HomeMy WebLinkAbout1988-287
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RESOLUTION NO. 88-287
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO APPROVING A LOAN OF A PORTION OF INTERIM COMMUNITY
DEVELOPMENT BLOCK GRANT FUNDS FOR THE BASELINE/MEDICAL CENTER
DRIVE PROJECT.
WHEREAS, there is proposed a development in the City of San
Bernardino known as the Baseline/Medical Center Drive Shopping
Center; and
WHEREAS, such development is critical to the economic
improvement of the west side of the City of San Bernardino; and
WHEREAS, in developing said project there is a need for
additional financing;
WHEREAS, the Community Development Block Grant Fund loan
program may be used for such development financing; and
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON
COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
The City of San Bernardino hereby approves a Community
Development Block Grant Fund loan in an amount not to exceed
$1,250,000 for a term of three (3) years at an interest rate of
one percent (1%) to Alexander Haagen Development Corporation for
a shopping center to be developed at Baseline Street and Medical
Center Drive in a cooperative effort to provide economic
improvements to the west side of the City of San Bernardino.
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Mayor and Common Council of the City of San
Bernardino at a
regular
meeting thereof, held on
the 1st
day of
August
, 1988, by the fOllowing
7-27-88
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vote, to wit:
AYES:
Council Members Estrada, Reilly, Flores, Maudsley,
Minor, Pope-Ludlam, Miller
NAYS:
None
ABSENT:
None
,~4//7>1.?/ .6),d/
/Ci ty Clerk
The foregoing resolution is hereby approved this ~hc{ day
of
Auonst
, 194
. ?I~
v~cJ, MAyoH
City of San Bernardino
Approved as to form
and legal content:
~
7-27-88
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