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HomeMy WebLinkAbout1994-09-06; City Council; 12852; AUTHORIZATION TO ISSUE, SELL AND DELIVER FAMILY HOUSING REVENUE REFUNDING BONDS (SEASCAPE VILLAGE PROJECT) IN A PRINCIPAL AMOUNT NOT TO EXCEED $15,500,000*- * t. @TY OF CARLSBAD - AWDA BILL p. ;i;F .. ( AB # lai &5,? TITLE: AUTHORIZATION TO ISSUE, SELL AND DELIVER FAMILY HOUSING REWNUE REFUNDING BONDS (SEASCAPE VILLAGE PROJECT) IN A PRINCIPAL, MTG. 9/06/94 DEPT CITY IDEPT. CM 1 AMOUNT NOT TO EXCEED $15,500,000 I CITY I I I I RECOMMENDED ACTION: After holding a public hearing on the above matter, adopt Resolution No. 9q-d5sauthc the issuance, sale and delivery of Multifamily Housing Revenue Refunding Bonds by the Ca Housing and Redevelopment Commission in a principal amount not to exceed $15,500,0 the purpose of refunding bonds previously issued by the Commission to finance the co: Multifamily Rental Housing Project and certain other actions with regard to the Seascape 7 Project. I BACKGRoUND: In 1985, the Housing and Redevelopment Commission issued $16,215,000 in Multifamily HI Revenue Bonds to provide financing for a 208-unit Multifamily Residential Rental Project, ! as the Seascape Village Project, located at 6938 Seascape Drive in Carlsbad. The proceeds bonds were used to make a loan to Lincoln Property Company, a California Limited Partn to fund the construction of the units. The incentive to the City to participate in this proje the restriction of twenty percent (20%) of the units, or 42 units total, to rents affordable to income (80% of County median or below) households. Although the Seascape Village Project is complete and has been operational for approxi eight years, in January 1989, the original developer, Lincoln Property Company, failed tc payments to the trustee necessary to support the annual debt service requirements. Thus constitutes a default under the terms of the trust indenture, loan agreements, and first and deed of trust, as well as other documents related to the financing. In December 1 foreclosure action was filed by Continental Casualty Company (CCC), the bond insure1 foreclosure action was completed in December 1993 with the sale of the project to Se Apartments, Inc., a corporation formed by CCC to take over the project. It is important to note that during the period of the default there was no interruption payment of interest and principal to bond holders. CCC provided all funds necessary to p? costs as required by the original bond documents. The refunding of the Seascape Apar Project bonds has been requested by CCC as allowed in the original bond documents as the process of cu-g the default. The Commission and CCC both stand to benefit from the refunding. CCC will receive the a will benefit by assuring that the low income units will continue to be available to low 1 gg: families. In addition, the Commission will be modifying the Regulatory Agreement pro 4 related to determining rents or lower income tenants to provide a more favorable rent. g 2 of reduced interest rates and continued tax-exempt funding of the project, while the Corm On November 7, 1989, the Commission agreed to proceed with the refunding of this issuf on a request from the original property owner, Lincoln Property Company. Since that ti 5 0 of that original approval. F default and eventual sale of property have changed some of the conditions that existed at tl 4 i z 3 0 0 I One of the resolutions to be adopted by the Housing and Redevelopment Commission wil staff to proceed with the refunding and approve the form of documents. The second Housi Redevelopment Commission action will appoint a new underwriter who will participate refunding. Staff is recommending the appointment of A. G. Edwards in place of Dean new ,underwriter was necessary due to the withdrawal of Dean Witter Reynolds. Reynolds, the underwriter selected in 1989, as the underwriter for the issue. The selecti .. e Page Two of Agenda Bill No. Id, 8 5 L 0 A. G. Edwards was mutually selected by the Commission staff and the new project o Seascape Apartments, Inc. after interviewing representatives from Nuveen, Dillon Read, Ston Youngberg, and Donaldson Luffkin Jenerette. Fees and charges for the transaction are