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HomeMy WebLinkAbout2000-065 ,. RESOLUTION NO. 2000-65 2 3 RESOLUTION OF THE MAYOR AND COMMON COUNCIL APPROVING AND AUTHORIZING THE MAYOR TO EXECUTE AN AMENDMENT TO THE COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) LOAN AGREEMENT BY AND BETWEEN THE CITY OF SAN BERNARDINO AND INLAND VALLEY DEVELOPMENT AGENCY (IVDA) 4 5 6 7 SECTION 1. The City of San Bernardino (the "City") through its Economic 8 Development Agency ("Agency") is responsible for carrying out economic development and 9 redevelopment activities through the implementation of its Community Development Block 10 Grant (CDBG) Program and is authorized to provide under its Consolidated Plan and federal 11 regulations economic development loans for the purpose of creating or retaining low and 12 moderate income jobs for the community; and 13 SECTION 2. The Inland Valley Development Agency (IVDA) is a public entity 14 engaged in the implementation of a plan approved by the Secretary ofthe Air Force for the 15 civilian reuse and redevelopment of portions of the lands known as the former Norton Air Force 16 Base; and 17 SECTION 3, IVDA has applied to the City for a loan of Community Development 18 Block Grant (CDBG) funds in the amount of $120,000 for which IVDA shall use together with 19 other lVDA funds to prepare, construct, rehabilitate and install certain improvements presently 20 estimated to cost $155,000 of Building No. 932 in order that such commercial building shall be 21 ready for occupancy and reuse by a commercial-industrial tenant under a lease/sublease 22 agreement with IVDA; and 23 SECTION 4, The Mayor and Common Council hereby authorize and approve the 24 Amendment to the Community Development Block Grant (CDBG) Loan Agreement attached 25 hereto as Exhibit "A", and incorporated herein by reference by and between the City and the IVDA which provides an alternate means for IVDA to utilize substitute real estate collateral to -1- 03120/00 2000-65 secure the City's loan. The Mayor is hereby authorized to execute the Amendment to the Loan 2 Agreement on behalf of the City; and 3 SECTION 5. The Mayor and City Attorney are authorized to make changes to the Loan 4 Agreement provided the changes are non-substantive in nature, and do not increase the amounts 5 provided in the Loan Agreement and this Resolution. 6 fill 7 fill 8 fill 9 fill 10 fill 11 fill 12 fill 13 fill 14 fill 15 fill 16 fill 17 fill 18 fill 19 fill 20 fill 21 fill 22 fill 23 fill 24 fill 25 fill -2- 03/20/00 .. 2000-65 2 RESOLUTION OF THE MAYOR AND COMMON COUNCIL APPROVING AND AUTHORIZING THE MAYOR TO EXECUTE AN AMENDMENT TO THE COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) LOAN AGREEMENT BY AND BETWEEN THE CITY OF SAN BERNARDINO AND INLAND VALLEY DEVELOPMENT AGENCY (IVDA) 3 4 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and 5 Common Council of the City of San Bernardino at a joint regular meeting 6 thereof, held on the 20th day of Karch , 2000, by the following vote to wit: 7 Council Members: Ayes Nays Abstain Absent 8 ESTRADA X 9 LIEN ----1L 10 MCGINNIS X 11 SCHNETZ X - SUAREZ X 12 ANDERSON X 13 MILLER X - 14 15 ~.<-<'~{. lJ CL.~A-/o,- City lerk 16 17 The foregoing resolution is hereby approved this .:;h;- day of Karch J o(L- ,2000, 21 Approved as to form and Legal Content: 18 19 20 22 James F. Penman City Attorney 23 24 25 -3- 03120/00 2000-65 AMENDMENT TO THE 2000 CITY OF SAN BERNARDINO COMMUNITY DEVELOPMENT BLOCK GRANT LOAN AG~..C\T'( CLEH~ (INLAND VALLEY DEVELOPMENT AGENCY: BUILDING Wbv~'932) '00 APR 12 Pl :32 THIS AMENDMENT to the 2000 City of San Bernardino Community Development Block Grant Loan Agreement (~Amendment No.1") is dated as of March __, 2000, by and between the Inland Valley