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DIVBLOPIIIIIr DBPA.'ft..1I:1fT OF 2BI
ern OF SAIl -&lmlBO
JIBOtJKsr I'OR COMMISSIOK/COIIIICIL ACTIOK
From:
N51UU5l:il J. JIBMlERSOlll
Executive Director
Subject: WADR DBPAiu.....u; LOAB
Date: December 13, 1990
$,JDopsis of Previous CaaaissioalCOUDCi1/Caaaittee ActiDD:
06-21-90 Community Development Commission approved a loan of $4,965,000 to the
Joint Powers Financiq AUthority for the purchase of property at
Arrowhead Avenue and OrBJlle Show Road.
11-19-90 Community Development CommisaiDD approved in cDDcept the substitution of
tax allocatiDD bond proceeds for tax increment monies relatiq to the
loan to the Joint Powers Financiq Authority.
Rec_enIIecl IIotiDD:
(COMMlllllIrI DEVELOPMBBT COMMISSIOlll)
RBSOLtJTIOI' OF TIll COII_Ull DIVBLOPIIIII'r c:c.xSSIOK 01' TIll CIrI or SAIl
1l'RpllllmIlllO, (:ALIlOllf.t&., A1I1'IIOR1:ZIlIG TIll O1IJ)R1l'I'&n'1Il; or r.R1I'I'nw
TRA1ISACTIOU D COlIJBctIOK VIm TIll ACQUISITIOI' OF r.R1I'I'nlf PROPBRTY AND
JUn1IG r.R1I'I'nw PIl'DI1IClS AND DJ5UIa'UIU.tIOU AS TO TIll Dlll'U5EU TO TIll
SOU!'IIIlAft IlmUSftIAL PAR RBDnm.OPIIIIIr PROJEct ADA OF ullpRII'I'&rTBG SUCH
TRA1ISACTIOU.
Recommended Motions cDDtinued DD P,,&e 2
CDDtact Person: Ken B....dersonlBarbara Lindseth
Phone: 5065
Project Area: Central City Pro1ects
Ward(s): Third
Supportiq Data Attached: Resolutions
FUlIIDIlIIG REQUIREMUTS:
Amount: *5.574.045.69 Source: Southeast Industrial
Budget Authority: 1990-91
c-issioalCOUDCil I'otea:
1389A
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DIVILOPIIDr DnA.. -.:......
DQOBft lOR CDBUSIOB/CvwniJ.J. ~OB
Water ~ Loan
pqe -2-
Re_eDdecl IIotlona Contimlecl:
(MAYOR AlUl COMMOB COtlBCIL)
IlBSOL1lTIOB OF DB MAYOR AlID COIllOlI' COIJ1ICIL OF DB CITY OF SA1f
R1!R1IAVnlltO,CALIlOIIIIA, AUl'IIOuz:QIG DB SALE OF t:R1rr&T1f PROPDrY AlUl
JfAD:BG C1O/'I'&JlI nJlDIBGSAlID. l$~ K""WIATIOBS .AS TO DB hluEu: TO DB
SourJIB&Sr J..IWUSDUL PARI: dN~PIIIIIT PROJBcrAllBA OF DB
IlBDEVELOPIIDr AGIIICY'S ACQUISmOB OF SUCH PROPDrY.
COIIIIISSIOB 1'lU'.t.....
Keet1D& Date: Decmber 17, 1990
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DBVBLOPIIBIIr DBPA.u.ma..
StiI'I' IBPOIIr
Wat:l!r n.............t: Lmm.
On June 21, 1990, the Agency loaned $4,965,000 of tax increment revenuea from
Southeaat Industrial Park to the San Bernardino Joint Powers Financina
Authority. The monies were then loaned to the Board of Water CoaIissioners to
enable the City to purchase approximately fifteen (15) acres of land at
Arrowhead Avenue and Oranae Show Road for future Water Department expansion.
The Water Department will not have the ability to repay the loan nor will the
Water Department be able to undertake expansion and relocation at the downtown
Water Department facilities in the near future.
