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Home My WebLink About1983-07-05; City Council; 7438; INDUCEMENT RESOLUTION FOR MORTGAGE REVENUE BOND FINANCING. PROJECT APPLICANT: NORMANDY PACIFICA '. ClmF CARLSBAD'- AGENDeILL ;A, :. 1. ' ,-> 6' AB#= CITY 4 BOND FINANCING. PiiOJECT APPLICANT: NORFANDY DEPTa m- INDUCEMENT RES.OLUTION FOR MORTGAGE REVENUE MTG. 7/5/83 DEPT. BLD CIN PACIFIC I I I - [3 W ~~~ ~ ~~ RECOMMENDED ACTION: Council adopt a Resolution of Inducement No. 72 yxr expressing Council 's intent to provide Elortgage Revenue Bond financing for a multi-family housin: project. ITEM EXPLANATION: The applicant, Normandy Pacific, proposes a 24 dwelling unit, iXes;dcntial project located at the southeast corner of Harding Street Y~T' Gak Avenue. The applicant, in return for providinq 20% low and mocierate income housing, requesting mortgage revenue bond financing. The project-site is on a North County Transit Route, half a block from shop] and one and a half blocks from the Center City. In short, it is ideally suited for development as an affordable rental pro.ject. The Director of Building and Planning has reviewed the project and it appeal be consistent with the General Plan, the City's Housing Elernent and Counci 1 affordable housing goals. The Planning Commission approved the project at June S, 1983, meeting. Adoption of the resolution does not commit 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 mortgage revenue bond issue for al qualified project on the site. FISCAL 1.FIPACT: Cost incurred will be recovered as part of the mortgage revenue bond issue. EXHIBITS: 1. - kesolution NO. '72 7X > 0 tY Q a. < 2 0 F 0 4 G 4 2 3 0 0 2. - Location Yap ELM AVENUE j ~ r ;l 11'- i: i , lF\ 0 - j I" I .__I 1 z 11 OAK t) AVENUE 7u ,. :I i rT- 111 I :> ! -&"+ " 1- 1: I"---- !! _'I! , IE 'J) "I I i -I -1 ' PINE 3 m AVENUE ,.+ I- 1 I 0 e RESOLUTION NO. 7278 .2 4 3 ' RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, RELATING TO THE ISSUANCE @F REVENUE BONDS FOR A PROJECT APPLICANT: NORMANDY PACIFIC MULTI-FAMILY RESIDENTIAL RENTAL PROJECT. 5 6 purpose of financing multi-family residential rental projects; and 8 of Health and Safety Code Sections 52000 et seq. to issue revenue bonds 7 WHEREAS, the City of Carlsbad ( the "Ci.ty") is authorized by the pr 9 WHEREAS, Normandy Par3fi.c (the "Developer") intends to develop a ml 10 be located on the southeast corner of Harding Street aRd Oak Avenue; an( 11 family residential project consisting of approximately 24 dwelling unit: 12 WHEREAS, the Project will be of benefit to- the City and its resider 13 16 construction and development thereof; 15 City desires to authorize the issuance of bonds to provide financing fo 24 WHEREAS, as an inducement to the Developer to carry out the Projecl I as follows: . 17 NOW, THEREFORE, BE IT RESOLVED, by the,City Council of the City of 18 19 20 21 22 23 24 25 .- 26 '27 28 1 I 1) Subject to the completion of the necessary legal proceedings a matters relating thereto to the full satisfaction of the City Council, Council hereby declares its intention to provide financial assistance t Developer, or its successors or assigns, or such other persons or entit designated by the City Council, through the issuance of bonds in the ap Project. principal amount of $1,300,000 for the purpose of providing financing c 2) The bonds .shall be issued subject to the conditions that (i) t Council by appropriate resolution shall agree to acceptable terms and c for the bonds (and for the sale and delivery 'thereof) (.i.i') all .ather dc and agreements to be requisite governmental approvals shall have first obtained; (iii) the City shall select, as appropriate, bond counsel , fi consultant, underwriter and financial feasi bi 1 i ty consultant i n connect the issuance of the bonds; (iv) the bonds shall be payable solely from derived from the financing of the Project o'r other investments made wit proceeds of such bonds, and the bonds shall not constitute a debt or li . of the City or any. agency or authority thereof; and (v) the City and ti Developer shall have entered into a letter agreement in which the-Devel I agrees to apply all incidental costs and expenses of the City incurred 1 connection with the bond financing and with such other terms and condil li ,- . \.. " .% II I- e ,e 1 are considered. 2 3 4 5 6 7 8 9 20 3) Based on the foregoing, it is understood that the availabi 1 i ty financial assistance is a substantial inducement to'the Developer -to unci the project in a manner desired by the City , but that there c'an be no as that tuch bonds will in fact be issued. ~ 4) The appropriate officers and agents of the City are hereby aut! and directed to take whatever additional action relating to the aforesai ffnancial assistance may be deemed reasonable and desjrable in furtherarl ~ this resolution. 5) Notwithstanding the foregoing the City Counci 1 expressly reserv right to disapprove or to conditionally approve the Pro.ject if, in the determination of the City Council, the Project fails to conform with any applicable planning, zoning, subdivision, or building laws, ordinances, policies applicable to tne Project; and the adoption of this resolution not be deemed to indicate the City Counci 1 Is determination that the Proj conforms thereto. 11.11 ' PASSED, APPROVED AND ADOPTED this 5th ' . day of July , 1983 12 17 ATTEST: 16 ABSENT: . None 15 NOES: None 14 AYES : Council mbers Casler , lewis ; Kulchin, Chick and Prescott 13 the City Council of the City of Carlsbad by the. following vote, to wit: +J& MARY H CASLER, I 18 19 1. d4!Lz&- CI 4 Qd7 2o I ALETHA L. RAUTENKRANZ, City Clerk 21 (Seal> i 22 ///I H. 23 24 /I// 1/11 .- -9 - 25 11 //I/ . 26 .I I ' 27 28 I I. .