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Home My WebLink About1996-249 1 RESOLUTION NO. 96-249 2 RESOLUTION OF THE CITY OF SAN BERNARDINO AUTHORIZING THE EXECUTION OF A REIMBURSEMENT AGREENEIlT WITH THE OSBORNE 3 DEVELOPNENT CORPORATION, A CALIFORNIA CORPORATIOIl, RELATIVE TO ESTABLISHMENT OF AN ASSESSMEIlT DISTRICT IN COlINECTION WITH 4 DEVELOPMENT OF TRACT NO. 14448. 5 BE IT RESOLVED BY TilE 11AYOR AIlD COI1MON COUlICIL OF THE CITY OF SAil BERNARDINO AS FOLLOHS: 6 7 8 9 10 11 12 13 14 15 16 17 18 19 SECTION 1. The Mayor of the City of San Bernardino is hereby authorized and directed to execute, on behalf of said a Reinbursenent Agreenent with Osborne Development City, corporation, relative to the Corporation, California a establishment of an Assessnent District in connection with developJ"lent of Tract No. 14448. A cupy of said agreenent is incorpori'tec1 herein by narked Exhibit "A" and a ttached hereto, reference as fully as though set forth at length. SECTION 2. The agreement shall not take effect until fully signed and executed by both parties. The City shall not be obligated hereunder unless and until the agreement is fully executed and no oral agreement relating thereto shall be implied or authorized. SECTION 3. This resolution is rescinded if the parties Revised 7-31-96 RES 96-249' RESO: EXECUTING AGREEMENT WITH OSBORNE. DEVELOPMENT CORPORATION - ASSESSMENT DISTRICT FOR TRACT NO. 14448. 1 I HEREBY CERTIFY that the foregoing resolution was duly 2 adopted by the Mayor and Connon Council of the City of San 3 Bernardino at a regular I:\eeting thereof, held on the 4 5th day of August , 1996, by the following vote, to-wit: 5 council Members: 6 NEGRETE AYES NAYS ABSTAIN ABSENT x 7 CURLIN 8 ARIAS x x 9 OBERHELMAN x 10 DEVLIN 11 ANDERSON 12 MILLER 13 14 15 16 day of 17 18 x x x The foregoing resolution is ~r~le:-l(- hereby approved this, 31:1.: ._. August , 1996. 19 ~~tuA TOI:\ Minor, Mayor Ci ty of San Bernardino Approved as to form 20 and legal content: 21 James F. Penman City Attorney 22 23 ,1 . f' 24 By ~ i. I~ 25 Oi 26 27 28 - 4 - RES 96-249' ". 96-249 " REIMBURSEMENT AGREEMENT a,w; ! THIS CORP~ION hereinafter BERNARDINO, hereinafter AGREEMEnT, entered into 1996, by and between the , a California Corporation referred to as "SUBDIVIDER," and CITY OF SAN a municipal corporation of the State of California, referred to as "CITY." this If/!.. day of OSBORNE DEVELOPMENT WITNESSETH: WHEREAS, SUBDIVIDER is developing Tract No. 14448, a 98-lot single family subdivision, on the southeast corner of Northpark Boulevard and Mountain Avenue; and WHEREAS, the conditions of approval for Tract No. 14448 include the construction of sidewalk, masonry walls and landscaping along Northpark Boulevard, Mountain Drive and Hill Drive, adjacent to the tract boundaries; and WHEREAS, SUBDIVIDER desires for the City to establish an assessment district for acquisition of sidewalk, masonry wall and landscaping along the three periphery streets, at an estimated cost of $250,000; and WHEREAS, City is willing to establish an assessment district for acquisition of these facilities; and WHEREAS, SUBDIVIDER is willing to advance the necessary funds to finance the cost of constructing these items, subject to being repaid through the revenue generated by the assessment district; and WHEREAS, SUBDIVIDER and CITY do mutually desire to stipulate the duties and responsibilities of each party relative to formation of an assessment district and repayment of funds advanced to finance the construction costs for these items. II I / I II / I II I IIII EXHIBIT "A" RES 96-249 ... , CO-OPERATIVE AGREEMENT: Reimbursement of Costs - Tract 14448 NOW, THEREFORE, BE IT MUTUALLY AGREED AS FOLLOWS: SECTION 1. SUBDIVIDER SHALL: a. Submit a petition to CITY, signed by 100% of the property OvIDers, requesting the formation of an assessment district for construction of sidewalk, masonry wall, and landscaping, along Northpark Boulevard, Mountain Avenue and Hill Drive, adjacent to Tract No. 14448. b. Advance the necessary funds, currently estimated to be $250,000, to finance the costs for constructing these improvements. c. Finance the assessments on the lots not shown as sold on the Equalized Assessment Rolls dated 3-1- 97 and 3-1-98. d. Provide