HomeMy WebLinkAbout1995-06-13; City Council; 13178; FINANCING PROGRAM CIP LIMITED-AALTO SCIENTIFIC | CIP LIMITED - ASYMPTOTIC TECHNOLOGIESQ
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projects that their staffing levels will more than double in the next 5 years. development and marketing of one of the company’s new products/technology coulc
bring employment levels up to two hundred or more.
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Page Two of Agenda Bill No. i 3: I )%
ASYMTEK
The second company the Authority is being asked to consider is Asymptotic Technolo
Asymtek) . Asymtek designs and manufactures automated fluid dispensing systems
are an integration of advanced electronics, mechanics, hardware, software and fluid
technology. Asymtek also manufactures a line of 3-axis motion control products used
in benchtop automation applications. Major customers of Asymtek include: Hewlett-Pal
and Motorola.
Asymtek is currently headquartered at 1949 Palomar Oaks Way in Carlsbad, in an 18,C
foot facility. Asymtek also leases an additional 3000 square feet of warehouse spa1
Paseo Del Lago. Asymtek’s new 41,000 square foot facility will be located in the Carl
West Business Center. Construction of Asymtek’s new headquarters will more than
productive output of the company.
Asymtek will retain all current employees and is projected to almost double its employn
year 2000 (from 75 to over 130). Asymtek‘s sales are projected to increase from $ 1
$21 million within the next five years.
Both of the properties are owned by CIP Limited and have approved Planned lndustr
and Grading Permits. Both facilities will be owned by CIP Limited with long tc
executed by Aalto Scientific and Asymtek. The term of the 1 ndustrial Development Revc
issue will coincide with the term of the lease agreements.
All parties should clearly understand that the debt to be issued to fund these facilities
debt of the Citv of Carlsbad in any way. There is no oblicration of any kind on the part I
the City Council or any entity controlled by the City to repay the debt issued. All rep
debt is the strict obligation of the property owner, CIP Limited.
Staff is recommending that the City Council hold the public hearing as required by tl
Revenue Code. At this hearing, anyone may comment on the proposed financing. Fo
public hearing, the City Council may consider the adoption of the attached resolution w
the Council’s endorsement of the CI P Limited/Aalto and CIP limited/Asymtek financir
FISCAL IMPACT:
Issuance of Industrial Development Revenue Bonds does not create any financial ob1
the City or the Industrial Development Authority. Any costs related to the issuance of
be paid by the private party benefitting from the bond issue. The City of Carlsbad’s co
to this financing will be limited to minimal staff time to monitor the bond issuance prc
direct costs, if any, will be funded through the debt issue.
EXHIBITS:
cc! cz 1) Resolution No. I J - i J - , Approving Issuance of IDRB’s for Aalto Scientific
2) Resolution No. 9 5 - i 5 3 , Approving Issuance of IDRB’s for Aysmtek
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RESOLUTION NO. 95-152
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARL' CALIFORNIA, APPROVING THE ISSUANCE OF APPROXIMATELY $1,33 PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOPMENT REVENUE Bc (AALTO SCIENTIFIC), AS CONTEMPLATED BY THE INDUSTRIAL DEVELOP AUTHORITY OF THE CITY OF CARLSBAD.
WHEREAS, the City Council of the City of Carlsbad (the "City Council")
presented with a form of a Resolution of Inducement for the approximately $
principal amount of Industrial Development Revenue Bonds (the "Bonds") by thc
Development Authority of the City of Carlsbad (the "Authority), the proceeds of
be loaned to CIP Limited, Ltd., the owner, to be used to finance the acqui
construction of a 21,415 square foot facility for Aalto Scientific Limited, for
manufacture and warehousing of raw materials and OEM products, both biol
biochemical in nature, for the diagnostic reagent industry and a broad line of I
survey specimens for the purpose of monitoring quality assurance in clinical ar
laboratories on a 1.54 net acre parcel located at 1959 Kellogg Avenue in Carlsk
Center Business Park located in the City of Carlsbad (the "City"), subject to the (
of proceedings and other matters relating thereto, including, but not limited to,
planned development approval in accordance with the Carlsbad Municipal Code
satisfaction of the City; and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, a
(the "Code"), prior to issuance, private activity bonds are required to be appro?
