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HomeMy WebLinkAbout2022-08-30; City Council; Resolution 2022-213RESOLUTION NO. 2022-213 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY MULTIFAMILY HOUSING REVENUE BONDS FOR THE BENEFIT OF AVIARA EAST HOUSING, LP, OR A SUBSIDIARY OR AFFILIATE THEREOF, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $25,000,000 FOR THE PURPOSE OF FINANCING OR REFINANCING THE ACQUISITION, CONSTRUCTION, REHABILITATION, IMPROVEMENT AND EQUIPPING OF AVIARA EAST HOUSING, A MULTIFAMILY RENTAL HOUSING PROJECT LOCATED IN CARLSBAD, CALIFORNIA WHEREAS, BRIDGE Housing Corporation, a California nonprofit public benefit corporation {the "Sponsor"), on behalf of Aviara East Housing LP, a California limited partnership, or another ownership entity to be created by the Sponsor, Aviara East GP LLC, or another affiliate of the Sponsor for the purpose of owning the project described herein (such limited partnership or other ownership entity being referred to herein as the "Borrower"), has requested that the California Municipal Finance Authority (the "Authority") issue from time to time one or more series of revenue bonds in an aggregate principal amount not to exceed $25,000,000 (the "Bonds"), including but not limited to revenue bonds issued as part of a plan to (1) finance and refinance the acquisition, construction, improvement and equipping of a 70-unit multifamily rental housing facility (the "Project") to be owned and operated by the Borrower and located at 1380 Laurel Tree Lane in the City of Carlsbad, California (the "City"), and (2) pay certain expenses in connection with the issuance of the Bonds; and WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by the Authority must be approved by the City Council of the City of Carlsbad because the Project is located within the territorial limits of the City; and WHEREAS, the City Council of the City of Carlsbad is the elected legislative body of the City and is one of the "applicable elected representatives" required to approve the issuance of the Bonds under Section 147{f) of the Code; and WHEREAS, the Authority has requested that the City Council approve the issuance of the Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f) of the Code and the requirements of Section 4 of the Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated as of January 1, 2004 (the "Agreement"), among certain local agencies, including the City of Carlsbad; and WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve the issuance of the Bonds by the Authority; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad, California, as follows: l.That the above recitations are true and correct. 2.The City Council hereby approves the issuance of the Bonds by the Authority. It is the purpose and intent of the City Council that this resolution constitute approval of the issuance of the Bonds by the Authority, for the purposes of (a) Section 147(f) of the Code by the applicable elected representative of the governmental unit having jurisdiction over the area in which the Project is located, in accordance with said Section 147(f) and (b)Section 4 of the Agreement. 3.The issuance of the Bonds shall be subject to the approval of the Authority of all financing documents relating thereto to which the Authority is a party. The City of Carlsbad shall have no responsibility or liability whatsoever with respect to the Bonds. 4.The adoption of this Resolution shall not obligate the City of Carlsbad or any department thereof to (i) provide any financing to acquire or construct the Project or any refinancing of the Project; (ii) approve any application or request for or take any other action in connection with any planning approval, permit or other action necessary for the acquisition, construction, rehabilitation, installation or operation of the Project; (iii) make any contribution or advance any funds whatsoever to the Authority; or {iv) take any further action with respect to the Authority or its membership therein. 5.The officers of the City of Carlsbad are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they deem necessary or advisable in order to carry out, give effect to and comply with the terms and intent of this resolution and the financing transaction approved hereby. 6.This resolution shall take effect immediately upon its adoption. PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council of the City of Carlsbad on the 30th day of August, 2022, by the following vote, to wit: AYES: NAYS: ABSENT: Blackburn, Bhat-Patel, Acosta, Norby. None. Hall. for MATT HALL, Mayor FAVIOLA� Clerk Serv6.nager (SEAL)