full disclosure of existence of assess- ment district to all home buyers, by obtaining their signature (s) on a form prior to close of escrow. Said form shall provide notification of the assessment district in prominent red letters. SECTION 2. CITY SHALL: a. Establish an assessment district for the acquisi- tion of sidewalk, masonry wall and landscaping along Northpark Boulevard, Mountain Avenue and Hill Drive, adjacent to Tract No. 14448. Said assessment district will be for a period of 15 years, and based upon an interest rate of 7%. b. Confirm assessment rolls for submittal to the County Assessor no later than 7-20-97 and 7-20-98. Said assessment rolls shall include the lots that have been sold, as shown on the Equalized Assess- ment Rolls, dated 3-1-97 and 3-1-98. c. Confirm annual assessment the assessment district Tract No. 14448. rolls during the term of on all 98 lots within d. Create a reserve account in the amount of $10,000 for the assessment district with the revenue received pursuant to the assessment rolls filed with the County Assessor in July, 1997 and 1998. This reserve account shall be used for covering any differences between the amounts assessed and those actually received by the CITY from the County Assessor. - 2 - " RES 96-249 CO-OPERATIVE AGREEMENT: Reimbursement of Costs - Tract 14448 II / I //1/ IIII I II I e. Make semi-annual payments to SUBDIVIDER as reim- bursement of funds advanced to finance the construction costs of the facilities acquired by the assessment district. Payments shall be in the amounts shown in the Amortization Schedule, attached hereto and marked Exhibit "I," and shall be made within 30 days after being received from the County Assessor. f. In no case shall the CITY be obligated under this Agreement to pay SUBDIVIDER more than the amounts received from the County Assessor, less the CITY's operating cost, and supplemented with available funds in the Reserve Fund. SECTION 3. IT IS FURTHER AGREED THAT: a. The CITY agrees to indemnify, and hold harmless SUBDIVIDER and their authorized agents, officers; volunteers and employees against any and all claims or actions arising from City's negligent acts or omissions and for any costs or expenses incurred by SUBDIVIDER on account of any claim thereof. b. SUBDIVIDER agrees to indemnify, and hold harmless the CITY and their authorized agents, officers, volunteers and employees against any and all claims or actions arising from SUBDIVIDER'S negligent acts or omissions and for any costs or expenses incurred by the CITY on account of any claim thereof. c. This REIMBURSEMENT AGREEMENT shall become effective upon establishment of the assessment district, and shall automatically terminate upon expiration of the assessment district. - 3 - . RES 96-249 ., CO-OPERATIVE AGREEMENT: Reimbursement of Costs - Tract 14448 THIS AGREEMENT shall inure to the benefit of and be binding upon the successors and assigns of both parties. IN WITNESS WHEREOF, the this agreement to be executed by thereunto duly authorized. parties hereto have caused their respective officials CITY OF SAN BERNARDINO ATTEST: ~~ By / 01'1 ' {~"tt ~ I Mayor ~k,~rk OPHENT CORPORATION, a. corporation By Approved as to form and legal content: James F. Penman City Attorney - 4 - . .. RES 96-249 '! '-' ( CITY OF SAN BERNARDINO DEBT SERVICE SCHEDULE DESCRIPTION: Tract No. 14448, 98-101 single family subdivision, SE comer of Northpar1< Blvd and Mounlain Ave $250,000 Construction of sidewalks, masonry walls, and landscaping LOAN AMOUNT: PROJECT: ~~- d~'~;::1-~:_l ,1' ~ t~:d:l~::- -'.1/_, . ~-_. -.J :<.- '__"A'I::J.' ,.1- :":11:( ;:1.\', 1.__=1.~' f I=' ',.1 -. . - -- - 6130/98 7.00% $13,975.50 $17,500.00 $31,475.50 6/30/99 7.00% $14,953.79 $16,521.72 $31,475.50 6/30100 7.00% $16,000.55 $15,474.95 $31,475.50 6130/01 7.00% $17,120.59 $14,354.91 $31,475.50 6130/02 7.00% $18,319.03 $13,156.47 $31,475.50 6/30/03 7.00% $19,601.36 $11,874.14 $31,475.50 6130/04 7.00% $20,973.46 $10,502.04 $31,475.50 6/30/05 7.00% $22,441.60 $9,033.90 $31,475.50 6130/06 7.00% $24,012.51 $7,462.99 $31,475.50 6130/07 7.00% $25,693.39 $5,782.11 $31,475.50 6130/08 7.00% $27,491.92 $3,983.58 $31,475.50 6130/09 7.00% $29,416.31 $2,059.14 $31,475.45 TOTAL $250,000.00 $127,705.95 $377,705.95 EXHIBIT "I"