HomeMy WebLinkAbout2024-01-09; City Council; ; Tax and Equity Fiscal Responsibility Act Public Hearing for the Reissuance of Tax-Exempt Bonds for the Mariposa ApartmentsCA Review _ AF _
Meeting Date: Jan. 9, 2024
To: Mayor and City Council
From: Scott Chadwick, City Manager
Staff Contact: Mandy Mills, Housing & Homeless Services Director
mandy.mills@carlsbadca.gov, 442-339-2907
Subject: Tax and Equity Fiscal Responsibility Act Public Hearing for the Reissuance
of Tax-Exempt Bonds for the Mariposa Apartments
District: 2
Recommended Action
Hold a public hearing as required by the Tax and Equity Fiscal Responsibility Act and the Internal
Revenue Code of 1986 and adopt a resolution approving the reissuance of tax-exempt
multifamily housing revenue bonds and certain actions required to remarket the bonds for the
Mariposa Apartments, a 106-unit multifamily affordable rental housing development located in
Carlsbad, California.
Executive Summary
In 2003, the City of Carlsbad issued multifamily housing revenue bonds in the original principal
amount of $6,000,000 to provide for the acquisition and construction of the Mariposa
Apartments development, a 106-unit multifamily affordable rental housing project, as part of
its effort to increase affordable housing opportunities for lower income households in Carlsbad.
The development, located on the west side of College Boulevard, just south of Carlsbad Village
Drive is owned and operated by CIC Calavera, L.P., a California limited partnership, and
managed by Chelsea Investment Corporation.
The bonds have an outstanding principal balance of $3,650,000 and, under the terms of the
trust indenture, the agreement in the bond contract between the bond issuer and the trustee,
the bonds must be redeemed by Feb. 1, 2024, and be remarketed with a new maximum
interest rate set forth in the trust indenture, known as the “strike rate.”1 Because interest rates
have increased, the City Council needs to authorize an amendment to the trust indenture to
increase the maximum interest rate, so that the bonds can be remarketed to final maturity.
1 This strike rate is the maximum interest rate, or cap, at which the owner of the option can buy or sell the
underlying security.
Jan. 9, 2024 Item #12 Page 1 of 14
Under the federal Tax and Equity Fiscal Responsibility Act and the Internal Revenue Code of
1986, the bonds cannot qualify as tax-exempt unless the City Council holds a public hearing so
that community members can speak for or against the use of tax-exempt bonds for the
financing of the project.
Discussion
Project background
The site development plan for the Mariposa Apartments was approved by the City Council on
Sept. 10, 2002 (SDP 01-05). It allowed for the development of 106 affordable apartment units.
The Mariposa Apartments consists of one, two and three-bedroom apartments at rent levels
serving extremely low-, very low- and low-income households. The project was developed by
Chelsea Investment Corporation, completed in 2004, and satisfies the affordable housing
requirement for the second phase of the Calavera Hills Master Plan.
When the project was originally built, a number of financing sources had contributed to its
deep affordability. These funding sources included the land and some capital from the master
developer, tax credit equity, a loan from the State of California, and a loan form the city’s
Housing Trust Fund. Additionally, the City of Carlsbad applied for a tax-exempt bond allocation
and issued multifamily housing revenue bonds for the project. The purpose of the multifamily
housing revenue bond financing is to increase or preserve the supply of affordable rental
housing available to low- and very low-income households. The city is authorized to issue
multifamily housing revenue notes and bonds under Section 52075 of the California Health and
Safety Code.
Bond financing
The city’s multifamily housing revenue bonds issued for
Mariposa Apartments (2003 Series A) are currently
outstanding in the principal amount of $3,650,000 under
the Trust Indenture dated June 1, 2003. The owner of the
project is CIC Calavera, L.P., a California limited
partnership. The bonds were issued for the purpose of
assisting in the acquisition, construction and
development of the 106-unit Mariposa Apartments, a
multifamily affordable rental housing development,
located at the following addresses:
• 4631, 4634, 4635, 4639 and 4647 Rim Circle
• 3420 Vale Blossom Court
• 4659 and 4663 Red Bluff Place
• 3424, 3444 and 3448 Clear Cliff Court
• 4668, 4672 and 4676 Apple Hill Place
`
The trust indenture provides for the remarketing of the bonds on the remarketing date of Feb.
