HomeMy WebLinkAboutCDC/1999-26
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RESOLUTION NO:
CDC 1999-26
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO APPROVING
AND AUTHORIZING THE EXECUTIVE DIRECTOR OF THE
REDEVELOPMENT AGENCY (THE "AGENCY") TO EXECUTE A
PROPERTY OWNER REDEVELOPMENT AGREEMENT BY AND
BETWEEN THE AGENCY AND BOBBITT MEMORIAL CHAPEL
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BE IT RESOLVED BY THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
is hereby authorized and directed to execute on behalf of said Agency a Property Owner
Redevelopment Agreement with Bobbitt Memorial Chapel to develop the Preciado Funeral
Home, a copy of which is attached hereto, marked Exhibit "A" and incorporated herein by
reference as though fully set forth at length.
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SECTION 1.
The Executive Director of the Redevelopment Agency ("Agency")
SECTION 2.
The authorization to execute the above referenced Agreement is
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rescinded if the parties to the Agreement fail to execute it within sixty (60) days of the passage 0
this resolution.
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Page 1 of 2
CDC 1999-26
1 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF SAN BERNARDINO APPROVING AND AUTHORIZING
2 THE EXECUTIVE DIRECTOR OF THE REDEVELOPMENT AGENCY
(THE "AGENCY") TO EXECUTE A PROPERTY OWNER
3 REDEVELOPMENT AGREEMENT BY AND BETWEEN THE AGENCY
AND BOBBITT MEMORIAL CHAPEL
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I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Community
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Development Commission of the City of San Bernardino at a joint regular meeting
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thereof, held on the 19th day of
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COMMISSION MEMBERS:
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ESTRADA
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LIEN
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McGINNIS
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SCHNETZ
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(VACANT) - 5TH WARD
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ANDERSON
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MILLER
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July
, 1999, by the following vote, to wit
AYES
NAYS
ABST AIN ABSENT
x
x
x
x
x
x
~yhJ.~
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The foregoing Resolution is hereby approved this
. !day of July , 1999.
([J
V LLES, Chairperson
ity Development Commission
ity of San Bernardino
23 Approved as to form and legal content:
Agency Counsel
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26 By:
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Page 2 of2
CDC 1999,..26
t/~Al !jL /111.;./'
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
1999
PROPERTY OWNER REDEVELOPMENT
AGREEMENT
(Bobbitt Memorial Chapel)
THE 1999 PROPERTY OWNER REDEVELOPMENT AGREEMENT (the
"Agreement") is dated as of July 1, 1999, by and between The Gary
and Patricia Bobbitt Revocable Trust (the "Property Owner") and the
Redevelopment Agency of the City of San Bernardino, a body
corporate and politic (the "Agency"), and the Agreement is entered
into with respect to the following facts:
RECITALS
The Property Owner owns certain land situated near the
southwest corner of the intersection of Mill Street and "I" Street,
San Bernardino, California (the "Property"). The Property is
located in the redevelopment project area described in the
Redevelopment Plan for the Mount Vernon Corridor Redevelopment
Project (the "Redevelopment Plan"). The general location of the
Property is shown on a vicinity map and is more particularly
described in the legal description of the Property, attached hereto
as Exhibit "A" and incorporated herein by this reference.
The Property Owner for itself and its successors and
assigns and the Agency for itself and its successors and assigns
have entered into this Agreement in order to implement the
Redevelopment Plan and for the benefit of the redevelopment project
area and the Property as authorized under Health and Safety Code
Section 33339.
NOW THEREFOR IN CONSIDERATION OF THE MUTUAL PROMISES AND
COVENANTS OF THE PARTIES, THE PROPERTY OWNER FOR ITSELF AND ITS
SUCCESSORS AND ASSIGNS AND THE AGENCY FOR ITSELF AND ITS SUCCESSORS
AND ASSIGNS, AGREE:
Section 1. Effective Date of Agreement. This
Agreement shall take effect following its approval by the Agency
and execution by the parties, when each of the following conditions
have been satisfied:
(i) the Property Owner has submitted to the City of
San Bernardino (the "City") a completed
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CDC 1999.,.26
application for approval of the Development
proj ect to be constructed and installed on the
Property by the Property Owner and the City has
taken all final action as necessary or appropriate
to approve the Development Project, subject to all
applicable zoning and development standards and
building regulations of the City of San
Bernardino. The words "Development proj ect" as
used in this Agreement, mean and refer to the
improvement and economic revitalization of the
Property by the Property Owner as necessary or
appropriate to provide for the improvement and use
of the Property as a commercial mortuary. The
Development Project shall include the construction
of approximately 14,455 square feet of gross
interior building area of a modern commercial
mortuary building and chapel for public assembly
and funeral service, on-site landscaping and on-
site vehicle parking improvements and all related
off-site public improvements as necessary or
appropriate to accommodate the improvement of the
Development proj ect on the Property. A detailed
description of the functional elements of the
Development Project (the "Scope of Development and
Schedule of Performance") is attached as Exhibit
"B." The City is not a party to this Agreement
and nothing herein shall be deemed to create any
interest in the Property as may otherwise arise
under Government Code Section 65860 et ~; and
(ii) the Property Owner has completed the work of
improvement of the Development Project on the
Property by a date not later than July 31, 2000.
