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HomeMy WebLinkAbout1984-10-23; City Council; 7924; INDUCEMENT RESOLUTION FOR MORTGAGE REVENUE BOND FINANCINGr, ?'. CITbQP CARfS%AD - fi&Qh BILL 2; I. AB#- DEP1 TITLE: INDUCEMENT RESOLUTION FOR MORTGAGE MTG.10/_23/84 CITY REVENUE BOND FINANCING DEPT. RE D CITY RECOMMENDED ACTION: Council adopt a Resolution of Inducement No.77f7expressing C intent to provide Mortgage Revenue Bond financing for a multi- housing project. ITEM EXPLANATION The applicants Rodney F. Stone and George Fermanian, propose a unit apartment project located on a portion of a 34 acre site southwest corner of La Costa and Mission Estancia. 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 ha reviewed the project and it appears to be consistent with the General Plan, the City's Housing Element and Council's afforda housing goals. Adoption of the resolution does not commit the City to approve project, however; adoption of the resolution gives the develop' the opportunity to finance development and land costs as part ' site. the mortgage revenue bond issue for any qualified project on t I FISCAL IMPACT Costs incurred will be recovered as part of the mortgage reven bond issue. EXHIBITS 1. Resolution No. 77p7. 2. Location Map. a LLl 3 a cr: CL 2 2% 2L 0"i; do u& I . 1 ., i /I 0 0 1 2 3 4 5 6 7 a 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 I RESOLUTION NO. 7787 A RESOLUTION OF INDUCEMENT OF THE CITY COUNCIL OF THE CITY OF CARLSBAD INDICATING ITS INTENT TO ISSUE OBLIGATIONS TO PROVIDE FINANCING FOR THE MULTIFAMILY HOUSING PROJECT PROPOSED BY .RODNEY F. .STONE. AND. GEORGE A. FERMANIAN WHEREAS, the City Council of the City of Carlsbad is authorized, pursuant to Chapter 7 (commencing with Section E of Part 5 of Difision 31 of the Health and Safety Code (the to provide financial assistance for multifamily residential opments within the City; WHEREAS, Rodney F. Stone and George A. Fermanian (co: tively the "Developer") I on behalf of themselves and a partr to be formed by them, have requested financial assistance i~ nection with the construction of an approsimately 320 unit I family rental housing project proposed to be located on a pi of land at the southwest corner of La Costa and Mission Est< in the City of Carlsbad (hereinafter the "Project"); and WHEREAS, the City, as an inducement to the Developer willing to authorize the issuance of obligations in an amou~ sufficient to provide financing for the Project subject to 1 restrictions of the Act and all applicable state and federa: as they presently exist, providing that the Project receiver necessary governmental approvals and providing further that least twenty percent (20%)of the units in the Project are 01 by individuals or families of low or moderate income (which defined in Section 103(b) (12) (C) of the Internal Revenue Co 1954, as amended, are persons whose income does not exceed percent of the median gross income for the Sari-Diego Metrop' ' . -. 0 0 1 Statistical Area) for at least a 10-year period from the de 2 required by State or federal'law; 3 issuance of the obligations, or such longer period as may be 4 I/ NOW, THEREFORE, BE IT RESOLVED by the City Council of 5 SECTION 1. The City Council hereby determines that f 6 City of Carlsbad as follows: be received from the Project, should the Project be approvec 9 will be a substantial factor in the accrual of public benefj 8 undertaking of the financing of the proposed Project by the 7 10 12 purposes and requirements of the Act. 1% constructed, and that the proposed financing is in accord wi City, (ii) the proposed Project receiving all necessary govc 17 Agreement between the City and the Developer satisfactory tc 16 City Council and City staff, including the execution of a De 15 and other matters relating thereto to the full satisfaction 14 'SECTI'ON .2. Subject to (i) the completion of the pro< 13 18 tal approvals, and 9iii) there being no further reductions : 19 1 development standards such as increased densities or reducec 20 amenities with respect to the Project, the City Council her( 21 agrees to provide financial assistance to the Developer, or 22 other affiliated entity as may be approved by the City, thrc 23 issuance of bonds in an amount of approximately $17,000,000 24 such higher amount as is necessary to finance the Project. 25 SECTION .3. The obligations to be issued shall be spc 26 form acceptable to the City and shall not be a general oblil 28 by the City pursuant to a loan or other financing agreement 27 obligations of the City payable solely from revenues to be : -2- 6 I. ll e e 1 of the City, the State of California or any political subdil 2 3 of the State, 'SECTION 4, The City Manager, or his designee, is her 4 directed to indicate to the Developer the willingness on the 5 of the City to proceed with the proposed financing. 6 - S'E.CTI:ON 5, The City is hereby authorized to comencf 7 8 required processing and approval of the Project and the Citl to the economic feasibility of the units as required by Sect g departments are directed to consider opportunities to contri 10 52080 of the Act, It is intended that this Resolution shall 11 constitute "some other similar official action" toward the i 12 of indebtedness within the meaning of the Internal Revenue C 13 SECTION 6. The adoption of this Resolution shall not 14 of 1954, as amended. 15 the City to issue bonds until and unless all other necessary 16 /to deny any further permit or approval that may be necessary 19 shall not limit in any manner whatsoever the City's full dis 18 applicable laws. The adoption of this Resolution does not a 17 actions and approvals are taken or received in accordance wi I 20 21 22 23 24 25 26 27 28 ultimate //// //// //// //// I/// //// //// completion of the Project. e -5- 4 I- I ’* 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 I 20 21 22 23 24 25 26 27 28 e e SECTION 7. This Resolution shall take effect immediz upon adoption. SECTION 8. The City Clerk shall certify to the adopt of this Resolution and shall cause this Resolution and this certification to be filed in the Office of the City Clerk. PASSED, APPROVED, AND ADOPTED at a regular meeting 01 City Council of the City of Carlsbad, California on the 2nd of October, 1984, by the following vote, to wit: AYES : Council Mmbers Casler, Lewis, Kulchin, Chick and Fre NOES : None ABSTAIN: None ABSENT: Fbne .. LL 6/ &A ATTEST : MARY H ./CASLER, Mayor ... ALETHA L. RAUTENKRANZ, City perk (Seal) -4- .,# *2* * LOCATION MAP ,. CT 84- LA COSTA' RACQUET CLUB CP-27 L t 1