compz from all firms. AU costs are paid by Seascape Apartments, Inc. The Commission is not liab any costs related to the refunding. FINANCING PROVISIONS: The Financing Team has been working on this project for some time in an effort to negotia provisions/terms of the agreement for issuance of the refunding bonds and ultimate refina of the project; CCC will issue a letter of credit to provide the credit enhancement necessary to this transa In the event of any future default, CCC will be responsible for making all debt service pap The Commission is not obligated to repay the bonds. The new bonds will mature in 2005. Bonds will be fully insured during this entire period. The interest rate for the new bonds will be a "floating" rate set weeklye The interest however, can be fixed at any time at the option of the property owner. The market for this term floating rate debt would allow the issue to be placed today at a rate of about 2-1/29 remarketing costs. Since the market is changeable, this rate should be used by the Comm only as an indication, not as the expected interest rate for the new debt. REGULATORY AGREEMENT: The following basic provisions will be outlined in the amended Regulatory Agreement: a. Not less than 20% of the units, or 42 units total, shall be continuously occupied by I Income Tenants at an "affordable rent". 2. The "affordable rents" for the restricted units shall not exceed 30% of one-twelfth maximum adjusted annual income of the household of appropriate size which is dc to be a "lower income" (80% of median gross income) household. When setting the for the restricted units, the property owner shall further reduce the affordable ren utility allowance based on the "Utility Rate Schedule" established for the City Hc Authoritfs Section 8 Rental Assistance Program. 3. The "affordable rent" on a restricted unit shall never exceed 90% of the lowes charged for a comparable market-rate unit in the project. Note: The current agreement allows for a situation where the market rate rents COI lower than the restricted "lower income" units. The provision outlined above will 6 that the market rate rents will never be lower than the rents for the lower iT affordable units. 4. Priority for the restricted units shall be given to households currently on the City's SI 8 Rental Assistance Waiting List. 5. The City of Carlsbad will receive an annual fee equal to 23 basis points (0.23%) original principal amount of bonds payable in semi-annual installments ($35,65 year). ._ e Page Three of Agenda Bill No. /a, s5.2 0 6. The City of Carlsbad shall also receive an origination fee in the amount of 23 basis (0.23% - $35,650) of the amount of bonds payable at the closing. CITY COUNCIL ACTION The resolution to be adopted by the City Council will authorize the Housing and Redevelo Commission to proceed with the Refunding of the Seascape Multifamily Housing Bonds closed the public hearing and approved proceeding with the Refunding. HOUSING AND REDEVELOPMENT COMMISSION ACTION: Staff recommends that the Housing and Redevelopment Commission approve the actions nec to issue the refunding bonds to refinance the Seascape Village Project. The following actic required by the Council: 1. Adopt a resolution appointing the Underwriter. 2. Approve Issuance of Bonds in the amount of $15,500,000. 3. Approve the following documents (as to form): Housing and Redevelopment Commission will consider action on this item after the Coun a) Indenture of Trusts. Sets forth the rules of the financing between the ( Carlsbad and the Trustee (First Trust of California), b) Loan Aweement and Administration Agreement. This document includes th and administration rules for the project. It outlines the provisions where City will loan the bond proceeds to the property owner (Seascape Apart Inc.) s c) Amended and Restated Renulatory Aneement. Sets forth the rules govemi units restricted as affordable in terms of rent and occupancy. d) Redemption, Defeasance and Payment of Prior Bonds Aneement. Provides agreement between the City and First Trust of California on how the prior will be repaid. e) First Deed of Trust and Security Aneement with Assimment of Leases and This document assigns the City's first deed of trust