For the purposes of this Agreement, the words
"work of improvement of the Development Project"
shall be deemed completed on the date when the
Ci ty issues a certificate of occupancy to the
Property Owner for the completion of the
Development proj ect in accordance with the
practices and procedures of the City Building
Department.
Section 2. Conformity of the Development Prolect With
the Redevelopment Plan.
(a) The Agency has found and determined as of the date
of this Agreement, the improvement of the Development Project
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CDC 1999~26
described in the Scope of Development and Schedule of Performance
(See: Exhibit "8"), and thereafter, the operation of the mortuary
facilities on the Property is consistent with the Redevelopment
Plan.
(b) The Agency hereby finds and determines that the
redevelopment assistance to be provided by the Agency to the
Property Owner, subj ect to the completion of the Development
Project on the terms set forth in Section 3 of this Agreement, is
necessary and appropriate, and that the redevelopment covenants of
the Property Owner as contained in this Agreement shall materially
assist the Agency to eliminate conditions of blight in the
redevelopment proj ect area of the Mount Vernon Corridor
Redevelopment Project.
Section 3. Agency Contribution to Pay a Portion of
the Cost of Off-Site Improvements and Agency Promissory Note
Payable to the Property Owner.
(a) The improvement and completion of the Development
Project requires the Property Owner to provide for the relocation
of certain overhead public utility service structures and to
install certain street right-of-way vehicle traffic, stormwater
drainage and sidewalk improvements which abut the Property (the
"Off-Site Improvements"). At the present time, the total costs of
all such Off-Site Improvements for the Development proj ect is
estimated to be a sum in excess of Ninety Thousand Dollars
($90,000.00) .
(b) Subject to the terms and conditions of this
Agreement, the Developer hereby agrees to loan to the Agency and
the Agency hereby agrees to repay the Property Owner from time to
time but solely from the special source of funds described herein
a sum not to exceed Ninety Thousand Dollars ($90,000.00) which sum
the Agency shall use and apply to reimburse the Property Owner for
the cost of the installation of the Off-Site Improvements.
(i) the loan from the Property Owner to the Agency
shall be evidenced by the Agency Promissory Note
substantially in the form attached hereto as
Exhibit "C";
(ii) the principal amount of the loan shall be verified
by the Executive Director upon completion of the
Development Project (See: Section l(ii)) and upon
the submission of a suitably detailed accounting
of the Project Owner of the final sum of all costs
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incurred by the Property Owner in connection with
the installation of the Off-Site Improvements;
provided, however, that in the event that the
total cost of the Off-Site Improvements may exceed
Ninety Thousand Dollars ($90,000.00), then in such
event, the Property Owner shall pay for all
amounts of such cost in excess of $90,000 from
other sources of funds of the Property Owner;
(iii) interest shall occrue from the date of the Agency
Promissory Note at the rate of five percent (5%)
per annum until the earlier of its maturity or
payment in full;
(iv) the Agency Promissory Note shall have a term of
ten (10) years from its date and if any accrued
and unpaid interest and principal may be owing at
its maturity, such sum shall be waived and
forgiven by the holder of the Agency Promissory
Note;
(v) the Agency Promissory Note shall be payable solely
from the special source of funds described in the
Agency Promissory Note as the "Site Tax
Increment"--(eg. a portion of the property taxes
payable on the Property each year from and after
the date of the Agency Promissory Note which are
allocated and paid to the Agency as tax increment
revenue from the Mount Vernon Corridor
Redevelopment Project);
(vi) the Agency shall execute and delivery the Agency
Promissory Note to the Property Owner within ten
(10) days following the date on which the City has
issued its Certificate of Occupancy for the
Development Project, as set forth in Section l(ii)
and the Property Owner has provided the Agency
with the final accounting of the total costs
incurred by the Property Owner for the
installation of the Off-Site Improvements.
