HomeMy WebLinkAbout1984-08-28; City Council; Resolution 7725-
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RESOLUTION NO. 7725
A RESOLUTION OF INDUCEMENT OF THE CITY COUNCIL OF THE CITY OF CARLSBAD INDICATING ITS INTENT TO ISSUE OBLIGATIONS TO PROVIDE FINANCING FOR THE MULTI-FAMILY
HOUSING PROJECT PROPOSED BY MULTITECH PROPERTIES OR RISING GLEN LIMITED.
WHEREAS, the City Council of the City of Carlsbad is authorize1
pursuant to Chapter 7 (commencing with Section 52075) of Part 5 of
Division 31 of the Health and Safety Code (the "Act"), to provide
financial assistance for multi-family residential developments
within the City;
WHEREAS, Multitech Properties Inc., a California Corporation 0:
Rising Glen a California Limited Partnership (the "Developer"), has
requested financial assistance in connection with the construction
of an approximately 195-unit multifamily rental housing project
proposed to be located on a 9 acre parcel of land at the northwest
corner of El Camino Real and Elm Avenue in the City of Carlsbad
(hereinafter the "Project") ; and
WHEREAS, the City, as an inducement to the Developer, is
willing to authorize the issuance of obligations in an amount
sufficient to provide financing for the Project subject to the
restrictions of the Act and all applicable state and federal laws
as they presently exist, providing that the Project receives all
necessary governmental approvals and providing further that at
least twenty percent (20%) of the units in the Project are occupied
by individuals or families of 10W or moderate income (which, as
defined in Section 103(b) (12) (C) of the Internal Revenue Code of
1954, as amended, are persons whose income does not exceed 80
percent of the median gross income for the San Diego Netropolitan
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Statistical Area) for at least a 10-year period from the date of
issuance of the obligations, or such longer period as may be
required by State or federal law;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Carlsbad as follows:
SECTION 1, The City Council hereby determines that the undertaking of the financing of the proposed Project by the City will be subtantial factor in the accrual of public
benefits to be received from the Project, should the Project
be approved and constructed, and that the proposed financing is in accord with the purposes and requirements of the Act.
SECTION 2. Subject to (i) the completion of the proceedings
and other matters relating thereto to the full satisfaction
-of the City Council and City Staff, including the execution
of a Developer Agreement between the City and the Developer
satisfactory to the City, (ii) the proposed Project
receiving all necessary governmental approvals, and (iii) -
there being no further reductions in development standards
such as increased densities or reduced amenities with respect
to the Project, the City Council hereby agrees to provide
financial assistance to the Developer, or such other affili-
ated entity as may be approved by the City, through the
issuance of obligations in an amount of approximately $10,000,000, or such higher amount as is necessary to
finance the Project.
SECTION 3. The obligations to be issued shall be special obligations of the City payable solely from revenues to;be
received by the City pursuant to a loan or other financing
agreement in a form acceptable to the City and shall not be a
general obligation of the City, the State of California or an
political subdivision of the State.
SECTION 4. The City Manager, or his designee, is hereby
directed to indicate to the Developer the willinqness on the
part of the City to proceed with the proposed financing.
SECTION 5, The City is hereby authorized to commence the
required processing and approval of the Project and the City
departments are directed to consider opportunities to
contribute to the economic feasibility of the units as
required by Section 5280 of the Act. It is intended that thi
Resolution shall constitute "some other similar official
action" toward the issuance of indebtedness within the meanin
of the Internal Revenue Code of 1954, as amended.
SECTION 6. The adoption of this Resolution shall not bind
the City to issue bonds until and unless all other necessary
actions and approvals are taken or received in accordance
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with all applicable laws. The adoption of this Resolution does not and shall not limit in any manner whatsoever the City's full discretion to deny any further permit or approval
that may be necessary for ultimate completion of the Project.
SECTION 7. This Resolution shall take effect immediately upon adoption.
SECTION 8. The City Clerk shall certify to the adoption of this Resolution and shall cause this Resolution and this
certification to be filed in the Office of the City Clerk.
PASSED, APPROVED AND ADOPTED at a regular meeting of the
City Council of the City of Carlsbad, on this 28th day of August,
1984, by the following vote, to wit:
AYES: Council Members Casler, Lewis, Kulchin, Chick and
NOES : None
Prescott
ABSENT: None
ABSTAIN:
ATTEST: 7LyLL MARY H. CASLER, Mayor
(SEAL)
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