HomeMy WebLinkAbout2002-11-12; City Council; Resolution 2002-3341
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CITY COUNCIL RESOLUTION NO. 2002-334
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
EXEMPT OBLIGATIONS IN AN AMOUNT NOT TO EXCEED $8.5
MILLION TO FINANCE THE CONSTRUCTION OF ONE HUNDRED
SIX (106) AFFORDABLE APARTMENT UNITS WITHIN VILLAGE Y
OF THE CALAVERA HILLS PHASE I1 MASTER PLAN AND
DIRECTING CERTAIN ACTIONS
APPLICANT: CHELSEA INVESTMENT CORPORATION
CASE NO: SDP 01-05
CARLSBAD, CALIFORNIA, APPROVING THE ISSUANCE OF TAX-
WHEREAS, the City of Carlsbad (the "City") intends to issue tax-exempt obligations
(the "Obligations") for the purpose, among other things, of making a loan to Chelsea Investment
Corporation ("Chelsea") or a limited partnership or limited liability company to be established
by Chelsea (the "Developer"), the proceeds of which shall be used by the Developer to finance
the acquisition, construction and development of a multifamily housing rental facility to be
located on the west side of the future extension of College Boulevard, approximately ?4 mile
south of Carlsbad Village Drive in the City of Carlsbad, California (the "Project"); and
WHEREAS, the City is authorized by Chapter 7 of Part 5 of Division 3 1 of the Health
and Safety Code of the State of California (the "Law") to issue and sell revenue bonds for the
purpose of financing the acquisition, construction and development of multifamily rental housing
facilities to be occupied in part by low and very low income tenants; and
WHEREAS, the Obligations will be considered to be "qualified exempt facility bonds"
under Section 142(a) of the Internal Revenue Code of 1986, as amended (the "Code"), and
Section 147(f) of the Code requires that the "applicable elected representative" with respect to
the City 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
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X Resolution No. 2002-334
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WHEREAS, a notice of public hearing in a newspaper of general circulation in the City
1as been published, to the effect that a public hearing would be held by this City Council on the
late hereof regarding the issuance of the Obligations by the City and the nature and location of
:he Project; and
WHEREAS, this City Council held said public hearing, at which time an opportunity was
xovided to present arguments both for and against the issuance of such Bonds and the nature and
ocation of the Project; and
WHEREAS, it is in the public interest and for the public benefit that the City approve the
ssuance and delivery of the Obligations for the purpose of financing the acquisition, construction
md development of the Project; and
WHEREAS, the City shall not have any liability for the repayment of the Obligations or
my responsibility for the Project;
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City
)f Carlsbad, California, as follows:
1. The City hereby finds and determines that the foregoing recitals are true and correct.
2. The City hereby approves the issuance and delivery of the Obligations for the purpose
Df paying the costs of financing the acquisition, construction and development of the Project,
subject to the review and approval of the documents to be executed and delivered in connection
with the Obligations.
3. This resolution shall take effect upon its adoption.
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PASSED, APPROVED, AND ADOPTED at a regular meeting of the City
Council of the City of Carlsbad, California, held on the 12'h day of November, 2002, by
the following vote, to wit:
AYES: Council Members Lewis, Kulchin, Finnila, Nygaard, Hall
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
CC ResolutionNo. 2002-334
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