HomeMy WebLinkAboutR02-RDA Item
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DBVllLOPIIIJr DBP~ 01' DB .
ern 01' lWI _AvnUO
JIBOIJBft lOR COIMISSIOII/COIIIICn. ACTIOII
From:
Umul:1l J. BDDDSOlf
Bzecutive Director
Subject: WELLS FJ.IGO LIIIB OF
CUDI'f
Qate: December 10, 1990
Synopsis of Pr....ious e~..ionlCouncillc-tttee Action:
4-02-90 Community Development Commi..ion received.and filed the fir.t Alreement
with Wood-Rueina and A..ociate. for financial .ervice..
07-02-90 Community Development C~i..ion authorized the execution of a Letter of
Acceptance for a Line of Credit with Well. FarlO.
10-01-90 CollllllUl11ty Development COlIDiuion authorized the nelotiation of an
asreement with Wells Farlo BaDlt for investment service.. .
Rec_en4ed Motion:
(COtlMllMTY DEViLoPMDT COMMISSIOlf)
IISOLDTIOlI OF DB CClI_.,.LU DBVllLOPIIIJr COIIIISSIOlI 01' DB ern OF lWI
-nnDlO, CAl.IFODIJ., .APPIIOVIIG DB ES1'J.BLISJloIuJ: OF f!J!1I'PATlI LIDS OF
CUDI'f WID WELLS FJ.IGO BAR, KArIOlUL J.SSOCIAfIOlI A1m J.UtBoUZIIG DB
EDClJrIOll OF r.RIl'I'ATlI DOCDl'lbr5 D COmucTIOlf l:II.I5.UlIID.
Recommended Motions continued on Pale 2
011, ecutive Director
Development Departmen
Contact Person: Xen R"""ersonlBarbara Lindseth
Phone: 5065
Project Area: All
Ward(s): All
Supportina Data AttaChed: Resolutions
FUNDING REQUIREMERrS:
Amount: NA
Budaet Authority:
Source:
Ccuam88ionlCouncU 1I0t..:
1382A
z
J.sen4a It_ 110:
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DBVBr.DPIIIft DBPAnnaa~ 0 .
RBQUBSr 1'01 COIIIISSIOK/COUBCIL .lerIO..
Well. Farao LiDe of Credit:
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llet"-......1Id lIoti_ ContillUeel:
(~OMMllMTY DBVELOPMDT COMMISSION)
1IBS000000OB OF DB OOmwIU:n: DBVBr.DPIIBIIr COIIIISSIOB OF DB CITY OF SAB
~,&lInDlO, CALII'ORIIA, IfUIIG FIlOlIllGS AIm I)AyUft.I..Id.rIOD AS TO DB
bAau"u TO DB SotmIBASr .l.mJUi:O:l;aIAL P~ ~v5LOPIIBIIr PIlOJIcr ADA OF
1I1Q1l!1I'I'&~lIG t:JII'I'UW ~v5LOl'IIQr .lcrIntIBS AIm CADSIIG DB
COBSXIW\iT.lOB OF CRII'I'&TIf PDBtIc IIIPllOvmwn:S..
(MAYOR AIm COMMOB COURCIL)
IBSOLUrIOB OF DB IIAYOIl .\iIDCOI... COUlICIL OF DB crrr OF SAIl ..
~&vnDO, ~I'ORIIA, IfBIlIG FIlOlIKS AIm ~OD AS TO rill
Bubu TO DB SotITIIBJ.Sr hwOSl:~ PAB bb.5v5LOPIIBIIr PaQJBcr ADA OF
UIII'!I'*"&~ CRII'I'&T1I 1UWIS,,5L01'IIBIIr .lI:x.lv.lnd AIm CADSIlIG DB
COlISDIJerIOB OF. CRII'I'&tw i'mU.ic m~,;.........~s.
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DBVELOPIIBlft' DBPAbnaa..
