HomeMy WebLinkAbout2022-10-11; City Council; Resolution 2022-243RESOLUTION NO. 2022-243
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 CARLSBAD 685, LP., OR A SUBSIDIARY OR AFFILIATE CREATED
BY USA PROPERTIES FUND, INC., IN AN AGGREGATE PRINCIPAL AMOUNT
NOT TO EXCEED $15,000,000 FOR THE PURPOSE OF FINANCING AND
REFINANCING THE ACQUISITION, CONSTRUCTION, REHABILITATION,
IMPROVEMENT AND EQUIPPING OF MARJA ACRES APARTMENTS, A 47-
UNIT MULTIFAMILY RENTAL SENIOR HOUSING PROJECT LOCATED IN
CARLSBAD, CALIFORNIA
WHEREAS, USA Properties Fund, Inc. (the "Sponsor"), on behalf of Carlsbad 685, LP., a
California limited partnership, or another ownership entity to be created by the Sponsor, 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 $15,000,000 (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 47-unit affordable rental senior housing
facility for low-, very low-and extremely low-income seniors (the "Project") to be owned and
operated by the Borrower and located on a parcel situated south of El Camino Real, east of Kelly
Drive and north-northwest of Park Drive 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 Internal Revenue Code of 1986, as amended (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:
1.That the above recitations are true and correct.
2.The City Council hereby approves the issuance of the Bonds by the Authority, including
but not limited to Bonds issued as part of a plan of financing and refinancing of the
facilities described herein. 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 11th day of October, 2022, by the following vote, to wit:
AYES:
NAYS:
ABSENT:
Blackburn, Bhat-Patel, Acosta, Norby.
None.
Hall.
� MATT HALL, Mayor
+,-vFAVIOLA MEDINA, City Clerk Services Manager
{SEAL)
..............-l<Pk