On November 19, 1990, it was proposed that the Commission approve in concept
that tax-exempt bond proceeds from the 1990 Southeast Industrial Park bond
issue in the amount of $5,167,000.69 be used to reverse the parties out of:the
loan, with the Development Department purchaaina the land and holdina title in
the name of the Development Department. The tax incrament revenues of
$4,965,000 plus interest earninas of $202,000.69 would be returned to the
Development Department for Southeast Industrial Park. Additionally, the
Agency will .rant to the Water Department $407,045 to cover the previously
incurred architectural and enaineerina costs for the abandoned relocation and
expansion project.
With the approval of the attached Reaolutions by the Commission and the Mayor
and Common Council, it is important to note that the unallocated balance of
tax-expemt bond proceeds will be reduced from $26,656,271 to $21,480,271 (aee
attachment). Approximately $5,000,000 in unencumbered tax increment will be
returned to Southeast Industrial Park for other, appropriate redevelopment
purposes.
I recommend adoption of the attached Resolutions.
4muDl J~ becutive Director
Develop.ent Deparblent
COIIMISSIOB IUISUJIlj
Jleetina Date: Dec.....r 17, 1990
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SBEOOOOl-387\lw
12/12/90 320
RESOLUTION NO.
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, AUTHORIZING THE UNDERTAKING OF
CERTAIN TRANSACTIONS IN CONNECTION WITH THE
ACQUISITION OF CERTAIN PROPERTY AND MAKING
CERTAIN FINDINGS MfD DETERMINATIONS AS TO THE
BENEFIT TO . THE SOUTHEAST INDUSTRIAL PARK
REDEVELOPMENT PROJECT AREA OF UNDERTAKING SUCH
TRANSACTIONS .
WHEREAS, the City of San Bernardino, California (the
"City"), is a municipal corporation and a charter city duly created
and existinq pursuant to the Constitution and the laws of the State
of California; and
WHEREAS, the CODlJlluni ty Development CODlJllission of the City
of San Bernardino (the "CoDlJllission") on behalf of the Redevelopment
Aqency of the City of San Bernardino (the "Aqency"), is a
redevelopment aqency, a public body, corporate and politic of the
State of California, orqanized and existinq pursuant to the
CODlJllunity Redevelopment Law (Part 1 of Division 24) cODlJllencinq 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 Aqency
may, with the consent of the Mayor and CODlJllon Counci~ of 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
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 availl[lble to the community, and
such determination by the Agency and the Council shall be final and
conclusive; and
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 deems it desirable to cause the
acquisition of certain property currently owned by the City and
previously dedicated for use by the City'S Board of Water
Commissioners (the "Property") as legally described in Exhibit "A"
attached hereto and incorporated herein by this reference, which
Property is generally located at the intersection of Arrowhead
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Avenue and Orange Show Road within the Central City South
Redevelopment Project Area; and
WHEREAS, the San Bernardino Joint Powers Financing
Authority (the "Authority") has previously caused the issuance of
its $5,700,000 Joint Powers Financing Authority, Tax Allocation
Bonds, 1990 Series F (Southeast Industrial Park Redevelopment
Project Area) (the "1990 Bonds") for the purposes of enabling the
Agency to undertake redevelopment projects both within the
Southeast Industrial Park Redevelopment Project Area and outside of
such Project Area to the extent such redevelopment projects are of
benefit to such Project Area; and
WHEREAS, the Agency deems it desirable to use proc;:eeds of
the 1990 Bonds for the purposes of causing the acquisition of the
Property and paying the purchase price for the Property in an
amount equal to the City's costs of the Property, plus interest,
which price is currently estimated to be equal to Five Million One
Hundred Sixty Seven Thousand Dollars and Sixty Nine Cents
($5,167,000.69) (the "Purchase Price") and which Purchase Price is
at least equal to the fair market value for the Property; and
WHEREAS, the Agency deems it desirable to acquire the
Property from the City in order that the Agency may hold the
Property for public use until such time as the redeveloPment of the
Property for either private or governmental uses is deemed
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necessary and appropriate in connection with the implementation of
the Redevelopment Plan for the Central City South Redevelopment
Project Area; and
WHEREAS, the Agency has previously entered into a certain
Loan Agreement with the Authority (the "Loan Agreement"), a copy of
which is attached hereto as Exhibit "B" and incorporated herein by
this reference, whereby the Agency loaned to the Authority an