1, 2024, at a remarketing rate not to exceed the strike rate, essentially an interest rate cap as
defined in the trust indenture. The remarketing agent has notified the city that an amendment
to increase the maximum strike rate may be needed to remarket the bonds under new terms
until their maturity date. The trust indenture allows the city to amend the trust indenture
Mariposa Apartments
Jan. 9, 2024 Item #12 Page 2 of 14
(without the consent of any bond owners) in connection with the remarketing of bonds, subject
to the consent of the owner and the credit provider (the Federal National Mortgage
Association). The owner and credit provider have indicated that they are willing to agree to the
proposed amendments to the trust indenture.
If the trust indenture is amended to increase the maximum strike rate, then the remarketing of
the bonds will constitute a “reissuance” of the bonds for purposes of the Internal Revenue Code
of 1986. For the interest on the bonds to continue to be tax-exempt, Section 147(f) of the
Internal Revenue Code requires that the City Council approve the reissuance of the bonds
following a noticed public hearing on the financing of the project.
The resolution approves the reissuance of the bonds and the form of a first supplement to the
Trust Indenture dated June 1, 2003, amending the maximum strike rate for the bonds. A copy
of the first supplement to the trust indenture is on file in the Office of the City Clerk. The
resolution also authorizes certain designated officials of the city to execute and deliver the
documents once they are finalized. If the bonds can be remarketed at the current strike rate,
the first supplement to the trust indenture will not be delivered and the trust indenture will not
be amended.
For all or a portion of the bonds to qualify as tax-exempt, the City of Carlsbad is required under
the federal Tax and Equity Fiscal Responsibility Act to conduct a public hearing, known as the
TEFRA hearing, to provide an opportunity for community members to speak in favor of or
against the use of tax-exempt bonds for the financing of the project.
All parties should clearly understand:
• The Bonds are not debt of the City of Carlsbad in any way. There is no obligation of any
kind on the part of the City of Carlsbad, the City Council or any entity controlled by the
City of Carlsbad to repay the debt. All repayment of debt is the strict obligation of the
borrower
• The City of Carlsbad’s participation in the reissuance of these bonds will not impact the
city's appropriation limits and will not constitute any type of indebtedness by the city
Public notification
A seven calendar-day public Tax and Equity Fiscal Responsibility Act hearing notice was posted
in a newspaper of general circulation on Dec. 29, 2023, and on the city website. Copies of the
notice are available in the Office of the City Clerk.
Fiscal Analysis
There is no fiscal impact to the City of Carlsbad as a result of the adoption of the resolution, the
amendment of the trust indenture, and the remarketing of the bonds. As noted above, the City
of Carlsbad will have no financial, legal or moral obligation, liability or responsibility for the
project or the repayment of the bonds for the financing of the project. All costs associated with
these actions will be paid for by the owner of the project.
Next Steps
City staff will forward the approved resolution to the city’s Bond Counsel so the borrower can
proceed with getting the bonds reissued.
Jan. 9, 2024 Item #12 Page 3 of 14
Environmental Evaluation
This action does not constitute a project as defined under the California Environmental Quality
Act in accordance with Public Resources Code Section 21065, in that these actions may not
cause a direct physical change in the environment or a reasonably foreseeable indirect physical
change in the environment.
