HomeMy WebLinkAbout1984-10-02; City Council; Resolution 77871
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RESOLUTION NO. 7787
A RESGLUTION OF INDUCEMENT OF THE CITY COUNCIL OF THq CITY OF CARLSBAD INDICATING ITS INTENT
TO ISSUE OBLIGATIONS TO PROVIDE FINANCING FOR THE MYLTIFAMILY HOUSING PROJECT PROPOSED BY
RODNEY F. STONE AND GEORGE A. FERMANIAN
WHEREAS, the City Council of the City of Carlsbad is
authorized, pursqant to Chapter 7 (commencing with Section 52075)
of Part 5 of Difssion 31 of the Health and Safety Code (the "Act"),
to provide financial assistance for multifamily residential devel-
opments within the City;
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WHEREAS, Rodney F. Stone and George A. Fermanian (collec-
tively the "Developer"), on behalf of themselves and a partnership
to be formed by $hem, have requested financial assistance in con?
nection with the /construction of an approsimately 320 unit multi-
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family rental hodsing project proposed to be located on a parcel
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of land at the sduthwest corner of La Costa and Mission Estancia
in the City of Cirlsbad (hereinafter the "Project"); and
WHEREAS, $he City, as an inducement to the Developer, is
willing to authorize the issuance of obligations in an amount
sufficient to proivide financing for the Project subject to the
restrictions of khe Act and all applicable state and federal laws
as they presently; exist, providing that the Project receives all
necessary goverm(enta1 approvals and providing further that at
least twenty percient (2O%)of the units in the Project are occupied 1
by individuals ori families of low or moderate income (which, as
defined in Sectioln 103(b) (12) (C) of the Internal Revenue Code of
1954, as amended,; are persons whose income does not exceed 80
percent of the meidian gross income for the San Diego Metropolitan
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Statistical Area) for at least a 10-year period from the date of
issuance of the abligations, 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 a substantial factor in the accrual of public benefits to
be received from,the Project, should the Project be approved and
I 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
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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 governmen-
tal approvals, and 9iii) 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 affiliated'entity I as may be approved by the City, through the
issuance of bonds in an amount of approximately $17,000,000, 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
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of the City, the !State of California or any political subdivision
of the State.
SECTION 4. The City Manager, or his designee, is hereby
directed to indicate to the Developer the willingness on the part
Df 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
jepartments are dgrected to consider opportunities to contribute
to the economic fLasibility of the units as required by Section
52080 of the Act.l It is intended that this Resolution shall
zonstitute "some other similar official action" toward the issuance
if indebtedness within the meaning of the Internal Revenue Code
if 1954, as amended.
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SECTION 6.1 The adoption of this Resolution shall not bind
;he City to issueibonds until and unless all other necessary
ictions and approGals are taken or received in accordance with all
ipplicable laws. !The adoption of this Resolution does not and
;hall not limit in any manner whatsoever the City's full discretion
:o deny any furthkr permit or approval that may be necessary for
iltimate completibn of the Project.
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SECTION 7.1 This Resolution shall take effect immediately
upon adoption. I
SECTION 81 I The City Clerk shall certify to the adoption
of this Resoluticjn and shall cause this Resolution and this
certification to /be filed in the Office of the City Clerk. I
PASSED, AGPROVED, AND ADOPTED at a regular meeting of the
City Council of $he City of Carlsbad, California on the 2nd day
of October, 1984, by the following vote, to wit:
AYES: Cotmcil Enhers Casler, Lewis, Kulchin, Chick and Prescott
NOES : &ne
ABSTAIN: iWne
ABSENT: 3”
MARY H ./CASLER, Mayor
ATTEST :
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(Seal)
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