amount equal to $4,965,000 (the "Agency Loan"); and
WHEREAS, in connection with the execution of the Loan
Agreement, the Authority used the proceeds of the Loan Agreement to
loan monies (the "Authority Loan") to the City and the Board of
c::> Water Commissioners which Authority Loan was secured by a
promissory note (the "Note") and deed of trust (the Deed of
Trust"); and
WHEREAS, the City and the Board of Water Commissioners
intend to repay the Note to the Authority which in turn shall repay
its obligations under the Loan Agreement, and the Agency, at this
time, deems it appropriate to accept and acknowledge repayment of
the Agency Loan from the Authority and to cause the Agency Loan
repayment monies to be placed in the accounts of the Agency and to
be redesignated as tax increment revenues attributable to the
Southeast Industrial Park Redevelopment Project Area; and
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WHEREAS, the Agency further de_ it desirable 1:0
authorize the payment of an amount equal to $407,047.57 of tax
increment revenues available ~rom the Southeast Industrial Park
Redevelopment Project Area (the "SEIP Tax Increment Amount") to the
Board of Water Commissioners in connection with the payment of
certain administrative, architectural and engineering costs and
expenses, previously incurred by the Board of Water Commissioners
in connection with its abandonment of operations on the current
maintenance yard site and its proposed relocation to the Property;
and
WHEREAS, the City's Board of Water Commission has, on
December 10, 1990, taken official action to approve the transaction
4C) as contemplated hereinabove as it relates to the Board of Water
Commissioners; and
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WHEREAS, the acquisition of the Property by the Agency
will be of benefit to the Southeast Industrial Park Redevelopment
Project Area to the extent that the Agency, through the acquisition
of the Property, shall cause to be repaid the Agency Loan thereby
creating a source of revenues within the Southeast Industrial Park
Redevelopment Project Area that may then be used by the Agency to
undertake its redevelopment projects in accordance with the terms
and provisions of the Redevelopment Plan and its redevelopment
objectives; and
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WHEREAS, the use of the SEIP Tax Increment Amount is
necessary to facilitate the above described transactions, and
therefore its expenditure shall also benefit the Southeast
Industrial Park Redevelopment Project Area to the extent that it
shall cause to be made available certain tax increment revenues for
uses consistent with the Redevelopment Plan for the Southeast
:Industrial Park Redevelopment Project Area; and
WHEREAS, because of the proximity of the Property and the
Central City South Redevelopment Project Area to the Southeast
Industrial Park Redevelopment Project Area, the Agency's
acquisition of the Property and its ability to control the use of
the Property in a manner consistent with the goals and objectives
of the Agency, will provide a benefit to the Southeast :Industrial
Park Redevelopment Project Area; and
WHEREAS, because of the interaction between the various
redevelopment project areas of the Agency, the ability of the
Agency to create a source of funds in one project area by
undertaking redevelopment activities in another project area will
be of benefit to all project areas of the Agency; and
WHEREAS, it is appropriate for the Agency at this time to
make certain findings and determinations and take certain action
with respect to the proposed transactions contemplated herein.
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NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMHJ:SSION
ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO DOES 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 acquirinq the Property and ,the
expenditure of the SEIP Tax Increment Amounts for the reasons set
forth in the Recitals hereinabove.
Section 3. The Commission further finds and
determines that no other reasonable means of financinq the
acquisition of the Property other than throuqh use of revenues
available from the 1990 Bond proceeds is presently available to the
city or the Aqency and that the city and >the Aqency require the use
of the revenues from the Bond proceeds in order to fund the
acquisition of the Property. The acquisition of the Property will
be of benefit to the Southeast Industrial Park Redevelopment
Project Area to the extent that it shall cause to be made available
certain otherwise encumbered tax increment revenues which now may
be used to undertake redevelopment projects and help improve the
economic viability and qrowth potential of said Project Area which
will in turn help eliminate bliqht and will provide benefit to such
Project Area.
