HomeMy WebLinkAboutR14-RDA Item
.'
o
JI
U!I
.
.
o
o
. Redevelopment Agency · City or San Bernardino
~NclIIh"D'Slnet, ~FJoar. SlIls-.ao. c.tiCcmia 92418
(714) 384-5081 PAX (714) 888-9413
PrIde .,
~~-
OCTOBER 31, 1990
RELOCATION OF COMMUNITY DEVELOPMENT/REDEVELOPMENT AGENCY
FROM CITY HALL TO THRIFTY BUILDING.
Synopsis of Previous Commission/Council/Committee Action:
12-07-89 Mayor and Common Council/Community Development Commission and Joint
Powers .Financing Authority, authorized Resolutions executi.ng loan.
agreement for purchase of the Thrifty Building.
10-oS-90 Thrifty Building financing alternatives report presented to Mayor and
Common Council and Community Development Commission.
Recommended Motion:
4C:> . (COMMUNITY DEVELOPMENT COMMISSION)
MOTION: A.. . That the Community Development Commission authorize the
Community Development/Redevelopment Agency to move and occupy
the Third Floor of the Thrifty Buildin9.
continued on page 2.
o
Respectfully Submitted,
R~~~e~ng Agency Administrator
of the Economic Development Agency
Supporting data attached: YES Ward: ALL
Funding Requirements: $62,000 Project: ALL
Commission Notes:
.
334SH
Agenda of 11-S-90
Item No. A--
.'
o
o
o
"
-
.
~
-
o
o
Recommended Motion continued:
MOTION: B.
MOTION: C.
That the Community Development Commission direct the Director of
Facilities Management to work with the Acting Agency
Administrator of the Economic Development Agency and the
Director of the Community Development/Redevelopment Agency to
expedite plans for the mqve. Further. that the Director of
Facilities Management be directed to coordinate with all other
appropriate departments.
That the Economic Development Agency Administrator and Director
of Facilities Management prepare a plan of action and time table
for the move and report on the status of same at the December 3.
1990 Commission meeting.
~-
.. - - ~ -
0 0
I'
STAFF REPORT
C
o
o
On October 15, 1990, a report was transmitted to the Commission.re9arding the
Thrifty Building financing options. A copy of that report is attached. .
Since that time discussions have taken place with regard to the City budget
deficit and the possible move of Public Works and Planning and Building
Services. . It has been.suggested that the City not move these departments over
to the Thrifty Building at this time du~ to the cost. It is may recommendation
that the option of the Community Development/Redevelopment Agency moving over
to and occupying the. Thrifty Building be implemented. It is envisioned that
all entities associated with the Economic Development Agency will also move to
the Thrifty Building.
.
This approach would make space available for the Water Department on the fifth
floor of City Hall with no loss of revenue to the City. It would also make
space available on the fourth floor to other City Departments.
Additional space would still be ava11'able on the second floor of the building
for future expansion of City departments or functions. The possibility of
other Government entities relocating and using space on the third floor will be
possible as not all of the approximately 17,023 square feet will be req~ired by
the currently identified elements of. the Economic Development Agency.
I recommend adoption of the form motions.
. ,
,."1.
.,
o
o
o
o
rJ-- -. \ ~rO 11/5 f1tJ . ~
. Redevelopment Agency · City of San Bernardino
~ Nclnh "D" S1Ieet, Fourth FJoor . Sill Bcm...IiDo, CllifIlrDia nU8
(714) 384-S081 FAX (714) 888-9413
PrIde ~
~.
October 4, 1990
TO: Community Development Commission
FROM: . Robert J. Temple, Acting Agency Admlnlstrator~
Economic Development Agency -" .
SUBJECT: THRIFTY BUILDING FINANCING ALTERNATIVES
At the Redevelopment Committee meeting of September 20, 1990, I was asked to
prepare a written summary of the basic options Involving the sale of the
Thrifty Building. The purpose of this written communication Is to Inform each
of you of the basic options under consideration, so that at such time that a
recommendation Is brought forward for your action, you will have this
background.
I believe It Is Important to first review the rationale and circumstances
surrounding the purchase of the Thrifty Building, as I underst>nd them. The
bull dl ng was purchased for $3.5 million. The source of funds used for thl s
purchase was tax Increment from the State College Redevelopment Project Area.