interest in the Proje receipt of rents to the Trustee to secure repayment of the Bonds. The re: under this document are further assigned to CCC. f) Intercreditor Aneement. Places the CCC (the issuer of the surety) in a p responsible for the enforcement of the refunding, including taking action event of default by the property owners. g) Form of Bond (found in Exhibit A to the Indenture of Trust). Provides : language to be printed on the bond. h) Form of Preliminary Official Statement. Basically used by the Bond Underwr G. Edwards & Sons, Inc.) as information for buyers of the bonds. i) Form of Bond Purchase Ameement. Outlines the agreement between the C the Underwriter as to how the Underwriter will purchase the bonds from tE e Page Four of Agenda Bill No. /<, $%z 0 _. These documents are on file with the City Clerk’s OKce. They are h substandall; form, however the most recent copies have been redlined to show changes from thc version of the documents. These redline notations will be removed upon the coml of the financing and final clean copies will be available for signature. 4. Appoint First Trust of California as Bond Trustee. First: Trust of California is a1 trustee for the prior bonds. The trustee will make and re!:ord all bond transaction: FISCAL IMPACE The issuance of the refunding bonds for the Seascape Village Project does not impose an3 obligation on the City of Carlsbad or the Housing and Redeveloplnent Commission. The Cj Agency are not obligated in any way to repay the bonds. In. addition, the Agency v compensated for staff costs associated with the financing and monitoring of the projc compliance with the affordable rent provisions. An up-front origination fee of 0.23% ($3 will be paid to the Agency to cover the staff time and incident.al costs related to issuan addition, the Agency will also receive 0.23% annually to cover ongoing administrative COI Although the Agency is not directly responsible for the repayment of these bonds, the A2 name is associated with this debt. It is in the Agency’s best interest to assist the property by refunding this issue to help create a positive cash flow fo:r the project. In additio protection of 42 low income units is important to the Agency’s affordable housing progra EXHIBITS: 1. Resolution No. ‘??yd authorizing the issuance, sale and delivery of Multifamily Hc Revenue Refunding Bonds in a principal amount not to exceed $15,500,000 f purpose of refunding bonds previously issued by the Commission to finance the co Multifamily Rental Housing Project and certain other actions with regard to the Sei Village Project. 5% * 2. Indenture of Trust (on file in City Clerk’s Office). 3. Loan Agreement, Including Form of Note and Administration Agreement (on file : Clerk’s Office), 4. Amended and Restated Regulatory Agreement (on file in City Clerk’s Office). 5. Redemption, Defeasance and Payment of Prior Bonds Ageement (on file in City ( Office). 6. First Deed of Trust and Security Agreement with Assignment of Leases and Rents (1 in City Clerk’s Office). 7. Intercreditor Agreement (on file in City Clerk’s office). 8. Form of Bond (found in Exhibit A to the Indenture of Trust) (on file in City Clerk‘s c 9. Form of Preliminary Official Statement (on file in City Clerk’s Office). 10. Form of Bond Purchase Agreement (on file in City ClerKs Office). *Exhibits 2 rhrough 10 are filed with Housing & Redevelopment Commission Agend No. 258. 4 .. I 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 e 0 EXHIBIT .. - -x.L ." "fl RESOLUTION NO. 94-252 .. - " A RESOLUTION OF THE CITY OF CARLSBAD, CALIFORNIA, AUTHOEUZING THE ISSUANCE, SALE AND DELIVERY OF MULTIFAMILY HOUSING REVENUE REFUNDING BONDS BY THE CARLSBAD HOUSING AND REDEVELOPMENT COMMISSION (THE "COMMISSION") IN A PRINCIPAL AMOUNT NOT TO PREVIOUSLY ISSUED BY THE COMMISSION TO FINANCE THE COST OF A MULTIFAMILY RENTAL HOUSING PROJECT, AND CERTAIN OTHER ACTIONS WITH REGARD TO THE SEASCAPE VILLAGE PROJECT WHEREAS, the City Council has conducted a public hearing regarding issuance of the Bonds and has'determined the issuance of the Bonds to be in public interest, the proceeds of which are to be used exclusively to refund Prior Bonds and to refinance the Project, all in furtherance of the purposes of law and the public safety, health and welfare of the citizens of the Statc California and the City. EXCEED $15,500,000 FORTHE PURPOSE OF REFUNDING BONDS NOW, THEREFORE, BE IT RESOLVED by the City Council of the Cit: Carlsbad as follows: 1. That the above recitals are true and correct. 