HomeMy WebLinkAboutCDC/2001-16
(See Companion Resolutions CDC/2001-15, 2001-81)
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RESOLUTION NO. CDC/2001-16
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RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO
AUTHORIZING DEPOSIT OF CERTAIN FUNDS TO THE
CENTRAL CITY REDEVELOPMENT PROJECT AREA
AND AUTHORIZING THE LOAN OF LOW AND
MODERATE INCOME HOUSING FUNDS TO THE SAN
BERNARDINO MOBILEHOME PARK CORPORATION
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7 WHEREAS, the Community Development Commission of the City of San
Bernardino (the "Commission") is the governing body of the Redevelopment Agency of the City
8 of San Bernardino (the "Agency"), a public body corporate and politic, organized and existing
9 pursuant to the Community Redevelopment Law (California Health and Safety Code Section
33000, et seq.); and
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WHEREAS, the Agency acquired the Tropicana Mobilehome Park, Friendly
11 Village Mobilehome Park, Sequoia Mobilehome Park, Pacific Palms Mobilehome Park, Glen
Aire Mobilehome Park, Orangewood Mobilehome Park, Rancho Meridian Mobilehome Park
12 and Ninth Street Mobilehome Park (collectively, the "Parks") with funds loaned to the Agency
13 from the proceeds of the San Bernardino Joint Powers Financing Authority's mortgage revenue
bonds (the "Bonds") issued for each park between July, 1995 and March 1996; and
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WHEREAS, prior to the purchase of the Parks, the Agency expended Agency
15 funds on behalf of the mobile home park conversion program, without any formal intent or
documentation to provide for any reimbursement or recoupment of such expended funds, for (i)
16 the initial analysis of the 44 mobile home parks located in the City, (ii) due diligence
17 investigations, engineering and financial analysis for the converted mobile home parks, (iii)
administrative and consultant expenses to implement the program, and (iv) payment of the
18 mobile home park conversion consultant fees and expenses; and
19 WHEREAS, in May, 1996, the Agency caused the formation of the San
20 Bernardino Mobilehome Park Corporation (the "Corporation") and eight subsidiaries thereof
representing each Park and then transferred its ownership interest in each Park to either the
21 Corporation or its subsidiaries; and
22 WHEREAS, in an attempt to recoup a portion of its expenditures incurred prior
to the purchase of the Parks, subsequently authorized Agency officials acting on behalf of the
23 Corporation, as controlled by the Agency at such time, required the Corporation to execute eight
24 (8) notes (the "Park Reimbursement Obligations") and eight (8) deeds oftrust securing the Park
Reimbursement Obligations for the benefit of the Agency (the "Deeds of Trust"); and
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WHEREAS, in connection with the issuance by the County of San Bernardino
26 Housing Authority ("County Housing Authority") of its $27,195,000 mortgage revenue notes
(the "1999 Notes"), the Agency reconveyed the Deeds of Trust upon receipt ofa new deed of
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CDC/2001-16
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trust securing the Park Reimbursement Obligations, which new deed of trust was not to be
2 recorded against the respective Parks unless and until the 1999 Notes and any bonds refunding
said 1999 Notes had been paid in full; and
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WHEREAS, the County Housing Authority has agreed to assist the Corporation
4 with refinancing a portion of the 1999 Notes and pursuant to that transaction, the County
Housing Authority has issued GNMA Collateralized bonds ("Refunding Bonds") for the Rancho
5 Meridian Mobilehome Park and Sequoia Mobilehome Park, and intends to issue like bonds for
6 the remaining Parks; and
7 WHEREAS, the Corporation will apply a portion of the proceeds of the
Refunding Bonds to pay the Park Reimbursement Obligations in full upon the issuance of the
8 Refunding Bonds; and
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WHEREAS, the purpose of the expenditures made by the Agency prior to the
10 transfer of the Parks to the Corporation has been satisfied, as the Parks have been acquired,
partially rehabilitated, and transferred to a non-profit corporation which is organized to ensure
11 the Parks are reserved for low- and moderate-income tenants; and
12 WHEREAS, since the purpose ofthe Agency's original expenditures have been
13 satisfied, the proceeds of recoupment of said expenditures as may be received by the Agency
upon the closing from time to time of the Refunding Bonds, as well as the portion of said
14 proceeds received by the Agency on March 14, 2001 in connection with the closing of the
Refunding Bonds for the Rancho Meridian Mobilehome Park and Sequoia Plaza Mobilehome
15 Park (the "initial payment"), may be applied to other eligible Agency activities; and
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WHEREAS, the Agency desires to apply the initial payment received on March
14,2001 to the Central City Redevelopment Project Area; and
18 WHEREAS, the Agency desires to assist the Corporation with the further
financing and rehabilitation of the Parks, and thus has entered into that certain 2001 Loan
19 Agreement (the "2001 Loan Agreement") with the Corporation and has agreed to loan not to
exceed $4,187,296 to the Corporation from low- and moderate-income housing funds of the
20 Agency; and
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WHEREAS, the 200 1 Loan Agreement is evidenced by the 2001 Note (the "2001
22 Note") and secured by the 2001 Agency Subordinate Regulatory Agreement (the "Agency
Subordinate Regulatory Agreement"); and
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24 WHEREAS, the Agency transferred $1 ,226, 169.50 to the Corporation on March
12,200 I, as an initial loan under the 200 I Loan Agreement, substantially in accordance with the
25 purpose and intent of the Commission action taken on J anuary ~, 2001; and
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WHEREAS, the Agency expects to loan additional amounts to the Corporation
to assist the Corporation with additional financing of the Parks and seeks to ratify the initial
loan on March 12,2001, and authorize future loans at this time.
