HomeMy WebLinkAbout1984-08-21; City Council; 7852; Inducement Resolution Mortgage Revenue Bond Financing..
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CIT~F CARLSBAD - AGEND~ILL
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DEPT. RE D
MTG. 8/21/84
DEPT TITLE:
RECOMMENDED ACTION:
INDUCEMENT RESOLUTION FOR MORTGAGE
REVENUE BOND FINANCING CITY
CITY
Council adopt a Resolution of Inducement No. 7710 expressing Cc intent to provide Mortgage Revenue Bond financing for a multi-.
housing project.
ITEM EXPLANATION
The applicants Rodney F. Stone and George Fernanian, propose a unit apartment project located on 64.28 acres at the southeast
corner of Alga Road and Alicante.
The applicant, in return for providing 20% low and moderate in(
housing, is requesting mortgage revenue bond financing.
The City Attorney and the Director of Building and Planning ha7
reviewed the project and it appears to be consistent with the
General Plan, the City's Housing Element and Council's affordal
housing goals.
Adoption of the resolution does not commit the City to approve
project, however; adoption of the resolution gives the develope
the opportunity to finance development and land costs as part (
the mortgage revenue bond issue for any qualified project on tl:
site.
I
~ FISCAL 'IMPACT
Costs incurred will be recovered as part of the mortgage reven1
bond issue.
EXHIBITS
1 1 - Resolution No: 7710
2 - Location Map
Y.'. POCATION MAP *
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