HomeMy WebLinkAbout1983-06-21; City Council; 7407; INDUCEMENT RESOLUTION FOR MORTGAGE REVENUE BOND FINANCINGCI~F CARLSBAD - AGEN-ILL 2
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DEPl TITLE:" INDUCEMENT FiESOLUTION FOR MORTGAGE REVENUE
MTG.6/21/83 BOND FINANCING
DEPT. BI nr I CITY
RECOMMEND€D ACTION:
Council adopt a Resolution of Inducement No.;%97$(yexpressing Council's intc
to provide Mortgage Revenue Bond financing for a nul ti -family housing projec
ITEr.1 EXPLANATION
The applicant, Michael O'Gara,proposes a 37 unit apartment pro.ject at the southwest corner of Chinquapin and Harrison.
The applicant, in return for providing 20% low and moderate income housing, requesting mortgage revenue bond financinu.
The city Attorney and the Director of Bui.lding and P1 anni nv have reviewed th and it appears to be consistent with the General Plan, the City's Housing El and Council's affordable housing goals.
Adoption of the resolution does not commit the Cit,y to approve this project, however; adoption of the resolution gives the developer the opportunity to f development and land costs as part of the mortgage revenue'bond issue for an. qualified project on the site.
FISCAL IMPACT
Costs incurred will be recovered as part of the mortgage revenue bond issue.
EXH I BITS
I. Resolution NO. 72 ~.;r
2. Location. Map
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I II RESOLUTION NO. 7248
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RESOLUTION OF THE CITY COUNCIL'OF THE CITY OF CARLSBAD, CALIFORNIA, RELATING TO THE ISSUANCE OF REVENUE BONDS FOR A MULTI-FAMILY RESIDENTIAL RENTAL PROJECT
5 WHEREAS, the City of Carlsbad (the "City") is authorized by the pr
6 of Health and Safety Code Sections 52000 et seq. to issue revenue bonds
. 7 purpose of financing multi-family residential rental projects; and
8 WHEREAS, Michael O'Gara (the "Developer") intends to develop a mu
9 family senior residential project consisting of approximately 37 rental
10: be located on the southwest corner of Chinquapin and Harrison; and
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WHEREAS, as an inducement to the Developer to carry out the Proje 12
WHEREAS, the Project wi 11 be of benefit to the C; ty and its resid
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City desires to authorize the issuance of bonds. to provide financing for
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NOW, THEREFORE, BE IT RESOLVED, by the City Counci 1 of the City c 15
construction and development thereof;
1) Subject to the completion of the necessary legal proceedings 17
as follows: .
matters relating thereto to the full satisfaction of, the City Council, 1 18 Council hereby declares its intention to provide financial assistance tc Developer, or its successors or assigns, or such other persons or entit' 19 designated by the City Council, through the issuance of bonds in the apl
principal amount of $1,100,000 for the purpose of providing financing 01 20 Project.
21 2) The bonds shall be issued subject to the conditions that (i)
Council by appropriate resolution shall agree to acceptable terms and c' 22
the issuance of the bonds; (iv) the bonds shall be payable solely from 24 consultant, underwriter and financial feasibility consultant in connect obtained; (iii) the City shall select, as appropriate, bond counsel, fi 23 and agreements to be requisite governmental approvals shall have first for the bonds (and for the sale and delivery thereof) and all other doc
3) Based on the foregoing, it is understood that the availabili 28
the boGd financing and with such other terms and conditions as are cons z7 to apply all incidental costs and expenses of the City incurred in conn , Developer shall have entered into a letter agreement in which the Devel 26 of the City or any agency or authority thereof; and (v) the City and th proceeds of such bonds, and the bonds shall- not constitute a debt or li 25 derived from the financing of the Project or other investments made wit
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1 undertake the project in a manner desired by the City, but that there cal of such financial assistance is a substantial inducement to the Develope'
. 2 assurance that such bonds wi 11 in fact be issued.
3 4) The appropriate officers and agents of the City are hereby au
and directed to take whatever additional action relating to the aforesai' -4 financial assistance may be deemed reasonable and desirable in furtheran
5 this resol uti on.
. 5) Notwithstanding the foregoing the City Council expressly rese 6 right to disapprove or to conditionally approve the Project if , in the d tion of the City Council, the Project fails to conform with any applica 7 planning, zoning, subdivision, or building laws, ordinances, and/or poli applicable to the Project; and the adoption of this resolution shall not 8 deemed to indicate the City Council 's determination that the Project co thereto. 9
10 PASSED, APPROVED AND ADOPTED this 21st day of June , 1983,
11 City Coyncil of the City of Carlsbad by the fo1 lowing vute, to wit:
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AYES: Council Bmkers Casler, -is, Kulchin, Chick and Prescoi
ABSENT: None .34
NOES: None
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ATTEST :
MARY H/ CASLER, Mayor 17 %!L/ffP&
181 hDw 8 G&h!.AT
19 1 ALETHA L, RAUTENKRANZ, City Clerk
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