Exhibits
1. City Council resolution
Jan. 9, 2024 Item #12 Page 4 of 14
RESOLUTION NO. 2024-009
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, APPROVING THE REISSUANCE OF TAX-EXEMPT MULTIFAMILY
HOUSING REVENUE BONDS AND CERTAIN AMENDMENTS TO THE TRUST
INDENTURE FOR THE MARIPOSA APARTMENT PROJECT, A 106-UNIT
MULTIFAMILY AFFORDABLE RENTAL HOUSING DEVELOPMENT LOCATED IN
CARLSBAD, CALIFORNIA
WHEREAS, on June 13, 2003, the City of Carlsbad (the "City") issued its Multifamily Housing
Revenue Bonds ("Mariposa Apartments"), 2003 Series A (the "Bonds") in the original aggregate
principal amount of $6,000,000, pursuant to the provisions of Chapter 7 of Part 5 of Division 31 of the
California Health and Safety Code, to provide for the acquisition and construction of a multifamily
rental housing development comprising 106 residential, multifamily affordable apartment units
contained in 13 two-story buildings, known as Mariposa Apartments (the "Project") and located in
the City of Carlsbad, California; and
WHEREAS, the Project is presently owned by CIC Calavera, L.P., a California limited partnership
(the "Owner"); and
WHEREAS, the Bonds are currently outstanding in the principal amount of $3,650,000; and
WHEREAS, the Bonds are subject to mandatory tender on the Remarketing Date of
February 1, 2024 and must be remarketed as set forth in that certain Trust Indenture dated as of June
1, 2003 (the "Indenture"), by and between the City, as issuer, and Computershare Trust Company,
N.A., as successor trustee (the "Trustee"); and
WHEREAS, the Owner has requested that the Indenture be amended to increase the
maximum Strike Rate (the remarketing interest rate) permitted therein, to facilitate the remarketing
of the Bonds to the final maturity thereof (the "Amendment"); and
WHEREAS, in connection with the Amendment, a First Supplement (Attachment A) to Trust
Indenture has been prepared, to be entered into by and between the City and the Trustee, in
substantially the form submitted to the City Council at this meeting (the "First Supplement to Trust
Indenture"); and
Exhibit 1
Jan. 9, 2024 Item #12 Page 5 of 14
WHEREAS, the Amendment may cause the Bonds to be "reissued" for federal income tax
purposes; and
WHEREAS, if the Bonds are reissued, the interest of the Bonds may qualify for tax exemption
under Section 103 of the Internal Revenue Code of 1986, as amended (the "Code"), only if the Bonds
are approved in accordance with Section 14 7(f) of the Code; and
WHEREAS, pursuant to Section 147(f) of the Code, the reissuance of the Bonds 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 reissuance of the Bonds
under Section 147(f) of the Code; and
WHEREAS, pursuant to Section 147(f) of the Code, a notice of public hearing has been published
in a newspaper of general circulation in the City, to the effect that a public hearing would be held by
this City Council on the date hereof regarding the reissuance of the Bonds by the City and the nature
and location of the Project; and
WHEREAS, the City Council held such public hearing, at which time an opportunity was provided
to present arguments both for and against the reissuance of such Bonds and the nature and location
of the Project; and
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.
The City Council approves the reissuance of the Bonds by the City, 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
constitutes approval of the reissuance of the Bonds by the City Council, as the applicable
elected representative of the governmental unit having jurisdiction over the area in
which the Project is located, in accordance with Section 147(f) of the Code.
3.The form of First Supplement (Attachment A) to Trust Indenture (a copy of which is on
file with the City Clerk and which is hereby declared to be a part of this Resolution as if
Jan. 9, 2024 Item #12 Page 6 of 14
fully set forth herein) submitted to the City Council is approved. The Mayor, the City
Manager, the Assistant City Manager, any Deputy City Manager, the City Treasurer and
the City Clerk or the designee thereof (each, an "Authorized Officer") are each
authorized and directed, for and in the name of the City, to execute and deliver the First
Supplement to Trust Indenture in the form hereby approved, with such additions
thereto and changes therein as the officers executing the same deem necessary, and
approval of such additions and changes shall be conclusively evidenced by the execution
and delivery of such First Supplement to Trust Indenture by such officer or officers. The
First Supplement to Trust Indenture shall be executed and delivered if an Authorized
Officer determines, in consultation with Stradling Yocca Carlson & Rauth (the City's Bond
Counsel), that the Amendment is necessary and appropriate to accomplish the
remarketing of the Bonds to the Maturity Date.
4.The adoption of this Resolution shall not obligate the City of Carlsbad or any department
thereof to (i) 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; or
(ii)make any contribution or advance any funds whatsoever to the Owner.
5.The Authorized Officers of the City of Carlsbad are 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 transaction approved hereby.
6.This resolution shall take effect immediately upon its adoption.
Jan. 9, 2024 Item #12 Page 7 of 14
PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council of the City of
Carlsbad on the 9th day of January, 2024, by the following vote, to wit:
AYES:
NAYS:
ABSTAIN:
ABSENT:
Blackburn, Bhat-Patel, Acosta, Burkholder, Luna.
None.
None.
None.
