HomeMy WebLinkAbout2013-11-05; Public Financing Authority; Resolution 65EXHIBIT 1
1 RESOLUTION NO. 65
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2 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE CARLSBAD
PUBLIC FINANCING AUTHORITY RECOMMENDING THAT ITS TWO
MEMBER AGENCIES AUTHORIZE THE CARLSBAD PUBLIC
4 FINANCING AUTHORITY TO ENTER INTO EXCLUSIVE
NEGOTIATIONS WITH GRAND PACIFIC RESORTS FOR THE GROUND
5 LEASE OF THE PROPERTY KNOWN AS THE CROSSINGS AT
CARLSBAD WEST VIEW LOT 9 AND AUTHORIZING THE CITY OF
CARLSBAD TO NEGOTIATE WITH GRAND PACIFIC RESORT FOR THE
7 GROUND LEASE OF THE PROPERTY IN ITS CAPACITY AS LEASE
MANAGER FOR THE CARLSBAD PUBLIC FINANCING AUTHORITY
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WHEREAS, in August 2012, staff presented to a joint meeting of the City of
Carlsbad City Council and the Carlsbad Municipal Water District Board of Directors, a group of
underutilized properties for their consideration and direction; and
12 WHEREAS, included in these properties was a parcel referred to as the Crossings
13 at Carlsbad West View Lot 9 (Lot 9); and
WHEREAS, Lot 9 is a combination of two adjacent parcels: Parcel A, one 2.7 acre
lot owned by the City of Carlsbad and Parcel B, a second 0.45 acre lot owned by the Carlsbad
Municipal Water District; and
WHEREAS, the City of Carlsbad and the Carlsbad Municipal Water District are
19 member agencies of the Carlsbad Public Financing Authority (CPFA), which was created on April
18, 2000 to provide for the financing of public capital improvements for the member agencies
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and for other purposes as permitted under the Joint Powers Law as agreed to by the parties;
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and
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WHEREAS, CPFA issued proposals to solicit responses from parties interested in
25 developing Lot 9 under a long term ground lease; and
26 WHEREAS, CPFA has evaluated the responses to the request for proposals and
recommends to both member agencies that CPFA enter into exclusive negotiations with Grand
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Pacific Resorts for the ground lease of The Crossings at Carlsbad West View Lot 9; and
1 WHEREAS, the City of Carlsbad will conduct the negotiations for, and manage the
^ ground lease in its capacity as lease manager for CPFA; and
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WHEREAS, the potential revenues generated from development on the
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combined Lot will be apportioned between the City of Carlsbad and the Carlsbad Municipal
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Water District, based upon a per square foot ownership basis and leasehold interest, with any
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7 applicable taxes or fees associated with the development of the site distributed to the
8 appropriate taxing authority.
^ NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Carlsbad
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Public Financing Authority, as follows:
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1. The above recitations are true and correct.
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13 2. CPFA recommends that its two member agencies authorize CPFA to enter into
14 exclusive negotiations with Grand Pacific Resorts for the ground lease of the property known as
The Crossings at Carlsbad West View Lot 9.
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3. CPFA has previously designated the City of Carlsbad as the member which will be
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the lease manager for the ground lease of Lot 9. As lease manager, the City of Carlsbad will
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19 negotiate and make recommendations to CPFA regarding ground lease terms and conditions for
20 the Crossings at Carlsbad West View Lot 9.
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4. The City of Carlsbad is authorized to administer and manage the ground lease,
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and distribute any revenues generated from the long-term lease of Lot 9 on a per square foot
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ownership ratio basis, with any applicable taxes or fees associated with the development ofthe
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25 site distributed to the appropriate taxing authority.
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PASSED, APPROVED AND ADOPTED at a Special Meeting of the Carlsbad Public
Financing Authority Board, City of Carlsbad City Council and Carlsbad Municipal Water District
Board of Directors held on the 5th day of November 2013, by the following vote to wit:
AYES:
NOES:
ABSENT:
Board Members Packard, Wood, Blackburn.
Board Member Hall.
Board Member Douglas.
MATT
ATTEST:
fid//
HALL, Chairman o1 ofthe CPFA Board
BARBARA ENGLESON, Secreta
(SEAL)