HomeMy WebLinkAbout2002-08-06; City Council; Resolution 2002-2371
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CITY COUNCIL RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
EXEMPT OBLIGATIONS IN AN AMOUNT NOT TO EXCEED $20
MILLION TO FINANCE THE CONSTRUCTION OF ONE HUNDRED
EIGHTY (180) AFFORDABLE APARTMENT UNITS WITHIN THE
VILLAGES OF LA COSTA MASTER PLAN AND DIRECTING
CERTAIN ACTIONS
APPLICANT: DOVE FAMILY HOUSING ASSOCIATES, L.P.
CASE NO: SDP 01-17
CARLSBAD, CALIFORNIA, APPROVING THE ISSUANCE OF TAX-
WHEREAS, the City of Carlsbad (the "City") intends to issue tax-exempt obligations
(the "Obligations") for the purpose, among other things, of making a loan to Dove Family
Housing Associates ("Dove") or a limited partnership or limited liability company to be
established by Dove (the "Developer"), the proceeds of which shall be used by the Developer to
finance the acquisition, construction and development of a multifamily housing rental facility to
be located near the Northeast comer of Alga Road and El Camino Real in the City of Carlsbad,
California (the "Project"); and
WHEREAS, the City is authorized by Chapter 7 of Part 5 of Division 3 1 of the Health
and Safety Code of the State of California (the "Law") to issue and sell revenue bonds for the
purpose of financing the acquisition, construction and development of multifamily rental
housing facilities to be occupied in part by low and very low income tenants; and
WHEREAS, the Obligations will be considered to be "qualified exempt facility bonds"
under Section 142(a) of the Internal Revenue Code of 1986, as amended (the "Code"), and
Section 147(f) of the Code requires that the "applicable elected representative" with respect to
the City hold a public hearing on and approve the issuance of the Obligations; and
WHEREAS, this City Council is the elected legislative body of the City; and
WHEREAS, a notice of public hearing in a newspaper of general circulation in the City
has been published, to the effect that a public hearing would be held by this City Council on the
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CC Resolution No. 2002-237
Page 2
date hereof regarding the issuance of the Obligations by the City and the nature and location of
the Project; and
WHEREAS, this City Council held said public hearing, at which time an opportunity was
provided to present arguments both for and against the issuance of such Bonds and the nature
and location of the Project; and
WHEREAS, it is in the public interest and for the public benefit that the City approve the
issuance and delivery of the Obligations for the purpose of financing the acquisition,
construction and development of the Project; and
WHEREAS, the City shall not have any liability for the repayment of the Obligations or
any responsibility for the Project;
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City
of Carlsbad, California, as follows:
1. The City hereby finds and determines that the foregoing recitals are true and correct.
2. The City hereby approves the issuance and delivery of the Obligations for the
purpose of paying the costs of financing the acquisition, construction and
development of the Project, subject to the review and approval of the documents
to be executed and delivered in connection with the Obligations.
3. This resolution shall take effect upon its adoption.
Ill
Ill
Ill
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PASSED, APPROVED, AND ADOPTED at a regular meeting of the City
Council of the City of Carlsbad, California, held on the 61h day of August , 2002,
by the following vote, to wit:
AYES: Council Members Lewis, Finnila, Nygaard, and Hall
ABSENT: Council Membe
ABSTAIN: None
CC Resolution No. 2002-237
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