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Sect.ion 4.
The Commission hereby approves the
C> acquisition of the Property by the Agency for the Purchase Price
which Purchase Price is at least equal to the fair market value of
the Property, as well as the use of the 1990 Bond proceeds to cause
the acquisition of the Property.
Sect.ion 5.
The Commission hereby accepts repayment
proceeds of the Agency Loan from the Authority and deems that such
Agency Loan repayment proceeds shall be designated as tax increment
revenues attributable to. the Southeast Industrial Park
Redevelopment Project Area.
Section 6.
The Commission hereby authorizes the
e
payment to the Board of Water Commissioners of an amount equal to
$407,047.57 in order to pay the administrative and expense costs of
the Board of Water Commissioners associated with the abandonment of
its previous site in connection with the city's prior purchase of
the Property.
section 7.
The findings and determinations of the
Agency as set forth herein shall be final and conclusive.
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USOLUTION OF 1'HE COMKUNITY DEVELOPJIENT COMMISSION OF THE
C;l:TY OF SAN BElUIUD;l:NO, CALUORNIA, AUTHOlUz;rNG THE UNDERTAlaNG OF
CERTAIN TRANSACT;l:ONS ;l:NCONNJ1;CT;l:ON w;rTK '1'HE ACQUl:S;l:T;l:ON OF CERTUN
. PR.OPERTY AND MAK;l:NGCERTUN FIND;l:NGS AND DETERlaNAT;l:ONS AS TO THE
BENEFl;T TO THE SOUTHEAST ;l:NDUSTRIAL PARK REDEVELOPJIENT PROJECT AREA
OF UNDERTAK;l:NG SUCH TRANSACT;l:ONS
section 8.
This Resolution shall take effect upon the
date of its adoption.
;I: HEREBY CERT;l:PY that the foreqoinq resolution was duly
adopted by the Community Development Commission of the city of San
Bernardino at a meetinq thereof, held on the
day of , 1990, by the followinq vote, to
wit:
commission Members:,
AID
BAD
ABSTA;l:U
ESTRADA
REILLY
FLORES
MAUDSLEY
MINOR
POPE-LUDLAM
M;l:LLER
day of
Secretary
The foreqoinq resolution is hereby approved this
, 1990.
Approved as to
form and leqal content:
~
A ney sel
w. R. Holcomb, Chairman
community Development Commission
of the city of San Bernardino
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STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss
CITY OF SAN BERNARDINO )
I, Secretary of the CODIIDuni ty
Development 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 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 CODIIDission
of the City of San Bernardino
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!'HAT PORTION 01' tD.rS 44 UD U, ILOCK SC, 1WICIIO 8U BB1UIARDIRO,
. IH m. cln ~ 8U ~tRO, ~Q11h 01' _ BPlWtDDO, ftAft 01'
CALJI'ORitU, AS PIA" PLA~ RI~ D IIOOlt 7 .01'. JWlI, PAR 2,
RlCOltD8 01' lAID COVRft, JlOU .ARTICtlLULY DISCRIHD AI PClLLOWI.
I'OJfII'HI;_ AT DB SOtmIDs~ CORHIR 01' lAID 1m U, DlHCB 80tm1
8. DBG.' SC' 30. nl~ ALOHGDB lOUD LiD ()I' lAID 1m 45, COO.oo
P~a' 1'0. A POI1ft' BlUIH RInRRID. to AI POIJr.r. .A.,' ,~ IIOaI'll 0
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. DUB JIOIft 01' IIGIlGtIIIG, ,,~ BORTH 0 DICl. "I $1. D.I' (UCORD
o DIG. -g' 4,,), 7U~17 n&I' to _ IIM-AMlI' CouIR 01' ~'IIO.