(c) Subject to the completion of the Development
Project and the verification of the final amount of the Property
Owner loan to the Agency as set forth in Section 3(b), the Agency
hereby agrees to pledge certain property tax increment revenues of
the Agency as derived from the Property, and as more specifically
described in the Agency Promissory Note (the "Site Tax Increment"),
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to repay the principal and interest of the indebtedness of the
Agency to the Property Owner evidenced by the Agency Promissory
Note. Such pledge of the Site Tax Increment by the Agency shall be
subordinate to all existing and future indebtednss of the Agency
for the Mount Vernon Corridor Redevelopment Project and all
refinancings of such indebtedness. Such pledge of the Site Tax
Increment shall terminate on the earlier date of either payment in
full on the Promissory Note or the date which is ten (10) years
following the date of the Agency Promissory Note.
Section 4. Covenant of the Property Owner to Pay an
"In Lieu" Charge to the Agency in the Event That the Property. or
Portion Thereof. May Be Leased. Assigned. or Acquired by an Entity
Which is Exempt from Payment of Ad Valorem Propertv Taxes. The
redevelopment and use of the Property by the Property Owner is of
special interest and concern to the Agency. The redevelopment of
such lands in accordance with the Agreement shall generate a
special source of property tax increment funds payable to the
Agency in accordance with Health and Safety Code Section 33760 to
fund certain redevelopment activities of the Agency. The
obligations and indebtedness of the Agency included, without
limitation, the obligations and indebtedness of the Agency which
arise under the Agreement and the obligation of the Agency to make
certain payaments and contributions to the Low- and Moderate-Income
Housing Fund from the property tax increment funds payable to the
Agency upon completion of the redevelopment of the Property.
The Property Owner hereby covenants and agrees that in
the event that the Property or any portion thereof shall be
conveyed or leased by the Property Owner, its sucessors or assigns
to any entity or party, that is partially or wholly exempt from the
payment of ad valorem property taxes pertinent to the Property or
any portion thereof, wi thin fifteen (15) years from the date of
this Agreement, the Property Owner, its heirs or assigns shall pay
the Agency a fee in lieu of payment of such taxes each year in an
amount which is determined by the Agency to be one percent (1%) of
the full cash value of such exemption from payments of ad valorem
property taxes. Such determination of "full cash value" for such
in-lieu payment purposes under this Section 4 shall be established
by the Agency each year, if necessary, in accordance with the ad
valorem property tax valuation principles and practices of Section
2 of Article XIIIA of the California Constitution. In the event
that the Agency may hereafter determine that an amount is payable
to the Agency as an in-lieu payment under this Section 4 of the
Agreement, then such amount shall be paid to the Agency each tax
year within ninety (90) days following transmittal of the notice of
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invoice for payment of the in-lieu amount by the Agency to the
Property Owner.
Section 5. Covenant Against Unlawful Discrimination.
The terms and provisions of Health and Safety Code Section 33436
which prohibit various types of unlawful discrimination are hereby
incorporated into this Agreement by this reference.
Section 6. Property Owner Consent to Participate In
Underground Utility District Formation. In further consideration
of the redevelopment assistance to be provided to the Property
Owner by the Agency, the Property Owner hereby waives any objection
to the formation of an "underground utility district,U as this term
is defined in San Bernardino Municipal Code Section 13.36.010(D)
which affects the Property; provided, however, that such
underground utility district shall include privately owned lands
which abut the Property. Notwithstanding the waiver of objection
to the formation of an underground utility district as set forth in
the preceding sentence, nothing herein shall be deemed to waive the
right cf the Property Owner (or its successor or assign) to object
to the amount of an underground utility district assessment lien
which the City may hereafter propose to affirm for the Property in
accordance with the procedures set forth in San Bernardino
Municipal Code Section 13.36.090(A) through (G), inclusive.
Section 7. Maintenance Condition of the Prooerty.
Subject to the satisfaction of the condition of Section l(ii), the
Property Owner for itself, its successors and assigns hereby
covenants and agrees that:
(a) The areas of the Property which are subject to
public view (including all existing improvements, paving, walkways,
landscaping, exterior signage and ornamentation) shall be
maintained in good repair and a neat, clean and orderly condition,
ordinary wear and tear excepted. In the event that at any time
within twenty-five (25) years following the date of approval of
this Agreement by motion or resolution of the Agency, as
applicable, there is an occurrence of an adverse condition on any
area of the Property which is subject to public view in
contravention of the general maintenance standard described above,
(a "Maintenance DeficiencyU) then the Agency shall notify the
Property Owner in writing of the Maintenance Deficiency and give
the Property Owner thirty (30) days from receipt of such notice to
cure the Maintenance Deficiency as identified in the notice. In
the event the Property Owner fails to cure or commence to cure the
Maintenance Deficiency within the time allowed, the Agency may
conduct a public hearing following transmittal of written notice
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CDC 1999-26.