Development Agency (the ~BORROWER") and the City of San Bernardino (the ~City") and is entered into with respect to the following facts: --RECITALS-- The City and the BORROWER have each previously approyed and authorized the execution of that certain agreement entitled ~2000 Ci ty of San Bernardino Community Development Block Grant Loan Agreement (Inland Valley Development Agency Building NO. 932)". Such loan agreement is referred to in this Amendment No. 1 as the ~LOAN Agreement"; and WHEREAS, the LOAN Agreement provides for the City to loan to the BORROWER an amount not to exceed One Hundred Twenty Thousand Dollars ($120,000.00), subject to certain terms and conditions, including without limitation the grant by the BORROWER of a first mortgage lien security interest in favor of the City in the lands owned by the Agency referred to in the LOAN Agreement as ~Parcel F-2" as security for the repayment by the BORROWER of the LOAN from the City. NOW THEREFORE, IN CONSIDERATION OF THE PROMISES OF THE PARTIES SET FORTH IN THIS AMENDMENT NO.1, THE CITY AND THE BORROWER HEREBY AGREE AS FOLLOWS: Section 1. In addition to the usage of the terms and phrases set forth in the Recitals of this Amendment No.1, the definitions of other words and phrases as used in this Amendment No. 1 shall be the same as provided in the LOAN Agreement unless the specific context of usage of such word or phrase in this Amendment No. 1 may otherwise require. The text of the LOAN Agreement is incorporated into this Amendment No. 1 by this reference. Section 2. Concurrently with the approval of this Amendment No. 1 by the Common Council of the CITY, the Common Council has received a CITY staff report, which generally sets forth the purpose of this Amendment No.1 to the LOAN Agreement. This Amendment No. 1 as requested by the BORROWER (the Inland CSBO/0006/DOC/992-1 3/15/00 240 ct 1 2000-65 Valley Development Agency as the ~BORROWER" under the LOAN Agreement), is deemed necessary and appropriate by the CITY and the BORROWER in order to provide the BORROWER with an election, which may be exercised by the BORROWER at the time of LOAN Closing, to ei ther pledge all of Parcel F to the CITY as part of the LOAN collateral under the Deed of Trust or to pledge Building 932 to the CITY as part of the LOAN collateral under the Deed of Trust; provided that at this time of LOAN Closing, the BORROWER has obtained fee title interest in the lands and improvements referred to as ~Building No. 932" from the Air Force (an approximately 4.85 acre, more or less, portion of former Norton Air Force Base Parcel I-3 as more particularly described in Exhibit ~A-l" attached to this Amendment No.1) and that certain other conditions as set forth in the LOAN Agreement, as modified by this Amendment No. 1 are also satisfied. If at the time of LOAN Closing the BORROWER has pledged Parcel F to the CITY under the Deed of Trust and thereafter the BORROWER may wish to transfer fee title in Parcel F to a third party, such as the San Bernardino International Airport Authority for public airport purposes, the BORROWER may substitute the Parcel F collateral with a pledge to the CITY of Building No. 932 under a substitute deed of trust; provided that at the time of such substitution of collateral for the LOAN the BORROWER owns the fee title interest in Building No. 932 and has satisfied the other conditions in favor of the CITY as set forth in the LOAN Agreement, as modified by this Amendment No.1. Section 3. Section I.e., of the LOAN Agreement is hereby amended to read as follows: ~e. Collateral: At the time of LOAN Closing, the Note shall be secured by: (i) a deed of trust on the property located at 195-199 North Del Rosa Drive, San Bernardino, California (APN 136-341-011 