~ STAFF RIPOIIr
Wella I'ar.l[o Line of Credit:
The firm of Woo~-Hus~ and Associates was directed to assist the Department
with the l18XiII1zation of yields the Departllent can earn on its investment
portfolio by _ertllldnea review of the coat, risk and rate of return from
alternate"investaent strategies available, conaiatent with the Department's
ezist~ investaent policies. The firm was also directed to l18Ximize the
leverage which that portfolio &ives the Department in obtainine loanable funds
from the bankine collllllUnity by aas1atine in negot1atine with Wells Fargo Bank a
maximum line of credit for use on redevelopment projects.
As approved on July 2, 1990 by the Com1asion, the Line of C~edit 1a deaigned
to extend credit to the Department in the Blgregate principal amount of
$7,000,000. Of this $7,000,000, $1,000,000 is an unsecured line of credit
payable at .prime rate to be repaid at the Department's terms,with a maturity
date of December 1991. the remainine $6,000,000 is a secured line of credit
payable at prime rate- minus .50X to be repaid at the Department's terms, with
a maturity date of December 1991, and with collateral of secured interest in
cash or cash equivalents of not less than the line comitment. There are no
comitment or loan fees, but the Department will maintain the ratio of caah or
cash equivalents to the .Unaecured. Line of Credit Comitment of not less than
1.5 at 8JQ' tille. .
As collateral, $10,000,000 was approved.by the Commission to be invested
through Wells Fargo Bank Investllent Services. These funds funda are tex
increment fund8, not bond proceeds, and the funds will be invested in
accordance with the Departllent' s Investment Policy and the agreement
negotiated with Wells Fargo. . Investment of these funds with Wells Farlo will
meet the requirement that the Department maintain the ratio of caah or cash
equivalents to the unsecured line of credit at 8JQ' time and that there be
security in the amount of $6,000,000 (from Southeast Industrial Park) for the
secured line of c~edit. It is proposed to invest the" following funds:
Central City Projects
Southeast Industrial Park
Total
$4,000,000
6.000.000
10,000,000
The proposed use~of the Line of Credit will be in the amounts of $2,130,000
for the BAB Loan and $3,400,000 for the Portugal and Beal Agreement aecured by
the tax increment from Southeast Industrial Park. It 1a important to note
that the tax increment aecurine the Line of Credit may be used for other
appropriate redevelopment activities.
COIIIISSIO. ftUX.l5
lleet~ Date: DecedJer 10, 1990
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DIVBLOPIIBIIr lIBP~ sun UPORr .
Vela Farao LiDa of Credit
lIovellber 26, 1.990
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The attaChed leaolutions approve the eatablishment of certa~n linea of credit
with Wella Farao Bank, the execution of certain dOC1menta in connection
therewitll, and eatablishea the benefit to Southeast Industrial Park for the
use of to: increment as collateral.
Staff recommenda adoption of the attaChed leaolutions.
AAlUIAJ..a."J.
DeveloPll8llt
, becutiTe Director
t
COIIIISSIO. 1'IUX.u$
lleet1D& Date: Decadler 1.0, 1.990
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SBE00001...384\es
11\13\90 3:55
RESOLUTION NO.
