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CITY OF SAN BERNARDINO - REQUEST FOR COUNCIL ACTION
Oom:
Dept:
I<IHlElH J. 1IIlNERSCfi,
Executive Director
Devel."P"""lt Department
Subject:
llGDlClr IaalI m .ronrr __
I'DllIH:!.DG JIu.l.'JLlKLft/WMt"TJ'AL
1IM'ER DBPARDIBIl'.r
Date: NoI/eoi)er 16, 1990
Synopsis of Previous Council ection:
en June 21, 1990, the lhIWlIl1rdty Ds\Iel.. \ .....'ll 1'hIWn~"'i.m ar::praved a lam of
$4,965,000 to the Joint PtlwerlI Fina.ncln;JAutharity,lJbdc.tpal Water Department
for the pttdJase of ~tely fifteen (15) act1lS at A:rr:'c:Mlead Aveme alii
0ran;Je Show RaId.
Recommended motion:
(~ ~ <nA"'atm::el)
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~ 'DIB a::HGm'J.'!' ~ (DAITaaTIW Ar.....,.. IS CXItJ ....._,L. 'DIll DWXS~.L'.LV.a:""""
or TAX llUIY"M'!mI JICII) PIll) --."" Ita '.rU D~ ~ IIrMrDD m......-.y
IaalI m JODfr..o........ 1'DlIl~ JIu~.'_T.1IM'Jrll JlBlIARDIBm' >>II) mnD-
RID ftA1'I' m JIClo --", 1I1'D[ l'IlBPARI/1'ICI or 'DIB .. -8 ~...nmr Ita
CXIIIIW <XJI~.I;', .ronrr ~ ~ MJ.:ILIlU.1'I 3R) CXlOlDhu:.a."K ~
a:IIIIISSICIt llC'l'ICB.
~ ~.~~
Contect person: Ken ~ Lindseth
Phone:
50657 5081
Supporting data ettached:
staff Repent
Ward:
1-7
FUNDING REQUIREMENTS:
Amount: NjA
Source: (Acct. No.) NjA
(Acct. Descriotionl NjA
OunCil Notes:
Finence:
RS-J
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. CITY OF SAN BER.&RDINO - REQUEST FOR COUNCIL ACTION
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STAFF REPORT
On JUne 21, 1990, the 1qercy loaned $4,965,000 of tax .ir.............rt.. revenues
fran Sa.Jt:heBst Industrial Parlt to the San Bemardino JoJnt POwers Finlmcin;J
Authority. 'Ihe IIa1ieswre then loaned to the Board of Water n-i_ialers
to enable the City to .P.U:C::bBSe ~y fifteen (15) acres of lan:l at
Arro!obelld AV8rJJ8 am 0ran;Je Show RoIId far futm:e Water DeprbDent expansion.
'IheWater DIlpartmBnt will not: have the ability to repay the loan nor will it
be able to undertake the expansion am relocation at the downtcwn Water De-
pe...l..w.:.L facilities in the near futm:e.
c
It is I"'~ that tax ..........L I:x:ni 14' """""" frail a 1990 Sa.Jt:heBst Inius-
trial Parlt bcn:i issue in the lIIIlamt: of $5,180,941 be used to reverse the
parties out of tile loan with the 1qercy pn:d1asiD) the lan:l am hol.din:J
title in the lIllIIIe of the 1qercy. 'Ihe tax ina:_L~ of $4,965,000,
plus interest ~ of $202,000, wi:uld be rebmled to the 1qercy far
SCiUtI)east Industrial Pmt. Adlltianally, the 1qercy will grant to the Water
Department $407,045 to cxiver the previously bIcurred architectural. am en-
qineeriD;J ccsts far the abandoned relocation ani expansicn project.
staff seeks ~Oval in Cu-.q,lL by tile n-i-ien to I".........d with the draft"":
iJVJ of 1"""eE'8a"Y dcloJmentaticn far cnmcil., 1l1.1tharity am n-i_icn ap-
proval en Dee-.J -er 17, 1990. '!his will enable the lan:l to be transferred to
the llgeucy ani the tax in............it rebmled to the 1qercy en ~.J-er 18,
1990.
ShcW.cl the council, Authority am n-i_icn ~U\/8 en 1:190: .i.er 17, 1990
the transact:icn as described abc:Jve, it is i:apartant to note that the unal-
located balance of the ~ I:x:ni ~.. will be ~..- fran
$26,656,271 to $21,480,271 (see attadmlent). l\RlrOXimate1y $5,000,000 in
un&l1'lC'mi-.e1:edtax ir......_L will be rebmled to Sa.Jt:heBst In1ustrla1 Parlt far
other, llRXt~iate redevelVJ:.Olll=lit p.l1l)Cses.
staff reo ....-'Ids ~en of the fOJ:lll JDOtian.
..M~~_ Dincmr
Dwel"'l-._.~ Depart:mImt
KlH: 1ab: 4129
attadmlent
11/16/1999
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75-0264
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