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NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION
ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section I. The Recitals contained herein are true and correct and
incorporated herein by this reference.
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Section 2. The Agency hereby authorizes the 2001 Loan Agreement and
ratifies the loan of$I,226,169.50 on March 12,2001 to the Corporation as the initial loan under
the 200 I Loan Agreement and acknowledges that the intent of such loan is substantially similar
to the prior action taken by the Commission on January 8, 2001.
Section 3. The Agency acknowledges that the purpose of the Agency's
original expenditures has been satisfied by the acquisition, rehabilitation and transfer of the
Parks to the Corporation. Thus, the Agency authorizes the transfer of the initial recoupment
payment received on March 14,2001, to the funds held for the Central City Redevelopment
Project Area for redevelopment purposes therein. The Agency further authorizes the use of
subsequent recoupment payments for any and all lawful redevelopment purposes of the
Agency. The Commission action as previously taken on January 8, 200 I, shall remain in full
force and effect for the purpose of accomplishing the refinancing of any and all of the
rcmaining Parks.
Section 4. The Executive Director and the Secretary or Assistant Secretary
of the Agency, or such other designated representatives of the Agency are further authorized
to do any and all things and take any and all actions as may be deemed necessary or advisable
to effectuate the purposes of this Resolution and the 2001 Loan Agreement. The Executive
Director is further authorized and directed to duly note on the records of the Agency that the
Park Reimbursement Obligations shall be considered to be extinguished in whole and to be of
no further force and effect for any purposes and in accordance with accepted municipal
accounting principles.
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CDC/2001-16
1 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
2 CITY OF SAN BERNARDINO AUTHORIZING DEPOSIT OF CERTAIN FUNDS TO
THE CENTRAL CITY NORTH AND CENTRAL CITY PROJECT AREAS AND
3 RATIFYING THE LOAN OF LOW AND MODERATE INCOME HOUSING FUNDS TO
THE SAN BERNARDINO MOBILEHOME PARK CORPORATION
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6 adoption.
7 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the
Community Development Commission of the City of San Bernardino at a ioint regular
8 _ meeting thereof, held on the 16th day of April ,2001, by the following
vote, to wit:
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Section 5.
This Resolution shall become effective immediately upon its
ABSTAIN ABSENT
10 Commission
ESTRADA
11 LIEN
McGINNIS
12 SCHNETZ
SUAREZ
13 ANDERSON
14 McCAMMACK
AYES
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NAYS
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X
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The foregoing Resolution is hereby approved this I qiL day of April
,2001.
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STATE OF CALIFORNIA )
2 COUNTY OF SAN BERNARDINO) ss
CITY OF SAN BERNARDINO )
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I, Secretary of the Community Development
4 Commission of the City of San Bernardino, DO HEREBY CERTIFY that the foregoing and
attached copy of Community Development Commission of the City of San Bernardino
5 Resolution No. is a full, true and correct copy of that now on file in this office.
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IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official
7 seal ofthe Community Development Commission ofthe City of San Bernardino this day
of ,2001.
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Secretary of the
Community Development Commission
of the City of San Bernardino
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