2. That, in accordance with the procedures set forth in Section 14 of the Code, the City Council hereby approves the issuance by the Commis: of tKe Bonds in an aggregate principal amount not the exceed $15,5OO,OOC is the purpose and intent of the City Council that this resolution consti approval for the issuance of the Bonds by the applicable elected represent; of the governmental unit having jurisdiction over the area in which the Prc is located in accordance with Section 147(f) of the Code. \ /// d '. /I 0 a 1- I/ 1 -2. That this resolution shall take effect on the date of its adoptio " - 2 3 4 PASSED, APPROVED, AND ADOPTED at a regular meeting of the Cil Council of the City of Carlsbad, California on the 6th day of SEPTm " 5 , 1994, by the following vote, to wit: 6 AYES: Council Members Lewis, Stanton, Kulchin, Nygaard, Fi 7 NOES: None 8 9 10 ABSENT: None 11 ATTEST: 12 13 ALETHA L. RAUTENKRANZ, city Clerk 14 15 (SEAL) 16 17 18 19 I 20 21 22 23 24 25 26 ' 27 28 - - 0 0 1- PROOF OF PUBLICATION (2811 5.5 C.C.P.) STATE OF CALIFORNIA County of San Diego This space is for the Caunty Clerk's Fir I am a citizen of the United States and a resident of the County aforesaid: I am over ?Re age sf eighteen years, and not a paFty to or interestsd in the above-entitled matter. I am the principal cierk of the printer of Proof of Publication of a newspaper of general circulation, printed and the City of Oceanside and the North County dudiciai district with substantial circulation in Bansall, Failbrook, teucadia, Encinitas, Cardiff, Vista and Carlsbad, County of San Diego, and which newspaper has been adjudged a newspaper of general circulation by the Superior Court of the County of San Diego, State of California, under the date sf June 30, 1989, case number 1,71349; that the notice, of which the annexed is a printed copy (set in type not smaller than nonpareii), has been published in each regular and entire issue of said newspaper and not in any supplement thereof on the followingbates, to-wit: / pubiished daily ifl the 6ity of QGeanside and qualified for &. ad [WG I certify (or dgclare) under penalty of perjury thzt the foregoing is true and correct. DatedAat Oceanside,CaiiforniaJ thi $$ day O? I - - -" Q\,, """ ,""~""~"""~""-""--"--------~ Paste Clipping of Notice SECURELY In This Space. PUBLIC NOTll NOTICE OF PUBLIC f CITY OF CARLSE RE ISSUANCE OF MULTIFAM REVENUE REFUNDING GlMN that. at its regular meetmg to be Villege Drive, Carisbed. California. 92W8. the City Council I r 6, 1994, in the C~ty Council Chamber will conduct a public hearing as requred by Section 147(f] o Code of 1986 at which ~t will hear and consider tnforn possible issuance by the Carisbad Housing and Redevelop multifamily housing revenue refunding bonds to refinance 8 comer of BUEWCUP Lene end Ratiqutos Orwe. in the I Ental housing project known as 'Seascape Milage', locate 'Pro~ffic-I. The Pro~ect is owned and operaced by Seascape amount not to exceed S15,50J,M)O and will refund the C Illinois corporation. The refunding bonds [if any are issued] v Village Project). $16.215,Mo Multifamily Housmg Revenue Bonds, Sene At leest 20 percent of the rental uncs In the Project are re for occupancy by lw and moderate income persons or f{ Section, 1031bI [l2l'[Cl of he Internal Revenue Code of 19: ,' i :' / ALL PERSONS HAWNG ANY INFORMATON RELEVAN? ISSUANCE OF THE REFUNDING BONDS DESCRIBED A80M INFORMATION TO THE CITY COUNCIL WY*L? TO APPEAR AT THE TIME AND PLACE MENTIONED AElM -... - "_ f9"""-~"""~" ""~"P"------"-""---- u Scignature If you challenge the issuance of me iultjfamlly housing revenl court, you may be limrted tc rasing only those Issues raise else at the publlc hearing described in thls notce. or in wrl delivered to the Cicy of Cerkbad Chy Clerk's Mflce at, or prlor t I LhD: AlqJEZ 1 9.1 994 Leaal40261 August 24,1994 a 1 BIADE-CITIZEN Legal Advertising 1722 South Hill Street P.O. Box 90 Qceanside. CA 92054 (61 9) 433-7333 I 1. 