HomeMy WebLinkAbout2007-08-07; City Council; Resolution 2007-207CITY COUNCIL RESOLUTION No. 2007-207
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, APPROVING THE ISSUANCE OF TAX-
EXEMPT OBLIGATIONS IN AN AMOUNT NOT TO EXCEED $13.5
MILLION BY THE CALIFORNIA MUNICIPAL FINANCE
AUTHORITY TO FINANCE THE CONSTRUCTION OF SEVENTY-
EIGHT (78) AFFORDABLE APARTMENT UNITS WITHIN THE
ROBERTSON RANCH MASTER PLAN AND DIRECTING CERTAIN
ACTIONS
APPLICANT: CHELSEA INVESTMENT CORPORATION
CASE NO: SDP 06-04
WHEREAS, the California Municipal Finance Authority, a public entity of the State of
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California and a joint powers authority, ("CMFA") intends to issue tax-exempt obligations (the
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"Obligations") for the purpose, among other things, of making a loan to CIC Glen Ridge, a
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California limited partnership, together with its successors or assigns or any limited liability
company to be established by Chelsea (the "Developer"), the proceeds of which shall be used by
14 the Developer to finance the acquisition, construction and development of a multifamily housing
15 rental facility to be located on the north side of Cannon Road, east of the future Wind Trail Road
16 and south of future Glen Avenue in the City of Carlsbad, California (the "Project"); and
17 WHEREAS, the CMFA is authorized by Chapter 7 of Part 5 of Division 31 of the Health
and Safety Code of the State of California (the "Law") to issue and sell revenue bonds for the
19 purpose of financing the acquisition, construction and development of multifamily rental housing
20 facilities to be occupied in part by low and very low income tenants; and
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WHEREAS, the Obligations will be considered to be "qualified exempt facility bonds"
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under Section 142(a) of the Internal Revenue Code of 1986, as amended (the "Code"), and
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Section 147(f) of the Code requires that the "applicable elected representative", which is the City
of Carlsbad, shall hold a public hearing on and approve the issuance of the Obligations; and
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WHEREAS, this City Council is the elected legislative body of the City; and
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WHEREAS, a notice of public hearing in a newspaper of general circulation in the City
- has been published, to the effect that a public hearing would be held by this City Council on the
date hereof regarding the issuance of the Obligations by the CMFA and the nature and location of
7 the Project; and
8 WHEREAS, this City Council held said public hearing, at which time an opportunity was
9 provided to present arguments both for and against the issuance of such Bonds and the nature and
location of the Project; and
WHEREAS, it is in the public interest and for the public benefit that the City approve the
12 issuance and delivery of the Obligations by CMFA for the purpose of financing the acquisition,
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construction and development of the Project;
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WHEREAS, the City shall not have any liability for the repayment of the Obligations or
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any responsibility for the Project.16
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City
18 of Carlsbad, California, as follows:
19 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 said Obligations by CMFA
in the principal amount not to exceed $13.5 million for the purpose of paying the costs
of financing the acquisition, construction and development of said Project, subject to
22 the review and approval of the documents to be executed and delivered in connection
with the Obligations.
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3. This resolution shall take effect upon its adoption.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the City
Council of the City of Carlsbad, California, held on the 7t-b day of August * 2007, by
the following vote, to wit:
AYES: Council Members Lewis, Kulcbin, Hall, Packard and Nygaard.
NOES: None.
ABSENT: None.
ABSTAIN: None.
ATTEST:
IORRA
(SEAL)
CLAUDE A. LEWIS , Mayor
CJ
M. WOOD* City Clerk
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