HomeMy WebLinkAbout1982-11-02; City Council; Resolution 7055"
RESOLUTION NO. 7055
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD DECLARING ITS INTENTION TO ISSUE
MULTIFAMILY RESIDENTIAL REVENUE BONDS IN
CONNECTION WITH THE JEFFERSON HOUSE PROJECT
WHEREAS, the City of Carlsbad (the "City") is authorized by
the provisions of Health and Safety Code Sections 52000 et seq.
to issue mortgage revenue bonds for the purpose of financing
multifamily residential rental projects; and
WHEREAS, the Carlsbad Housing and Redevelopment Commission
(the "Commission") is a redevelopment agency duly created,
established and authorized to transact business and exercise
its powers, all under and pursuant to the Community Redevelop-
ment Law (Part 1 of Division 24 of the Health and Safety Code
of the State of California) and is authorized by said law to
issue mortgage revenue bonds for the purpose of financing
multifamily residential projects; and
WHEREAS, Jefferson House, a California partnership (the
"Developer"), intends to acquire and construct a 48 unit multi-
family residential project (the "Project") on the northeast
corner of Jefferson Street and Oak Avenue in the Commission's
Carlsbad Village Area Redevelopment Project; and
WHEREAS, the Project will be of benefit to the City, to the
Commission, and to the residents of the City; and
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WHEREAS, as an inducement to the Developer to carry out the
Project, the City desires to authorize the issuance of bonds or
notes in the approximate principal amount of $1.5 million;
NOW, THEREFORE, the City Council of the City of Carlsbad
does hereby resolve as follows:
SECTION 1: Subject to the completion of the necessary
legal proceedings and other matters relating thereto to the
full satisfaction of the City Council, the City Council hereby
declares its intention to provide financial assistance to the
Developer or its successors or assigns, or such other person or
entity designated by the City Council, through the issuance of
bonds or notes in the approximate amount of $1.5 million for
the purpose of providing financing of the Project. Such bonds
or notes may be issued either by the City or by the Commission,
as the City Council may determine.
SECTION 2: Based on the foregoing, it is understood that
the availability of such financial assistance is a substantial
inducement to the Developer to undertake such projects in a
manner desired by the City.
SECTION 3: The City and the Commission, together with
their respective staffs, are hereby authorized and directed to
take whatever further action relating to the aforesaid finan-
cial assistance may be deemed reasonable and desirable, pro-
vided that the terms and conditions under which the bonds or
notes are issued are approved by the City Council.
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PASSED, APPROVED AND ADOPTED this 2nd day of I'Jmr ,
1982 by the City Council of the City of Carlsbad by the follow-
ing vote:
AYES : COUNCILMEMBERS CaSlW, Lewis, Kulchin, Chick and An-
NOES : None
ABSENT: NOIE
Cyty of- Carlsbad
ATTEST :
CbLcL f, Clty Clerk, Cit
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