Sf07, .~ID JJr~ 7'. IAPI, .AGIS 'Sl po 52, UCORDs OP
SUD ~:r, DlHCBSOU'1'Ji It DIG.' 53'. 3.. ...., (aICOItD 8t DIG.
. 53' .. "a , 200. PIft ALOKG... ilC)UiJ.'B LIlli or IAtD. ftACI' 110. 5'07,
~ i... 0 OICk 0" 51" IAft (RICORD 0 DIG. OS' n.), 100 .
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100 nno, DlHC3. HORS'II 0 DIG. . ." . 51 ~ DSI' (RICOItD. 0 DBG. 05'
45.), 100 na' ft A POl1ft' 01 TIll 80tr18 LID 01' IUD ftICI' 110.
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.513.11 t-. 5.3.45) PIa' At.01fG TIll lowar. LID 01' lAID .ftlC:1'.
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(RlCORD 0 DIG. .0" 30.), 752.88. 1'1a', PAJlIlU.",. WI. UD 41.25
PIlI' DS1'IRLY 01' TIll Cbt.a LIIIt.OPIAID A1UlOIHIAD AVbu., TBIHCB
HOJmI 8t DBCI.' 15' 20. DBI', 8".86 PU1' m DB TRUE PC'1Ift' 01'
BlQJJaIDIG.
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"Exhib~tB~r
LOAN AGRBEMBN'l'
, (AGENCY TO AU'1'HORI'1'Y)
THIS .~EEMENT j,s entered j,ntoas of 'thJ.s .2 /d
day of ~"lr.J , 1990, by and between tile SAN BERNARDINO
JOINT POWE~~ FINANCING AUTHORITY (~he "Authorj,ty") and ~he
COMMUNITY D~LOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO
(the ".Agency").
RBCZTALS
A.
WHEREAS, the Community Redevelopmen~ Law {Health &
Safety Code, Sectj,on 33603) autilorizes redevelopment agencies to
invest any money held j,n reserves or sinking funds, or any money
not required for immediate disbursemen~, j,n property or
securities; and
B.
WHEREAS, tilere are presently available ~o~he Agency
funds generated by tile South East Industrial Park Redevelopment
Project (~he "Project"), wMch may be invested; and
C. WHEREAS,. the Authority desires ~o borrow funds from
the Agency;
NOW THEREFORE, the Authori~y and ~he Agency agree as
follows:
1. The Agency agrees ~o loan Four Million, Nine Hundred
Sixty-Five Thousand Dollars ($4,965,000.00) ~o the Authority on
June 18, 1990.
The Authority shall, in consideration of such
loan, be obligated to pay to the Agency ~he amount of Four
Mi~lion, Nine Hundred Sixty-Five Thousand Dollars
($4,965,000.00) (~he "Loan Amount"), plus interest accruing at
the lesser of (j,) eight and one quarter percent (8.25i) or (ii)
DAB/ses/Loan.agr
June 7, 1990
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"Exhibit B"
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t:hemaximum 1nt:erest: rat:e t:hat: may lawful1y be paid by an
Aut:hor1t:y on or before June 1.8. 1991 provided t:hat: at: t:he optiol1
of t:he Agency said loan may be extended for successive one year
per10ds.
2. This Agreement shall be effective a8 of t:he day and
date first above shown.
ATTEST:
SAN BERNARDINO JOINT P
FINANCI AUTHORITY
By: ...k-sr>>L~
, Secretary
Approved as t:o form
and lega1 content:
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COMMuNITynEVELOPME
OF THE CITYOP SAN
"
n:
ATTEST:
By: ~..D~
. Secretary
Approved as t:o form
andlega1 content:
By: LL_.~.5U LJ".I/.~ )
/~el -
nAB/ses/Loan.agr
June 7. 1990
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SBEO/0001/388/es
12/12/90 3:45
RESOLUTION NO.
