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HomeMy WebLinkAbout1999-07-13; Housing & Redevelopment Commission; Resolution 311-. 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 ’ 26 i HOUSING AND REDEVELOPMENT COMMISSION RESOLUTION NO. 311 RESOLUTION APPROVING, AUTHORIZING AND DIRECTING EXECUTION OF AN AMENDED AND RESTATED JOINT EXERCISE OF POWERS AGREEMENT ALLOWING THE HOUSING AND REDEVELOPMENT COMMISSION TO PARTICIPATE IN THE ECONOMIC DEVELOPMENT FINANCING PROGRAMS OF THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY AND 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 APARTMENTS. WHEREAS, the Carlsbad Housing and Redevelopment Commission (the “Commissic expressed an interest in participating in the economic development financing progral “Programs”) in conjunction with the parties to that certain Amended and Restated Joint Ex€ Powers Agreement Relating to the California Statewide Communities Development Authol “Authority”), dated as of June 1, 1988 (the “Agreement”); and WHEREAS, there is now before this Commission the form of the Agreement; and WHEREAS, the Commission proposes to participate in a Program and desires that 2 208-unit multifamily residential housing facility located at 6938 Seascape Drive in the Carlsbad, commonly known as the Seascape Village Apartments (the “Project”), located w City, to be refinanced with the proceeds of a series of multifamily housing revenue refundir (the “Obligations”) to be issued by the Authority; and WHEREAS, the City Council of the City of Carlsbad has held a public hearing with re and has approved by resolution the issuance of, the Obligations for the purpose of refinan acquisition and construction of the Project; and WHEREAS, it is in the public interest and for the public benefit that the Commission ( and WHEREAS, the Agreement has been filed with the Commission, and the membe~ Commission, with the assistance of its staff, have reviewed said document; NOW, THEREFORE, BE IT RESOLVED by the Carlsbad Housing And Redevc 27 II Commission as follows: 28 I e 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 I I 1. The Agreement is hereby approved and the Chairperson or Executive Dire designee thereof is hereby authorized and directed to execute said docume1 such changes, insertions and omissions as may be approved by said Chairpe Executive Director, and the Secretary or such Secretary's designee is authorized and directed to attest thereto. 2. The Commission hereby approves the issuance of the Bonds by the Author ratifies all actions heretofore taken with respect to the Bonds and the Project 7 understanding that the Authority will issue the Bonds subject to the inclusio: Commission as a third party beneficiary in the Regulatory Agreement and Dec connection with the issuance and delivery of the Obligations. It is the pu'p intent of the Commission that this resolution constitute approval of the issuanc Obligations for the purposes of Section 9 of the Agreement. of Restrictive Covenants with respect to the Project to be executed and dek 3. The officers of the Commission are hereby authorized and directed, joir severally, to do any and all things and to execute and deliver any and all dol that they deem necessary or advisable in order to carry out, give effect to and with the terms and intent of this Resolution and the refinancing approved here1 4. The Developer shall be responsible for the payment of all present and future connection with the issuance of the Obligations, including, but not limited to, and expenses incurred by the City or the Commission in anticipation of the issl the Obligations. The payment of the principal, redemption premium, if s purchase price of and interest on the Obligations shall be solely the responsi the Developer. The Obligations shall not constitute a debt or obligation of thc the Commission. 5. The Secretary of the Commission shall forward a certified copy of this Resolul an originally executed Agreement to: Thomas A. Downey, Esq. Jones Hall, A Professional Law Corporation 650 California Street, 18th Floor San Francisco, California 94108 Ana Marie del Rio, Esq. Orrick, Herrington & Sutcliffe LLP Old Federal Reserve Bank Building 400 Sansome Street San Francisco, California 941 11 ... ... ... I 1 ... ... HRC RES0 NO. PAGE 2 I I * *- e a 1 PASSED, APPROVED, AND ADOPTED at a regular meeting of the Housil 2 6. This resolution shall take effect immediately upon its passage. 3 the following vote, to wit: 4 Redevelopment Commission of the City of Carlsbad, California, held on the 13” day of Julv, : 5 AYES: Commissioners Lewis, Nygaard, Finnila, Hall ii Kulchir: 6 I/ NOES: None 7 8 9 10 ABSENT: None ABSTAIN: 11 12 13 <: 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 (SEAL) HRC RES0 NO. PAGE 3 ll