RESOLUTI9N OF THE COMMUNITY
DEVELOPJ(ENT COMMISSION OF THE CITY
.OF SAN BERNARDINO, CALIFORNIA,
APPROVING THE ESTABLISHMENT OF
CERTAIN LINES OF CREDIT WITH WELLS
FARGO BANK, NATIONAL ASSOCIATION AND
AOTHORUINGTHE EXECUTION OF CERTAIN
bOctJMENTS IN CONNECTION THEREWITH
"
WHEREAS, the cOlDlllunity DevelopmentCOIDIIIission of the
City of san Bernardino (the "ColDlllission") on behalf of the
Redevelopment Agency of the City of San Bernardino (the "Agency"),
is a redevelopment agency, a public body, corPorate and politic of
the State of California, organized and existing pursuant to the
COlDlllunity Redevelopment Law (Part 1 of Division 24) cOlDlllencing with
Section 33000 of the Health and Safety Code of the State of
California (the "Act"); and
WHEREAS, pursuant to Health and Safety Code Section 33601
a redevelopment agency may borrow money (by the issuance of bonds
or otherwise) or accept financial or other assistance. from any
private lending institution for any redevelopment project for the
purposes of undertaking redevelopment activities; and
WHEREAS, pursuant to California Government Code Section
5900 At aG., the Agency may issue bonds, as such term is defined
in California Government Code Section 5902(a), and may enter into
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and undertake similar and related financing transactions as more
~ully described in Government Code section 5900 G am; and
WHEREAS, the Agency has previously taken certain actions
with the.City of San Bernardino (the "City") to approve and adopt
various redevelopment plans and establish redevelopment project
areas within the boundaries of the City; and
WHEREAS, in order to fund various redevelopment projects
within its various redevelopment project areas, the Agency deems it
desirable to establish two (2) lines of credit (the "Lines of
credit") with Wells Fargo Bank, National Association (the "Bank")'
and
WHEREAS, in connection with the provision of the Lines of
credit, the Agency deems it desirable to enter into and approve a
certain letter agreement (the "Letter Agreement"), a copy of which
is attached hereto as Exhibit "A" and incorporated herein by this
reference which provides for the establishment of both an unsecured
line of credit and a secured line of credit; and
WHEREAS, in connection with the provision of the Lines of
Credit pursuant to the Letter Agreement, the Agency shall be
required to execute certain additional documents which shall
include but not be limited to two (2) letter of credit notes and
various pledge agreements and the Agency deems it desirable to
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authorize the execution and delivery of such additional documents
o in connection with the provision of the Lines of credit.
NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION
ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
Section 1. The Lines of Credit as established by the
Bank and as more fully described in the Letter Agreement attached
hereto as Exhibit wAw. are hereby approved.
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Section 2. The Agency authorizes the execution of the
final form of the Letter Agreement as attached hereto as
Exhibit WAW by the appropriate Agency Officials.
Section 3. The Agency ~urther authorizes the
execution of the final form of any other documents required in
connection with the provision of the Lines of Credit by the Bank
when the same shall be presented for execution by the Chairman, the
Secretary, or such other appropriate Agency Officials, subject to
such changes, additions and deletions as may be approved by the
Chairman. The execution thereof by the Chairman, the Secretary, or
such other appropriate Agency official shall be deemed to be
conclusive as to the approval thereof, by and on behalf of the
Agency.
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Sect:ion 4.
This ResolUt,ion shall take effect upon the
date of its adoption.
RESOLUTION OF THE OF THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING THE
ESTABLISHMENT OF CERTAIN LINES OF CREDIT WITH WELLS FARGO BANK,
N .A. AND AU1'HORIZING THE EXECUTION OF CERTAIN DOCUMENTS IN
CONNECTION THEREWITH
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Community Development Commission of the City of San
Bernardino at a
meeting thereof, held on the
, 1990, by the following vote, to
day of
wit:
Commigsion M..hers:
AIH
BAn
ABSTAIN
ESTRADA
REILLY
FLORES
MAUDSLEY
MINOR
POPE-LUDLAM
MILLER
Secretary
day of
The foregoing resolution is hereby approved this
, 1990.
Approved as to
form and legal content:
W. R. Holcomb, Chairman
community Development Commission
of the City of San Bernardino
By:
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Agency Counsel
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STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ).
CITY OF SAN BERNARDINO )
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I, Secretary of the Community
Development Commission of the City of San Bernardino, DO HEREBY
CERTIFY that the foreqoinq and attacJ1ed copy of Community
Development ~ommi~sion of the City of San Bernardino Resolution No.
is a full, true and correct copy of that now on file in
this office. ..
