HomeMy WebLinkAbout1999-07-13; City Council; Resolution 99-2570 0
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RESOLUTION NO. 99-257
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, APPROVING THE ISSUANCE OF
MULTIFAMILY HOUSING REVENUE REFUNDING BONDS BY THE
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY FOR THE PURPOSE OF REFINANCING THE
DEVELOPMENT OF THE SEASCAPE.
WHEREAS, the California Statewide Communities Development Authority (the "Authority"
intends to issue tax-exempt obligations (the "Obligations") for the purpose, among other things, a
making a loan to Archstone Communities Trust, (the "Developer"), a portion of the proceeds of whic
($1 1,115,000) shall be used by the Developer to refinance the acquisition, construction and developmer
of a 208-unit multifamily housing facility located at 6938 Seascape Drive in the City of Carlsbac
California, commonly known as the Seascape Village Apartments (the "Project"), which Project wa
originally financed with the proceeds of multifamily housing revenue bonds issued by the Carlsbac
Housing and Redevelopment Commission (the "Commission"); and
WHEREAS, the Authority is authorized by the Government Code of the State of California i~
accordance with the Health and Safety Code of the State of California (the "Law") to issue and sel
revenue refunding bonds for the purpose of refinancing the acquisition, construction, rehabilitation an1
development of multifamily rental housing facilities to be occupied in part by low and very low incoml
tenants; and
WHEREAS, the Obligations will be considered to be "qualified exempt facility bonds" undel
Section 142(a) of the Internal Revenue Code of 1986, as amended (the "Codef'), and Section 147(f) of thf
Code requires that the "applicable elected representative'' with respect to the geographical area in whiclr
the Project is located hold a public hearing on and approve the issuance of the Obligations; and
WHEREAS, this City Council is the elected legislative body of the City; and
WHEREAS, a notice of public hearing in a newspaper of general circulation in the City has been
published, to the effect that a public hearing would be held by this City Council regarding the issuance oi
the Obligations by the Authority and the nature and location of the Project; and
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WHEREAS, this City Council held said public hearing on such date, at which time an
opportunity was provided to present arguments both for and against the issuance of such Obligations and
the nature and location of the Project; and
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the
City of Carlsbad, California, as follows:
1. The City acknowledges that the Authority intends to issue the Obligations for the purpose
of paying the costs of refinancing the acquisition, construction and development of the
Project.
2. The Developer shall be responsible for the payment of all present and future costs i1
connection with the issuance of the Obligations, including, but not limited to, any fees an(
expenses incurred by the City or the Commission in anticipation of the issuance of thc
Obligations. The payment of the principal, redemption premium, if any, and purchasl
price of and interest on the Obligations shall be solely the responsibility of the Developer
The Obligations shall not constitute a debt or obligation of the City or the Commission.
3. This City Council hereby further determines that it is appropriate for the Authority to issue
the Obligations to refinance the acquisition, construction and development of the Projeci
and hereby approves the issuance of the Obligations by the Authority subject to the
inclusion of the Commission as a third party beneficiary in the Regulatory Agreement anc
Declaration of Restrictive Covenants with respect to the Project to be executed anc
delivered in connection with the issuance and delivery of the Obligations.
4. The adoption of this Resolution is solely for the purpose of meeting the requirements oj
the Code and shall not be construed in any other manner, the City nor its staff having full:,
reviewed or considered the financial feasibility of the refinancing of the Project or thc
expected operation of the Project with regards to any State of California statutoq
requirements, and such adoption shall not obligate, without further formal action to be
taken by this City Council, (i) the City to provide financing to the Developer for the
refinancing of the acquisition, construction and development of the Project or to issue the
Obligations for purposes of such refinancing; or (ii) the City, of or any department of the
City, to approve any application or request for, or take any other action in connection with
the ownership or operation of the Project.
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CC RES0 NO.
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PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council of the Cit 2
5. This Resolution shall take effect from and after the date of its passage and adoption.
3 of Carlsbad, California, held on the 13" day of Julv, 1999 by the following vote, to wit:
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AYES: Council Members Lewis, Nygaard, Finnila, Hall & Kulchin
NOES: None
ABSENT: None
ABSTAIN:
10 /I ATTEST:
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(SEAL)
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28 CC RES0 NO.
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