and APN 136-341-015) also referred to former Norton Air Force Base Parcel ~F" (the ~Property"); or (ii) Building No. 932, including the collateral assignment of the sublease by and between the BORROWER and Astrofab, Inc., to the CITY; provided that the conditions described in the following subparagraphs (A) and (B) satisfied at the time of initial disbursement of the proceeds of the LOAN: C88010006/DOC/992-1 3/15/00 240 ct 2 2000-65 (A) the BORROWER owns the fee title interest in Building No. 932 and has obtained a certificate of subdivision compliance from the CITY approving the legal description of Building No. 932, and (B) the BORROWER has delivered a written appraisal report to the CITY prepared by an appraiser who is a MAl or ASA qualified real estate appraiser which appraisal report indicates a value for Building No. 932 which is not less than four (4) times the amount of the LOAN; and if applicable (iii) if at the time of LOAN Closing the BORROWER executes the Deed of Trust affecting Parcel ~F", the BORROWER shall also deliver to the CITY the beneficial economic assignment of the sublease of Building No. 932 by and between the BORROWER and Astrofab, Inc., substantially in the form as Exhibit ~E" to the LOAN Agreement. The form of the deed of trust under either (i), above (affecting the Property/Parcel F) or (ii), above affecting Building No. 932, is Exhibit ~D" to the LOAN Agreement. A CTLA Lender's policy of title insurance in favor of the CITY under (i) or (ii), above, is required as more particularly described in Section 15.b.(4) and Section 17." Section 4. Section 1. g. (4) (a) of the LOAN Agreement is hereby amended to read as follows: ~(a) If following the initial disbursement of the proceeds of the LOAN to BORROWER at the time of the LOAN Closing there is a change in the BORROWER'S ownership or control of: (i) the Property/Parcel F, if the BORROWER has pledged the Property/Parcel F to the CITY under the Deed of Trust; or (ii) the Project, if the BORROWER has pledged Building No. 932 to the CITY under the Deed of Trust; provided however, an amendment or assignment of the CSBO/0006/DOC/992-1 3/15/00 240 ct 3 2000-65 sub1ease of Bui1ding No. 932 by and between Astrofab, Inc., and the Agency which does not materia11y and adverse1y change the terms of such sub1ease sha11 not be deemed to be a change in the BORROWER'S ownership or contro1 of Bui1ding No. 932 under this subsection (a) (ii), if app1icab1e;" Section 5. read as follows: Section 5 of the LOAN Agreement is amended to ~5. DULY AUTHORIZED The making and performance by BORROWER of the LOAN and the execution and de1i very of NOTE, Deed of Trus t, (affecting the Property/Parce1 F or Building No. 932, as app1icab1e) the Beneficia1 Economic Assignment of the Sub1ease, if app1icab1e, the Environmenta1 Indemnity and any security agreement{s) and other instrument(s) have been du1y authorized by a11 necessary action and wi11 not vio1ate any 1aw, ru1e, regu1ation, order, writ, judgment, decree, determination or award present1y in effect having app1icabi1ity to BORROWER or resu1t in a breach of any credit agreement or instrument to which BORROWER is a party or by which its assets may be bound or affected." Section 6. Section 15. b. (3) of the LOAN Agreement is amended to read as follows: ~(3) The Deed of Trust (affecting either the Property/Parce1 F or Bui1ding No. 932, as app1icab1e) is du1y authorized, executed and de1ivered and when fu11y executed and du1y fi1ed and recorded is a va1id and binding commitment of BORROWER enforceab1e in accordance with its terms;" Section 7. Section 15. b. (4) of the LOAN Agreement is amended to read as follows: (4) (A) If at the time of LOAN C10sing the BORROWER has p1edged the Property/Parce1 F to the CITY under