A loan agreement was passed by the Council and Commission and Joint Powers
Authority (attached>' This loan agreement and the need for Immediate space
for Public Works and Planning and Building Services set the stage for the
efforts and financing plans for the building to date. If the basic
assumptions regarding the need for and desire for the Thrifty Building are no
longer valid, then the options discussed below may not be appropriate. Until
and unless action Is taken that changes the above assumptions, It Is my
understanding that we are to work on options that accomplish the following:
1. Provide space for City departments that would Include Initially
Public Works and Planning and Building Services
2. Transfer title of the building from the Redevelopment Agency to
another entity as redeve lopment law precl udes the Agency from
owning and operating the b~lldlng on a permanent basis (unless
It Is the base of operations of the Agency~
3. Recover as much of the $3.5 million In tax Increment as
possible, given the above
There are three basic options that accomplish the objectives listed above.
Each of the options has many variations within that optIon.
~ ~\V\
o
o
o
INTEROFFICE MEMO
Community Development Commission
Page Two
OPTION 1 TRANSFER TITLE TO THE CITY OF SAN BERNARDINO
This option meets the first two objectives and Is consistent with the Benefit
Resolution adopted. The consideration or amount. of money Involved In the
transaction could vary depending on many factors as determined by the Mayor
and Council and Commission. The amount could vary from $0 to $3.5 million.
The more Important variable to be considered, In my opinion, Is what the
source of funds and method of payment would be. This variable will be
discussed In more detail later.
OPTION 2 TRANSFER TITLE TO AN OUTSIDE THIRD PARTY
This option would result In the greatest return of money to the Redevelopment
Agency, but would only meet the objectives of space for City departments on a
rental basis, while It would restore the building to the tax roles, the
additional Income to the City would not offset the additional rental cost.
This option may not be a reasonable or cost effective approach from the
viewpoint of the City. It would be the most expensive option for the City to
occupy the space needed and would not result In title to the building. There
Is a variation within this option of selling only part of the building to an
outside third party, the first and second floors for Instance. The
disadvantage of acqufrlng title to only the third floor Is that the City would
not have the first floor to lease out to conrnerclal or retail users In order
4C:) to generate a revenue source to pay operating expenses.
OPTION 3 THE REDEVELOPMENT AGENCY RETAINS TITLE AND MOVES INTO THE BUILDING
AS ITS BASE OF OPERATIONS
o
Redevelopment law provides for the Agency to retain title and operate the
faCility If It Is Its' base of operations. The Agency could then lease the
remaining space In the building. This option could Include leasing space to
the City at favorable rates and would also free up space In City Hall
currently occupied by the Redevelopment Agency and Community Development.
This option could Include other elements of the proposed Economic Development
Agency. These other agencies could not be housed In the Thrifty Building
Immediately, but would depend on their existing leases and how long they were
obligated In theIr current location.
VARIATIONS ON FINANCING OPTION 1
The transfer of title of the Thrifty Building to the City of San Bernardino
has been the option that staff has spent the most time Investigating.
Possible approaches include the draft proposal attached that would convert the
$3.5 mill Ion loan to the Joint Powers Financing Authority from a loan to an
expenditure. We have also considered an approach that would use tax exempt
bond proceeds to purchase the second and third floors (approximately half the
square footage of the building) for $1.75 million and converting the remaining
$1.75 million loan to an expenditure as above and transferring title of the
whole facility to the City. It should be mentioned again that the ground
floor commerc i a 1 and reta 11 space I s needed by the City to generate a revenue
stream to pay for the operating expenses of the building.
o
o
o
o
o
INTEROFFICE MEMO
Community Development Commisslon
Page Three
Another possible financing option is one that involves the City issuing tax
exempt bonds that net $1.75 million and give that money as consideration for
the whole building. The $1.75 million would be the public use portion of the
second and third floors and again the $1.75 million for the first floor would
be converted from a loan to an expenditure of tax Increment. The bonds Issued
could be interest only for seven years and then when the City Hall facility is
paid off in 1997, the debt service on the bonds could be fully amortized using
the freed up funds previously .committed to debt service on City Hall. Many
other options have been considered, but they are all variations of those
already discussed.