IN . WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the Community Development Commission
of the City of San Bernardino this day of ,
1990.
Secretary of the
community Development Commission
of the City of San Bernardino
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SBEOOOOl-385\lw
12/04/90 430
RESOLUTION NO.
RESOLUTION OF THE. COMMUNITY. DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, MAKING FINDINGS AND DETERMINATIONS
AS TO THE BENEFIT TO THE SOUTHtAST INDUSTRIAL
PARK REDEVELOPMENT PROJECT AREA OF UNDERTAKING
CERTAIN REDEVELOPMENT ACTIVITIES AND CAUSING
THE . CONSTRUCTION OF CERTAIN PUBLIC
IMPROVEMENTS
WHEREAS, the City of San Bernardino, California (the
"City"), is a municipal corporation and a charter city duly created
and existing pursuant to the Constitution and the laws of the State
.ofCalifornia (the "City"); and
WHEREAS, the Community Development Commission of the City
,
of San Bernardino (the "Commission") on behalf of the Redevelopment
Agency of the City of San. Bernardino (the "Agency"), is a
redevelopment agency, a public body, corporate and politic of the
State of California, organized and existing pursuant to the
Community Redevelopment Law (Part 1 of Division 24) commencing with
Section 33000 of the Health and Safety Code of the State of
California (the "Act"); and
WHEREAS, pursuant to Section 33445 of the Act, the Agency
may, with the consent of the Mayor and Common Council 9f the City
("the Council"), pay all or part of the costs of installation and
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construction of any building, facility, structure or other
4:) improvement which is publicly owned either within or without the
boundaries of a redevelopment project area if the Council
determines: (1) that such buildings, facilities, structures or
other improvements are of benefit to the redevelopment project area
or the immediate neighborhood in which the project. is located,
regardless of whether such improvements are within another project
area, or in the case of a project area in which substantially all
of the land is publicly owned, that the improvements are of benefit
to the adjacent project area of the Agency, and (2) that no other
reasonable means of financing such buildings, facilities,
structures or other improvements is available to the community, and
such determination by the Agency and the Council shall be final and
conclusive; and
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WHEREAS, the City and the. Commission have previously
approved and adopted a Redevelopment Plan for the Southeast
Industrial Park Redevelopment Project (the "Redevelopment Plan");
and
WHEREAS, the Agency has approved the establishment of
certain lines of credit with Wells Fargo Bank, National Association
(the "Lines of Credit") one of which is to be secured by collateral
from the various redevelopment project areas of the Agency; and
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WHEREAS, the Aqency deems it desirable to undertake
() certain redevelopment projects and activities in both the Northwest
Redevelopment Project Area and the South Valle. Redevelopment
Project Area of the Aqency, which projects and activities include
but are not limited to the acquisition, construction and
installation of certain public. improvements, and facilities (the
"Redevelopment Projects"); and
Q
WHEREAS, the Aqency deems it desirable to use revenues
available throuqh the Lines of Credit to undertake the
Redevelopment Projects in.both the Northwest Redevelopment Project
Area and the South Valle Redevelopment Project Area but in order to
do so the Aqency must obliqate certain collateral presently
existinq and available within the Southeast Industrial Park
Redevelopment Project Area for the purposes of securinq the Lines
of Credit; and
WHEREAS, the undertakinq of the Redevelopment Projects in
both the Northwest Redevelopment Project Area and the South Valle
Redevelopment Project Area will enable the Aqency to further its
redevelopment objectives within the entire city and will assist in
the overall redevelopment of all of the various project. areas of
the Aqency located within the boundaries of the city; and
WHEREAS, the Southeast Industrial Park Redevelopment
Project Area is presently experiencing demand for commercial and
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industrial land by land intensive users, which land is not readily
4:) available within the Southeast Industrial Park Project
Redevelopment Area; and
WHEREAS, the undertaking of the Redevelopment Projects
within the Northwest Redevelopment Project Area will be of benefit
to the Southeast Industrial Park Redevelopment Project Area to the
extent that the Northwest Redevelopment Project Area can
accommodate demand for industrial and commercial land which demand
cannot. be accommodated in the Southeast Industrial Park
Redevelopment Project Area because of the lack of available land
suitable for the types of users seeking to locate in the Southeast
Industrial Park Redevelopment Project Area; and
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WHEREAS, land which is more sulted for the types of
development seeking. to locate in the Southeast Industrial Park
Redevelopment Project Area is readily available within the
Northwest Redevelopment. Project Area and. such land is more
appropriate to accommodate some of the industries and business
otherwise seeking to locate in the Southeast Industrial Park
Redevelopment Project Area because of the Northwest Redevelopment
Project Area's proximity to freeway and rail facilities and because
land costs are considerably less expensive for land intensive
activities; and
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WHEREAS, by providing land which is suitable for
development because of the existence of adequate public
improvements in alternative locations such as the Northwest
Redevelopment Project Area, the Agency will be able to accommodate
other development within the Southeast Industrial Park
Redevelopment Project Area which is better suited to such project
area in terms of the economic viability of that portion of the
City.
