HomeMy WebLinkAbout2005-11-15; City Council; 18349; License Agreement between City & PFA10
AB# 18,349
MTG. 11/15/05
DEPT. CA
CITY OF CARLSBAD AND THE CARLSBAD PUBLIC FINANCING
AUTHORITY - AGENDA BILL
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TITLE: DEPT. HD.
APPROVING THE LICENSE AGREEMENT BETWEEN THE
CITY OF CARLSBAD AND THE CARLSBAD PUBLIC
FINANCING AUTHORITY FOR DEVELOPMENT OF THE
MUNICIPAL GOLF COURSE CITY MG
RECOMMENDED ACTION:
Adopt Resolution No. 2005-341
the City of Carlsbad and the Carlsbad Public Financing Authority for development of the
municipal golf course; and Adopt Resolution No.
ment between the Carlsbad Public Financing Authority and the City of Carlsbad for ITEM EXPLANATION: the development of the municipal golf course.
, approving the License Agreement between
14 , approving the License Agree-
In 1999, the Carlsbad Public Financing Authority (“CPFA”) was formed as a joint powers
authority by the City of Carlsbad and the Carlsbad Municipal Water District with the
Carlsbad City Council serving as the Authority’s Board of Directors, to finance, develop and
operate the proposed Carlsbad municipal golf course.
The golf course project underwent environmental review and the City secured all
entitlements and permits necessary for the development of the golf course on property
owned by the City. The plan is for the City to ground lease the golf course property to the
CPFA which will issue tax-exempt bonds to construct the golf course. Once completed, the
CPFA will lease back the golf course to the City which will utilize golf course revenue to
make the lease payments to the CPFA. The CPFA will utilize the lease payments from the
City to meet its obligations on the bond issuance.
It is anticipated that the financing documents and the ground lease, along with a more
detailed explanation of the rationale for this financing structure, will be coming to the City
Council and the Carlsbad Public Financing Authority for review and approval in the first half
of next year. In the interim, staff is recommending approval by the respective bodies of the
License Agreement attached hereto, to formally authorize the CPFA to utilize the golf
course property for grading and development of the course and improvements. The plans
and specifications for the construction contracts were approved by the CPFA at a public
meeting on May 3, 2005 and the grading of the golf course is in progress. Therefore the
License Agreement has been made effective retroactive to May 3, 2005.
The resolutions authorizing approval of the License Agreement also authorizes the City
Manager of the City of Carlsbad and the Executive Director of the Carlsbad Public
Financing Authority to execute all future documents necessary to implement the
construction of the Carlsbad municipal golf course.
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ENVIRONMENTAL REVIEW:
A Negative Declaration for the golf course was previously approved by the City Council on
February 24, 1994.
FISCAL IMPACT
The License Agreement does not provide for any payment by the Carlsbad Public Financing
Authority for use of the property. Therefore, there is no fiscal impact to either entity.
EXHIBITS :
City Council Resolution No. 2005-341
Carlsbad Public Financing Authority Resolution No.
License Agreement
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DEPARTMENT CONTACT: Jane Mobaldi, (760) Phone 760-434-2891
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RESOLUTION NO. 2005-341
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, APPROVING THE LICENSE
AGREEMENT BETWEEN THE CITY OF CARLSBAD AND
THE CARLSBAD PUBLIC FINANCING AUTHORITY FOR
DEVELOPMENT OF THE MUNICIPAL GOLF COURSE
WHEREAS, the City of Carlsbad owns the property shown in
attached Exhibit A to License Agreement which is designated for the construction
Df a municipal golf course; and
WHEREAS, the Carlsbad Public Financing Authority (“Authority”)
rNas formed in 1999 as a joint powers authority by the City of Carlsbad (“City”) and
the Carlsbad Municipal Water District to finance, develop and operate the
proposed Carlsbad municipal golf course; and
WHEREAS, the Carlsbad Public Financing Authority approved the
plans and specifications for construction of the municipal golf course on May 3,
2005; and
WHEREAS, the City will ground lease the golf course property to the
Authority and the Authority will issue tax-exempt bonds to construct the golf
course, including the clubhouse, ancillary buildings and pads for two
commercial parcels; and
WHEREAS, the Authority will lease back the completed golf course
to the City which will utilize golf course revenue to make lease payments which the
Authority will utilize to meet its obligations on the bond issuance; and
WHEREAS, the City of Carlsbad and Carlsbad Public Financing
Authority have entered into a license agreement intended to authorize the
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Authority to utilize the golf course property for grading and development of the
course and improvements effective retroactive to May 3, 2005,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Carlsbad, California, as follows:
1.
