3 '4 5 6 7 8 9 10 11 12 13 14 9 6 proceeds of such bonds, and the bonds shall not constitute q liability of the City or any agency or authority thereof; a1 the City and the Developer shall have entered into a letter agreement in which the Developer agrees to apply all incidel costs and expenses of the City incurred in connection with financing and with such other terms and conditions as are cc necessary or appropriate by the City Council and the Develo] 3) Based on the foregoing, it is understood that availability of such financial assistance is a substantial inducement to the Developer to undertake the Project in a rn, desired by the City, but that there can be no assurance tha, bonds will in fact be issued. r 4) The appropriate officers and agents of the Cit: hereby authorized and directed to take whatever additional relating to the aforesaid financial assistance may be deeme( reasonable and desirable in furtherance of this resolution. 5) Notwithstanding the foregoing the City Council expressly reserves the right to disapprove or to conditiona approve the Project if, in the determination of the City COI the Project fails to conform with any applicable planning, subdivision, or building laws, ordinances, and/or policies applicable to the Project: and the adoption of this resolut shall not be deemed to indicate the City Council's determin, that the Project conforms thereto. 15 18 vote: 17 1983, by the City Council of the City of Carlsbad by the fo 16 PASSED,. APPROVED AND ADOPTED this 5th day of - % NOES : None 19 20 ABSENT: None .. AYES : . Council Mehers Casler, Lewis, Kulchin, CHick and I 21 22 vL++d& ASLER, Mayo 23 ATTEST: ll 24 85 ALETHA L. RAUTENKRANZ, City Cle/rk (5LLx7L2 4- R& 26 (SEAL) /I 27 28 ___.""1~,".__"*_.L._.~._."_~._~"/~.I.."~""."~.~""..~ 4 . I) I__ "1. - "_" - ."""". __ . . . . . . . - _. - 2-d 8 .f 1200 ELM AVENUE CARLSBAD, CALIFORNIA 92008 Cltp of $arl$bab TE (7 April 8, 1983 Agatep Corporation 2921 Roosevelt Street Carlsbad, Ca 9 2008 Attention: Jack Henthorn Enclosed for your records, please find a copy of the following Resolution No. 7187 "_ , adopted by the Carlsbad City Council on April 5, 1983 Sincerely, &f* LEE RAUTENKRANZ , City Clerk LR: adm Enclosures ( 1 )