the Deed of Trust, the security interest of the CITY in the Property/Parce1 F sha11 be subject to: (a) Nonde1inquent taxes and assessments; CSBO/0006/DOC/992-1 3/15/00 240 ct 4 2000-65 (b) Such other exceptions to tit1e in the Property as have been approved by the CITY; provided, however upon the approva1 of Amendment No. 1 to the LOAN Agreement, the CITY agrees to accept and approve the fo11owing exceptions to tit1e in the Property as disc10sed in Orange Coast Tit1e Company pre1iminary tit1e report number 5-128368-9, dated December 17, 1999, identified as Exceptions Nos. 12, through 19, inc1usive, and Exceptions Nos. 23, 24 and 25; and The Beneficia1 Economic Assignment of the Sub1ease is du1y authorized, executed and de1ivered and is a va1id and binding commitment of the BORROWER, subject on1y to the rights of the Secretary of the Air Force under the EDC Agreement. (B) If at the time of LOAN C10sing the BORROWER has p1edged the Building No. 932 to the CITY under the Deed of Trust, the security interest of the CITY in Bui1ding No. 932 sha11 be subject to: (a) Nonde1inquent taxes and assessments; (b) The covenants and restrictions inc1uded in the Air Force Quitc1aim Deed whereby the fee interest of the Air Force in Bui1ding No. 932 is transferred to the lVOA and such other exceptions to ti t1e in Bui1ding No. 932 as sha11 be subject to the approva1s by the CITY in its reasonab1e discretion upon its receipt of a pre1iminary title report for Building No. 932." Section 8. The text of Section 15. b. (5) of Agreement is hereby stricken and in place thereof an notation is added to read as follows: the LOAN editorial ~(5) [TEXT MODIFIED BY SECTION 7 OF AMENDMENT NO.1 TO LOAN AGREEMENT TO CONFORM TO LOAN CLOSING ELECTION OF THE AGENCY TO PLEDGE EITHER THE PROPERTY/PARCEL F OR BUILDING NO. 932 TO THE CITY UNDER THE DEED OF TRUST]" Section 9. The text of Section 16 of the LOAN Agreement is hereby amended to read as follows: C8BO/0006/DOC/992-1 3/15/00 240 ct 5 2000-65 ~16. SPECIAL OPTION OF CITY TO CAUSE BORROWER TO DELIVER DEED OF TRUST TO CITY AFFECTING BUILDING NO. 932 If at the time of LOAN Closing the BORROWER delivers the Deed of Trust affecting Parcel F to the CITY, the CITY shall have the right but not the obligation at any time after LOAN Closing to cause the BORROWER to deliver a deed of trust in favor of CITY affecting Building No. 932 as security for the LOAN as follows: (1) at any time after BORROWER obtains fee title interest in Parcel I-3 and/or Building No. 932 from the Air Force under the EDC Agreement the CITY may give BORROWER a written notice which references this Section 16 and states the election of CITY to cause the BORROWER to secure the LOAN with a deed of trust in Building No. 932; (2) within sixty (60) days following receipt of such notice from the CITY the BORROWER shall cause the appraisal report and the lender's policy of title issuance and a substitute deed of trust affecting Building No. 932 in recordable form to be delivered to the CITY all as provided in Section 1.e., as if at the time of LOAN Closing the BORROWER had originally delivered a deed of trust to the CITY under Section 1.e. (ii) ; (3) promptly following the recordation of the deed of trust in favor of CITY described in subparagraph (2) , above, the CITY shall release and reconvey its deed of trust security interest in Parcel "F" to the BORROWER; (4) BORROWER shall be responsible for paying for all costs and expenses associated with the exercise by the CITY of its right under this Section 16 to cause the deed of trust collateral for the LOAN to be secured by Building No. 932." CSBO/0006/DOC/992-1 6 3/15/00 240 ct 2000-65 Section 10. follows: Section 17 is hereby amended to read as ~17. TITLE INSURANCE BORROWER shall