2.
That the above recitations are true and correct;
That the License Agreement Between City Of Carlsbad and
Carlsbad Public Financing Authority for Development of the Municipal Golf Course
is hereby approved.
3. That the City Manager on behalf of the City of Carlsbad and in
his capacity as the Executive Director of the Carlsbad Public Financing Authority is
authorized to execute all contractual, land use, and real property interest
conveyance documents required in the future to implement development and
operation of the Carlsbad Municipal Golf Course.
PASSED, APPROVED AND ADOPTED at a regular meeting of the
Carlsbad City Council held on the 15th day of November I
2005 by the following vote, to wit:
AYES: Council Members Lewis, Hall, Kulchin, Packard, Sigafoose
NOES: None
AlTEST
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RESOLUTION NO. 14
A RESOLUTION OF THE CARLSBAD PUBLIC FINANCING
AUTHORITY OF THE CITY OF CARLSBAD, CALIFORNIA,
APPROVING THE LICENSE AGREEMENT BETWEEN THE CITY OF
CARLSBAD AND THE CARLSBAD PUBLIC FINANCING AUTHORITY
FOR DEVELOPMENT OF THE MUNICIPAL GOLF COURSE
WHEREAS, the City of Carlsbad owns the property shown in attached
Exhibit A to License Agreement which is designated for the construction of a municipal
golf course; and
WHEREAS, the Carlsbad Public Financing Authority (“Authority”) was
formed in 1999 as a joint powers authority by the City of Carlsbad (“City”) and the
Carlsbad Municipal Water District to finance, develop and operate the proposed
Carlsbad municipal golf course; and
WHEREAS, the Carlsbad Public Financing Authority approved the plans
and specifications for construction of the municipal golf course on May 3, 2005; and
WHEREAS, the City will ground lease the golf course property to the
Authority and the Authority will issue tax-exempt bonds to construct the golf course,
including the clubhouse, ancillary buildings and pads for two commercial parcels; and
WHEREAS, the Authority will lease back the completed golf course to the
City which will utilize golf course revenue to make lease payments which the Authority
will utilize to meet its obligations on the bond issuance; and
WHEREAS, the City of Carlsbad and Carlsbad Public Financing Authority
have entered into a license agreement intended to authorize the Authority to utilize the
golf course property for grading and development of the course and improvements
effective retroactive to May 3, 2005,
NOW, THEREFOREl BE IT RESOLVED by the City Council of the City of
Carlsbad, California, as follows:
1.
2.
That the above recitations are true and correct;
That the License Agreement Between City Of Carlsbad and Carlsbad
Public Financing Authority for Development of the Municipal Golf Course is hereby
approved.
3. That the City Manager on behalf of the City of Carlsbad and in his
capacity as the Executive Director of the Carlsbad Public Financing Authority is
authorized to execute all contractual land use and real property conveyances
documents required in the future to implement development and operation of the
Carlsbad municipal golf course.
PASSED, APPROVED AND ADOPTED at a regular meeting of the
Carlsbad City Council held on the 15th day of November I 2005
by the following vote, to wit:
AYES: Board Members Lewis, Hall, Kulchin, Packard, Sigafoose
NOES: None
ABSENT: None
ATTEST
Board of Directors
LICENSE AGREEMENT BETWEEN
CITY OF CARLSBAD AND
CARLSBAD PUBLIC FINANCING AUTHORITY
FOR DEVELOPMENT OF THE MUNICIPAL GOLF COURSE
Retroactive to May 3, 2005, the City of Carlsbad (“City”), owner of the property
shown on attached Exhibit A (“the Property”), on which a municipal golf course is to be
built, hereby authorizes the Carlsbad Public Financing Authority (“Authority”) to enter
and use the Property for development and construction of the Carlsbad Municipal Golf
Course. Authority shall require that the contractors for all three phases of the golf
course development include the City and its representatives as insureds on all policies
obtained for the construction of the golf course.
It is the intention of the City and the Authority to enter into a more formal
agreement in 2006 whereby the City will ground lease the Property to the Authority
and lease the Property back from the Authority for the term of the ground lease, and a
completed 18-hole municipal golf course, including clubhouse and ancillary buildings.
The Authority will then apply the City’s lease payments toward its obligation to repay
the tax-exempt bonds to be issued by the Authority to finance the golf course
development. The ground lease will be presented to the governing bodies of the City
and the Authority for approval, along with the financing documents.
Once executed in 2006, the ground lease will supercede this license
agreement.
Carlsbad Public Financing Authority City of Carlsbad
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SITE MAP
1 CITY OF CARLSBAD
GOLF COURSE
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