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ECONOMIC DEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
REOUEST FOR COMMISSION/COUNCIL ACTION
From:
Barbara J. Lindseth
Acting Director
Subj ec t: MOBlLEHOME PARKS USE
OF HOME FUNDS
Date:
May 31, 1995
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Synopsis of Previous Commission/Council/Committee Action(s):
On April 17, 1995, the Mayor and Common Council adopted a resolution
for the pledge of HOME Funds as security for certain bonds to be
issued in connection with the acquisition of certain mobilehome parks.
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Recommended Motion(s):
(Mayor and Common Council)
MOTION A:
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, REGARDING THE USE OF HOME FUNDS IN
CONNECTION WITH THE MODERATE OR SUBSTANTIAL REHABILITATION OF
ORANGEWOOD ESTATE.
MOTION B:
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, REGARDING THE USE OF HOME FUNDS IN
CONNECTION WITH THE MODERATE OR SUBSTANTIAL REHABILITATION OF
TROPICANA MOBILE ESTATES.
MOTION C:
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, REGARDING THE USE OF HOME FUNDS IN
CONNECTION WITH THE MODERATE OR SUBSTANTIAL REHABILITATION OF
FRIENDLY VILLAGE MOBILE HOME ESTATES.
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Administrator
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Barbara J. Lindseth
Acting Director
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Contact Person(s): Tim Steinhaus/Barbara Lindseth
5081
Phone:
Project Area(s): All
Ward(s) :
1-7
Supporting Data Attached:
Staff Report: Resolutions
Funding Requirements:
Amount: $642.000
Source: HOME Funds
Budget Authority:
1994-95 Budget
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Commission/Council Notes:
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BJL:2073A R7A K[5 '15- i78" COMMISSION MEETING AGENDA
q !J- i N Meeting Date: 6/05/1995
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7<.1" c, q:/-j.gtJ Agenda Item Number:
R7C
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ECONOMIC DEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
STAFF REPORT
Mobilehome Parks Use of HOME Funds
Background:
On April 17, 1995, by Resolution No. 95-119, the City approved the
pledge of H.O.M.E. Funds as security for certain bonds to be issued in
connection with the acquisition of those certain mobilehome parks
commonly referred to as Tropicana Mobile Estates, Friendly Village
Mobile Estates and Orangewood Estates.
Agency staff now desires to adopt resolutions to clarify the provisions
of Resolution No. 95-119 and to increase the dollar amounts of funds
requested in Resolution No. 95-119. The amount approved on April 17,
1995 was $611,000, for a total increase of $31,000.
Recommendation.;.
For acquisition of the mobilehome parks, the financing structure
contemplates that the Agency will acquire ownership of the financed
mobilehome parks from the present owners through the issuance of
tax-exempt mortgage revenue bonds. Such bond issues will provide the
funds needed for payment of the purchase price for such mobilehome
parks and to pay certain costs of issuance. Additional cost of
acquisition will be funded by the Agency from a combination of H.O.M.E
Funds and to the extent necessary, from the low- and moderate-income
housing funds.
Staff has determined that H.O.M.E. Funds are available in sufficient
amount for the 1994-95 and the 1995-96 fiscal years to funds both the
acquisitions and the necessary rehabilitation of the first three (3)
mobilehome parks as indicated in the due diligence reports. The
rehabilitation activities will primarily focus on infrastructure and
common area improvements such as street, utility systems, lighting,
landscaping, recreational room and laundry facilities. Such use of the
H.O.M.E Funds will not adversely impact any other Agency program or
other intended use of the funds.
Staff recommends authorization of the use of H.O.M.E. Funds in
connection with the moderate or substantial rehabilitation of Tropicana
Mobile Estates, Friendly Village Mobile Home Estates and Orangewood
Estates. Adoption of the these resolutions will supersede Resolution
No. 95-119.
Based upon the foregoing, staff recommends adoption of the form motion.
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Barbara J. Lindseth, Acting Director
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BJL:2073A
COMMISSION MEETING AGENDA
Meeting Date: 6/05/1995
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Agenda Item Number: