HomeMy WebLinkAbout2006-059RESOLUTION NO. 2006-59
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO AUTHORIZING THE MAYOR TO EXECUTE A PARKS
DEDICATION AND IMPROVEMENTS AGREEMENT WITH J. R. WATSON &
ASSOCIATES DEVELOPMENT CO. FOR SIX PARKS AND TRAIL SYSTEMS.
BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO AS FOLLOWS:
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SECTION 1. THAT THE MAYOR is hereby authorized to execute the Parks Dedication
and Improvements Agreement (see Attachment "I" and incorporated herein) with J. R. Watson
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& Associates Development Co. for parks dedication and improvements to six parks and trail
systems. Such Agreement shall be effective only upon being fully executed by all parties.
SECTION 2. This Amendment shall not take effect or become operative until fully
signed and executed by the parties and no party shall be obligated hereunder until the time of
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such full execution. No oral agreement, amendments, modifications or waivers are intended or
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authorized and shall not be implied from any act or course of conduct of any party.
SECTION 3. This resolution is rescinded if the parties to the Agreement fail to
execute it within sixty (60) days of the passage of the resolution.
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2006-59
1
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
2 SAN BERNARDINO AUTHORIZING THE MAYOR TO EXECUTE A PARKS
DEDICATION AND IMPROVEMENTS AGREEMENT WITH J. R. WATSON &
3 ASSOCIATES DEVELOPMENT CO. FOR SIX PARKS AND TRAIL SYSTEMS.
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5 I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Mayor and
6 Common Council of the City of San Bernardino at a joint regular
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meeting thereof, held
on the 21st
February
day of
, 2006, by the following vote, to wit:
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Council Members: AYES NAYS ABSTAIN ABSENT
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ESTRADA x
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LONGVILLE x
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MC GINNIS x
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13 DERRY x
14 KELLEY X
15 JOHNSON x
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MC CAMMACK X
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0flV1(Ll (J1(g(lt;)(2~ l'1PLIL{{
City Clerk " (J
'j/J./uk
The foregoing resolution is hereby approved this /}'f da~,of February ,2006.
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Approved as to
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J th Valles, Mayor
C' y of San Bernardino
JAMES F. PENMAN.
City Attorney II .
By: ;(;fJw;hjJ II (}:i!hJ:j)
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2006-59
ORIGINAL
Attachment I
PARKS DEDICATION AND
IMPROVEMENTS AGREEMENT
T~is Parks Dedication and Improvements Agreement ("Agreement") is entered into effective
jiJ~:ti. ~/ ;::> , 2006 between the City of San Bernardino, a Municipal Corporation and
Charter Ity ("City") and J. R. Watson & ASSOCiates Development Co., a Cahfornla CorporatIOn,
which together with certain assignees and/or affiliated entities established for the express purpose
of creating the developments described below, or any of them (collectively and individually,
"Developer").
RECITALS
1. On May 6, 2003, the Planning Commission adopted the Mitigated Negative Declaration and
Mitigation Monitoring Reporting Program and approved Tentative Tract No. 16509 (Subdivision
No. 03-04) and Conditional Use Permit No. 03-06 based on the Finding of Fact contained in the
Staff Report and Subject to the Conditions of Approval. The project is located on the
northwestern side of North park Boulevard between University Parkway and Campus Parkway.
The project is under construction in phases.
2. On November 10, 2004. thc Mayor and Common Council adopted Resolution No. 2004-306
approving Final Map for Subdivision Tract No. 16509, Unit 1 located on the northwest side of
N0I1hpark Boulevard between University Parkway and Devil Creek Flood Control Channel.
3. On March 7, 2005, the Mayor and Common Council adopted Resolution No. 2005-59 for
formation of the Northpark Boulevard and Campus Parkway area Landscape Maintenance
Assessment District NO.1 036.
4. On May 16,2005, the Mayor and Common Council approved the Final Maps of Units 2 and 3
of Tract No. 16509 and approved Standard Fonn of Agreements for Subdivision Tract Nos.
16509-2 and 3 with University Park, LLC.
5. On Scptember 6, 2005, the Mayor and Common Coullcil approved the Final Maps of Unit 4 and
of Tract No. 16509 and approved Standard Form of Agreements for Subdivision Tract Nos.
16509-4 with University Park, LLC.
6. On September 6,2005, the Mayor and Common Council approved the Final Maps of Unit 5 of
Tract No. 16509 and approved Standard Fom1 of Agreements for Subdivision Tract Nos. 16509-
5 with University Park, LLC.
7. Regarding Pine Greenbelt Park:
A. On September 3, 2005. the Common Council of the City of San Bemardino ("City")
approved the sale of certain property more particularly described in Exhibit '"A" attached
hereto ("Property") to J. R. Watson Development Co., and Pine Trails Partners, LLC
pursuant to an approved form of purchase agreement ("Purchase Agreement"); and
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2006-59
Attachment I
B. On December 20,2005, Pine Trails Partners, LLC acquired the Property in accordance with
the terms of the Purchase Agreement; and
C. The terms of the Purchase Agreement contemplated that the City and Developer would enter
into a further agreement covering the additional agreements of the parties to construct a
public park at a cost of not less than $200,000 and dedicate an interest in land with a value
estimated at $75,000; and
D. Development of the proposed park site would benefit the Developer of the adjacent
residential projects; and
E. The City would bene lit in the event approximately 2.2 acres of park were installed to service
existing and future residents; and
F. The Developer is proposing the dedication of an interest in land valued at approximately
$75,000.
8. The City has established various development impact fees to offset the cost of development of
City infrastructure, and has established building plan check fees, building inspection fees, and
public works inspection fees to offset these services.
9. Development of the proposed sites as parks would benefit the Developer of the residential
projects in the event the parks were under constmction, nearing completion, or completed while
sale of the dwellings and leasing of commercial shops and stores were underway.
10. The City would benelit in the event approximately 16.6 acres of recreation facilities were
installed to serve existing and future residents. The City would benefit in the event the developer
installed the improvements to the parks now rather than having the sites developed at a future,
yet to be detenllined, date.
II. The proposed parks and recreation facilities are known as follows (but have not been officially
named): Chancellors Park containing approximately 1.3 acres located in Tentative Tract Number
16509 (identified on Exhibit 1); Art Colony Park containing approximately 0.5 acres located in
Tentative Tract Number 16509 (identified on Exhibit 2); Collegiate Park containing
approximately 2.8 acres located in Tentative Tract Number 16509 (identified on Exhibit 3); Pine
Greenbelt Park containing approximately 2.2 acres in Tentative Tract Numhcr 17716 and
abutting Tentative Tract Number 17716 (identified on Exhibit 4); Westridge Park containing
approximately 1.4 acres and identified as Lot A in Tentative Tract Number 16963 (Identified on
Exhibit 5); Regency Park proposed to be increased from 2.4 to 2.8 acres located in Tentative
Tract Number 16509 (identified on Exhibit 2); and University Trails (ineluding exercise
facilities) containing approximately 5.6 acres located in Tentative Tract Number 16509.
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2006-59
Attachment 1
12. The Developer desires to increase the size of Regency Park from 2.4 acres (as illustrated on
Exhibit 2) to approximately 2.8 acrcs. The proposed park (known as Rcgency Park) is located
in approved Tentative Tract No. 16509.
13. The Developer dcsires to upgrade and/or expand the proposed recreation improvements to four
parks and provide recreation improvements to an additional two parks, and memorialize the
Developer's commitment to the City for a total of six parks and one associated recreation trail
system. The estimated value ofland proposed to be dedicated to the City is $2,275,000 and the
value of the Developer's proposed improvements being made to six parks and one associated
recreation trail system is estimated to exceed $2,624,540.
14. The Developer is proposing the dedication of properties estimated to be valued in excess of
$2,275,000 and proposing park and recreation improvements valued and costing in excess of
$2,624,540 for a total value (guaranteed by the Developer to the City) in excess of$4,899,540.
The improvements are proposed to be made to sites currently owned by the Developer and
proposed to be dedicated for public parks and trails to the City, and sites currently owned by the
Economic Development Agency, City's Water Department, State of California, and the
Metropolitan Water District. The total acreage of sites proposed to be developed as parks and
recreation facilities is approximately 16.6 acres.
15. The Developer is requesting credits against park, building, and plan check fees in the amount of
$1,775,000 for dedication of land Cor Regency Park, and installation, construction, and
completion of recreation improvements for Regency Park, Art Colony Park, Collegiate Park,
Chancellors Park, and Pine Avenue Greenbelt Park only, and is not requesting credits for the
park site identified as Westridge Park, University Park Trails, street tree planting. Sculpture
Courtyard, and Univcrsityl1-215 Entry Beauti lication.
16. In exchange for dcdication ofland for Regency Park, and recreation improvemcnts for Regency
Park, Art Colony Park, Collegiate Park, Chancellors Park and Pine A venue Greenbelt Park, the
Devcloper is requesting a credit of approximately S I ,075,000 against payment 01' Park Fces (also
known as Park Construction Fees) and a credit of approximately $700,000 against payment of
residential and commcrcial Building Issuance Fees, Building Valuation (Building Permit) Fees,
Building Plan Check Fees, Building Plan Check Model Fees, Plumbing Plan Check Fees,
Electrical Plan Check Fees, Mechanical Plan Check Fees, and Planning (Review) Plan Check
Fecs (collectively known as "Fees").
17. The Developer has secured approval for construction of 159 homes and is processing
applications for another approximately 308 homes for a total of approximately 467 homes at
various locations in the nOl1h end of the City. The possible future park and various building fees
applicable to these 467 homes may reach as much as $ 1,775,000, or approximately $3.80 I per
dwelling.
18 The City is foregoing as much as $1.075,000 in park construction fees and as much as S700,000
in various building fees in exchange for a park site appraised at a market value 01'$1,750,000
and park and trail improvements having a minimum estimated value ofS922,540. In addition,
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2006-59
Attachment 1
the City will be receiving additional park sites and improvements estimated to exceed a value
of $1,702,000. The total value of the park sites and improvements is estimated to exceed
$4,899,540, including $2,275,000 in land value and $2,624,540 in improvements.
OPERATIVE PROVISIONS
1. Tern1: Unless earlier tern1inated as provided in this Agreement, this Agreement shall
commence on the Effective Date and terminate 12 years after commencement of this
Agreement.
2. Design and Construction of Improvements: Developer shall use its best reasonable efforts
to complete the improvements ("Improvements") in accordance with the schedule identified
in paragraph 3 below, and in accordance with the estimated value of improvements identified
in Exhibit 6 of this Agreement. The plans and specifications for the Improvements shall be
designed, constructed and installed subject to the review and approval of the City Engineer
in his/her sole discretion. The Improvements shall be designed, installed. constructed, and
completed to the satisfaction of the City Engineer and Parks, Recreation and Community
Services Director. In the event a vehicle parking lot is constructed and completed in a park
site by the Developer in accordance with construction plans approved by the City Engineer,
said vehicle parking lot shall be considered an Improvement. In the event parkway ilTigation
and landscape are constructed and completed in parkway(s) abutting a park site in accordance
with plans approved by the City Engineer, said inigation and landscape shall be considered
an Improvement. In the event perimeter walls are constructed and completed in a park site
by the Developer in accordance with constmction plans approved by the City Engineer, said
walls shall be considered an Improvement.
3. Coordination and Completion ofTmprovements: The Improvements to Chancellors Park and
Regency Park shall be coordinated with the City and completed by the Developer prior to
December 3 I, 2006. The Improvements to Collegian Park shall be coordinated with the City
and completed by the Developer prior to December 3 I, 2006. The Improvements to Art
Colony Park shall be coordinated with the City and completed by the Developer prior to
December 30, 2007. The Improvcments to Pine Avenue Greenbelt rcquire secruing approval
from San Gabriel Valley Water District and MWD and shall be coordinated with the City and
are anticipated to be completed by the Developer prior to December 31. 2007. The
Improvements for Westridge Park shall be coordinated with the City and completed by the
Developer prior to December 31, 2008. The Completion dates specified herein are best
estimates, which the Devcloper shall work diligently to meet. Notwithstanding the foregoing,
the action or inaction of various governmental entities, availability of labor and materials,
the weather and other actions or forces outside of the control of Developer (collectively and
individually, "Events of Force Majeure") may cause delays that would have the effect of
making the dates for performance specified above unrealistic. The dates for performance
specified above shall be extended in the case that an Event of Force Majeure occurs for the
loss of time occasioned by the Event of Force Majeure. Developer shall notify the City in
the case that an Event of Force Majeure occurs.
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Attachment 1
4. Permits: The Developer shall secure the required pemlits for Improvements to the park sites.
The City shall not charge the Developer the cost of plan check and inspection.
5. Site Dedication: Park sites and trails system identified in this Agreement to be dedicated to
the City shall be dedicated to the City free and clear of liens prior to the City's acceptance
of Improvements on each site and/or trail system.
6. Credits: In exchange for dedication of land for Regency Park, and installation of recreation
improvements for Regency Parle Collegiate Park, Chancellors Park and Pine A venue
Greenbelt Park, the Developer shall be credited and/or reimbursed credits 01' approximately
$1,075,000 against Park Fees (also commonly known as Park Construction Fees) and
credited and/or reimbursed approximately $7UU,OUO against residential and commercial
Building Issuance Fees, Building Valuation (Building Pernlit) Fees, Building Plan Check
Fees, Building Plan Check Model Fees, Plumbing Plan Check Fees, Electrical Plan Check
Fees, Mechanical Plan Check Fees, and Planning (Review) Plan Check Fees (collectively
known as "Fees"), provided the Developer has completed construction of the Improvements
to the satisfaction of the City Engineer and in compliance with the temlS of this Agreement.
7. Total Amount of Credits: The total amount of said credits and/or reimbursements granted to
the Developer shall be $1,775,000 for dedication of the park sites and the installation,
construction, and completion of Improvements.
8. Term of Credit Obligation: The City's obligation, under this Agreement, to credit the
Developer for the completed Improvements shall continue for a period of twelve (12) years
from the Effective Date of this Agreement, unless the obligation is sooner satisfied by credit
or reimbursement of Fees in the full amount of $1 ,775,UOO to the Developer under this
Agreement. After such twelvc-year period or credit in full, whichever occurs tirst, the City's
obligation to credit or reimburse the Developer shall tenninate.
9. ShOlifall of Credits: The City's maximum obligation to credit the Developer shall not exceed
$ 1,775,000. In the event Fees levied on the development of the Projects do not exceed
$ 1,775,000 during the tenll of this Agreement, the City shall not reimburse or credit the
di fference to the Developer.
10. Fces in Excess of Credits: In the cvcnt Fees levicd on the Developments exceed $1,775,000
during the tenn of this Agreement, the City shall not reimburse or credit the difference to the
Developer. The Developer shall be responsible and shall pay to the City any Fees levied on
the development of the Projects, which exceed $1,775,000.
11. Proiects: The Developer shall be credited and/or reimbursed credits in an amount not to
exceed $1,775,000 in Fees towards the Developer's (or Developer's builder(s)) required
payments of said Fees applicable to Tentative Tract Nos. 16509, 16963, 17703, 17699,
17716 (and an adjoining portion of APN 0151-241-16) and other projects located in the City
of San Bernardino and developed by Developer. (hereafter collectively known as "Projects").
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Attachment I
12. Auditable Payments to Third Parties: The Deyeloper shall pay a minimum of$2,624,540 to
third parties in auditable payments for improvements to the six park sites and trail systems.
The Developer shall submit receipts and/or other evidence verifying said expenditurcs to the
City Engineer and Parks, Rccreation and Community Services Director. Verification may
include receipts, certification of payments, and certification of costs or value submitted by
a liccnsed civil engineer and/or licensed landscape architect. Exhibit 6 identifies the
Developer's estimatcd expenditures for Improvcments to each of the six park sites and trail
systems, which totals a minimum of$2,624,540, including $910,000 in previously agreed
site and recreation improvements and $1,714,540 in Developer's proposed additional
cxpenditures for site and recreation improvements. The value of Improvements for each park
that the Developer is receiving credits to complete may deviate from the estimated
"Developer's Requested Credits for Site & Recreation" Improvements identified in Exhibit
6. Nevertheless, the total of the Developer's expcnditures (Auditablc Payments to Third
Parties) shall exceed $ 1 ,582,540 for Improvements to Chancellors, Art Colony, Collegian,
Pine Greenbelt, and Regency Parks.
13. Bids and Contracts: Developer shall be solely responsible for sccuring appropriate bids and
awarding the contract(s) for construction and installation of Improvements in compliance
with all applicable federal, statc and local laws. Developer shall defend, indemnify and hold
City and their c1ccted officials, officers, agents and employees frec and hallllless from any
and all claims, actions or liability whatsoever, including attorney's fees and court costs,
arising out of or in connection with Developer's construction of the Improvements.
14. Inspection: The City shall have the right at all times to inspect the construction of the
Improvements and all other improvements to the street right-of-way and abutting property
to measure compliance with approved City plans and specifications, and standards of the City
Engineer.
15. Expansion of Regency Park: Developer is approved to reconfigure Regency Park to expand
the lot area from 2.4 acres (as illustrated on Exhibit 2) to 2.8 acres. It is acknowledged by
City that curb, gutter, sidewalk, and street improvements to Northpark Boulevard and Valles
Way, which abut proposed Regency Park, have added to the market value of the park site;
however, the cost of said improvements shall not be counted as Improvements for which the
Developer shall receive credit.
16. Indemnification:
(a) With respect to the Developer's perfonnance as provided in this Agreement, the
Developer shall defend, indemnify and hold the City and its elected ofticIals, ortlcers
and employees free and harmless from any loss, cost or liability (including, without
limitation, liability from injury to persons, including wrongful death and worker's
compensation claims or damage to property) arising from or related to (i) any
obligation of the Developcr which arises from the development of the park sites
including, without limitation, obligations for the payment of money for material or
labor, (ii) any failure on thc part of the Developer to takc any action which it is
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Attachment 1
required to take as provided in the Agreement, (iii) any action taken by the Developer
which it is prohibited from taking as provided in the Agreement, (iv) any willful or
negligent act or omission of the Developer, or (v) any legal challenge to the City's
actions in approving or implementing this Agreement.
(b) Included in the scope of the foregoing indemnification will be all damages and claims
for damages which are suffered or alleged to have been suffered by reason of the
matters which are the suhject to the applicable indemnification and all of the
associated legal fees and court costs (but not internal costs). Without limiting the
effect of the foregoing, the Developer will have the right to delend against eny claim
with respect to which it is indeml1l fying the City, using legal counsel of its choice.
The City will cooperatc with the Developer and will give the Developer its full
support in connection with any claim with respect to which thc Developer is
indemni fying the City.
(c) Developer shall require all persons doing work on grading, including their contractors
and subcontractors, to obtain and maintain insurance of the types and in the amounts
described below in a fom1 and with carriers satisfactory to City.
1. Commercial General Liability Insurance: Occurrence version commercial general
liability insurance or equivalent form with a limit of not less than $1,000,000
each occurrence shall be maintained. If such insurance contains a general
aggregate limit, it shall apply separately to this Agreement or be no less than two
times the occurrence limit. Such insurance shall:
i) Namc City, its elected officials, officers, employees and agents as
additional insureds with respect to performance of this .^,grecment The
coverage shall contain no special limitations on the scope of its protection
afforded to the above-listed insureds.
ii) Be primary with respect to any insurance or selt~insurance programs
covering City, its elected officials, officers, employees allll agents
iii) Contain standard separation of insureds provisions.
2. Business Automobile Liabilitv Insurance: Business automobile liability
insurance or equivalent fom1 with a limit of not less than $500,000 each
accident shall be maintained. Such insurance shall include coverage for
owned, hired, and non-owned automobiles.
3 . Workers' Compensation Insurance: Workers' compensation insurance with
statutory limits and employers liability insurance with limits of not less than
S I ,000,000 each accident shall be maintained.
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Attachment 1
4. Other Insurance Requirements: Developer shall:
i) Prior to taking any actions under this Agreement, fU111ish City with
properly executed certificates of insurance which shall clearly evidence
all insurance required in this Section and provide that such insurance
shall not be modified or canceled, without the prior written consent of the
City.
17. Prevailing Wages: Developer is aware of the requirements of California Labor Code Sections
1770 et. ~., which require the payment of prevailing wage rates for Developer's contracts with
its contractor(s) to construct the Improvements in accordance with a public works contract as
defined in Sections 1720 and 1720.2 of the California Labor Code. The Developer and City
agrcc that the park site (identified as Lot A on Tract Map No. 16457) is not a part of the
development of the abutting street rights-of-way and abutting pri vate property. The Developer
agrees that thc Improvements to the sites of Regency Park, Art Colony Park, Collegiate Park,
Chancellors Park, and Pine Greenbelt Park shall be deemed a public works project as defined in
the California Labor Code. The Developer shall pay and cause its subcontractors to pay
prevailing wage for the Improvements within the park site. Developer agrees to defend,
indemnify and hold City, its elected officials, officers, and agents harmless from any claim or
liability including, without limitation, attorney's fees and court costs, arising from any failure or
alleged failure to comply with these provisions of the Cali fornia Labor Codc. Developer is not
requcsting credit for dedication ofland and improvements to Westridge Park, trails outside of
sites for parks, street trce planting, Sculpture Courtyard, and University"I-215 13eautllication;
and, said improvements shall not bc considered public works projects.
18. Contractor Licenses: All work perfonned on the Improvements shall be done only by contractors
licensed in the State of California and holding business licensees in the City of San Bernardino,
and qualified to perform the type of work required.
19. Acceptance of Work: Upon completion of the Improvements to the satisfaction of City, the
Improvements and the park site right-of-way in the ownership of the Developer shall be
presented to the San Bemardino Common Council for dedication and acceptance, and for
authorization to file a Notice of Completion. The Common Council may accept the
Improvements if it determines that the Improvements were constmcted in accordance with the
approved plans, specifications and contract documents, that they operate satisfactorily, and that
all other requirements of the Agrecment have been satisfied. Upon acceptance of the
Improvements, Developer shall assign to City all of Developer's rights and remedies, including
walTanties, as set f0l1h in the approved contract documents that City wOltld have had ifCity itself
had cngaged Developer's contractor to construct the Improvements.
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Attachment I
20. Liability for Work Prior to Fomlal Acceptance: Until the Common Council has formally
accepted the Improvements, Developer shall be solely responsible for all damage to the work
caused by or arising out of Developer's or its contractor's or subcontractor's negligent acts or
omissions, and for all damages or injuries to any person or property at the work site caused by
or arising out of Developer's or its contractor's or subcontractor's negligent acts or omissions,
except damage or injury due to the negligence of City, its agents or employees.
21. Guarantee: Developer shall post a warranty bond for the entire site in forrn and content
acceptable to the City, guarantee all work and materials for the Improvements to be fi'ee from all
defects due to faulty materials or workmanship for a period of one (1) year after the date of
formal acceptance of the work by City.
22. Record Drawings: Prior to acceptance of the Improvements by the Common Council, Developer
shall provide City with three (3) copies ofrecord drawings with certification as to accuracy and
completeness by an engineer and/or landscape architect licensed in the State of California. The
City shall not be responsible for insUling the completeness and accuracy of the record drawings.
23. Ownership of the Improvements: From and after acceptance of the Improvements by formal
action of the Common Council, ownership of the Improvements shall be vested exclusively in
City.
24. Default by Developer: [1' the Developer fails to perforrn any of its obligations as provided in the
Agreement and fails to cure its nonperformance within 30 days after written notice of
nonperformance is given by the City, then the Developer shall be in default and the City shall
have all remedies which are available to it at law or in equity; provided, however that if the
nature of Developer's failure to comply or perform is such that it cannot reasonable be cured
within 30 days, then thc Developer will not be in default if it immediately commences and
thereafter diligently continues to cure its failure.
25. Default by City: If the City fails to perform any of its obligations as provided in the Agreement
and fails to cure its nonperforrnance within 30 days after written notice of nonperformance is
given by the Developer, then the City shall be in default and the Developer shall have all
remedies which are available to it at law or in equity; provided, however that if the nature of
City's failure to perform is such that it carmot reasonable be cured within 30 days, then the City
shall not be in default if it immediately commences and thereafter diligently continues to cure
its failure.
26. Negation of Agencv .Ioint Venture or Partnership: The parties acknowledge that in entering into
this Agreement, they are acting as independent entities and not as agents of the other in any
respect. The parties hereby renounce the existence of any forrn of joint venture or pal1nership
among or betwccn them and agree that nothing in this Agreement will be construed as making
them joint ventures or partners.
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27. Notices and Other Communications: All notices or other communications which are required or
permitted to be given to the parties shall be in writing and shall be given either hy personal
service or by mailing the same certified or registered mail, postage prepaid, return receipt
requested, or overnight mail delivery service, addressed as follows:
CITY
City of San Bernardino
300 North D Street
San Bernardino, CA 92418
Attn: Director of Development Services
DEVELOPER
.f.R.Watson & Associates Development Co.
101 North Main Street, Suite A
Seal Beach, CA 90740
Addresses, to which notices or other communications may be delivered, may be changed from time
to time by written notice, which is given as provided in this paragraph 27.
28. Estoppel Certificates: At the request of either party, the other party will, within 10 days, certify
in writing that, to the best of its knowledge, (a) this Agreement has not been amended or
modified. except as expressly provided in that estoppel certificate and (b) no default in the
performance of the requesting party's obligations as provided in this Agrccment exists, except
as is expressly provided in that estoppel certificate.
29. Applicable Law: This Agreement will bc construed and enforced as provided in California law.
30. Supersedin~ State or Federal Law: If any state or federal Jawor regulation which is enacted or
adopted after the Effective Date or any other action of any governmental entity which is not
under the City's control, prevents or precludes compliancc with any provision oflhis Agreement,
then that provision of this Agreement shall bc modificd or suspended only to the extent and for
the time necessary to achieve compliance with that law, rcgulation or other governmcntal action
and the remaining provisions of this Agreement shall continue in full force and effect and the
pm1ies shall negotiate in good faith for such amendments to this Agreement as may be necessary
to achieve its intent, notwithstanding the existence of such state or federal law or regulation or
other governmental action. On the repeal of any such law, regulation or other governmental
action or on the occurrence of any othcr circumstance which removes the effect of the same on
this Agreement, the provisions of the Agreement shall be automatically restored to their full
original effect and any amendment to this Agreement which the parties have entered into as a
result of any sucl, law, regulation or other governmental action, shall terminate.
31. Venue: Any legal action with respect to this Agreement shall be brought in San Bernardino
County Superior Court or in the United States District Court for the Central District of
California.
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Attachment I
32. Attornevs' Fecs: Iflegal action is taken to enforce or interpret any provision ofthis Agreement.
then the prevailing party in that action shall be entitled to recover from the losing party all
attorncys' fees, court costs and necessary disbursements in connection with that action. The
costs, salaries and expenses of the City Attorney, and members of his office, in connection with
that action shall be considered as attorney's fees for the purpose of this Agreement.
33. Paragraph Headings: The paragraph headings of this Agreement are for convenience only and
are not a part of and are not intended to govern, limit or aid in the interpretation of any provision
of this Agreement.
34. Construction: In all cases, the language in this Agreement will be construed simply, according
to its fair meaning and not strictly for or against either party, it being agreed that the parties or
their agents have participated in the prcparation of this Agreement.
35. Survival: Each and every covenant in this Agreement shall survive the execution and delivery
of this Agreement for the bcnefit of the parties.
36. Calendar Periods: All references in thiS Agreement to "years", "quarters", "months" and "days"
will be deemed to be references to calendar years, quarters, months, and days.
37. Sevcrabilitv: Every provision of this Agreement is and shall be construed to be a separate and
independent covenant. Without limiting the effect of paragraph 30, if any provision of this
Agreement or the application of the same is, to any extent, found to be invalid or uncnforceable,
then the remainder of this Agreement or the application of that provision to circumstances other
than those to which it is invalid or unenforceable, will not be affected by the same and that
provision of this Agreement shall be valid and shall be enforced to the extent permitted by the
law and thc partics will negotiate in good faith for such amendments to this Agreement as may
be necessary to achievc its intent, notwithstanding such invalidity or unenforceability.
38. Covenant of Good Faith: In exercising their rights and in perfonning their obligations as
provided in this Agreement, the partics shall cooperate with one another in good faith, so thc
intent ofthis Agreement can be attained.
39. Countcrparts: This Agreement may be cxecuted in counterparts, each of which shall be deemcd
to bc an original for all purposes and all such counterparts will constitute one and the same
agreement.
40. Incorporation of Recitals: The "Recitals" in this Agreement are material and are incmporated by
reference as though fully set forth hereof
41. Exhibits: The Exhibits to this Agreement are incorporated by reference as though fully set forth
herein.
-11-
2006-59
Attachment 1
42. Amendment: No amendment or waiver of any term of this Agreement shall be binding on the
City unless in writing and until it has been approved and execnted by the City, or on the
Developer unless and until it has been executed by the Developer.
43. Assignment: This Agreement shall not be assigned without the written consent of the parties
hereto, and any assignment without such written consent shall be void and inefTective.
44. Time of Essence: Time is of the essence of this Agreement.
SIGNATURES FOLLOW
- t2-
2006-59
PARKS DEDICATION AND
IMPROVEMENTS AGREEMENT
CITY OF SAN BER!\'ARDINO
By:
APPROVED AS TO FORM
AND LEGAL CONTENT:
By: -f1ClGhp} Cl a,te
R hel Clark, City Clerk
cfJ(j sda11~~a)Jtprd~
James F. Penman, City Attorney
/ (t&tD
By:
DEVELOPER
J.R. Watson & Associates Development Co.,
A California corporation
By
1).0
NanlC:
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2006-59
Allan E. Gluck, MAL Real Estate Appraisal and Consultation
Attachment 2
------------------.-----.-------.---.----.--.-.-------------
September 1, 2005
Watson & Associates
101 North Main Street
Seal Beach, CA 90740
RE: Lot A, Tract 16509
San Bernardino, CA 92407
Dear Madame and Sir,
Pursuant to the request of Mr. Charles Shumaker, Esq., the following provides my
objective, independent estimate of the current market value of the above
referenced property. The report provides the estimated value of the subject based
on its underlying zoning of RL and in a finished state. The valuation is of the
subject in two configurations, one as a 2.4- acre site subdivided into 7 lots, and one
as a 2.9-acre site subdivided into 9 lots. It is not appraised with its current state
designated Open Space, partially finished, and a single parcel. Based on these
and the attached assumption and limiting conditions, as of the effective date of the
appraisal, the estimated value of the subject, is:
As a 2.4-acre site subdivided into 7 lots
As a 2.9-acre site subdivided into 9 lots
$1,750,000
$2,250,000
Conditions of the Appraisal
The purpose of the following report is to provide my estimate of the current
market value of the fee simple interest in the above referenced property, based on
several key assumptions as indicated below. It is my understanding that this
appraisal is being prepared on the behalf of Watson & Associates as part of a
request to the City of San Bernardino for credits for certain matters. Given the
limiting assumptions of the analysis and its associated, restricted application, the
only intended users of the report are the developer and representatives of the City
of San Bernardino. The appraiser is not responsible for unauthorized use of the
report.
It is my intent that the appraisal meets the requirements of the Uniform Standards
of Professional Appraisal Practice (USPAP), In the nomenclature of the USPAP
the report is a Complete Appraisal and Summary Report, meaning that it
incorporates all techniques commonly used in the valuation of properties such as
the subject, with the results provided in a concise format.
9854 National Boulevard, No. 24.9
Los Angeles, CA 90034-2713
Alla nldG lu ckV a luat 10 n. co m
Phone 310.287.0705
Fax 310.287.0703
2006-59
Atlan E. GLuck, MAl 2 Lot A, Tract i 6509
This appraisal is subject to the general Assumptions and Limiting Conditions
included in the Addenda. In addition, they are several key assumptions and
limiting conditions, as indicated below. These assumptions are associated
with the desire of the intended users of the report for the valuation of the
subject as if it had been part of the approval of the greater University Park
project.
1. While the subject is zoned PP, Open Space, and is designated to be a
Neighborhood Park in the approved tract map of which it is a part, it is
appraised as if it were designated RL, its underlying zoning. This
assumption is consistent with the expectations indicated by Mr. James
Funk, Planning Director for the City of San Bernardino, and a primary
Intended User of the report. Thus, treating the subject as being zoned
RL is consistent with its underlying zoning designation and with the
expectations of the intended users of the report.
2. The subject is appraised as if it is a finished site. At the present time the
subject, along with the project of which it is a part, is being graded, such
that the subject will shortly be in a finished state. Consistent with this
assumption the property is appraised as subdivided into 7 lots.
The effective date of the appraisal is August 13, 2005, the date the property
was inspected. The date of the report reflects the period in which the report
was prepared, represented here by the date of transmittal, which is
September 1, 2005. No one outside the appraiser signing this report provided
material assistance in compiling information utilized in the appraisal.
The scope of this analysis includes curbside inspection of the subject and
comparable sales, use of public records and in-house commercial
databases, and an estimate of the value of the subject using the Sales
Comparison Approach. The Cost Approach and Income Approach were
omitted from the analysis: a typical buyer of properties such as the subject
would not utilize the Cost Approach or Income Approach in their investment
decision. The information provided by others is assumed to be accurate.
Overview
The subject property is in the central portions of a residential subdivision
known as University Park, which is to have 157 high end homes, retail
facilities and open space. The project is at the main entrance to California
State University San Bernardino, in a community historically known as
Verde mont, in the northeasterly most portions of the city San Bernardino, a
relatively rural area know for the University, its attractive setting, and its
relatively upscale homes. The subject is designated as a park as part of the
University Park plan, but could be amenable to a small tract based on its
underlying zoning, the basis for the following valuation.
2006-59
AHem E. Gluck, MAl 3
LotA, Tract 16509
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Uni'"l"r:oity Distrkt SI'Cdfi\.. PlulI
City O! Stln Bernardino
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CniVl:rsil)' Disrrj('t SpL-.:ilil; Plan
City lit' San Uetnardino
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Verdemont and University District
The subject is located in northeasterly corner of the city of
San Bernardino, in an area variously known as Verdemont
and the University District. In general the central, developed
portions of the city of San Bernardino are to the south, while
the area to the north, east and west is relatively
undeveloped. The mountains of the San Bernardino National
Forest provides a dramatic backdrop to the east. The Glen
Helen Regional Park is to the northwest. Highway 215
extends diagonally north-south through the area, providing
direct access to central San Bernardino County and
Riverside County to the south, Rail lines are parallel to the
freeway, with an industrial district along the highway's west
side.
The area is known for its rural, relatively upscale housing,
along with several notable community facilities. Located in
the community is the Western Headquarters of the Little
League, with the area the site of the first Little League team
west of the Mississippi. As mentioned, the area is known for
the presence of California State University at San
Bernardino, one of two public comprehensive universities
serving the Inland Empire. This year it's 415-acre campus is
celebrating the school's 40th anniversary. It currently has an
enrollment of approximately 16,000, expected to grow to
20,000, The subject is at the main entrance to the University,
off University Parkway on the way to the freeway. Given the
importance of the University to the community the City has
created a draft Specific Plan for the area, as indicated on the
attached map.
The subject is in zip code area 92407, with the characteristics
of the area depicted in the following table, the information
obtained from the Internet site Sperling's Best Places.
2006-59
Atlan E. Gluck, MAl 4
Lot A, Tract 16509
Zip Code Area 92407 Characteristics
Source: Sperlinc(s Best Places
Amount of Difference % Difference
ZiD 92407 Metro area National Met~o National Mm2 ~
Demographics
Neighborhood type Suburban Suburban
Population 55.175 3.655.718 281.522.000
Population density 608.2 1,323.30 79.6 715 -529 54% -664%
Percent male 50.30% 51.00% 49.10% 0.70% -1.20% 1% -2%
Percent femaLe 49.70% 49.00% 50.90% -0.70% 1.20% -1% 2%
Median age 29.7 34.L~ 37.6 4.7 7.9 14% 21%
People per household 3.2 3 2.6 -0.2 "0.6 -7% -23%
Percent married 51.90% 56.00% 58.30% 4.1% 6,4% 7% 11%
Percent single 48.10% 44.00% 41.60% -4.1% -6.5% -9% -16%
Median household income $43.028 $45,343 $41.994 2.315 -1,034 5% -2%
AV9_ income per capita $15.891 $20.948 $21.587 5.057 5.696 24% 26%
Crime
Violent crime risk index 7 5.4 .3 -2 -4 .,.30% -133%
Property crime risk index 7 5.4 3.2 -2 -4 -30% -119%
Housing
Median home value $248.700 $321,700 $185,400 $73.000 -$63.300 23% -34%
Median age of homes 19 15.5 27.8 -4 9 -23% 32%
Home appreciation percent 29.80% 29.60o/<l 12.30% -0:2% -17.5% -'1% -142%
Percent owning home 52.60% 53.90% 63.40% 1.3O/ll 10.8% 2% 17%
Percent renting home 39.60% 27.20% 21.70% -12.4% -17.9% '46%. -82%
Percent vacancies 7.70% 18.90% 14.80% 11.2% 7.1% 59% '48%
Percent commuting by bus 2.40% 0,60% 2.00% -1.8% -0.4% -300% -20%
Percent commuting by carpool 15.90% 17.10% 14.60% 1.2% -1.3% 7% -9%
Percent commuting by auto 74.60% 72.40% 71.60% -2.2% ~3:0% -3% ':"4%
Percent working from home 3.30% 3.50% 5.60% 0.2% 2.3% 6% 41%
Education
Percent HS graduates 73.30% 76.10% 80.40% 2.8% 7.1% 4% 9%
Percent wi 2 year degree 6.80% 11.60% 8.20% 4.8% 1.4% 41% 17%
Percent w/4 year degree 10.80% 15.40% 14.90% 4.6% 4.1% 30% 28%
Percent wi graduate degree 5.50% 7.90% 7.00% 2.4% 1.5% 30% 21%
Expenditures per student $5.180 $4.925 $5.896 -$255 $716 -5% 12%
Students per teacher 21.2 20.8 16 0 -5 '2% -33%
Students per librarian 4,064 6.558.60 934 2.495 -3.130 38% -335%
Students per counselor 596 1.082.70 560.5 489 -34 45% ':"6%
Economy
Unemployment rate 6.90% 5% 5.40% -1.9% -1.5% -38% -28%
Recent job growth 3.601)/1) 3,60% 1.80% 0.0% -1.8% 0% -100%
Future job growth 20.60%, 22.10% 10.50% 1.5% -10.1% 7% -96%
Sates tax 7.80% 7.30% 5.60% -0.5% -2.2% -7% -39%
Income tax 6% 6.00% 5.00% 0.0% -1.0% 0% -20%
Cost of living index 106.9 122.4 100 16 -7 13% -7%
Health
Airquality 11 11.9 47.9 0.9 36.9 8% 77%
Watershed quality 48 48.9 54.2 0.9 6.2 2% 11%
Physicians per capita 168.4 144 168.5 -24.4 0.1 -17% 0%
Health cost index 136.2 127.2 100 -9 -36 -7% -36%
UV index 5.7 5.7 4.3 0.0 -1.4 0% -33%
Climate
Altitude 4.872 1.741.50 1.057.80 -3.131 -3.814 -180% -361%
Rainfall (inches annually) 30.6 11.7 38.8 -18,9 8.2 -162% 21%
Snowfall {inches annuaLlyl 5.7 2.3 24.4 -3.4 18.7 -148% 77%
January avg. low temp. 39.8 38 21.6 -1.8 -18.2 -5% -84%
July avg. high temp 92.2 976 86.4 5.4 -5.8 6% -7%
Days of precipitation annually 33 34.6 112.5 1.6 79.5 5% 71%
Days mostly sunny annually 283 278.2 204.9 -4.8 -78,1 -2% -38%
Comfort index 25 22.1 44.2 -2.9 19.2 -13% 43%
2006-59
_~Uan E. Gl.uck. M.~l
5
Lot A. Tract 16509
The following table tracks changes in average single family home prices in
zip code area 92407. where the subject is located. in comparison to prices in
the City and County of San Bernardino, and the counties of Riverside and Los
Angeles. The information was obtained from First American Title.
Averaae SinCIle Familv Residence Sale Price
Price Change Median Loan
Median Sale Median Median Price From 1 Year Comparisonto' Number of Median Loan to Sales Price
Year Price Square Feet Per Square Foot Previous 2005 Price Sales Amount Ratio
Zip 92407
1996 $85.000 0 $0.00 -9.60% 247% 1.269 $85,429 99.30%
1997 $84.000 1.219 $54.86 -1.20% 251% 1.50B $80.653 99.50'%
1998 $86.500 1.185 $62.21 3.00% 241% 1.516 $87.455 99.40%
1999 $92.500 996 $76.34 6.90% 219% 1.087 $93.231 99.20%
2000 $97.000 1.291 $66.25 4.90% 204% 1.067 $94.652 99.20%
2001 $120.750 1.166 $63.60 24.50% 144% 924 $113.940 98.40%
2002 $128.000 1,276 $98.83 6.00% 130% 1.146 $124.939 97.00%
2003 $160.000 1.367 $114.00 25.00% 84% 1.120 $147.225 90.00%
2004 $237.000 1.626 $141.67 48.10% 24% 1.233 $196.358 80.00%
2005 $295.000 1.685 $171.61 24.50% 0% 722 $239.200 80.00%
City of San Bernardino
1996 $74.692 1.025 $58.78 -3.60% 239% 5.069 $72.955 99.60%
1997 $74.000 1,109 $52.41 _0.900/4 242% 6.305 $72.230 99.70%
1998 $76.191 1.128 $55.16 3.00% 232% 6.087 $75.980 99.60%
1999 $80.653 988 $56.71 5.90% 214% 4.462 $80.000 99.20%
2000 $87.000 1.159 $57.90 7.90% 191% 4.556 $85.853 99.20%
2001 $100.000 1.134 $59.07 14.90% 153% 3.427 $94.516 98.50%
2002 $107.134 1.174 $91.65 7.10% 136% 4.709 . $1 03.377 97.60%
2003 $135.000 1.230 $108.93 26.000,.& 87% 4.616 $124.000 94:20%
2004 $190.000 1.295 $141.29 40;70% 33% 4.683 $163.000 80.00%