RESOLUTION OF THE HAYOR AND COMMON COUNCIL OF
THE CITY OF SAN BERNARDINO, CALIFORNIA,
AUTHORIZI~ THE~E OF CERTAIN PROPERTY AND
MAKING CERTAIN FJ;NDINGS AND DETERMINATIONS AS
TO THE BENEFIT To . THE SOUTHEAST INDUSTRIAL
PARK REDEVELOPMENT PROJECT AREA OF THE
REDEVELOPMENT AGENCY' S ACQUISITION OF SUCH
PROPERTY
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
of California; 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 of the City
(the "Council"), pay all or part of the costs of installation and
construction of any building, facility, structure or other
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...CJ improv_ent 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 improv_ents are of benefit to the redevelopment project area
or the immediate neighborhood in which the project is located,
regardless of whether such improv_ents are within another project
area, or in the case of a project area in wh~ch substantially all
of the land is publicly owned, that the improv_ents 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 improv_ents is available to the community, and
such determination by the Agency and the Council shall be final and
conclusive; and
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~S, the city and the Commission have previously
approved and adopted a Redevelopment Plan for the Southeast
Industrial Park Redevelopment Project Area (the "Redevelopment
Plan"); and
WHEREAS, the Agency has de_ed it desirable to acquire
from the City certain property (the "Property") generally located
at the intersection of Arrowhead Avenue and Orange Show Road within
the Central City South Redevelopment Project Area, which Property
is more fully described in Exhibit "A" attached hereto and
incorporated herein by this reference and which Property was
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4C> originally intended for use by the City as the site for City's
Water Department facilities; and
WHEREAS, the city deems it desirable at this time to
authorize the sale of the Property to the Agency for an amount
equal to. the City's actual costs of the Property, plus interest,
which amount is presently estimated to be Five Million One Hundred
Sixty Seven Thousand Dollars and Sixty Nine Cents ($5,167,000.69)
(the "Purchase Price") and which Purchase Price has been determined
to be equal to or greater than the fair market value of the
Property; and
WHEREAS, the City proposes to deposit the Purchase Price
'C;) paid by the Agency for the Property into the City'S Water Fund and
the City deems it appropriate at this time to approve such deposit
of the Purchase Price as payment in full for the Property; and
WHEREAS, the city deems it desirable to cause the
execution and transfer of a grant deed to the Property upon the
deposit by the Agency of the Purchase Price for the Property into
the City's Water Fund; and
WHEREAS, the City deems it desirable to consent to the
acquisition by the Agency of the Property through the use of
certain proceeds of the $5,700,000 Joint Powers Financing
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Authority, Tax Allocation Bonds, ~990 Series P (Southeast
Industrial Park Redevelopment Project Area) (the "1990 Bonds"); and
WHEREAS, the City also deems it desirable to consent to
the Agency's use of certain tax increment revenues attributable to
the Southeast Industrial Park Redevelopment Project Area in an
amount equal to $407,047.57 to reimburse the City'S Board of Water
Commissioners for administrative, architectural and engineering
costs and expenses incurred by the City'S Board of Water
Commissioners in connection with the proposed relocation to the
Property and abandonment of operations on the current City
maintenance yard; and
41:> WHEREAS, the City'S Board of Water Commissioners has on
December 10, 1990 taken official action to approve the transactions
as hereinabove described as they relate to the Board of Water
Commissioners; and
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WHEREAS, the City deems it desirable to approve the
Agency's acquisition of the Property since such acquisition will
make available to the Agency certain tax increment revenues
attributable to the Southeast Industrial Park Redevelopment Project
Area through the repayment of a certain loan transaction by and
between the Agency and the San Bernardino Joint Powers Pinancing
Authority (the "Authority") which tax increment revenues may then
be used by the Agency to undertake redevelopment projects in
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accordance with the provisions of the Redevelopment Plan for the
Southeast Industrial Park Redevelopment Project Area; and
WHEREAS, because of the proximity of the Property and the
Central City South Redevelopment Project Area to the Southeast
Industrial Park Redevelopment Project Area, the Agency's
acquisition of the Property and its ability to control the use of
the Property in a manner which is consistent with the Agency's
redevelopment goals and objectives, will provide a benefit to the
Southeast Industrial Park Redevelopment Project Area.