KEITH BLACKBURN, Mayor
SHERRY FREISINGER, City Clerk
{SEAL)
Jan. 9, 2024 Item #12 Page 8 of 14
Attachment A
4861-8388-7249v4/022062-0037
FIRST SUPPLEMENT TO TRUST INDENTURE
by and between
CITY OF CARLSBAD
and
COMPUTERSHARE TRUST COMPANY, N.A., as Trustee
Relating to
$6,000,000 CITY OF CARLSBAD MULTIFAMILY HOUSING REVENUE BONDS (MARIPOSA APARTMENTS) 2003 SERIES A
Jan. 9, 2024 Item #12 Page 9 of 14
1 4861-8388-7249v4/022062-0037
FIRST SUPPLEMENT TO TRUST INDENTURE
This FIRST SUPPLEMENT TO TRUST INDENTURE (the “Supplement”) is executed and
entered into as of February 1, 2024 by and between the CITY OF CARLSBAD (the “City”) and COMPUTERSHARE TRUST COMPANY, N.A., a banking association organized and existing under the laws of the United States, as successor to Wells Fargo Bank, National Association, as trustee (the “Trustee”);
W I T N E S S E T H :
WHEREAS, the Trustee and the City previously executed and entered into a Trust Indenture (the “Indenture”), dated as of June 1, 2003, in connection with the issuance of the $6,000,000 City of Carlsbad Multifamily Housing Revenue Bonds (Mariposa Apartments) 2003 Series A (the “Bonds”); and
WHEREAS, the Indenture provides for the remarketing of the Bonds on the remarketing date of February 1, 2024 at a Remarketing Rate not to exceed the Strike Rate (as defined in the Indenture); and
WHEREAS, the Remarketing Agent has determined that the Bonds cannot be remarketed for
a period extending to the Maturity Date unless the Strike Rate is amended to increase the maximum Strike Rate; and
WHEREAS, Section 11.1(xii) of the Indenture expressly permits the City to amend the Indenture (without the consent of any Bond Owners) in connection with the remarketing of Bonds
following any mandatory tender of the Bonds pursuant to Section 2.17 if such change is effective
only after mandatory purchase; and
WHEREAS, the Rating Agency has confirmed that this Supplement will not result in a suspension, withdrawal, or downgrade of the rating on the Bonds; and
WHEREAS, the Credit Provider and the Borrower have each consented in writing to this
Supplement; such written consents are attached hereto; and
WHEREAS, the City desires to amend the Indenture to (a) increase the maximum Strike Rate and (b) provide for and refer to a Tax Certificate of the Borrower and Issuer dated concurrently herewith.
NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL AGREEMENTS AND COVENANTS CONTAINED HEREIN AND FOR OTHER VALUABLE CONSIDERATION, THE PARTIES HERETO DO HEREBY AGREE AS FOLLOWS:
Section 1. Amendments to Section 1.2 of the Indenture.
(a) Commencing upon the Effective Date of this Supplement, the term “Strike
Rate” shall mean 4.408% per annum or such other per annum interest rate as may be approved by the Credit Provider in its sole discretion, but in no event higher than 12.00%.
Jan. 9, 2024 Item #12 Page 10 of 14
2 4861-8388-7249v4/022062-0037
(b) Commencing upon the Effective Date of this Supplement, the term “Tax Certificate” shall mean that certain Tax Certificate dated the Effective Date, executed and delivered
by the Issuer and the Borrower.
Section 2. Supplemental Indenture. This Supplement is executed, delivered and effective as of February 1, 2024 (the “Effective Date”) in accordance with Article 11 of the Indenture. Except as expressly set forth in this Supplement, the Indenture shall continue in full force
and effect in accordance with its terms. The City, by its execution of this Supplement, requests the Trustee join in the execution and delivery of this Supplement. The Trustee hereby acknowledges receipt of all instruments and documentation necessary to enable the Trustee to execute this Supplement.
Section 3. Definitions. Initially capitalized terms not defined herein shall have the
meaning ascribed to them in the Indenture.
Section 4. Counterparts. This Supplement may be executed in any number of counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]
Jan. 9, 2024 Item #12 Page 11 of 14
S-1 4861-8388-7249v4/022062-0037
IN WITNESS WHEREOF, the parties hereto have executed and entered into this First Supplement to Trust Indenture by their officers thereunto duly authorized as of the day and year first
above written.
