HomeMy WebLinkAboutReso 173-03 CSGAdvisorsAprvAgmtRESOLUTION NO. 173 - 03
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
APPROVING AN AGREEMENT WITH CSG ADVISORS, INCORPORATED
TO SERVE AS BOND FINANCIAL ADVISOR FOR THE CITY OF DUBLIN
IN THE ISSUANCE OF MULTIFAMILY HOUSING BONDS FOR FAIRWAY RANCH
WHEREAS, the City of Dublin has approved a project, called Fairway Ranch, that includes a
total of 587 affordable units; and
WHEREAS, the developer intends to seek tax-exempt bond allocations for two phases of Fairway
Ranch, the Dublin Ranch Senior Housing and Fairway Family Apartments; and
WHEREAS, the City of Dublin will be joining California Statewide Communities Development
Authority which will be the issuer of the bonds if the developer receives an allocation; and
WHEREAS, Staff has determined it would be advantageous to have representation by a financial
advisor throughout the bond issuance process; and
WHEREAS, CSG Advisors, Incorporated ("CSG") has demonstrated adequate ability to provide
bond financial advice; and
WHEREAS, pursuant to the proposed consulting agreement ( Exhibit A) which was presented to
the City Council at a public heating held on the date hereof ("Agreement"), CSG would be paid solely
from the proceeds of the bonds; and
WHEREAS, a Obligation to Compensate Letter has been received (Exhibit B) from the Attorney
for Dublin Ranch Senior Apartments, LP and Fairway Family Community, LP.
NOW, THEREFORE, BE IT RESOLVED that the City Council directs Staff to execute the
agreement substantially in the form attached hereto with the above mentioned firm.
PASSED, APPROVED, AND ADOPTED this 5th day of August 2003.
AYES:
Councilmembers McCormick, Sbranti and Zika and Mayor Lockhart
NOES: None
ABSENT: Councilmember Oravetz
ABSTAIN: None
K2/G/8-5-03/reso-CSG-bonds.doc (Item 6.4 - 3)
Mayo~ '
MARTIN W. INDERBITZEN
Attorney at Law
July 29; 2003
Via Facsimile: 835-6651
Julia Abdala
Commurdty Development Departmont
City of Dublin
100 Civic Plaza
Dublin, CA 94568
Consulting Services Agreement Betv,,een
The City of Dublin and CSG.4dvisors, Inc.
Dear Julia:
Thc purpose of this correspondence is to confirm our aclmowledgment that the
City of Dublha proposes to enter hato an agreement' for consulting services with CSG
Advisors, Bae. wherek~ CSG Advisors will serve as a financial advisor to the City of
Dublin in cormection wi~ tlae issuance of tax-exempt bonds issued for the Fairway
Ranch multiple fatuity and senior rental developments. The agreement contemplates that
the fees payable to CSG Advisors under the terms of the contract will be paid from
proceeds ot~ tax-exempt bonds issued for the Fairway Ranch multipIe family and senior
rental developments. It is further understood and agreed that the exclusive source of
compensation for CSG Advisors will be from these bond proceeds in the mount set forth
in the agreement between the City of Dublin and CSG Advisors, Inc.
Immediately following approval of the agreement by the Dublin City Council, a
copy of ~e same will be attached to this letter.
Very truly yours,
Attorney for Dublha P,.anch Sen/or Apartments, LP
and Fairway Family Commurdty, LP
MWI/lmh
cc: Jim Tong
7077 Kol Center Perkway, Suite 120, Pleasanton, Celifomia 94566 Phone 925 485-10B0 Fax 9~ 4~-10~i5
3'UL-29-2003 02:5SPH TEL) ID)DUBLIN CITY HGR OFFC PR6E:001 R=100~