WHEREAS, the Northwest Redevelopment Project Area
provides a viable alternative location for industries seeking to
undertake industrial and commercial activities who cannot locate
within the Southeast Industrial Park Redevelopment.Project Area
,
because of the economics associated with locating in such Project
4:) Area and accordingly, such industries are more likely to locate in
the Northwest Redevelopment Project Area rather than in areas
outside of the City to the extent the Agency is able to provide
adequate public improvements, and facilities within the Northwest
Redevelopment Project Area; and
WHEREAS, because of the interaction between the Agency's
.various project areas, the ability of the Agency to keep industrial
and commercial growth within any of. its project areas is of benefit
to all of its project areas; and
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WHEREAS, the undertaking of the Redevelopment Projects
within the South Valle Redevelopment project Area will be of
benefit to the Southeast Industrial Park Redevelopment Project Area
because of the proximity of the South Valle Redevelopment Project
Area to the Southeast Industrial Park Redevelopment Project Area
and the commercial and industrial interaction between the two
project areas which in turn stimulates economic development within
both project areas; and
WHEREAS, the ability to provide public improvements and
facilities in the South. Valle Redevelopment Project Area will
encourage economic growth and development in su.ch project area,
which economic growth and development, because of proximity, will
spillover to the Southeast Industrial Park Redevelopment Project
Area and cause the Southeast Industrial Park Redevelopment Project
Area to also experience economic growth and development; arid
WHEREAS, the ability to provide public improvements and
facilities within the South Valle Redevelopment Project Area will
make all adjacent project areas more attractive for economic growth
since the users locating in the adjacent project areas will be able
to benefit from the provision of such improvements and facilities;
and
WHEREAS, it is appropriate at.this time for the Council
to make certain findings and determinations and take certain action
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with respect to the acquisition, installation and construction of
the public improvements and the undertakinq of the various
Redevelopment Projects in both the South Valle Redevelopment
Project Area and the Northwest Redevelopment Project Area.
NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION
ACTING ON BEHALF. OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO DO HEREBY RESOLVE, DETERMINE AND ORDER AS .FOLLOWS:
section 1.
The Recitals hereinabove are true and
correct and are incorporated herein by this reference.
Section 2.
The Commission consents to the payment by
the Aqency of the costs of the Redevelopment Projects to be
e:> undertaken within the Northwest Redevelopment Project Area and the
South Valle Redevelopment Project Area for the reasons set forth
and the recitals hereinabove.
S~ction 3.