COMPUTERSHARE TRUST COMPANY, N.A., as Trustee
By:
Authorized Signatory
CITY OF CARLSBAD
By: Scott Chadwick, City Manager
ATTEST:
Sherry Freisinger, City Clerk
Jan. 9, 2024 Item #12 Page 12 of 14
4861-8388-7249v4/022062-0037
FANNIE MAE CONSENT
Pursuant to Section 11.7 of that certain Trust Indenture dated as of June 1, 2003 (the
“Indenture”) between the City of Carlsbad (the “Issuer”) and Computershare Trust Company, N.A., as successor Trustee under the Indenture (the “Trustee”), the undersigned, on behalf of Fannie Mae, consents to the terms and the making of the following:
1. First Supplement to Trust Indenture dated as of February 1, 2024 between the Issuer
and the Trustee.
FANNIE MAE
By:
Dated: February 1, 2024
Jan. 9, 2024 Item #12 Page 13 of 14
4861-8388-7249v4/022062-0037
BORROWER CONSENT
Pursuant to Section 11.7 of that certain Trust Indenture dated as of June 1, 2003 (the
“Indenture”) between the City of Carlsbad (the “Issuer”) and Computershare Trust Company, N.A., as successor Trustee under the Indenture (the “Trustee”), the undersigned, on behalf of CIC Calavera, L.P., consents to the terms and the making of the following:
1.First Supplement to Trust Indenture dated as of February 1, 2024 between the Issuer
and the Trustee.
CIC CALAVERA, L.P., a California limited partnership
By: Pacific Southwest Community Development
Corporation, a California nonprofit public benefit corporation Its: Managing General Partner
By:
Robert W. Laing, Executive Director/President
By: CIC Calavera Hills II, LLC, a California limited liability company
Its: Co-General Partner
By: Chelsea Investment Corporation, a California corporation, Its: Manager
By: Cheri Hoffman, President
Dated: February 1, 2024
Jan. 9, 2024 Item #12 Page 14 of 14
TO: CITY CLERK
DATE OF PUBLIC HEARING:
AFFIDAVIT OF MAILING
NOTICE OF PUBLIC HEARING
SUBJECT: ((]6..M{YJS,,c... °'fY2.dvnh1°ft:,
LOCATION: GJ::200 Carlsbad Village Drive, Carlsbad, CA 92008
D Other: ________________ _
DATE POSTED TO CITY WEBSITE / ;;2),;2 ·7 / ;}_?:::,
DATE NOTICES MAILED TO PROPERTY OWNERS: _________ _
NUMBER_ MAILED: -
I declare under penalty of perjury under the laws ofthe State of California that I am employed by
the City of Carlsbad and the foregoing is true and correct.
DEPARTMENT: ~TY CLERK'S OFFICE □OTHER _______ _
j_,n1_~ l J./27/9~
Signature Date
------------------------------------------------------------------------------
SENT TO FOR PUBLICATION VIA E-MAIL TO: □ Union Tribune on ___ _
~ Coast News on /cJ.-}J 9/'J,3
PUBLICATION DATE: Union Tribune --------------
Coast News ---=--I ~~}__,J_i,L__J.9-1-J ........ a<...::eo""""· ..l,£i9..,,.,3..,;,...-. __ _
I declare under penalty of perjury under the laws of the State of California that I am employed by
the City of Carlsbad and the foregoing is true and correct.
DEPARTMENT: □ CITY CLERK'S OFFICE □ OTHER _______ _
Signature Date
Attachments: 1) Mailing Labels
2) Notice w/ attachments
cm· OF CARJ.SIIA.D
NOTICE OF PUBLIC IIEARJNG
NOTICE IS HEREBY GIVEN that the City Council of the City of Carlsbad, at its regu-
lar mttting on Jan. 9, 2024, ~;11 hold a public hearing at 5 p.m. or a.s soon thereafter as
the matter may be heard, at the City Council Chamber located at City I le.II, 1200 Carlsbad
Villa~ Drive, Carlsbad, California, to consider approval of the reissuance by the City of
Carlsbad of it1 Multifamily Housing Re\'enue Bonds (Mariposa Apartments), 2003 Series
A in a principal amount not to exceed Three Million Six Jtund~ Fifty 11-iousand Dollars
(S3,6SO,OOO) (the •Bonds), originally issued for the purpo$e of assisting in the acquisition,
construction and de\.·elopnumt ofa 106 unit multifamily rent.a.I housing development locat-
ed at 4-631, +634, 4635, 4639 and 4647 Rim Circle; 3420 Vale Blossom Court; 4659 and -w---~-=~=~--~-~ lJill Place. in the City of Carlsbad, Ca.lifomia. known a.s Mariposa Apartments (the ~rro;.
ect"). The owner ofthe Project is CIC Cala\'er&, LP., a California limited partnership. The
City will also consider an amendment to the Trust Indenture dated June l. 2003, pursuant
to which the Bonds were issued, to increase the rnu:imum interest rate at which the Bonds
may be remarketed.