RJT:pv:1739S
cc: Mayor W. R. "Bob" Holcomb
Shauna Edwins, City Administrator
Ken Henderson, Redevelopment Agency
Andrew Green, Finance
Craig Graves, Treasurer
, . '.
o
cO
o
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
o
o
RESOLUTION NO. 5218
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF
CITY OF. SAN IiERNAlUlINO APPROVING A LOAN AGREEMENT WITH THE
BERNARDINO JOINT ~OWBRS )'INANCING AUTHORITY
WHEREAS, The Community Development ('.ft-18Sion of the City
THE
SAN
of San Bernardino (The "Agency"), under the provi8ions of the
California Community Redevelopment Law, i8 responsible to
encourage and foster redevelopment in the Central City
Redevelopment Project Area: and
.
WHEREAS, the Agency desires to engage in certain
redevelopment activities within the Project Area:
WHEREAS, the San Bernardino Joint Powers FinanCing
Authority (The "Authority").is authorized to provide financial
and other assistance to the Agency to promote the redevelopment
of the Redevelopment Project Area: and
WHEREAS, the Authority proposes to loan and the Agency
16 proposes to borrow Three Million, Five Hundred Thousand Dollars
17 ($3,500,000) pursuant to the "Loan Agreement", which is attached
18 hereto as Exhibit "A" and is incorporated herein by reference:
19 NOW THEREFORE, the Agency does hereby find, determine,
20 order and resolve as follows:
21
SECTION 1. The Loan Agreement is in the best interests of
22 the Agency and will promote the pUblic health, safety and
23 welfare.
24
SECTION 2. The Loan Agreement is hereby approved and the
25 Executive Director is hereby authorized to execute the Loan
26 Agreement on behalf of the Agency.
27
28
/
/
/
DAB/sea
December 6, 1989
1
. ."
o
co
o
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26 "
27
28
o
0,
1 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO APPROVING A LOAN AGREEMENT WITH THE SAN
2 BERNARDINO JOINT POWERS FINANCING AUTHORITY
3 I HEREBY CERTIFY ~ha~ ~e foregoing reso1u~1on was duly
4 adop~ed by ~he Commun1~ Development Commission of ~he City of
5 San Bernardino at a special meeting thereof, held on ~he 7th
6 day of Decelllber , 1989, by the following vote, ~o wit:
AYES:
Commissioners ESTHER ESTRADA, JACK REILLY, JESS FLORES
MICHAEL MAUDSLEY, TOM MINOR, VALERIE POPE-LUDLAM, NORINE M LLE
NAYS:
NONE
ABSENT:
NONE
s~~~*i-'~f
The foregoing resolution is hereby approv th1s 7th day
of
Decelllber
, 1989.
~~-
~-~ 0"
a rm of Communi ~
De 10 ent Commission of the
City of San Bernardino .
Approved as ~o form
and legal content:
BY:~4J
~gency sel
DAB/ses
Decamber 5, 1989
-~ 2
. '.
o
o
o
SECRETARY'S CERTIFICATE
OF
ADOPTION AND AUTHENTICATION
I, Arlene S. Berman, Assistant, Secretary of the Conununity
Development Conunission, DO HEREBY CERTIFY that the attached
aesolution is a true and correct copy of Resolution No. 5218
adopted December 7 , 19~, by the Conununity Development
Conunission of. the City of San Bernardino, by the vote set forth
below, and that said ReSOlution has not been amended or repealed.
COMMISSION MEMBERS
ESTHER R. ESTRADA
JACK REILLY
JESS FLORES
co
MICHAELMAUDSLEY
-rOM MINOR
VALERIE POPE-LUDLAM
NORlNE MILLER
DATED:
tlfII!r.@mher 11
o
lSEAL)
SBE00097C-S2/3ll0S
Check Aporooriate Box
YEAS NAYS ABSENT . ABSTAIN
I~I 1=1 1=1 1=1
r;1 1=1 1=1 1=1
1 x I 1=1 1=1 1=1
1 xl 1=1 1=' 1=1
1-;1 1=1 1=1 1=1
1 xl 1=1 1=1 1=1
1 xl 1=1 1=1 I=~
, 1989.
~/&..uCJt<< .I
19~. Secretary of the Conununity
Development Conunission of the City
of San Bernardino
- 3 -
. '.
o
co
o
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
o
o
LOAN AGRBBMBN'.l'
(AUTIIOlU'l'r M AGBNCr)
'lBIS AGRBBMBIft' :1s entered into as of 1:h1. 7th
day of na,...WIln.op
, 1989, by and between 'the SAN BERNARDINO
JOINT POWBRS FINANCING AUTHORITY (The "Authority") and the
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BBRNARDINO
(the "Agency").