WHEREAS, because of the interaction between the various
redevelopment project areas of the Agency, the ability of the
e:> Agency to utilize a source of funds in one project area by
undertaking redevelopment activities in another project area will
benefit all"project areas of the Agency; and
WHEREAS, it is appropriate at this time for the Council
to make certain findings and determinations and take certain
actions with respect to the acquisition by the Agency of the
Property which is located in the Central City South Redevelopment
Project Area, through the use of proceeds of the 1990 Bonds and the
reimbursement of an amount equal to $407,047.57 to the City's Board
of Water Commissioners.
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BE l:T RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO AS FOLLOWS:
SECTION 1.
Recitals hereinabove are true and correct
and are incorporated herein by this reference.
SECTION 2.
The Council hereby consents .to the payment
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by the Agency of the Purchase Price of the Property and the
expenditure of the tax incr8lllent revenues :trom the Southeast
Industrial Park Redevelopment Project Area in an amount equal to
$407,047.57 :tor the reasons set forth in the recitals hereinabove.
SECTION 3.
The Council further finds and determines
C> that no other reasonable means of financing the acquisition of the
Property other then through the use of revenues available through
the 1!?!l0 Bonds is pre~ently available to the City or the Agency and
that the city and the Agency require the use of revenues from the
proceeds of the 1990 Bonds in order to fund the acquisition of the
Property. The acquisition o:t the Property will be of benefit to
the Southeast Industrial Park Redevelopment Project Area to the
extent that it shall cause to be made available certain otherwise
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encumbered tax incr8lllent revenues which now may be used to
undertake the redevelopment projects in the Southeast Industrial
Park Redevelopment Project Area which in turn will help improve the
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economic viability and growth potential of the Sou~east Industrial
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Park Redevelopment Project Area and help eliminate blight in the
Southeast Industrial Park Redevelopment Project Area.
SECTION 4. The Council hereby authorizes the sale of
the Property to the Agency for the agreed upon Purchase Price as-
hereinabove described which Purchase Price is at least equal to the
fair market value of the Property.
SECTION 5. The City herebY agrees that any deposits
of the Purchase Price by the Agency shall be made to the City's
Water Fund and shall be deemed to be payment in full for the
Property by the Agency.
SECTION 6. Upon deposit of the Purchase Price into
the City's Water Fund, the City hereby authorizes the execution of
a grant deed conveying fee title of the Property to the Agency and
further authorizes the execution and delivery of any additional
documents which may be necessary to cause the conveyance of the
Property.
SECTION 7. The findings and determinations of the
Council as set forth hereinabove shall be final and conclusive.
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RESOLUTION OF THE MAYOR' AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALJ:FORN:rA, AUTHORIZING THE SALE OF CERTAIN
PROPERTY AND MAKING CERTAIN FINDINGS AND DETERIIINATIONS AS '1'0 THE
BENEFIT '1'0 THE SOUTHEAST INDUSTRJ:AL pJUU( REDEVELOPMENT PROJECT AREA
OF THE REDEVELOPMENT AG!NCY I S ACQUJ:SITION OF SUCH PROPERTY
SECTION 8.
This Resolution shall take e~~ect upon its
adoption.
:r HEREBY CERTIFY that the foreqoinq resolution was duly
adopted by the Mayor and Common Council of the City of
San Bernardino at a
the
to wit:
meetinq thereof, held on
, 1990, by the followinq vote,
day of
Council MAmbArs:
AID
lfAm
ABSTArN
ESTRADA
REILLY
FLORES
MAUDSLEY
MINOR
POPE-LUDLAM
MILLER
day of
Secretary
The foreqoinq resolution is hereby approved this
, 1990.
Approved as to
form and leqal content:
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C Y At ey -
w. R. Holcomb, Mayor
of the City of San Bernardino
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STATE OF CALJ:FORNZA )
COUNTY OF SAN BERNARDINO )
CITY OF SAN BERNARDINO )
I, city Clerk of 'the City of San
Bernardino, DO HEREBY CERTIFY that the foreqoinq 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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