Those persons "'ishing to speak on this proposal are i..'Ordially inl'ited to attend the public
hca.ring. Copic, of the staff report will be &\·&ilable by r~riday. Jan. 5, 2024. If )·ou have any
questions, please contact the Housing & Homelt!SS Sen'lces Department at (44-2) 339·2811
or bonsing@cadsbedc, gov The meeting can be ,'l~'ed online at bttps·/f»'Yt"Vt'Cadsbadca
fllVlril):•ha!lltntttings·agrodes or on the City's cable channel. In addition, written com• ment.s may be ,ubmitted to the City Council at or prior to the hearing ,i.a U.S. Mail to the
aU.cutfon of Office of the City Clerk, 1200 Ca.rl~bad Village Orl\•e, Carlsbad, C..--\ 92008, or
via email to clerk@cadsbadca gov
If you challenge the City Council's actions in court, )'OU may be limited to raising only those
issues you or som(!r(>ne else raised at the public meding described in this notice or in written
correspondence delivered to the City of Carlsbad, Attn: City Oerk's Office, 1200 Carlsbad
Village Drive, Carlsbad. CA 92008, at or prior to the public meeting.
PUBLISI-I: Dec. 29, 2023
CITY OF CARLSBAD
CITY COUNCIL
12/29/2023 CN 2834.3
3 Col X 5"
15"x $15
$225.00
NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that the City Council of the City of Carlsbad, at its regular meeting on
Jan. 9, 2024, will hold a public hearing at 5 p.m. or as soon thereafter as the matter may be heard, at
the City Council Chambers located at City Hall, 1200 Carlsbad Village Drive, Carlsbad, California,
to consider approval of the reissuance by the City of Carlsbad of its Multifamily Housing Revenue
Bonds (Mariposa Apartments), 2003 Series A in a principal amount not to exceed Three Million Six
Hundred Fifty Thousand Dollars ($3,650,000) (the "Bonds"), originally issued for the purpose of
assisting in the acquisition, construction and development of a 106-unit multifamily rental housing
development located at 4631 , 4634, 4635, 4639 and 4647 Rim Circle; 3420 Vale Blossom Court;
4659 and 4663 Red Bluff; 3424, 3444 and 3448 Clear Cliff Court; and 4668, 4672 and 4676 Apple
Hill Place, in the City of Carlsbad, California, known as Mariposa Apartments (the "Project"). The
owner of the Project is CIC Calavera, L.P., a California limited partnership. The City will also
consider an amendment to the Trust Indenture dated June I, 2003, pursuant to which the Bonds were
issued, to increase the maximum interest rate at which the Bonds may be remarketed.
Those persons wishing to speak on this proposal are cordially invited to attend the public hearing.
Copies of the staff report will be available by Friday, Jan. 5, 2024. If you have any questions, please
contact the Housing & Homeless Services Department at (442) 339-2811 or
housing@carlsbadca.gov. The meeting can be viewed online at https://www.carlsbadca.gov/city-
hall/meetings-agendas or on the City's cable channel. In addition, written comments may be
submitted to the City Council at or prior to the hearing via U.S. Mail to the attention of Office of the
City Clerk, 1200 Carlsbad Village Drive, Carlsbad, CA 92008, or via email to clerk@carlsbadca.gov.
If you challenge the City Council's actions in court, you may be limited to raising only those issues
you or someone else raised at the public meeting described in this notice or in written
correspondence delivered to the City of Carlsbad, Attn: City Clerk's Office, 1200 Carlsbad Village
Drive, Carlsbad, CA 92008, at or prior to the public meeting.
PUBLISH: Dec. 29, 2023
CITY OF CARLSBAD
CITY COUNCIL
DOCSOC\975643v2\22620.0026