HomeMy WebLinkAbout2003-01-21; City Council; Resolution 2003-023I
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RESOLUTION NO. 2003-023
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, APPROVING AGREEMENT WITH LENNAR
BRESSI RANCH VENTURE LLC, A CALIFORNIA LIMITED LIABILITY
COMPANY, AND REAL ESTATE COLLATERAL MANAGEMENT
COMPANY, A DELAWARE CORPORATION, FOR ACQUISITION,
CONSTRUCTION AND FINANCING OF IMPROVEMENTS TO
POINSETTIA LANE, EL FUERTE STREET AND EL CAMINO REAL
INCLUDING SEWER, WATER AND TRAIL FACILITIES FOR
FINANCING DISTRICT NO. 2001-01
WHEREAS, the City Council of the City of Carlsbad, California (“City”) has been petitioned
by Lennar Bressi Ranch Venture LLC, a California limited liability company (“Bressi”), and Real
Estate Collateral Management Company, a Delaware corporation (RECMC), (collectively “the
Developers”), to initiate proceedings to consider the formation of a land secured financing district
(“District”) to finance the acquisition of certain public improvements, located within the
iurisdictional limits of City, for portions of Poinsettia Lane, El Fuerte Street and El Camino Real,
including appurtenant sewer and water and trail facility improvements (“Improvements”); and,
WHEREAS, the Developers in order to proceed in a timely way with development of their
properties, known as Bressi Ranch and La Costa Villages Greens, desire to construct the
Improvements in advance of the formation of District and, following completion of the
Improvements and formation of the District, have the Improvements acquired by the City from the
proceeds of bonds issued for or on behalf of the District; and
WHEREAS, at this time, there has been submitted to the City Council for review and
approval, an acquisition, construction and financing agreement (“Agreement”) setting forth certain
terms and conditions, as well as estimated costs for work to be installed and financed pursuant to
the Agreement; and,
WHEREAS, the parties to this Agreement acknowledge that the decision of the City
Council to form the District is a legislative action and that the City Council, by its approval of this
Agreement, may not and is not obligating itself or committing itself or any future City Council to
approve the formation of the District.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Carlsbad,
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>alifornia, as follows:
1. That the above recitations are true and correct.
2. That the Agreement between the City of Carlsbad and the Developers for the
acquisition, construction and financing of said Improvements is hereby approved and the Mayor is
authorized and directed to execute said agreement.
PASSED, APPROVED AND ADOPTED at a regular meeting of the Carlsbad city Council
leld on the 21st day of January , 2003 by the following vote, to wit:
AYES: Council Members Lewis, Finnila, Kulchin, Hall and Packard.
4TTEST
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Page 2 of 2 of Resolution No. 2002-023.