thereof to the Property Owner ten (10) days prior to the scheduled
date of such public hearing in order to verify whether a
Maintenance Deficiency exists and whether the Property Owner has
failed to comply with the provision of this Section 7(a). If upon
the conclusion of a public hearing, the Agency makes a finding that
a Maintenance Deficiency exists and that there appears to be non-
compliance with the general maintenance standard, described above,
thereafter the Agency shall have the right to enter the Property
and perform all acts necessary to cure the Maintenance Deficiency,
or to take other action at law or equity the Agency may then have
to accomplish the abatement of the Maintenance Deficiency. Any sum
expended by the Agency for the abatement of a Maintenance
Deficiency on the Property authorized by this Section 7(a) shall
become a lien on the Property. If the amount of the lien is not
paid within thirty (30) days after written demand for payment by
the Agency to the Property Owner, the Agency shall have the right
to enforce the lien in the manner as provided in Section 7(c).
(b) Graffiti as this term is defined in Government Code
Section 38772, which has been applied to any exterior surface of a
structure or improvement on the Property which is visible from any
public right-of-way adjacent or contiguous to the Property, shall
be removed by the Property Owner by either painting over the
evidence of such vandalism with a paint which has been color-
matched to the surface on which the paint is applied, or graffiti
may be removed with solvents, detergents or water as appropriate.
In the event that such graffiti may become visible from an adjacent
or contiguous public right-of-way but is not removed within 72
hours following the time of such application, the Agency shall have
the right to enter the Property and remove the graffiti without
notice to the Property Owner. Any sum expended by the Agency for
the removal of such graffiti from the Property authorized by this
Section 7(b) in an amount not to exceed $250.00 per entry by the
Agency, shall become a lien on the Property. If the amount of the
lien is not paid within thirty (30) days after written demand for
payment by the Agency to the Property Owner, the Agency shall have
the right to enforce its lien in the manner as provided in Section
7 (c) .
(c) The parties hereto further mutually understand and
agree that the rights conferred upon the Agency under this Section
7 expressly include the power to establish and enforce a lien or
other encumbrance against the Property, or any portion thereof, in
the manner provided under Civil Code Sections 2924, 2924b and 2924c
in the as amount reasonably necessary to restore the Property to
the maintenance standard required under Section 7 (a) or Section
7(b), including attorneys fees and costs of the Agency associated
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CDC 199,9-26
with the abatement of the Maintenance Deficiency or removal of
graffiti and the collection of the costs of the Agency in
connection with such action. The provisions of this Section 7,
shall be a covenant running with the land for the term as provided
in Section 9 and shall be enforceable by the Agency. Nothing in
the foregoing provisions of this Section 7 shall be deemed to
preclude the Property Owner from making any alteration, addition,
or other change to any structure or improvement or landscaping on
the Property, provided that such changes comply with applicable
zoning and building regulations of the City.
Section 8. Defaul ts and Breach General. This
Agreement shall have no further force or effect in the event that
the Property Owner may fail to complete the improvement of the
Development Project by the date indicated in Section l(ii). In the
event that the Development Project may not be completed by such
date for any reason, then in such event, neither party shall be
under any further obligation under this Agreement, and the rights
of the parties hereunder shall be released and dicharged. Failure
or delay by either party to perform any material term or provision
of Section 3, Section 4, Section 5, Section 6 or Section 7 of this
Agreement shall constitute a default under this Agreement; provided
however, that if the party who is otherwise claimed to be in
default by the other party commences to cure, correct or remedy the
alleged default within thirty (30) calendar days after receipt of
written notice specifying such default and shall diligently
complete such cure, correction or remedy, such party shall not be
deemed to be in default hereunder.
The party which may claim that a default has occurred
shall give written notice of default to the party in default,
specifying the alleged default. Delay in giving such notice shall
not constitute a waiver of any default nor shall it change the time
of default; provided, however, the injured party shall have no
right to exercise any remedy for a default hereunder without
delivering the written default notice as specified herein.
Any failure to delay by a party in asserting any of its
rights and remedies as to any default shall not operate as a waiver
of any default or of any rights or remedies associated with a
defaul t. Except with respect to rights and remedies expressly
declared to be exclusive in this Agreement, the rights and remedies
of the parties are cumulative and the exercise by either party of
one or more of such rights or remedies shall not preclude the
exercise by it, at the same or different times, of any other rights
or remedies for the same default or any other default by the other
party.