A~
~CU'ALS
WHBREAS, the Community Redevelopment Law ~Health &
Safety Code, Section 33610) and other law authorizes the
Au'thority to loan money to the Agency for adm1nistrat~ve expenses
and overhead of 'the Agency; . and
B.
1fBBRBAS,'the Authority desires to assist 'the Agency in
its responsibility of redevelopment of the Central City
Redevelopment Project Area; and
C.
WBBRBAS, the Agency and the Authority desire to
17 facilitate 'the redevelopment of 'the Project Area consistent. with
18 the Redevelopment Plan; and
19
20
21
22
23
D.
WHBREAS, the Agency, pursuant to the Bedevelopment
Plan and provisions of 'the Community Redevelopment Law (Health &
Safety Code Section 33000, !! secr.) is au'thorized to borrow funds
to facilitate redevelopment; and
B.
WHBREAS, no o'ther reasonable means of financing such
24 administrative expenses is available;
25 NOW TBBRBFORB, the Authority and the Agency agree as
26 follows:
27
28
I
I
I
DAB/ses
December 6, 1989
1
.,'
.0
cO
I
I
I
I
f
i
,
,
I
I
10
I
I
I
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
o
o
1. The Authority agrees to loan Three Million, Five
Hunc2red Thousand Dollars ($3,500,000) to the Agency on or before
December 8, 1989. The Agency shall, in consideration of such
loan, be obligated to pay to the Authority the. amount of Three
Million, Five Hunc2red Thousand Dollars ($3,500,000) (the "Loan
Amount"), plus interest accruing at the lesser of (i) eight
percent (8t) or (ii) the maximum interest rate that may lawfully
be paid by a redevelopment agency: on or before December 8, 1990,
provided that at the option of the Authority said loan may be
extended for successive one year periods: provided that the
Authority agrees and acknowledges that such Loan Amount shall be
repaid as soon as economically feasible only from (i) tax
allocation revenues of the Project and (ii) such tax allocation
revenues as may hereafter be generated within the Project Area
16 to make payment from any other revenues.
and received by the Agency. The Agency shall have no obligation
17
2. The obligations of the Agency pursuant to Section.l of
18 this Agreement shall constitute the indebtedness of the Project.
19 The obligation of the Agency to make payments pursuant to this
20 Agreement shall be subordinate and subject to Section 33334.2 of
21 the Health & Safety Code and to the right of the Agency to pledge
22 or commit tax allocations from the Project Area to repay bonds or
23
24
25
26
27
28
other indebtedness incurred by the Agency in carrying out the
Redevelopment Plan (and such redevelopment plan as may hereafter
become applicable to the Project Area). The Agency agrees to
file statements of indebtedness setting forth such obligation
until such time as the Loan Amount (together with accrued
DAB/ses
December 6, 1989
2
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
o 28
., . ..
...
o
(0
o
o
;lnterest) has been pa;l.d j.n full.
I
.....,u_ .. a< thol. ODd
I
3.
I
The Agreement shall be
date f;lrst above shown.
San Bernardino
P;lnancing Au
ATTEST:
By: ~A?~~
Becretary
Approved as to form
and ~ega1 content:
By: J1 MAUA)JIZ~.I'!1.,)
7A~1V-~1
The Community Development
C'^"""18sion of the City of
San BernarMno
~ \ *' ~
By: - ... A." \_ - L
Ac i Ex cutive Director
Approved as to form
and legal content:
.BY:~J
../Agency unse1
DAB/ses
December 6, 1989
3
..
.. ".
o
(0
o
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
o
o
LOAN AmI--uwftI
(AUTBORI'l'Y m AGENCY)
'l'BIS AGRBBMBN'r is ent:ered 1nt:o as of th1s
7th
day of n.,...._Nt......
. 1989. by and bet:waen 'the SAN BERNARDINO
JOINT POWERS FINANCING AUTHORITY (The "Author1t:y") and t:he
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO
('the "Agency").
RECITALS
A.