applicable elected representative of at least one of the governmental units on wt-
such bonds are expected to be issued and by a governmental unit having jurisdic
the entire area in which any facility financed by such bonds is to be located, aft
hearing held following reasonable public notice; and
WHEREAS, this City Council has caused to be published, at least 14 days F
date hereof, in a newspaper of general circulation, a notice that a public hearinj
the Bonds and the Authority's acceptance of the application therefor would be t
date hereof; and
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WHEREAS, the members of this City Council are the applicable elected reprt
of the City; and
WHEREAS, this City Council has conducted a public hearing on this date, at v
an opportunity was provided to interested parties to present arguments both for a
the issuance of Bonds;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
California, as follows:
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That the above recitations are true and correct.
That following consideration of all testimony presented at the pub1
thereon, the City Council finds and determines that the issuance of Bonds is i
interest of the City, will promote the continued and expanded employment of resic
City, the expansion and retention of the industrial base of the City, and will serve
public purposes of the City.
3. That as the elected representatives of the City, and as the governn
having jurisdiction over the entire area in which the project being financed by tt-
located, pursuant to Section 147(f) of the Code, this City Council hereby ap
issuance of the Bonds in an aggregate principal amount not to exceed $1,336,91
That it is the intent and purpose of this City Council that this resolutior
approval of the issuance of the bonds by the applicable elected represent
governmental unit on whose behalf the Bonds are being issued and by the governr
having jurisdiction over the entire area in which the project being financed by tt
located in accordance with the terms of the Authority resolution of intent.
4.
5. That the Mayor is authorized and directed to execute such docu
certificates, and to take such other actions as may be necessary to accomplish th
of this Resolution.
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6. That the City Clerk shall certify to the adoption of this resolution and sh
this resolution and the certification to be filed in the Office of the City Clerk.
PASSED, APPROVED AND ADOPTED at a regular meeting of the Carlsbad City
held on the 13th day of JUNE , 1995, by the following vote, to v
AYES:
NOES: None
ABSENT: None
Council Members Lewis, Nygaard, Kulchin, Finnila, Hall
ATTEST:
ALETHA L. RAUTENKRANZ, City Clerk
(SEAL)
)
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STATE OF CALIFORNIA, )
COUNTY OF SAN DIEGO ) ss.
I. Karen R- Kundtz !(:it> (:IchrIi of tlici (;it? of (;;~I.IsI);KI, (;oiiiit!. ot' Sati I>ic,go. State' ot' (:aIifori
Irc.rc,I)! c.c*r-tif!. tliat I Iia\.c, c.oiiipircd tlir, for-vgoiiig col)y \jsitIr tlrr. origitiiil Resolution No- 95-152 1);lsscStl :
doptcd I)\ saitl (:it!. (;oiiiiciI. at . . ... a .:.e gular ... . ..... tiiwtitig tlrcmd, at tlic, tiiiic. aiicl ly tlic, vote' tlic,r
.;txic~E. -wl:icdi origiiial Resol.Utlon .No...95-15?. is IIOW OII file. iti iii!' olficc~: tliat tlrct si~itrc' cwntaitrs :I Fiill. t
atici c~)lrc~.t tr:j:isc,r-ipt tlrcw4'rorti aid of tlica \z;iwle tlicvof.
Ass is tan t
\\'itircss ii~!, IiaiitI aird tlieb sciaI of said (;ity of (:arIsI)atl, tliis 15th (la), of . ... JUNE,..19?5 .. ... .... .. . ..
j sia:..\1, I . . . . . . . . . . . . . . .
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RESOLUTION NO. 95-153
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSB, CALlFORNIA,APPROVINGTHE ISSUANCEOF APPROXIMATELY $2,176, PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOPMENT REVENUE BOb (ASYMPTOTIC TECHNOLOGIES), AS CONTEMPLATED BY THE INDUSTR DEVELOPMENT AUTHORITY OF THE CITY OF CARLSBAD.