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In the event that a default of either party may remain
uncured for more than thirty (30) calendar days following written
notice, as provided above, a "breach" shall be deemed to have
occurred. In the event of a breach, the party who is not in
default shall be entitled to seek any appropriate remedy or damages
by initiating legal proceedings.
Section 9. Covenants Running With the Land.
Agreement is expressly declared by the parties for themselves
for the successors and assigns of each of them, to be for
benefit of the Property and the redevelopment project area of
Mount Vernon Corridor Redevelopment Project.
This
and
the
the
(a) The provisions of Section 4 this Agreements a
covenants which runs with the land and the Property for a term of
fifteen (15) years from the date of the Agency Promissory Note.
(b)
Agreement are
for a term of
of the Notice
11.
The provisions of Section 6 and Section 7 of this
covenants which run with the land and the Property
twenty-five (25) years from the date of recordation
of Memorandum of Agreement as set forth in Section
(c) The provisions of Section 5 of this Agreement are
a covenant which runs with the land and the Property in perpetuity.
Section 10. Earl v Termination of Agreement By Property
Owner. The Property Owner may terminate this Agreement at its
discretion for any reason before the date on which the Agency
Promissory Note is executed and delivered to the Property Owner by
serving written notice of termination of the Agreement to the
Agency which specifically refers to this Section 10 of the
Agreement. Upon receipt by the Agency of such written notice of
termination, the Agency shall cause to be recorded a release of the
Notice of Memorandum of Agreement, and thereafter the parties shall
be mutually release from any further obligation which arises under
this Agreement.
Section 11. Notice of Memorandum of Agreement. The
parties hereby agree and declare that the successors and assigns of
each shall be bound by the terms of this Agreement. The parties
shall execute and the Agency shall cause to be recorded a Notice of
Memorandum of this Agreement substantially in the form as attached
hereto as Exhibit "D" and incorporated herein by this reference.
The Notice of Memorandum of Agreement shall be recorded promptly
upon the full execution of this Agreement by the parties.
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Section 12. Attorneys' Fees. If either party hereto
files any action or brings any action or proceeding against the
other arising out of this Agreement, then the prevailing party
shall be entitled to recover as an element of its costs of suit and
not as damages, its reasonable attorneys' fees as fixed by the
Court in such action or proceeding or in a separate action or
proceeding brought to recover such attorney's fees.
Section 13. Headings and Attachments. The headings of
each section of this Agreement are provided for purposes of
reference and convenience only and do not have any meaning which is
independent of the text of the section of the Agreement to which
they may generally correspond. The following list of attached
documents are part of this Agreement:
Exhibit "A"
Vicinity Map and Legal Description
of the Property
Exhibit "B"
Scope of Development and Schedule of
Performance
Exhibit "c"
Agency Promissory Note
Exhibit "D"
Notice of Memorandum of Agreement
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THIS 1999 PROPERTY OWNER REDEVELOPMENT AGREEMENT is dated
as of July 1, 1999, and this Agreement shall have no force nor
effect unless it has been approved by the governing body of the
Agency. This Agreement has been approved by the governing body of
the Agency pursuant to motion or its resolution, as applicable,
adopted by a vote of the Agency on 7/17 / , 1999.
I (
PROPERTY OWNER
The Gary and Patricia
Revocable Trust
Bobbitt
Date:
7/q/7'9-
III
By: ~/ fr1
By: C7.duu~ t?
