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HomeMy WebLinkAbout2021-11-02; City Council; Resolution 2021-247RESOLUTION NO. 2021-247 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY MULTIFAMILY HOUSING REVENUE BONDS FOR THE BENEFIT OF HARDING STREET NEIGHBORS, LP, OR A SUBSIDIARY OR AFFILIATE THEREOF, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $33,000,000 FOR THE PURPOSE OF FINANCING OR REFINANCING THE ACQUISITION, CONSTRUCTION, REHABILITATION, IMPROVEMENT AND EQUIPPING OF PACIFIC WIND, A MULTIFAMILY RENTAL HOUSING PROJECT LOCATED IN CARLSBAD, CALIFORNIA EXHIBIT 1 WHEREAS, Harding Street Neighbors, LP (the "Borrower") a partnership of which C&C Development Co., LLC (the "Developer") or a related person to the Developer is the general partner, has requested that the California Municipal Finance Authority (the "Authority'') adopt a plan of financing providing for the issuance of tax exempt facility bonds for a qualified residential rental apartment project pursuant to Section 142(a)(7) of the Internal Revenue Code of 1986 (the "Code") in one or more series issued from time to time, including bonds issued to refund such tax exempt facility bonds in one or more series from time to time, and at no time to exceed $33,000,000 in aggregate principal amount (the "Bonds"), to finance or refinance the acquisition, construction, rehabilitation, improvement and equipping of a multifamily rental housing project located at 3701, 3703, 3713, 3715, 3712, 3714, 3724, 3726, 3736, 3738, 3748, 3750, 3760, 3762, 3772, 3774, 3784, 3786, 3796, 3798, 3802, 3804, 3814, 3816, 3826, 3828, 3836&3838, 3737, 3739, 3785, 3787, 3775, 3777, 3761, 3763, 3749, 3751, 3801, 3803, 3813, 3815, 3827 & 3829 Harding Street, 844 & 846 Carol Place, 3824 & 3826 Jefferson Street, empty lot on Magnolia Avenue East of Harding Street (APN 204-292-16) and 901 & 903 Magnolia Avenue, Carlsbad, California (the "Project"); and WHEREAS, pursuant to Section 147(f) of t_he Code, the issuance of the Bonds by the Authority must be approved by the City Council of the City of Carlsbad because the Project is located within the territorial limits of the City; and WHEREAS, the City Council of the City of Carlsbad is the elected legislative body of the City and is one of the "applicable elected representatives" required to approve the issuance of the Bonds under Section 147(f) of the Code; and WHEREAS, the Authority has requested that the City Council approve the issuance ofthe Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f) of the Code and Nov. 2, 2021 Item #9 Page 5 of 7 the requirements of Section 4 of the Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated as of January 1, 2004 (the "Agreement"), among certain local agencies, including the City of Carlsbad; and WHEREAS, pursuant to Section 147(f) of the Code, .the City Council has, following notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve the issuance of the Bonds by the Authority; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad, California, as follows: 1. That the above recitations are true and correct. 2. The City Council hereby approves the issuance of the Bonds by the Authority. It is the purpose and intent of the City Council that this resolution constitute approval of the issuance of the Bonds by the Authority, for the purposes of (a) Section 147(f) of the Code by the applicable elected representative of the governmental unit having jurisdiction over the area in which the Project is located, in accordance with said Section 147(f) and (b) Section 4 of the Agreement. 3. The issuance of the Bonds shall be subject to the approval of the Authority of all financing documents relating thereto to which the Authority is a party. The City of Carlsbad shall have no responsibility or liability whatsoever with respect to the Bonds. 4. The adoption of this Resolution shall not obligate the City of Carlsbad or any department thereof to (i) provide any financing to acquire or construct the Project or any refinancing of the Project; (ii) approve any application or request for or take any other action in connection with any planning approval, permit or other action necessary for the acquisition, construction, rehabilitation, installation or operation of the Project; (iii) make any contribution or advance any funds whatsoever to the Authority; or (iv) take any further action with respect to the Authority or its membership therein. 5. The officers of the City of Carlsbad are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they deem necessary or advisable in order to carry out, give effect to and comply with the terms and intent of this resolution and the financing transaction approved hereby. Nov. 2, 2021 Item #9 Page 6 of 7 6. This resolution shall take effect immediately upon its adoption. PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of the City of Carlsbad on the Jnd day of November 2021, by the following vote, to wit: AYES: Hall, Blackburn, Bhat-Patel, Acosta, Norby. NAYS: None. ABSENT: None. MATT HALL, Mayor (SEAL) Nov. 2, 2021 Item #9 Page 7 of 7