HomeMy WebLinkAbout1984-08-28; City Council; 7863; INDUCEMENT RESOLUTION FOR MULTI-FAMILY MORTGAGE REVENUE BOND FINANCING&.I.. .
*I CITBF CARLSBAD - AGENDAILL
AB# 7'* Tm INDUCEMENT RESOLUTION FOR MULTI-
MTG. 8/28/84
DEPT. RE D
FAMILY MORTGAGE REVENUE BOND
FINANCING
DEPT.
CITY E
CITY m I RECOMMENDED ACTION:
Council adopt. a Resolution of Inducement No. ??sexpressing
Council's intent to provide Mortgage Revenue Bond 'financing fol
multi-family housing project.
ITEM EXPLANATION
The applicant Multitech Properties Inc., a California Corporat:
or Rising Glen a California Limited Partnership propose a 195
unit apartment project located on 9 acres at the northwest cor]
of El Camino Real and Elm Avenue.
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 developc
the opportunity to finance development and land .costs as part (
the mortgage revenue bond issue for any qualified project on tl
site.
FISCAL IMPACT
Cost incurred will be recovered as part of the mortgage revenuc bond issue.
EXHIBITS €3 u > 8 1 - Resolution No. 77Jr
E 2 - Location Map 2
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RESOLUTION NO. 7725
A RESOLUTION OF INDUCEMENT OF THE CITY COUNCIL OF
THE CITY OF CARLSBAD INDICATING ITS INTENT TO ISSUE
OBLIGATIONS TO PROVIDE FINANCING FOR THE MULTI-FAMIL!
HOUSING PROJECT PROPOSED BY MULTITECH PROPERTIES OR
RISING 'GLEN LIMITED.
WHEREAS, the City Council of the City of Carlsbad is a1
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within the City: 9
financial assistance for multi-family residential developme 8
Division 31 of the Health and Safety Code (the "Act"), to p 7
pursuant to Chapter 7 (commencing with Section 52075) of Pa:
10 WHEREAS, Multitech Properties Inc., a California Corpo
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of an approximately 195-unit multifamily rental housing pro 13
requested financial assistance in connection with the const 12
Rising Glen a California Limited Partnership (the "Develope
14 proposed to be located on a 9 acre parcel of land at the no
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necessary governmental approvals and providing further thal z2
as they presently exist, providing that the Project receivc 21
restrictions of the Act and all applicable state and federE 20
1 sufficient to provide financing for the Project subject to 19
willing to authorize the issuance of obligations in an amou 18
WHEREAS, the City, as an inducement to the Developer, 17
(hereinafter the "Project") ; and 16
corner of El Camino Real and Elm Avenue in the City of Carl
23 least twenty percent (20%) of the units in the Project are
24 by individuals or families of l0W or moderate income (whic):
25 defined in Section 103 (b) (12) (C) of the Internal Revenue Cc
26 1954, as amended, are persons whose income does not exceed
27 percent of the median gross income for the San Diego Metro]
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1 Statistical Area) for at least a 10-year period from the dat
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required by State or federal law; 3
issuance of the obligations, or such longer period as may be
4 NOW, THEREFORE, BE IT RESO.LVED by the City Council of
5 City of Carlsbad as follows:
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SECTION 1. The City Council hereby determines that tT undertaking of the financing of the proposed Project 1: City will be subtantial factor in the accrual of publ:
benefits to be received from the Project, should the I
be approved and constructed, and that the proposed fi~ is in accord with the purposes and requirements of the
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SECTION 2. Subject to (i) the completion of the proct and. other matters relating thereto to the full satisfi
-of the City Council and City Staff, including the exec
satisfactory to the City, (ii) the proposed Project receiving all necessary governmental approvals, and (.
there being no further reductions in development stanc such as increased densities or reduced amenities with
to the Project, the City Council hereby agrees to pro'
financial assistance to the Developer, or such other #
ated entity as may be approved by the City, through tl
issuance of obligations in an amount of approximately $10,000,000, or such higher amount as is necessary to
finance the Project.
of a Developer Agreement between the City and the Dew
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SECTION 3. The obligations to be issued shall be spe obligations of the City payable solely from revenues received by the City pursuant to a loan or other fina agreement in a form acceptable to the City and shall
general obligation of the City, the State of Californ
political subdivision of the State.
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SECTION 4. The City Manager, or his designee, is her directed to indicate to the Developer the willingness
part of the City to proceed with the proposed financi
SECTION 5. The City is hereby authorized to commence
required processing and approval of the Project and t
departments are directed to consider opportunities to
contribute to the economic feasibility of the units a required by Section 5280 of the Act. It is intended
Resolution shall constitute "some other similar offic action" toward the issuance of indebtedness within th
of the Internal Revenue Code of 1954, as amended.
SECTION 6. The adoption of this Resolution shall not
the City to issue bonds until and unless all other ne
actions and approvals are taken or received in accord I/ I1
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with all applicable laws. The adoption of this Resoli
does not and shall not limit in any manner whatsoever
City's full discretion to deny any further permit or E
that may be necessary for ultimate completion of the I
SECTION 7. This Resolution shall take effect immedial
upon adoption.
SECTION 8. The City Clerk shall certify to the adopt:
of this Resolution and shall cause this Resolution an(
certification to be filed in the Office of the City C:
PASSED, APPROVED AND ADOPTED at a regular meeting of 1
City Council of the City of Carlsbad, on this 28th day of AI
1994, by the following vote, to wit:
AYES: Council Members Casler, Lewis, Kulchin, Chick l
NOES : None
ABSENT : None
Prescott
ABSTAIN :
ATTEST: %&&e,
MARY H. ASLER, May1
(SEAL)
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WOCATION L MAP-
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