The
Commission
further
finds
and
determines that no other reasonable means of financinq the
Redevelopment Projects other than throuqh use of revenues available
throuqh the provision of the Lines of Credit, supported by
collateral from the Southeast Industrial Park Redeyelopment Project
Area, is presently available to the City or the Aqency and that the
City and the Aqency require the use of revenues qenerated from the
Southeast Industrial Park Redevelopment Project Area in order to
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fund the undertaking of the Redevelopment Projects. The
o undertaking of the Redevelopment Projects in the South Valle
Redevelopment Project Area and the Northwest Redevelopment Project
Area will help improve the economic viability .and growth potential
of the Southeast Industrial Park Redevelopment Project Area which
will in turn help eliminate blight and will provide benefit to the
Southeast Industrial Redevelopment Project Area.
Section 4. The findings and determinations of the
Agency as set forth herein shall be final and conclusive.
Section 5. The Secretary of the Commission is hereby
authorized and directed to cause this Resolution to be transmitted
to the Common Council for consideration in connection with
~ appropriate action by that body.
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section 6.
This Resolution shall take effect upon the
c:> date of its adoption.
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RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO MAXING FINDINGS AND DETERMINATIONS AS TO THE
BENEFIT TO THE SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA
OF UNDERTAKING CERTAIN REDEVELOPMENT ACTIVITIES AND CAUSING THE
CONSTRUCTION OF CERTAIN PUBLIC IMPROVEMENTS
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Community Development Commission of the City of San
Bernardino at a
meeting thereof, held on the
, 1990, by the following vote, to
day of
wit:
commission Members:
AXM
~
ABSTAIN
ESTRADA
REILLY
. FLORES
MAUDSLEY
MINOR
POPE-LUDLAM
MILLER
-.
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Secretary
day of
The foregoing resolution is hereby approved this
, 1990.
Approved as to
form and legal content:
w. R. Holcomb, Chairman
Community Development Commission.
of the City of San Bernardino
By:
Agency Counsel
SBI!OOllOI \DOC\3S5\Iw
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STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO )
CITY OF SAN BERNARDINO )
ss
I, Secretary of the Community
Development Commission of the City of San Bernardino, DO HEREBY
CERTIFY that the foreqoinq and attached copy of Community
Development Commission of the City of San Bernardino Resolution No.
is a full, true and correct copy of that now on file in
this office.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the Community Development Commission
of the City of San Bernardino this day of ,
1990.
Secretary of the
Community Development Commission
of the City of San Bernardino
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SBEOOOOl-386\lw
12/04/90 430
RESOLUTION NO.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF
THE CITY OF SAN BERNARDINO, CALIFORNIA, MAKING
FINDINGS AND DETERMINATIONS AS TO THE BENEFIT
TO THE SOUTHEAST' INDUSTRIAL PARK REDEVELOPMENT
PROJECT AREA OF UNDERTAKING CERTAIN
REDEVELOPMENT ACTIVITIES AND CAUSING THE
CONSTRUCTION OF CERTAIN PUBLIC IMPROVEMENTS.