tI3 ~Ct-:r
~
AGENCY
Date, -001
Approved As To Form:
By: ~. h.1L 1 - \'3-"4
Agency Special Counsel
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EXHIBIT "A"
Vicinity Map and Legal Description of the Property
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CDC 1999-26
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CDC 1999-26
EXHIBIT "B"
Scope of Development and Schedule of Performance
See Development Department Site Improvement Plan:
Application # DP2/399010
Dated:
May 3, 1999, Approved May 20, 1999
SBEO/0001/DOC/3479-1
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CDC 1999~26
EXHIBIT "e"
Agency Promissory Note
SBEO/0001/DOC/3479-1
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CDC 1999-26
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
AGENCY PROMISSORY NOTE
(Mount Vernon Corridor Redevelopment Project -
Bobbitt Memorial Chapel)
NEITHER THE FAITH AND CREDIT NOR THE TAXING
POWER OF ANY PUBLIC AGENCY, INCLUDING THE CITY
OF SAN BERNARDINO AND THE REDEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO, IS PLEDGED TO
THE PAYMENT OF PRINCIPAL AND INTEREST HEREOF
Dated:
/e;( C'7l~ YM! tl~~-/
[Not to Exceed $ 90, OOC cn/d-;;/i 1 /I/';~~
the specific amount Sf ?/<!n?1IJ~~ J1/cf... II ~
verified by Property C. ~~~~
accounting of actual ( II '1/t'ht'c ~
Improvem~nt Costs inn j 1;0/ 4 #vLA'./i- VUJ7tN'<-'
See Sectlon 3 (b) of U Vi' I -r- - ?'~ d ~
Agreement] KtJ11 tlf/UL ~~
/ftJ~ ~,6 d'Yadu/ a/
-- L 1'-- /// ~
THIS REDEVELC ~.~ ;r7~, ~
PROMISSORY NOTE is datec UJu:/d& Ed'//- ~
Note"), and evidences a e-')t --J /J '/~
of the City of San Ben /~/e/(?l#' 7"
"Agency") to The Gary a tz~../
the "Holder"). The AgE
accordance with that c
Agreement dated as of
between the Holder and
facts:
Principal Amount:
$
romissory
3(b) of
~
07p.7ftr
.N BERNARDINO
;y Promissory
pment Agency
politic (the
'rust (herein
tendered in
edevelopment
t"), by and
he following
This Agency I
Agency incurred in co
Redevelopment Plan for
Project; and
lness of the
:ion of the
edevelopment
SBEO\0001\DOC\3481-2
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CDC 1999-26
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
AGENCY PROMISSORY NOTE
(Mount Vernon Corridor Redevelopment Project -
Bobbitt Memorial Chapel)
NEITHER THE FAITH AND CREDIT NOR THE TAXING
POWER OF ANY PUBLIC AGENCY, INCLUDING THE CITY
OF SAN BERNARDINO AND THE REDEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO, IS PLEDGED TO
THE PAYMENT OF PRINCIPAL AND INTEREST HEREOF
Principal Amount:
Dated:
$
[Not to Exceed $90,000.00,
the specific amount shall be
verified by Property Owner
accounting of actual Off-Site
Improvement Costs incurred:
See Section 3(b) of the
Agreement]
[Date of Agency Promissory
Note: See Section 3(b) of
the Agreement]
THIS REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
PROMISSORY NOTE is dated (the "Agency Promissory
Note"), and evidences an indebtedness of the Redevelopment Agency
of the City of San Bernardino, a body corporate and politic (the
"Agency") to The Gary and Patricia Bobbitt Revocable Trust (herein
the "Holder"). The Agency Promissory Note is hereby tendered in
accordance with that certain 1999 Property Owner Redevelopment
Agreement dated as of July 1, 1999 (the "Agreement"), by and
between the Holder and the Agency with respect to the following
facts:
RECITALS
This Agency Promissory Note is
Agency incurred in connection with the
Redevelopment Plan for the Mount Vernon
Project; and
an indebtedness of the
implementation of the
Corridor Redevelopment
SBEO\0001\DOC\3481-2
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CDC 1999-26
This Agency Promissory Note evidences an indebtedness of
the Agency to the Holder for the repayment by the Agency to the
Holder of a loan for the payment of portion of certain Off-Site
Improvement Costs as set forth in the Agreement which has been
incurred by the Agency in connection with the redevelopment by the
Holder of certain real property located within the redevelopment
project area of the Mount Vernon Corridor Redevelopment Project as
more specifically described in the Agreement (the "Property").
FOR VALUE RECEIVED, THE AGENCY HEREBY PROMISES TO PAY TO
THE ORDER OF THE HOLDER AT SUCH ADDRESS AS THE HOLDER SHALL
DESIGNATE FROM THE SPECIAL SOURCE OF FUNDS AS HEREINAFTER
DESCRIBED, THE PRINCIPAL AMOUNT OF THE AGENCY PROMISSORY NOTE
TOGETHER WITH INTEREST THEREON AT THE TIMES SPECIFIED HEREIN FROM
THE FUNDS AS AVAILABLE TO THE AGENCY THEREFOR (HEREINAFTER DEFINED
AS THE "SITE TAX INCREMENT") IN ACCORDANCE WITH THE TERMS HEREOF:
terms and
the same
Agreement
Section 1. Unless otherwise provided herein,
phrases as used in this Agency Promissory Note shall
meaning as found in the Agreement. A copy of
is on file with the Agency Secretary.
the
have
the
Section 2. The Agency Promissory Note is tendered to
the Holder in connection with the obligation of the Agency to repay
the Property Owner for a loan to the Agency of an amount to pay a
portion of the Office-Site Improvement Costs associated with the
improvement of the Development Project on the Property as set forth
in the Agreement. The principal amount of the Agency Promissory
Note on the date when the Development Project is deemed complete as
set forth in the Agreement is Thousand Dollars
($ ) .