WHBREAS. t:ha Commun1t:y Redevelopment: Law (Heal'th &
Safet:y Code. Sect:1on 33610) and ot:her law aut:hor1zes t:he
Au'thor1ty t:o loan money t:o 'the Agency for adm1n1st:rat1ve expenses
and overhead of 'the Agency; and
B.
1fHBRBAS, 'the Au'thor1ty desires t:o assist: 'the Agency in
1t:s respons1b1l1t:y of redevelopment: of t:he Cent:ral City
Redevelopment: Project: Area: and
C.
WHBRBAS, t:he Agency and t:he Aut:hor1t:y desire t:o
17 facilitate t:he redevelopment: of t:he Project Area consistent with
18 'the Redevelopment Plan; and
19
D.
WHBREAS, t:he Agency. pursuant: t:o t:he Redevelopment: .
20 Plan and provision8 of t:he CoIIIIIIun1ty Redevelopment: Law (Healt:h &
21 Safety Code Section 33000. et: 8eQ.) is aut:horized t:o borrow funds
22 t:o facilit:ate redevelopment:: and
23
B.
WHBREAS, no ot:her reasonable means of financing such
24 admin1strat:ive expenses is available;
25 NOW THERBFORE, t:he Authori t:y and the Agency agree as
26 follows:
27
28
/
/
/
DAB/ses
December 6. 1989
1
~vL.t.... . Ll"
-,'
o
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
co
o
0,
1. The Author~ty agrees to loan Three M~11~on, F~ve
HuncSred Thousand DOllars ($3, 500,000) to the Agency on or before
December 8, 1989. The Agency shall, ~n cona~derat~on of such
loan, be obligated to pay to the Author~ty the 8IIIOunt of Three
M~llion, Five HuncSred Thousand Dollars ($3,500,000) (the "Loan
Amount"), plus ~nterest accruing at the lesser of (i) eight
percent (8t) or (11) the maximum interest rate that may lawfully
be paid bya redavelopment agency; on or before December 8, 1990,
provided that at the option of the Authority said loan may be
extended for successive one year periods; provided that the
Author~ty agrees and acknowledges that such Loan Amount shall be
repa~d as soon as economically feasible only from (i) tax
allocat~on revenues of the Project and (ii) such tax allocation
revenues as may hereafter be generated within the Project Area
and received by the Agency. The Agency shall have no obligation
16 to make payment from any other revenues.
17
2. The obligat~ons of the Agency pursuant to Section 1 of
18 this Agreement shall constitute the indebtedness of the Project.
19 The obligat~on of the Agency to make payments pursuant to this
20 Agreement shall be subord~nate end subject to Section 33334.2 of
21 the Health & Safety Code and to the right of the Agency to pledge
22 or commit tax allocations from the Project Area to repay bonds or
23 I other indebtedness ~ncurred by the Agency '~n carry~ng out the
24 Redevelopment Plan (and such redevelopment plan as may hereafter
25 become applicable to the Project Area). The Agency agrees to
26 file statements of indebtedness setting forth such obligation
o
27
28
until such time as the Loan Amount (together with accrued
DAB/ses
December 6, 1989
...- 2
,-
. ."
.." 1
0 2
3
4
5
6
7
8
9
10
11
12
13
14
Co 15
o
1ntereat) ha. bean paid in ~u11.
/
/
/
-
o
3. The Agree.ent aha11 be e~~ect1ve .. o~ the day and
date ~1rst above .hOwn.
ATTEST:
By: ~~D?~'/
Secretary
Approved a. to ~orm
and legal contant:
.B~.)
thori Counsel
16 Approved as to ~orm
17 and legal content:
lIS ~
19 Agency unsel
20
21
22
23 .
24
25
26
27
0 28
DAB/aes 3
Dece.ber 6, U89 ...'~
San Bernerc11no Joint Powera
Financing Author
The Community Development
t"-""""'i aa10n of the City of
San Bernarc11no
BY:~~D1rector
...
o
(0
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
o
o
0,
1 RESOLUTION NO. 5219
2 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BElNARDI"O AUTHORIZING THE EXECUTION OF A LOAN
3 AGREEMENT WITH THE SAN BERNARDINO JOINT POWERS FINANCING
AUTHORITY
WHEREAS, pursuant 1:0 the Commun11:y Development Law of the
State of California, (Health & Safety Code Section 33000, !!