WHEREAS, the City Council of the City of Carlsbad (the "City Council"
presented with a form of a Resolution of Inducement for the approximately $
principal amount of Industrial Development Revenue Bonds (the "Bonds") by thf
Development Authority of the City of Carlsbad (the "Authority), the proceeds of
be loaned to CIP Limited, Ltd., the owner, to be used to finance the acqui
construction of a 41,225 square foot facility for Asymtek for use in the manu
automated fluid dispensing system solutions and 3-axis motion control products on
acre parcel located at 2762 Loker Avenue West in the Carlsbad Oaks West Busin
the City of Carlsbad (the "City"), subject to the completion of proceedings and otl
relating thereto, including, but not limited to, obtaining planned development a
accordance with the Carlsbad Municipal Code to the full satisfaction of the City;
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code o
amended (the "Code"), prior to issuance, private activity bonds are required to bc
by the applicable elected representative of at least one of the governmental units
behalf such bonds are expected ta be issued and by a governmental unit having ji
over the entire area in which any facility financed by such bonds is to be local
public hearing held following reasonable public notice; and
WHEREAS, this City Council has caused to be published, at least 14 days i
date hereof, in a newspaper of general circulation, a notice that a public hearins
the Bonds and the Authority's acceptance of the application therefor would be h
date hereof; and
WHEREAS, the members of this City Council are the applicable elected repr
of the City; and
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WHEREAS, this City Council has conducted a public hearing on this date
time an opportunity was provided to interested parties to present arguments bo
against the issuance of Bonds;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
California, as follows:
1.
2
That the above recitations are true and correct.
That following consideration of all testimony presented at the pub1
thereon, the City Council finds and determines that the issuance of Bonds is ir
interest of the City, will promote the continued and expanded employment of resid
City, the expansion and retention of the industrial base of the City, and will serve
public purposes of the City.
3. That as the elected representatives of the City, and as the governm
having jurisdiction over the entire area in which the project being financed by thc
located, pursuant to Section 147(f) of the Code, this City Council hereby app
issuance of the Bonds in an aggregate principal amount not to exceed $2,176,37
4. That it is the intent and purpose of this City Council that this
constitute approval of the issuance of the bonds by the applicable elected represc
a governmental unit on whose behalf the Bonds are being issued and by the govi
unit having jurisdiction over the entire area in which the project being financed by
is located in accordance with the terms of the Authority resolution of intent.
5. That the Mayor is authorized and directed to execute such docun
certificates, and to take such other actions as may be necessary to accomplish the
of this Resolution.
6. That the City Clerk shall certify to the adoption of this resolution and SI
this resolution and the certification to be filed in the Office of the City Clerk.
...
2 1’ag:c 2 oL Kesolution No. 95-153
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PASSED, APPROVED AND ADOPTED at a regular meeting of t
Carlsbad city Council held on the 13th day of JUNE ,
by the following vote, to wit:
AYES: Council Members Lewis, Nygaard, Kulchin, Finnila, Hz
NOES: None
ABSENT: None
ATTEST:
ami A. RL
ALETHA L. RAUTENKRANZ, City C1
(SEAL)
Page 3 of Resolution No. 95-153
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STATE OF CALIFORNIA, )
COUNTY OF SAN DIEGO ) ss.
)(;it) (:lcbrli of tlic. (:it. of (~:irlsl):id, (;otiiity of Sail I)icbgo, Stat(, of (Liliforii
li(~r(~1)). c.c.rtil\, tliat I Iiiiv(3 c~otii~x~rcd tlrcx forc.goirlg col)). \tritli tlic> orixi1i:ll Resolution NO. 95-153 l~issc~tl ;I
:i(~opttat~ I)! saicl (:it!. (:oLiiiciI. at . .. .?..regular.... . . Iiiwtilrg tIicwwf, at tIic5 titlie, aiitI I). tIio \Jot(, tIic'rc
4tatcd. \vliic.li origitiiil Resolution .N?.-...?5-153 is iio\v 011 el(, iii III!. office): tliilt th<s saiiic. cwttaiiis ;I ftill, ti
:bii(! c.orrc.(.t trairsc~i1)t tlrcw4rori I ;irrtl of' thc, wltolt. tlicwof'.