have secured a CLTA lender's policy of title insurance insuring CITY in the form issued by a title company satisfactory to CITY, in the amount of the LOAN secured either by the Deed of Trust affecting the Property/Parcel F as provided in Section lS.b. (4) (A) or the Deed of Trust affecting Building No. 932 as provided in Section 15. b. (4) (B), as applicable." Section 11. Section 37 and Section 38, of the LOAN Agreement are hereby amended to read as follows: ~37. ENCUMBRANCE OF THE PROPERTY/PARCEL F OR BUILDING NO. 932 After the LOAN Closing the BORROWER shall not create or suffer to exist any mortgage, pledge, lien, charge, judgment or other encumbrance not shown on the policy of title insurance: (i) on the Property/Parcel F except for leases affecting the Property/Parcel F as provided for by the Deed of Trust without first obtaining written approval from CITY, if at the time of LOAN Closing the Property/Parcel F is pledged to the CITY under the Deed of Trust; provided, however that the entry of a final judgment in favor of the beneficiary or holder of an equitable interest in Parcel F identified in any of the exceptions to title in Parcel F described in Section lS.b. (4) (A) (b) shall be deemed to be a breach of this covenant of the BORROWER in favor of the CITY unless such a judgment is satisfied by the BORROWER; or (ii) on Building No. 932 except for leases affecting Building No. 932 as provided for by the Deed of Trust without first obtaining written approval from the CITY, if at the time of LOAN Closing Building No. 932 is pledged to the CITY under the Deed of Trust. CSBO/0006/DOC/992-1 3/15/00 240 ct 7 2000-65 38. SALE OR TRANSFER OF PROPERTY/PARCEL F OR BUILDING NO. 932 Until such time as the LOAN is repaid in full to the CITY BORROWER shall not sell, convey, or suffer to be conveyed, leased, assigned, transferred or otherwise dispose of the Property/Parcel F or Building No. 932 unless approved in writing by CITY." Section 12. Section 49 of the LOAN Agreement is hereby amended to read as follows: ~49. ADVERSE IMPACT ON MARKETABLE TITLE OF SECURITY If BORROWER permits the recording of any lien or encumbrance upon the Property/Parcel F or Building No. 932, as pledged to the CITY under the applicable form of the Deed of Trust, which in the sole opinion of the CITY adversely impacts the marketable title to such security, BORROWER shall be in default under this LOAN Agreement if such lien or encumbrance is not removed or a corporate surety bond or other undertaking is delivered by the BORROWER in a form and principal amount satisfactory to the CITY within thirty (30) days of initial recordation." Section 13. Paragraph 2 of Agreement (Loan Disbursement Approval to read as follows: Exhibit ~C" of the LOAN Procedure) is hereby amended ~2. (a) The CITY shall make the initial disbursement of the proceeds of the LOAN to the BORROWER within ten (lO) days following receipt of a completed written request for LOAN disbursement and confirmation by the Executive Director of the Economic Development Agency of the City of San Bernardino, or designee, that all of the following have been satisfied: A) each of the following have been fully executed by the BORROWER: i) Note; ii) (a) Deed of Trust(Parcel F) or if applicable (b) Deed of Trust (Building No. 932); iii) Environmental Indemnity Agreement; iv) Beneficial Economic Assignment of the Sublease for Building No. 932 if Deed of Trust (Parcel F) under (ii) (a), above; CSBO/0006/DOC/992-1 8 3/15/00 240 ct 2000-65 B) the BORROWER has delivered the opinion of its legal counsel as set forth in Section 15.b., of the LOAN Agreement; C) the BORROWER has provided the CITY with a CTLA lender's policy of title insurance in the principal amount of the LOAN in the form required