Section 3. Provided that the Holder has delivered to
the Agency written evidence that certain property taxes relating to
the Property have been paid as set forth in Section 4 of the Agency
Promissory Note, interest shall accrue on the outstanding principal
amount of the Agency Promissory Note from its date at the rate of
five percent (5%) interest per annum simple interest. Interest on
the Agency Promissory Note accrue in each year thereafter subject
to the confirmation of payment of property taxes for that tax year,
as provided in Section 4 of the Agency Promissory Note, until the
earlier date on which the outstanding principal has been paid in
full or upon maturity of the Agency Promissory Note whereupon any
remaining principal balance and any accrued and unpaid interest
under the Agency Promissory Note shall be waived, discharged and
forgiven by the Holder.
SBEO\0001\DOC\3481-2
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CDC 1999-26
Section 4. Installments of principal and interest as
may be due hereunder shall be in an amount of level debt payments
amortized over the term of the Agency Promissory Note. Principal
and interest payments due on the Agency Promissory Note shall be
paid to the Holder solely from the Site Tax Increment, as hereafter
described, annually on January 1 of each year commencing with a
first payment on the January 1 following the date of this Agency
Promissory Note. Thereafter, payments of principal and interest
due on the Agency Promissory Note shall be paid solely from the
Site Tax Increment on each subsequent January 1, until the maturity
date; provided however, that no payment shall be due or payable on
the Agency Promissory Note (and interest shall not accrue) unless
the Holder has first submitted appropriate written evidence to the
Agency that property taxes for the Property have been paid for the
fiscal year preceding the date when the payment of an installment
is payable. Payments of Site Tax Increment made under the Agency
Promissory Note shall be credited first to accrued interest and any
remaining amount shall be applied to reduce unpaid outstanding
principal of the Agency Promissory Note.
Section 5. The Agency Promissory Note shall have a
maturity date which is the tenth (10th) anniversery of the January
1 following the date of this Agency Promissory Note.
Section 6.
principal balance and
Promissory Note without
The Agency may prepay the
accrued unpaid interest on
penalty at any time.
outstanding
the Agency
Section 7. Notwi thstanding any other provision of
this Agency Promissory Note or the Agreement to the contrary, the
obligation of the Agency to the Holder to make payments of
principal and accrued interest hereunder prior to maturity shall be
a special limited obligation of the Agency and shall not be deemed
to be a general obligation of the Agency or the City of San
Bernardino. The sole source of repayment for the indebtedness of
the Agency, evidenced by the Agency Promissory Note, shall be
derived from the Site Tax Increment as follows:
the Site Tax Increment is a portion of the property tax
increment revenues as realized by the Agency each fiscal
year from the Mount Vernon Corridor Redevelopment Project
and after the date of this Agency Promissory Note as a
result of the redevelopment of the Property by the Holder
and the receipt by the Agency of ad valorem property
taxes paid with respect to the Property and allocated,
paid to and received by the Agency pursuant to Health and
Safety Code Section 33670 (b) . Said portion of the
property tax increment revenues of the Agency shall be
SBEO\0001\DOC\3481-2
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CDC 1999-26
determined as of each January 1 prior to maturity of this
Agency Promissory Note by the application of the
following formula, as of each January 1, following the
date of this Agency Promissory Note with respect to the
ad valorem property taxes as paid for the Property:
[(Total Property Taxes Paid1)-(Base Year Value2)]x.45
The Agency Promissory Note shall not be payable out of
tax increment revenues derived from any other lands of the Mount
Vernon Corridor Redevelopment Project nor from any other funds of
the Agency. Neither the faith and credit nor the taxing power of
the City, the Agency nor the County of San Bernardino is pledged to
the payment of principal or interest on the Agency Promissory Note.
Section 8. Upon the date of maturity of the Agency
Promissory Note, all remaining unpaid principal of the Agency Note
and all accrued and unpaid interest thereon shall be waived,
discharged and forgiven by the Holder.
III
III
III
III
Notes on formula for the calculation of "Site Tax Incrementn presented in
Section 7, above:
1. "Total Property Taxes Paidn means the total amount of current tax
year ad valorem property taxes assessed to the Property and paid by the owner
of the Project;
2. "Base Year Valuen means a
is attributed to the assessed value
tax assessment purposes as of March
portion of Total Property Taxes Paid which
of the Property for ad valorem property
1, 1998.