0 0 AFFllDAVfT OF PUBLICATION County of San Diego STATE OF CALIFORNIA ) Iss. I have been duly sworn as the Legal Advertising Representative of the Blade-Citizen, a newspaper of general circulation, pubhshed three times a week in the City of Solana Beach and Carlsbad, County of San Diego, State of California, with circulation in Cardiff, Carisbad, Dei Mar, Encinitas, La Costa, Leucadia, Olivenhain, Rancho Santa Fe & Solana Beach and that the notice of which the annexed is a true copy, was pub- lished in said newspaper on the following dates: P! / a &#/&.$! 24 A%v, 8 PROOF OF PUBLICATION """""""""I"""""""- ---"-I P, d ?,/ - ~ PUBLIC NOTICE NOTICE OF PUBLIC HEARHU CITY OF CARLSBAD RE ISSUANCE OF MULTIFAMILY HOU: RNENUE REFUNDING BONDS NOTICE IS HEREBY GIVEN that, at its regular meeting to be held at 6:O Tuesday, September 6, 1994, in the City Council Chambers, at 12.a Village Orive, Csrlsbed, California. 92m8, the City Council of the City I will conduct a public hearing as required by Section 147[f] of the Intern Code of 1986 at which it will hear and consider information conc possible issuance by the Carlsbad Housing and Redevelopment Corr multifamily housing revenue refunding bonds to refinance a 208-unit comer of Buttercup Lane and Batiquitos Orwe, in the.C~ty of &I rental housing project known as "Seascape Ullage'. located near the 'PmjecZ]. The Project is owned and operated by Seascape Apartmen Illinois corporation. The refunding bonds [if any are issued] will be in an amount not to exceed $15,5OJ,OOO and will refund the Cn/s previo $16.215,a30 Multifemib Housing Revenue Bonds. Series 1985B Ullege Project). At leffit 20 percent of the rental units in the Project are required to I Section 103[b] [I21 [C) of the Incernal Revenue Code of 1954. as ern< ALL PERSONS HAVlNG ANY INFORMATION RELEVANT TO THE ISSUANCE OF THE REFUNDING BONDS DESCRIBED ABOVE ARE HERE TO APPEAR AT THE TIME AND PLACE MENTIONED ABIVE TO PREE INMRMATION TO THE CITY COUNCIL. court, you may be limited to raising only those issues raised by you I If you challenge the ksusnce of the multifamily housing revenue refundi delivered to the City of Csrkbad Cii Clerk's Office at. or prior to, the pul else at the public hearing described in this notice, or in written corrl for occupsncy by low end moderate income persons or families, 6s OATEO: Augug; 1 9,1994 Lqal <Fa6 AW 24,1994 k- i ceeify (or declare) under penalty of perjury that the foregoing is true and correct. Dated a+ i/ Jd lfY# \ :n I ',U L/ / Legal Advertising Representative Blade-Citizen Newspaper " e PUBLIC NOTICE CITY OF CARLSBAD NOTICE OF PUBLIC HEARING RE ISSUANCE OF MULTIFAMILY HOUSING REVENUE REFUNDING BONDS NOTICE IS HEREBY GIVEN that, at its regular meeting to be held at 6:OO p.m., Tuesday, September 6, 1994, in the City Council Chambers, at 1200 Carlst Village Drive, Carlsbad, California, 92008, the City .Council of the City Carl sbad will conduct a pub1 ic hearing as required by Section 147(f) of t Internal Revenue Code of 1986 at which it will hear and consider informati concerning the possible issuance by the Carl sbad. Housing and Redevelopme Commission of multifamily housing revenue refunding bonds to refinance a 208-un mu1 t i fami ly rental housing project known as "Seascape Vi1 1 age'', 1 ocated near t n'orthwest corner of Buttercup Lane and Batiquitos Drive, in the City of Carlsb (the "Project"). The Project is owned and operated by Seascape Apartments, Inc an Illinois corporation. The refunding bonds (if any are issued) will be in aggregate amount not to exceed $15,500,000 and will refund the City's previous issued $16,215,000 Multifamily Housing Revenue Bonds, Series 1985B (Seasca Vi 11 age Project). At least 20 percent of the rental units in the Project are required to I avai 1 able for occupancy by 1 ow and moderate income persons or famil ies, q defined in Section 103(b)(12)(C) of the Internal Revenue Code of 1954, l amended. ALL PERSONS HAVING ANY INFORMATION RELEVANT TO THE PROPOSED ISSUANCE OF TI REFUNDING BONDS DESCRIBED ABOVE ARE HEREBY INVITED TO APPEAR AT THE TIME AI PLACE MENTIONED ABOVE TO PRESENT SUCH INFORMATION TO THE CITY COUNCIL. If you challenge the issuance of the multifamily housing revenue refunding