,
WHEREAS, the City of San Bernardino, California (the
. "City"), is a municipal corporation and a c.harter city duly created
and existing pursuant. to the Constitution and the laws of the State
of California (the "City"); and
WHEREAS, the Community Development Commission of the City
o of San Bernardino (the "Commission") on behalf of the Redevelopment
Agency of the City of San Bernardino (the "Agency"), is a
redevelopment agency, a public body, corporate and politic of the
State of California, organized and existing. pursuant to the
Community Redevelopment Law (Part 1 of Division 24) commencing with
Section 33000 of the Health and Safety Code of the State of
California (the "Act"); and
WHEREAS, pursuant to Section 33445 of the Act, the Agency
may, with the consent of the Mayor and Common Council of the City
(lithe Council"), pay all or part of the costs of installation and
construction of any building, facility, structure or other
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improvement which is publicly owned either within or without the
4:) boundaries of a redevelopment project area if the Council
determines: (1) that such buildinqs, facilities, structures or
other improvements are of benefit to the redevelopment project area
or the immediate neiqhborhood in which the project is located,
reqardless of whether such improvements are within another project
area, or in the case of a project area in which substantially all
of the land is publicly owned, that the improvements are.of benefit
to the adjacent project area of the Aqency, and (2) that no other
reasonable means of financinq such buildinqs, facilities,
structures or other improvements is available to the community, and
such determination by the Aqency and the Council shall be final and
conclusive; and
o WHEREAS, the city and the Commission have previously
approved and adopted a Redevelopment Plan for the Southeast
Industrial Park Redevelopment Project (the "Redevelopment Plan");
and
WHEREAS, the Aqency has approved the establishment of
certain lines.of credit with Wells Farqo Bank, National Association
(the "Lines of Credit") one of which is to be secured by collateral
from the various redevelopment project areas of the Aqency; and
o
WHEREAS, the Aqency deems it desirable to undertake
certain redevelopment projects and activities in both the Northwest
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Redevelopment Project Area and the South Valle Redevelopment
<<:> Project Area of the Agency, which projects and activities include
but are not limited to the acquisition, construction and
installation of certain public improvements, and facilities (the
"Redevelopment Projects"); and
WHEREAS, the Agency deems it desirable to use revenues
available through the Lines of Credit to undertake the
Redevelopment Projects in both the Northwest Redevelopment Project
Area and the South Valle Redevelopment Project Area but in order to
do so the Agency must obligate certain collateral presently
existing and available within the Southeast Industrial Park
Redevelopment Project Area for the purposes of securing the Lines
of Credit; and
o
WHEREAS, the undertaking of the Redevelopment Projects in
both the Northwest Redevelopment Project Area and the South Valle
Redevelopment Project Area will enable the Agen~y to further its
redevelopment objectives within the entire City and will assist in
the overall redevelopment of all of the various project areas of
the Agency located within the boundaries of the city; and
WHEREAS, ,the Southeast, Industrial Park Redevelopment
Project Area is presently experiencing demand for commercial and
industrial land by land intensive users, which land is not readily,
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available within the Southeast Industrial Park Project
o Redevelopment Area; and
WHEREAS, the undertaking of the Redevelopment Projects
within the Northwest Redevelopment Project Area will be of benefit
to the Southeast Industrial Park Redevelopment Project Area to the
extent that the Northwest Redevelopment Project Area can
accommodate demand for industrial and commercial land which demand
cannot. be accommodated in the Southeast Industrial Park
Redevelopment Project Area because of the lack of available land
suitable for the types of users seeking to locate in the Southeast
Industrial Park Redevelopment Project Area; and
WHEREAS, land which is more suited for the types of
() development seeking to locate in the Southeast Industrial Park
Redevelopment Project Area is readily available within the
Northwest Redevelopment Project Area and such land is more
appropriate to accommodate some of the industries and business
oth~ise seeking to locate in the Southeast Industrial. Park
Redevelopment Project Area because of the Northwest Redevelopment
Project Area's proximity to freeway and rail facilities and because
land costs are considerably less expensive for land intensive
activities; and
WHEREAS, by providing land which
development because of the existence of
is suitable for
adequate public
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improvements in alternative locations such as the Northwest
Redevelopment Project Area, the Agency will be able to accommodate
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other development within the Southeast Industrial Park
Redevelopment Project Area which is better suited to .such project
area in terms of the economic .viability of that portion of the
city. .
WHEREAS, the Northwest Redevelop~ent Project Area
provides a viable alternative location for industries seeking to
undertake industrial and commercial activities who cannot locate
WHEREAS, because of the interaction between the Agency' s
various project areas, the ability of the Agency to keep industrial
and commercial growth within any of its project areas is of benefit.
