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Home My WebLink About1984-12-18; City Council; 7993; INDUCEMENT RESOLUTION FOR MORTGAGE REVENUE BOND FINANCING, LINCOLN PROPERTIES.V 8 CIT\(~F CARLSBAD - AGEND~ILL Q?if. AB# 7993 CITY A MTG. DEPT. TITLE: INDUCEMENT RESOLUTION FOR MORTGAGE 12/18/84 REVENUE BOND FINANCING, LINCOLN PROPERTIES. DEPT. RED CITY I RECOMMENDED ACTION: Council adopt a Resolution of Inducement No.Tfff expressing Council's intent to provide Mortgage Revenue Bond financing fo a multi-family housing project. ITEM EXPLANATION The applicant, Lincoln Properties, proposes a 208 unit apartme project located on a 21.5 acre parcel on the south side of Cam de Las Ondas east of Paseo del Norte (location map attached). The applicant, in return for providing a portion of the projec low and moderate income levels, is requesting mortgage revenue 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 the opportunity to finance development and land costs as part the mortgage revenue bond issue if the bond program is ultimat approved by Council. The specific number of units reserved as low/moderate income, term, and conditions of the program will be negotiated by staf bond issue, however; adoption of the resolution gives the deve . .. ,and returned to Council for approval. FISCAL IMPACT Cost incurred will be recovered as part of the mortgage revenu n w bond issue. > 0 a EXHIBITS fX 2 1 - Resolution No,' 7844 2 0 U =! 0 z 3 0 0 E I 2 - Location Map k 1 2 3 4 5 @ RESOLUTION NO. 7844 0 .. 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 LINCOLN -SEASCAPE, A CALIFORNIA LIMITED PARTNERSH WHEREAS, the City Council of the City of Carlsbad is authorized, pursuant to Chapter 7 (commencing with Section 6 developments within the City: 8 to provide financial assistance for multifamily residential 7 of Part 5 of Division 31 of the Health and Safety Code (the ". ~ 9 WHEREAS, Lincoln-Seascape, a California Limited Partn 10 (collectively the "Developer") has requested financial assi 11 in connection with the construction of an approximately 208 12 parcel of land on the south side of Camino De Las Ondas and 13 multifamily rental housing project proposed to be located c Metropolitan Statistical Area) for at least a ten (10) yea1 27 percent (80%) of the median gross income for the San Diego 26 1954, as amended, are persons whose income does not exceed 1 25 defined in Section 103(b) (12) (C) of the Internal Revenue 24 by individuals or families of low or moderate income (whicl 23 least twenty percent (20%) of the units in the project are 22 necessary governmeptal approvals and providing further thal 21 as they presently exist, providing that the Project receive 20 I restrictions of the Act and all applicable state and federt 19 sufficient to provide financing for the Project subject to 18 willing to authorize the issuance of obligations in an amoc 17 WHEREAS, the City, as an inducement to the Developer, 16 "Project") ; and 15 of Paseo Del Norte in the City of Carlsbad (hereinafter the 14 28 from the date of issuance of the obligations, or such longc t e 0 1 as may be.required by state or federal law; 2 NOW, THEREFORE, BE IT RESOLVED by the City Council of t 3 3f Carlsbad, as follows: 4 SECTION 1. The City Council hereby determines that the 5,mdertaking of the financing of the proposed Project by the C 6be a substantial factor in the accrual of public benefits to ?:received from the Project, should the Project be approved anc 8constructed, and that the proposed financing is in accord wil 9 urposes and requirements of the Act. " ~ IO1 SECTION 2. Subject to (i) the completion of the ,procet 11 12 nd other matters relating thereto to the full satisfaction ( approvals, and (iii) there being no further reductions in 15 ity, (ii) the proposed Project receiving all necessary gove: 14 greement between the City and the Developer satisfactory to 13 ity Council and city staff, including the execution of a De7 16 development standards such as increased densities or reduced 17' 18agrees to provide financial assistance to the Developer, or ,amenities with respect to the Project, the City Council here: 191bther affiliated entity as may be approved by the City, thr, uch higher amount as is necessary to finance the Project. 21 'ssuance of bonds in an amount of approximately $16 million; 20 I 22 1 SECTION 3. The obligations to be issued shall be spec 1 23 y the City pursuant to a loan or other financing agreement 24 bligations of the City payable solely from revenues to be r 25 1 orm acceptable to the City and shall not be a general oblig 26 f the State. 27 f the City, the State of California or any political subdiv P 28 SECTI'ON 4. The City Manager, or his designee, is here 11 /I 0 e II .. 1 Df the City to proceed with the proposed financing. 2 directed to indicate to the Developer the willingness on the 3 SECTION 5. The City is hereby authorized to commence 4 Df the Act. It is intended that this resolution shall const 7 the economic feasibility of the units as required by Section 6 departments are directed to consider opportunities to contri 5 required processing and approval of the Project and the City 8"some other similar official action" toward the issuance of 9 indebtedness within the meaning of the Internal Revenue Code * -_ 10 1954, as amended. 11 SECTION 6. The adoption of this resolution shall not l2 zity to issue bonds until and unless all other necessary act 13 spplicable laws. The adoption of this resolution does not a 14 zmd approvals are taken or received in accordance with all .lltimate completion of the Project. 17 to deny any further permit or approval that may be necessary 16 shall not limit in any manner whatsoever the City's full dis 15 l8 I SECTION 7. This resolution shall take effect immediat l9 upon adoption. 21 /// 22 /// 20~ 23 /// 24 I 25 I 26 27 28 I ’ il * e 5 v 1 SECTION 8. The City Clerk shall certify to the adoptic .. 2 certification to be filed in the Office of the City Clerk. 3 this resolution and shall cause this resolution and this 4 PASSED, APPROVED, AND ADOPTED at a regular meeting of > 5’City Council of the City of Carlsbad, California, on the 18t: 6 af December, 1984, by the following vote, to wit; 7 8 91 I AYES : Council Mhrs Casler, -is, Kulchin, and Chick NOES: Council m Pettine ABSTAIN: None .- ~ ::I ABSENT : Nor-ie l2 TTEST: Y-dh MARY H.JJICASLER, Mayo 13 14, & d i?*+7 15 RLETHA L. RAUTENKRANZ, Clty ‘Clerk l6 I 17 /// 18 (Seal) 19 I/// 20 /// 21 /// 1 22 23 24 25 26 27 28 I I "-0 - POINSETTIA LN 4 SEASCAPE i a * U * A 1200 ELM AVENUE CARLSBAD, CALIFORNIA 92008 r TELE (71 4) December 26, 1984 Lincoln Property, Co. 701 "B" Street, Suite 705 San Diego, CA 92112 Enclosed for your records, please flnd a copy of the following *Resolution ""__- , adopted by the Carlsbad City Council on .Resolutions 7844 and 7848 December 18, 1984 * A Sincerely, LEE City Clerk LR : adm Enclosures ( 2 )