bonc in court, you may be 1 imited to raising only those issues raised by you ( someone else at the public hearing described in this notice or in writtt correspondence delivered to the City of Carl sbad City Clerk's. Office at, or pric to, the public hearing. DATED : August 19, 1994 stant City C1e1 PUBLISH: August 24, 1994 1. e 0 PUBLIC NOTICE CITY OF CARLSBAD NOTICE OF PUBLIC HEARING RE ISSUANCE OF MULTIFAMILY HOUSING REVENUE REFUNDING BONDS NOTICE IS HEREBY GIVEN that, at its regular meeting to be held at 6:OO p.m. on September 6, 1994 in the City Council Chambers at 1200 Carlsbad Village Drive, Carlsbad, California 92008, the City Council of the City of Carlsbad will conduct a public hearing as required by Section 147(f) of the Internal Revenue Code of 1986 at which it will hear and consider information concerning the possible issuance by the Carlsbad Housing and Redevelopment Commission of multifamily housing revenue refunding bonds to refinance a 208-unit multifamily rental housing project known as "Seascape Village" located near the northwest corner of Buttercup Lane and Batiquitos Drive in the City of Carlsbad (the "Project" The Project is owned and operated by Seascape Apartments, Inc., an Illinois corporation. The refunding bonds (if any are issued) will be in an aggregate amount not to exceed $15,500,000 and will refund the City's previously issued $16,215,000 Multifamily Housing Revenue Bonds: Series 1985B (Seascape Village Project). At least 20 percent of the rental units in the Project are required to be available for occupancy by low and moderate income persons or families, as defined in Section 103@)(12)(C of the Internal Revenue Code of 1954, as amended. ALL PERSONS HAVING ANY INFORMATION RELEVANT TO THE PROPOSED ISSUANCE OF THE REFUNDING BONDS DESCRIBED ABOVE ARE HEREBY INVITE1 TO APPEAR AT THE TIME AND PLACE MENTIONED ABOVE TO PRESENT SUCH INFORMATION TO THE CITY COUNCIL. Dated: , 1994 City Clerk Publish: , 1994 PUBL:17965_1Il091 B2062.14 4 4. e e 7 FRITZ R. STRAOLING NICK E. YOCCA C. CRAIG CARLSON WILLIAM R. RAUTH 111 K. C. SCHAAF JOHN J. MURPHY RICHARD C. GOODMAN THOMAS P. CLARK, JR. BEN A. FRYDMAN DAVID R. MCEWEN PAUL L. GALE RUDOLPH C. SHEPARO ROBERT J. KANE BRUCE C. STUART E. KURT YEAGER ROBERT J. WHALEN ROBERT E. RICH RANDALL J. SHERMAN BRUCE W. FEUCHTER MARK J. HUEESCH KAREN A. ELLIS ANDREW F. PUZDER BRUCE 0. MAY DONALD J. HAMMAN JOHN J. SWIGART, JR. MICHAEL A, ZABLOCKI NEILA R. BERNSTEIN CELESTE STAHL BRADY CHRISTOPHER J. KILPATRICK JOEL H. GUTH JULIE MCCOY AKINS LAWRENCE 8. COHN 3AWN C. HOkEYWELL STRADLING, YOCCA, CARLSON & RAUTH A PROFESSIONAL CORPORATION HARLEY L. BJELLANO STEPHEN T. FREEMAN ATTORNEYS AT LAW NICHOLAS J. YOCCA JULIE M. PORTER MICHAEL E. FLYNN GARY A. PEMBERTON CAROL L. LEW NEWPORT BEACH, CALIFORNIA 92660-6441 DENISE HARBAUGH HERING BARBARA ZElO LEIBOLO TELEPHONE (714) 725-4000 JON E. GOETZ JOHN D. IRELAND FACSIMILE (714) 725-4100 DAVID H. MANN CHRISTOPHER M. MOROPOULOS (714) ' ELIZABETH A. NEWELL JEE HI PARK DARRYL S. GIBSON TOO0 RICHARD R. THAKAR T. NEEDHAM m JOHN E. 8RE RENA C. OF COI 660 NEWPORT CENTER DRIVE, SUITE 1600 POST OFFICE BOX 7680 WRITER'S I ROBERT C. WALLACE Q.'. JOHN F. CANNON 6+l ;",, JAY RAPPAPORT JOHN E. WOODHEAD IV August 9, 1994 DOUGLAS P. FElCK WILLIAM J. MORLEY MARK L. SKAIST JEFFREY B. COYNE : -., h+*/$$y-?? SANDRA WAKAMIYA SCHAAL JOHN D. VAUGHAN STEVEN M. HANLE MICHAEL H. MULROY MAR'; FK~GE wxri~:; SCOTT R. MAPLES /? ? +* ,7*. <\' 1 1:; " ' 1 '\ At16 Id94 ' ':, t -, > lf - .-" i -... v; LL,L-) _. j '.; F?F$;j?: <Jpti$:&QT @?V sB @@&g3 '! ., '. ,- , '. ," ,. . \, . '\ .-3. ,~ .I ,' ,_L ,/ .. . Ms. Lisa E. Hildabrand Finance Director City of Carlsbad 1200 Carlsbad Village Drive Carlsbad, California 920081989 Re; Seascape Village Apartments Dear Lisa: Enclosed is a form of TEFRA Notice for publication in a newspaper of general circulation. The notice for the original issue was published in the Carlsbad Journal. The notic needs to be published at least fourteen days before the Council meeting now scheduled for September 6, or at least by August 24. Please call with any questions or comments. Sincerely, STRADLING, YOCCA, CARLSON & RAUTH K-6 zu Karen A. Ellis KAE:pm Enclosure PUBL:17963-111091B2062.14