HomeMy WebLinkAbout1995-026
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RESOLUTION NO.
q~ 71;
RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THE CITY OF SAN BERNARDINO, CALIFORNIA,
AUTHORIZING: (i) EXECUTION OF A CERTAIN HUD
SECTION 108 LOAN AGREEMENT BY AND BETWEEN
THE CITY OF SAN BERNARDINO AND HARRIS'; AND
(ii) EXECUTION OF ANY NECESSARY DOCUMENTS TO
PROCESS THE HUD SECTION 108 LOAN
WHEREAS, the City of San Bernardino (the "City"), is a
municipal corporation and a charter city duly created and
existing pursuant to the Constitution and the laws of the State
of California; and
WHEREAS, the City has entered into a Contract For Loan
Guarantee Assistance ("Contract") with the United States of
America through its Department of Housing and Urban Development
("HUD") pursuant to the Housing and Community Development Act of
1974, as amended; and
WHEREAS, Harris' desires to borrow up to the maximum
principal amount of $7,350,000 ("HUD Section 108 Loan") from the
City for the purpose of financing Harris' acquisition of a retail
building located at 300 North "E" Street, San Bernardino,
California 92416 ("Project"); and
WHEREAS, the City desires to make the Section 108 Loan
to Harris' on the terms and conditions set forth in a certain HUD
Section 108 Loan Agreement, and subject to Harris' adherence to
the terms and conditions imposed on the City under the Contract;
and
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WHEREAS, the City has made determination that the
Project to which the HUD Section 108 Loan proceeds are to be
applied is a HUD Section 108 eligible special economic
development activity benefitting low and moderate income persons,
and that the HUD Section 108 Loan is appropriate to carry out a
special economic development project; and
WHEREAS, the City at this time deems it desirable to
enter into the HUD Section 108 Loan Agreement with Harris', the
form of which is on file with the City Clerk of the City.
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE,
DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. The Recitals hereinabove are true and
correct and are incorporated herein by this reference.
SECTION 2. The City hereby approves the form of the
HUD Section 108 Loan Agreement, a copy of which is on file with
the City Clerk of the City.
SECTION 3. The Mayor and City Clerk of the City are
hereby authorized and directed to execute the HUD Section 108
Loan Agreement with any such changes and modifications as may be
approved by the Mayor and the Agency Administrator of the
Economic Development Agency of the City of San Bernardino.
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1 SECTION 4. The Mayor and the Agency Administrator
2 are hereby authorized and directed to take such other actions and
3 to execute documents necessary to complete the contemplated
4 transaction set forth in the HUD Section 108 Loan Agreement and
5 to process the HUD Section 108 Loan.
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96;;;~~ . <
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, AUTHORIZING: (i) EXECUTION OF A CERTAIN
HUD SECTION 108 LOAN AGREEMENT BY AND BETWEEN THE CITY OF SAN
BERNARDINO AND HARRIS'; AND (ii) EXECUTION OF ANY NECESSARY
DOCUMENTS TO PROCESS THE HUD SECTION 108 LOAN
SECTION 5.
The findings and determinations herein
shall be final and conclusive. This Resolution shall take effect
upon the date of its adoption.
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the Mayor and Common Council of the City of
San Bernardino at a
ad;ourned regular
meeting
thereof, held on the
30th day of
January
1995, by the following vote, to wit:
Council Members:
AYES
NAYS
ABSTAIN
ABSENT
NEGRETE
CURLIN
HERNANDEZ
OBERHELMAN
DEVLIN
POPE-LUDLAM
MILLER
x
x
x
x
x
x
x
~~e~
The foregoing
30th day of Januarv
resolution is hereby approved this
, 1995. .'
~- 0' \W~,~
a or of the City of
San Bernardino
Approved as to form and legal content:
JAMES F. PENMAN
Ci ty );)~orne~V Q_ () _ .
~~
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