Ass is tant I. Karen R. Kundtz
\\'itii(xs iti!. Iial~I aiid tIic. sc%aI of sitict (;itp of (;;irIsI):id, tliis .1_5th thy of . JVrJE>..l?95 .. ... .... . .. . ..
( s14:;\l,! . . . . . . . . . . . . . . .
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k.
This space is for the County ck*S filing %
STATE OF CALlFoRh!!A COURV of San Diego
I am a citizen of the t4nged States and it resident of the cou'r~py aforesaid: ! am over the age Qf eighteen Years, and not a party to or interested in the ataove-enti$lecf matter. i am the principal clerk of the paint@' of Proof sf Publication of
Public Notice a newspaper of general circulation, printed and published daily in %he City of Oceanside and qualified for the c#y 00 Qceareside, and the North County Judicial district with substantial circulation in BQnSall, Falbrook, Leucacjia, Encinitas, Cardiff, Vista and Carssbad, County of Sari mego, and which newspaper has been a4udged a newspaper of genera! circulation by the Superior court of the County 08 %an Diego, State of California, underthe date sf June 30,4989, case number 17134% that the notice, BE which the annexed is a printed COPY (set in type not srnakr than nonpareil), has been pubiished in each reguiar and entire issue Of Said newspaper and not in any suppkmenl: thereof on the
following dates, to-wit:
I"JSTRIAL DEVELOPMENT FIN
May 27, 1995
t certify (OF deciare) under penaity of perjury ahat the
f~i~~ging is true and correct.
Dated at Oceanside,Califomia, this 3 G day
--"-----_--- -----e------.,-
For further details as to the nature of the facility, reference is hereby made to e
which is on file at the office of the Authority. For further,infomation contact C: Economic Development Manager at (619) 436-1161, extension 4214.
,
~~~~-~~~~~~~
Legal Advertising
4722 South Hi011 Street
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TO: CITY CLERKS OFFICE
FROM: Economic Development Manager &
RE: PUBLIC HEARING REQUEST
Attached are the materials necessary for you to notice Financing Proaram Approval
for CIP Limited and Aalto Scientific and CIP Limited and Asvmtek for a public hearing
before the City Council.
Please notice the item for the Council meeting of June 13, 1995.
,-- -.. Than* City Manager Date
*** Requires a 14 day notice, per Cynthia Haas.
,- 0 0
b
PUBLIC NOTICE AND
NOTICE OF PUBLIC HEARING
INDUSTRIAL DEVELOPMENT FINANCING
NOTICE IS HEREBY GIVEN that, at its regular meeting to be held at 6:OO p.m.
on Tuesday, June 13, 1995, at the Council chambers located at 1200 Carlsbad Village
Drive, Carlsbad, California, the City Council of the City of Carlsbad will conduct a
public hearing as required by Section 147(9 of the Internal Revenue Code of 1986, as
amended, at which it will hear and consider information concerning the possible
issuance by the Industrial Development Authority of the City of Carlsbad (the
"Authority") of industrial development revenue bonds. The bonds (if any are issued)
will be in an aggregate principal amount not to exceed $2,176,376. The proceeds
from the sale of such bonds (if any are issuedlare intended to be used to provide a
headquarters building for use in the manufacture of automated fluid dispensing
systems and 3-axis motion control products (the "Facility).
The facility is proposed to be located on a 2.97 net acre parcel located at 2762
Loker Avenue West in the Carlsbad Oaks West Business Center located in the lVlc
Clellan Palomar Airport Industrial area. It will consist of approximately 41,225 square
feet of manufacturing and office. The initial owner and operator of the facility will be
CIP Limited, Ltd.
FURTHER NOTICE IS HEREBY GIVEN, pursuant to Government Code Section
91 530(e) that Asymptotic Technologies (Asymtek) and CIP Limited, a California limitec
partnership (collectively, the "Company") , have filed an application with the Industrial
Development Authority of the City of Carlsbad to request assistance in the financing
of the acquisition and construction of Asymtek's new facility as describe above, On
April 4, 1995, pursuant to the California Industrial Development Financing Act
(Government Code Section 91500, et seq.), the Authority did accept the application
and did declare its intention to issue Industrial Development Bonds in the
approximate amount of $2,176,376 to finance the acquisition and construction of the
Company's facility. Any bonds so issued shall be special obligations only of the
Authority, payable solely out of the revenues or out of other sources for repayment
specified in the proceedings.