sea.), the Redevelopment Agency of the C11:y of San Bernardino
(the "Agency") is carrying out the Redevelopment Plan for the
State College Redevelopment Project (the "Project Area"): and
WHEREAS, the Agency is authorized to invest funds not
immediately necessary for the implementation of the Redevelopment
Plan: and
WHEREAS, the Agency and the Authori1:y desire to promote
redevelopment in the downtown area of the Ci1:y of San Bernardino:
and
WHEREAS, the redevelopment of the downtown area would
address blighting influences within the vicini1:y of the Project
Area and throughout the Ci1:y, and would substantially benefit the
PrOject Area and the community: and
WHEREAS, in order to effectuate the provisions of the
Redevelopment Plan, the Agency proposes to loan and the
Authority proposes to borrow Three Million, Five Hundred
Thousand Dollars (S3,500.000) pursuant to that "Loan Agreement",
a copy of which is attached hereto as Exhibit "A" and is
incorporated herein by reference:
NOW THEREFORE, the Communi1:y Development COmmission of the
Ci1:y of San Bernardino hereby resolves as follows:
/
/
/
DAB/ses
December 5, 1989
--
1
.. . ..
.0
(0
o
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
o
o
1 RESOLUTION OF '!'HE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO AUT"ORIZING THE EXECUTION OF A LOAN
2 AGREEMENT WIT" THE SAN BERNARDINO JOINT POWERS FINANCING
AUTHORITY
SECTION 1.
The loan of funds pursuant to the Loan
Agreement is in the best interest of the Agency and will promote
the public health, safety and welfare.
SECTION 2. The Executive Director is hereby authorized to
execute theLoen Agreement on behalf of "the Agency.
SECTION 3. This Resolution is rescinded if the parties to
the Agreement fail to execute it within sixty (60) days of the
passage of this resolution.
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Community Development C^"'1ll1ssion of the City of
San Bernardino at a special meeting thereof, held on the
7th
day of December
, 1989, by the following vote, to wit:
AYES:
C'.nmmj ssioners ESTHER ESTRADA, JACK REILLY, JESS FLORES,
MICHAEL MAUDSLEY, TOM MINOR, VALERIE POPE-LUDLAM,
NORINE MILLER
NAYS: NONE
ABSENT:
!lONE
~~k.~TL
The foregoing resolution is hereby
22 of December
, 1989.
23
24
25
26
27
28
day
the
Approved as to form
and legal content:
B~
Agency unael
DAB/ses
December 5, 1989.
2
, . ."
o
(
.....
o
o
SECRETARY'S CERTIFICATE
OF
ADOPTION AND AUTHENTICATION
I, Arlene S. BeZ1lllll1, Assistant, Secretary of the Community
Development Commission, DO HEREBY CERTIFY that the attached
Resolution is a true. and correct copy t)f Resolution No. 5219
adopted December 7th , 19..!!.!-, by the Community Development
Commission of the City of ,San Bernardino, by the vote set forth
below, and that said Resolution has not been amended or repealed.
COMMISSION MEMBERS
ESTHER R. ESTRADA
JACK REILLY
JESS FLORES
cO
MICHAEL MAUDSLEY
'TOM MINOR
VALERIE POPE-LUDLAM
NORINE MILLER
DATED:
December Il..
o
[SEAL]
SBE00097C-52/3ll0S
Check Appropriate Box
YEAS NAYS ABSENT ABSTAIN
-
'-~I 1=1 1=1 1=1
1:-' 1=1 1=1 1=1
I~I 1=1 1=1 1=1
1 x I 1=1 1=1 1=1
1:-1 1=1 1=1 1=1
1 x 1 1=1 1=1 1=1
1:-' 1=1 1=1 1=1
, 1989.
~xf~~..,~ J
~. Secretary of the Community
Development Commission of the City
of San Bernardino
- 3-
-,'
o
(0
o
14
15
L
o
o
1
2
3
4
5
6
7
8
9
LOAN AGRBmmN'l'
(AGENCY '1'0 AU'l'RORI'l'Y)
THIS AGRBBMBN'l' is en1:ered in1:o as of 1:h1s 7th
day of 1'>>rAmna,..
, 1989, by' and between tile SAN BERNARDINO
JOINT POWBRS FINANCING AUTHORITY (The "Au1:hori1:y") and 1:he
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO
(1:he "Agancy")..