by Section 15.b. (4) of the LOAN Agreement for either Parcel F or Building 932, as applicable; D) the BORROWER has provided the CITY with written evidence of insurance coverage as required by Section 35 of the LOAN Agreement; E) the BORROWER has provided the CITY with a true and correct copy of the fully executed sublease agreement relating to Building 932 by and between Astrofab, Inc. and the BORROWER, together with the tenant financial information described at Section 1.g(14) and (15) of the LOAN Agreement; F) if the Deed of Trust (Parcel F) is delivered to the CITY at the time of LOAN Closing, the BORROWER shall also provide the CITY with a copy of the appraisal report dated May 24, 1999, relating to Parcel ~F" and a confirming letter of the appraiser which indicates an allocation of value for Parcel ~F" between Parcel ~F-1" and Parcel ~F-2" such that Parcel ~F-2" has a value of not less than $1,200,000.00; or if applicable G) if the Deed of Trust (Building No. 932) is delivered at the time of LOAN Closing to the CITY the BORROWER shall also provide the CITY with a copy of an appraisal report relating to Building No. 932 which indicates a value for Building No. 932 which is not less than four (4) times the LOAN." Section 14. The staff of the Economic Development Agency of the City of San Bernardino, in consultation with the City Attorney, are authorized to prepare and accept conforming changes in the various legal descriptions which accompany the exhibits to the LOAN Agreement and the final form of the Deed of Trust to be presented CSBO/0006/DOC/992-1 3/15/00 240 ct 9 2000-65 by the BORROWER to the CITY at the time of the LOAN Closing, so as to implement the purpose of this Amendment No.1. IN WITNESS WHEREOF, the authorized officer of the parties have executed this AMENDMENT NO. 1 TO THE LOAN AGREEMENT. BORROWER Inland Valley Development Agency ,J-~a-uu BY'V~ By: $'rf ~. ~.--L Dated: APpr~To Form: ~. General Counsel Dated: / tJ3~/ /5?CJOO , / CITY 'i'y O~B.ernardino By: ~({/ . ~y, r By4c vt 12, t1-~____ y Clerk roved As To Form: 7- ~ Attorney CSBO/0006/DOC/992-1 3/15/00 240 ct 10 2000-65 EXHIBIT ~A-l" LEGAL DESCRIPTION OF BUILDING NO. 932 CSBO/0006/DOC/992~1 3/15/00 240 ct 11 2000-65 , , , , , , d I , SCALE I' -400' o .. . ---~ E;;r6]fi~-p~-t'~?;~1~~LS?t,:~;'1:!I,-.r.---. _. ~ __.,~' -. .1, _ ," .... \ , I. "S"-_-~ ~ '.{~'_':'<: . '. ~l . ~ 1.:,-. t: fl i ."i. , ;: '- ; t'" ,. .,.' _, ..I.. I . .,' k-~~:.:...:.;.----_.- nn _, ~ ".'_,-" ( 932 il.". r .:' 1'1' .., ... ..._.__,__-;..._.:~.~ ~ - f: .:' - J r - - I '1-': . .1' ~ t j:, .r. };. ?ARfJE.'i ;jO~_n ~'t'l r , .12; 33' . fJ, . ,-.-.-.-:.----~.2-~-o_-------t: t !'t.,---------- -:r~-~~----' (~.._- - "1- ..:" ""~- _u -' ~! : - - ~:... ~.i~' t- ~.tl'~f -~ I '., \. .;\...., }: .~~ .. -t ; 1: Z'., : ..-1_ I .:, I-'I--;-r. . : 'I: l' ,.,~.' h:;;'; ! .. 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ABaociates, In Consulting Civil Engineers 8< Land Surveyors 234 East Droke Drive San Bernardino, CA 92408 DEsCRPTlaN DATE SLDG 932 9/ I 1/99 - ,PARCEL 932 2000-65 LEGAL DESCRIPTION In the City of San Bernardino, County of San Bernardino, State of California, being a portion of Parcel 10, as shown on Record of Survey 98-0019, as per map, recorded in Book 110, Pages 51 through 53, records of said County, together with portions of vacated streets and alleys lying within and adjacent to said blocks, described as follows: The easterly one half of Parcel 10 per said Record of Survey. EXCEPTING the north 140.00 feet of said parcel. Bearings and Distances used in the above description are on the California Coordinate System, Zone 5 (NAD-83). Multiply distances shown by 1,0000684 to obtain ground level distances. END OF DESCRIPTION Signature Dale 1- 1 '3 - 00