For further details as to the nature of the facility, reference is hereby made to the
application which is on file at the office of the Authority. For further information,
contact Cynthia Haas, Economic Development Manager at (619) 436-1 161 , extension
421 4.
DATED THIS 24th DAY QF May 1995.
PUBLISH: May 27, 1995
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I
This space is for the CoUnty Clerk's filing St
STATE OF CALIFORNIA
cOUl7b Qf sap\ 6kgO
I am a citizen at the United States and a resident of the Counb aforesaid: 1 am over the age of eighteen years,
r2atter. i am the principal clerk of the printer of
2nd n~i a pa* to or interested in the above-entitled -
proof of Publlcatition of
mblic Notice
___________________________________I____-----
- I-
NOTICE OF PUBLIC HEA
May 27, 1995
1 certify (or declare) under penaity of perjury that the foregoing is true and correct.
~ated at 0ceanside,Catifsrnia, this -day
of ,Kav, 1995 .
___-~-o.,-.,-~~~------ ---..----
D THIS 24th DAY OF MA~ 1995 LEGAL42359 MAY 27,199s
e e
4
TO: CITY CLERKS OFFICE
FROM: Economic Development Manager
RE: PUBLIC HEARING REQUEST
Attached are the materials necessary for you to notice Financing Program Approval
for CIP Limited and Aalto Scientific and CIP Limited and Asvmtek for a public hearing
before the City Council.
Please notice the item for the Council meeting of June 13, 1995.
I
\ - City Manager Date
*** Requires a 14 day notice, per Cynthia Haas.
t 0 e
1
PUBLIC NOTICE AND
NOTICE OF PUBLIC HEARING
INDUSTRIAL DEVELOPMENT FINANCING
NOTICE IS HEREBY GIVEN that, at its regular meeting to be held at 6:OO p.m.
on Tuesday, June 13, 1995, at the Council chambers located at 1200 Carlsbad Villagc
Drive, Carisbad, California, the City Council of the City of Carlsbad will conduct a
public hearing as required by Section 147(9 of the Internal Revenue Code of 1986, as
amended, at which it will hear and consider information concerning the possible
issuance by the Industrial Development Authority of the City of Carlsbad (the
"Authority") of industrial development revenue bonds. The bonds (if any are issued) will be in an aggregate principal amount not to exceed $1,336,980. The proceeds
from the sale of such bonds (if any are issued)are intended to be used to proviide a
headquarters building for use in the manufacture of raw materials, both biological anc
biochemical in nature, for the diagnostic reagent industry (the "Facility).
The facility is proposed to be located on a 1.54 net acre parcel located at 195E
Kellogg Avenue West in the Carlsbad Airport Center Business Park located in the Mc
Clellan Palomar Airport Industrial area. It will consist of approximately 21,415 square
feet of manufacturing and office. The initial owner and operator of the facility will be
CIP Limited, Ltd.
FURTHER NOTICE IS HEREBY GIVEN, pursuant to Government Code Section
9153O(e) that Aalto Scientific Ltd. and CIP Limited, a California limited partnership
(collectively, the "Company"), have filed an application with the Industrial Developmen
Authority of the City of Carlsbad to request assistance in the financing of the
acquisition and construction of Asymtek's new facility as describe above. On April 4,
1995, pursuant to the California industrial Development Financing Act (Government
Code Section 91500, et seq.), the Authority did accept the application and did declarc
its intention to issue Industrial Development Bonds in the approximate amount of
$1,336,980 to finance the acquisition and construction of the Company's facility. Any
bonds so issued shall be special obligations only of the Authority, payable solely out
of the revenues or out of other sources for repayment specified in the proceedings.
For further details as to the nature of the facility, reference is hereby made to the
application which is on file at the office of the Authority. For further information,
contact Cynthia Haas, Economic Development Manager at (619) 436-1 161 , extension
421 4.
DATED THIS 24th DAY OF May 1995.
PUBLISH: May 27, 1995