to all of its project areas; and
WHEREAS, the undertaking of the Redevelopment Projects
within the South Valle Redevelopment Project Area. will be of
benefit to the Southeast Industrial Park Redevelopment Project Area
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because of the proximity of the South Valle Redevelopment Project
c:> Area to the Southeast Industrial Park Redevelopment Project Area
and the commercial and industrial interaction between the two
project areas which in turn stimulates economic development within
both project areas; and
WHEREAS, the ability to provide public improvements and
facilities in the South Valle Redevelopment Project Area will
encourage economic growth and development in such project area,
which economic growth and development, because of proximity, will
spillover to the Southeast Industrial Park Redevelopment Project
Area and cause the Southeast Industrial Park Redevelopment Project
Area to also experience economic growth and development; and
c:> WHEREAS, the ability to provide public improvements and
facilities within the South Valle Redevelopment Project Area will
make all adjacent project areas more attractive for economic growth
since the users locating in the adjacent project ~reas will be able
to benefit from the provision of such improvements and facilities;
and
WHEREAS, it is appropriate at this time for the Council
to make certain findings and determinations and take certain action
with respect to the acquisition, installation and construction of
the public improvements and the undertaking of the various
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Redevelopment Projects in both: the South Valle Redevelopment
Project Area and the Northwest Redevelopment Project Area.
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL ACTING ON
BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO DO
HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1.
The Recitals hereinabove are true and
correct and are incorporated herein by this reference.
Section 2.
The Council consents to the payment by the
Agency of the costs of the Redevelopment Projects to be undertaken
within the Northwest Redevelopment Project Area and the South Valle
Redevelopment Project Area for the reasons set forth and the
o recitals hereinabove.
Section 3.
The Council further finds and determines
that no other reasonable means of financing ~e Redevelopment
Projects other than through use of revenues available througq the
provision of the Lines of Credit, supported by collateral from the
Southeast Industrial Park Redevelopment Project Area, is presently
available to the City or the Agency and that the City and the
Agency require the use of revenues generated from the Southeast
Industrial Park Redevelopment Project Area in order to fund the
undertaking of the Redevelopment Projects. The undertaking of the
Redevelopment Projects in the South Valle Redevelopment Project
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Area and the Northwest Redevelopment Project Area will help improve
() the economic viability and qrowth potential of the Southeast
Industrial Park Redevelopment Project Area which will in turn help
eliminate bliqht and will provide benefit to the Southeast
Industrial Redevelopment Project Area.
section 4. The findinqs and determinations of the
Council as set forth herein shall be final and conclusive.
Section 5. The City Clerk is hereby authorized and
directed to cause. this Resolution to be transmitted to the Aqency
in connection with appropriate action by that body.
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Sect.icn 6.
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This Resolution shall take effect upon the
date of its adoption.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO MAKING FINDINGS AND DETERMINATIONS AS TO THE BENEFIT
TO THE SOUTHEAST INPUSTRIAL PARK REDEVELOPMENT PROJECT AREA OF
UNDERTAKING CERTAIN REDEVELOPMENT ACTIVITIES AND CAUSING .THE
CONSTRUCTION OF CERTAIN PUBLIC IMPROVEMENTS
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Mayor and Common Council of the City of San
Bernardino at a
day of
meeting thereof, held on the
, 1990, by the following vote, to
wit:
commis~ion Members:
Ana
BAn
ABSTAIN
ESTRADA
REILLY
FLORES
MAUDSLEY
MINOR .
POPE-LUDLAM
MILLER
day of
Secretary
The foregoing resolution is hereby approved this
, 1990.
Approved as to
form and legal content:
w. R. Holcomb, Mayor
of the City of San Bernardino
By:
City Attorney
SBEOOOOI\IlOC\3I6
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STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO )
CITY OF SAN BERNARDINO )
I, City Clerk of the City of San
Bernardino, DO HEREBYCERT~FY that the foregoing and attached copy
of Mayor and Common Council of the City of San Bernardino
Resolution No. is a full, true and correct copy of that
now on file in this office. .
ss
IN WITNESS WHEREOF, I
affixed the official seal of the
City of San Bernardino this
have hereunto set my hand and
Mayor and Common Council of the
day of . 1990.
City Clerk
City of San Bernardino
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