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CDC 1999-26
Section 9. The Holder may transfer or assign its
right to receive payments of outstanding principal and accrued
interest under the Agency Promissory Note upon receipt by the
Agency of written notice of such assignment executed by the Holder
and the new holder of the Agency Promissory Note which indicates
the new name and address for payment of installments of principal
and interest to the holder of the Agency Promissory Note and which
written notice shall also state as follows:
"The undersigned assignee of the Agency Promissory Note
hereby acknowledges that the Agency shall have no
obligation to pay to the assignee any amounts of
principal or interest as may be due thereunder from the
"Tax Site IncrementU unless the assignee has first
provided the Agency with appropriate written evidence
that property taxes for the "Property,U as these terms
are defined in the Agreement, have been paid for the
fiscal year preceding the payment due under the Agency
Promissory Note.u
III
III
III
III
SBEO\0001\DOC\3481-2
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CDC 1999-26
THIS AGENCY PROMISSORY NOTE is executed on this
, 1999, at San Bernardino, California.
day
of
REDEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO
By:
By:
(Seal)
ATTEST:
Agency Secretary
Approved As To Form:
Agency Special Counsel
SBEO\0001\DOC\3481-2
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CDC 1999-26
SBEO/0001/DOC/3479-1
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EXHIBIT "D"
Notice of Memorandum of Agreement
15
CDC 1999-26
RECORDING REQUESTED BY AND
WHEN RECORDED MAIL TO:
Redevelopment Agency of the
City of San Bernardino
201 North "E" Street, Suite
San Bernardino, California
Attn: Executive Director
301
92401
(Space Above Line For Use By Recorder)
[Recordation of this Document Exempt
From Fees Payable to Recorder Under
Government Code Section 6103]
NOTICE AND MEMORANDUM OF 1999 PROPERTY OWNER
REDEVELOPMENT AGREEMENT
Redevelopment Agency for the
City of San Bernardino: Bobbitt Memorial Chapel
TO ALL INTERESTED PERSONS, PLEASE TAKE NOTICE
THIS NOTICE AND MEMORANDUM OF 1999 PROPERTY OWNER
REDEVELOPMENT (the "Memorandum") is dated as of July , 1999, by
and between The Gary and Patricia Bobbitt Revocable Trust (the
"Property Owner") and the Redevelopment Agency of the City of San
Bernardino (the "Agency"). This Memorandum affects certain real
property in the City of San Bernardino, County of San Bernardino,
California, located at San Bernardino,
California (the "Property"). The Property is more particularly
described in the ___ (_) page legal description attached hereto as
Exhibit "A" and incorporated herein by this reference.
PLEASE TAKE FURTHER NOTICE that the Property Owner and
the Agency have entered into that certain "1999 Property Owner
Redevelopment Agreement," dated as of July , 1999, which affects
the Property and which includes community redevelopment covenants
of the Property Owner and the Agency which benefit and burden the
Property and which run with the land for the period of time as set
forth therein.
Section 4 of the Agreement is entitled:
Covenant of the Propertv Owner to Pay an "In
Lieu" Charge to the Agency in the Event That
the Property. or Portion Thereof. May Be
Leased. Assigned. or Acquired by an Entity
SBEO/0001/DOc/3480
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CDC 1999-26
Which is Exempt from Payment of Ad Valorem
Property Taxes
Section 5 of the Agreement is entitled:
Covenant Against Unlawful Discrimination
Section 6 of the Agreement is entitled:
Property Owner Consent to Participate In
Underground Utility District Formation
Section 7 of the Agreement is entitled:
Maintenance Condition of the Property
Interested persons may inspect a copy of the text of the
1999 Property Owner Redevelopment Agreement which is on file as a
public record of the Agency in the office of the Agency Secretary
during regular business hours.
This Memorandum may be executed by the parties in
counterpart. The recordation of this Memorandum is authorized by
action of the Agency under Government Code Section 6503 and Health
and Safety Code Sections 33337, 33338 and 33339.
PROPERTY OWNER
The Gary and Patricia Bobbitt
Revocable Trust,
Date:
By:
By:
AGENCY
Redevelopment Agency for the City
of San Bernardino
Date:
By:
Executive Director
[ALL SIGNATURES
TO BE ACKNOWLEDGED]
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CDC 1999-:26
[EXHIBIT "A" LEGAL DESCRIPTION OF THE
PROPERTY]
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