RECITALS
A.
WHBREAS. 1:he Communi1:y Redevelopmen1: Law (Heal1:h &
10 Safety COde, Sec1:ion 33610) authorizes redevelopment agencies 1:0
11 inves1: any money held in reserves or sinking funds, or any money
12 not required for immediate disbursement, in proper1:y or
13 securi1:ies; and
B. WHBREAS. tilere are presently available to 'the Agency
funds generated by 'the State COllege Redevelopment Project (the
16 "Projec1:" ), which may be invested; and
17
18
19
20
21
22
C.
WHBREAS. the Authority desires to borrow funds from
tile Agency;
NOW THBRBFORE. the Authority and the Agency agree as
followS:
1. The Agency agrees 1:0 loan Three Million, Five Hundred
Thousand Dollars ($3,500,000) to the Authori1:y on or befor~
23 December 8, 1989. The Au1:hority shall, in consideration of such
24 loan, be obligated to pay to the Agency the amount of Three
25 Million, Five Hundred Thousand Dollars ($3,500,000) (the "Loan
26 Amount"), plus interest accruing at the lesser of (i) eight
27
28
percent (8t) or (ii) the maximum interest rate 'that may lawfully
DAB/ses
December 6, 1989
1
~
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
o
(0
o
-
o
o
be pa:1d by a Author:1ty on or before December 8, 1990 prov:1ded
~hat at the opt:1on of ~e Agency sa:1d10an may be extended for
success:1ve one year per:1ods.
2. Th:1s Agreement shall be effect:1ve as of ~e day and
date f:1rst above shown.
San Bernard:1no Jo:1
F:1nancing A
A'1"l'EST:
Jemes F. Penman,
City Attorney
Communi ty Developm C'.--...f ss:1on
of the City San Bernardino
yO
B~iN
Author Counsel
/
17:
ATTEST:
BY:~~_ rL
See et
Approved as to
form and legal content:
BY:~ ')
./'Agency sel
DAB/ses
December 6, 1989
2
,
, . .
:'.
o
(0
o
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
-
I'
o
o
LOAN AGR8BMBNT
(AGBNClr 70 AUTIIOlU:'1'!')
'1'B1:8 AGRBBMBN'1' i. entered into a. of 1:h1. 7th
day of
t\a....._~....
, 1989, by and between the SAN BERNARDINO
RBCZ'1'ALS
A.
WBBRBAS, the Community aedevelopment Law (Health &
Safety Code, Section 33610) authorize. redevelopment agencie. to
invest any money held in reserve. or .inking funds, or any money
not required for immediate disbur.ement, in property or
securities; and
B. IfBBRBAS, there are pre.ently available to the Agency
fund. generated by the State College aedevelopment Project (the
16 "Project" ), which maybe invested; end
17
18
19
20
21
22
C.
IfBBRBAS, the Authority desire. to borrow funds from
the Agency;
NOW TBBRBFORB, the Authority and the Agency agree as
followS:
1. The Agency agrees to loan Three Million, Five Hundred
Thousand Dollars ($3,500,000) to the Authority on or before
23 December 8, 1989. The Authority shall, in consideration of such
24 loan, be obligated to pay to the Agency the amount of Three
25 Million, Five Hundred Thousand Dollars ($3,500,000) (the '"Loan
26 Amount"), plus interest accruing at the lesser of (i) eight
27 percent (8t) or (ii) the maximum interest rate that may lawfully
28
DAB/ses
December 6, 1989
6'''''''
1
~xh.J..._ ...., ,.
10" o.
.',"
.0
(0
o
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
liS
19
20
21
22
23
24
25
26
27
28
o
o
be paid by a Authori'ty on or before December 8, 1990 provided
'that at 'the option of the Agency said loan .ay be extended for
,
successive one year perio48.
~. This Agree.ent shall be effective as of the day and
date first above shown.
ATTEST:
By:
Secretary
Approved as to
form and legal content:
James F. P8nlllan,
Ci'ty Attorney
BY~~4.t
u r Counsel
ATTEST:
.BY:~~'R-rt-
Approved as to
form and legal content:
BY:.@.Al4--'~.I6",," J
.A\gency ~el
DAB/aes
Decamber 6, 1989
#-
San Bernardino Joint Powers
Financing Author! 'ty
By:
W.R. Holcomb, Chairman
2