HomeMy WebLinkAbout2000-06-20; City Council; Resolution 2000-2011
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Section 1: Recitals
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RESOLUTION NO. 2000-201
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNIA PROVIDING FOR THE
ISSUANCE OF BONDS PURSUANT TO THE
INFRASTRUCTURE FINANCING DISTRICT ACT TO
CARRY OUT THE INFRASTRUCTURE FINANCING PLAN
FOR PARCELS 17 AND 18 OF THE CARLSBAD RANCH
AMENDED SPECIFIC PLAN AREA
The Legislature of the State of California has enacted a comprehensive statutory
scheme, the Infrastructure Financing District Act (Government Code Section 53395 &
seq.) (the “Act”), authorizing a city, county, or city and county to create an
infrastructure financing district as a means of financing construction of public works
and facilities for new development projects through the funding mechanism known as
“tax increment financing” under which incremental increases in property taxes are
allocated to finance public capital facilities associated with the district.
Pursuant to the Act, the City Council (“City Council”) of the City of Carlsbad (“City”)
has adopted, or concurrently with this Resolution is adopting, an Ordinance Adopting
an Infrastructure Financing Plan and Creating an Infrastructure Financing District For
Parcels 17 And 18 of The Carlsbad Ranch Amended Specific Plan Area (“Property”).
The Infrastructure Financing Plan proposes to assist in the financing of a portion of the
cost of certain public works needed for the development of the Property by the
reimbursement of a portion of one-time Development Impact Fees and assessments
(collectively, the “Fees”) related to eligible capital projects serving the area of the
Infrastructure Financing District.
The Infrastructure Financing Plan contemplates that the Fees will be paid by the
developer of the LEGOLAND CALIFORNIA expansion and/or the developer of the
proposed LEG0 hotel, at the time of building permit issuance, and that the
Infrastructure Financing District will reimburse the eligible portion of these Fees, as
tax increment funding from the Infrastructure Financing District becomes available
over time, and that a bond will be issued to such developers to document the
obligation of the Infi-astructure Financing District to provide such reimbursement,
subject to the limitations set forth in the Infi-astructure Financing Plan.
The sole purpose of the Infrastructure Financing District is to facilitate the
reimbursement of a portion of the Fees.
On April 18, 2000, the City Council by majority vote initiated proceedings to issue
bonds pursuant to the Act by adoption of a Resolution Of Intent to Issue Bonds
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Pursuant to the Act. Said Resolution was published in accordance with the Act.
Following the adoption of said Resolution, on May 1, 2000, a landowner election was
conducted in the manner required by the Act with regard to the proposal to issue the
bonds. The landowners of the Property voted in favor of issuing the bonds.
The City Planning Director has determined that the environmental effects of issuing
the bonds have already been considered in conjunction with previously certified
environmental documents (EIR 91-03, MEIR 93-01 and MEIR 94-Ol), and, therefore,
no additional or subsequent environmental evaluation is required.
The City Council has duly considered all terms and conditions of the proposed bond
issuance and believes that the proposal to issue the bonds is in the best interests of the
City and the health, safety, morals and welfare of its residents, and in accord with the
public purposes and provisions of applicable state and local law and requirements.
The proposed bond issuance complies with all of the requirements of the Act and all
actions required by law have been taken by all appropriate persons and entities.
Section 2: Resolution
NOW, THEREFORE, be it resolved by the City Council of the City of Carlsbad,
California as follows:
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The City Council hereby finds and determines that the foregoing recitals are true and
correct.
The City Manager is hereby authorized to proceed with the issuance of the bonds and
to take any other action and execute any and all documents and agreements necessary
to issue the bonds, including, without limitation, the bond substantially in the form
attached to this Resolution as Exhibit “A” (“Bond”).
With reference to the bonds:
a. The bond shall be issued in one series.
b. The principal amount of the bond shall be an amount equal to that portion of the
Fees actually paid in connection with the Property allocable to eligible public
facilities minus the cost of the bond issuance and certain costs to be paid to the
County of San Diego pursuant to the Act, not to exceed $1,760,000 or the tax
revenues available during the term of the Infrastructure Financing District,
whichever is less. The bond shall be interest free and without discount.
c. The bond will bear the date of June 1,200O.
’ .’ .- .
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1.
d. The bond shall have no particular maturity date.
e. The bond shall be denominated “Infrastructure Financing District for Parcels 17
and 18 of the Carlsbad Ranch Amended Specific Plan Area Series 2000.”
f. The form of the bond shall be in the form of the Bond attached hereto as Exhibit A
and incorporated herein by reference.
g. The bond, in the form of the Bond attached to this Resolution, shall be executed by
the City Manager.
h. The bond shall be payable in lawful money of the United States of America.
i. The bond shall be payable as set forth in the form of Bond. There is no
requirement that the bond be registered.
j . There is no requirement that the bond be called or redeemed, either with or without
premium.
The City Council hereby directs staff to file a notice of determination with the County
Clerk of San Diego County within five (5) working days of adoption of this
Resolution.
APPROVED and ADOPTED at a regular meeting of the City Council of the City of
Carlsbad on the 20th day of June , 2000, by the following vote, to
wit:
AYES: Council Members Hall, Nygaard and Kulchin
NOES: None
ABSENT: Council Members Lewis and Finnila
Matt Hall, Mayor Pro Tern
ATTEST:
/y+$aeL~*~
RR&NE M. WOOD, City Clerk
Library agendabills/IFD Ordinance 6-20 Agenda bill