2005 $253.000 1.338 $182.31 33.20% 0% 2.886 $205.700 80.00%
County of San Bernardino
1996 $99.500 1.377 $53.92 -7.00% 217% 41.977 $97.597 98.20%
1997 $98.500 1,401 $66.30 .1.00% 220% 47.387 $97.198 98.60%
1998 $100.000 1.446 $67.69 1.50% 215% 47.014 $101.000 98'.20%
1999 $110.000 2,040 $84.28 10.00% 186% 39.634 $109.100 98.30%
2000 $120,000 1,829 $85.69 9.10% 163% 36,377 $117,035 95.70%
2001 $145.000 1.506 $77.17 20.80% 117% 32.372 $132.000 95.00%
2002 $155.000 1.456 $105.10 6.90% 103% 41.838 $142.759 90.00%
2003 $190.100 1.583 $121.09 22.70% 66% 45.344 $168.702 80.00%
2004 $255.000 1,864 $141.72 34.10% 24% 47.533 $208.000 80.00%
2005 $315.000 1.849 $173.93 23.50% 0% 31.350 $252.000 80.00%
Riverside County
1996 $108.200 3.131 $80.96 -5.90% 258% 41,747 $104.000 98.10%
1997 $108.000 1.504 $71.03 .0.20% 258% 44.381 $104.652 98.20%
1998 $115.000 1.516 $73.69 6.50% 237% 43.876 $112.518 97.00%
1999 $125.000 1.526 $81.31 8.70% 210% 38.201 $119.556 95.00%
2000 $145.000 1.548 $88.82 16.00% 167% 41,699 $133.896 92.80%
2001 $179.000 1,759 $102.20 23.40% 116% 43,078 $157.920 89.90%
2002 $210.000 1,747 $113.26 17.30% 84% 50.655 $176.000 80.00%
2003 $257.000 1,697 $141.85 22.40% 51% 59,210 $207,240 80.00%
2004 $327.000 1.951 $158.41 27.20% 18% 67.642 $257.257 80.00%
2005 $387.000 2,037 $176.07 18.30% 0% 43.373 $304.000 80.00%
Los Angeles County
1996 $150.000 0 $0.00 -5.70% 217% 111.931 .$144.980 90.00%
1997 $150.000 1.442 $114.35 0.00% 217% 124.927 $147.291 90,00%
1998 $162,000 1,410 $121.88 8.00% 193% 117,569 $157;500 90.00%
1999 $175.000 1,384 $134.59 8.00% 171% 97,195 $165,750 90.00%
2000 $195.000 1.382 $145.83 11.40% 144%, 90.060 $177.900 89.70%
2001 $230.000 1,402 $166.39 17,90% 107% 88.144 $200.000 80.00%
2002 $267.000 1.437 $190.99 16.10% 78% 95.933 $226.200 80.00%
2003 $328.500 1,444 $229.70 23.00% 45% 100.175 $267.799 80.00%
2004 $415.000 1.438 $294.12 26.30% 14% 112.606 $326.000 80.00%
2005 $475.000 1.428 $344.83 14.50% 0% 75.685 $364.500 80.00%
2006-59
t,_Uan E. Gluck, i\!lAI 6
Lot A, Tract 16509
Average Annual Sale Price
$500,000 -+- 92407
8 $400,000
"i:
Q. _ City San Bernardino
Q) $300,000
i1i
tn $200,000
Q) County San
Cl Bernardino
f!
<Il $100,000 ~ Ri-.erside
~
$0
1994 1996 1998 2000 2002 2004 2006 ~ Los Angeles
Year
Zip Code 92407 AveraQe Monthlv Price ChanQeand Comparison to AuClust2005 AveraQe Price
Median Median Price Price Cha'nge Median . Median loan
Median Square Per Square From 1 Year Comparison Number Loan to Sales
Year Sale Price Feet Foot Previous to 8/05 Price of Sales Amount Price Ratio
Jan-03 $152.000 1.375 $96.82 32.20% 122% 80 $127.720 97.00%
Feb-03 $165.000 1.513 $97.06 47.30% 105% 104 $157.089 95.70%
Mar-03 . $160.000 1.350 $108.11 32.20% 111% 104 $145.196 90.00%
Apr-03 $135.000 1.272 $107.16 23.90% 150% 75 $131.000 90.00%
May-03 $152.500 1.319 $115.38 26.90% 121% 112 $137,885 95.00%
Jun-03 $160,000 1,242 $120.24 18.50% 111% 106 $140,000 94.70%
Jut-03 $157,000 1,328 $121.03 13.60% 115% 93 $152,427 93.60% .
Aug-03 $153,500 1,291 $124.30 19.00% 120% 92 $138.000 90.00%
Sep-03 $175,000 1,273 $133.34 25.90% 93% 79 $148,000 80.00%
Oct-03 $165,000 1,416 $116.64 21.80% 105% 108 $149,651 90.00%
Nav-03 $162,500 1,663 $108.54 -0.30% 108% 71 $153.750 85.00%
Dee-03 $198.000 1.724 $113.03 48.90% 70% 96 $167,200 80.00%
Jan-04 $177,500 1,612 $116.04 16.80% 90% 76 $153.000 85.00%1
Feb-04 $195,000 1.680 $113.94 18.20% 73% 88 $160.800 80.70%
Mar-04 $215,000 1,296 $132.33 34.40% 57% 117 $172.000 80.00%
Apr-04 $234,750 1,392 $131.45 73.90% 44% 129 $195,940 80.00%
May-04 $243,250 1,328 $144.53 59.50% 39% 135 $202,073 80,00%
Jun-04 $246.500 1,468 $146.26 54.10% 37% 129 $202.500 60.00%:
Jut-04 $265,000 1,694 $146.05 68.80% 27% 108 $206.000 80.00%
Aug-04 $246.000 1,688 $141.12 60.30% 37% 71 $203,250 80.00%
Sep-04 $250,500 1,779 $143.55 43.10% 35% 102 $207,377 80.00%
Oct-04 $250,000 1,709 $152.23 51.50% 35% 97 $209,288 80.00%
Nav-04 $267,000 1,671 $154.99 64.30% 26% 91 $214.200 80.00%
Dec-04 $268,000 1,685 $154.40 35.40% 26% 90 $216.000 80.00%
Jan-05 $237,000 1,576 $149.70 33.50% 42% 46 $189.885 80.00%
Feb-05 $269,500 1.742 $155.87 38.20% 25% 77 $222,360 80.00%
Mar-05 $269.000 1,675 $165.60 25.10% 25% 111 $212,500 80.00%
Apr-05 $278.500 1,522 $174.52 18.60% 21% 90 $232,000 80.00%
May-05 $310.000 1,642 $181.97 27.40% 9%1 95 $236,000 80.00%
Jun-05 $320,000 1.860 $169.22 29.80% 5% 109 $255,000 80.00%
Jut-05 $310,000 1.695 $176.98 17.00% 9% 93 $252,000 80.00%
Auq-05 $337.500 1,673 $184.14 37.20% 0% 101 $270,000 80.00%
2006-59
Anan E. Gluck. ivlAI 7
Lot A, Tract 16509
Fi~urc 7
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University District Specific Plan
City of San Bernardino
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Given its attractive setting the
area is experiencing considerable
development activity. In July the
community celebrated the opening
of the 7,700 square foot. 1.7-acre.
$2.3 million Fire Station 232. After
languishing for a considerable
period the industrial area along
the west side of the community is
experiencing considerable
interest, with the proposed
construction of industrial
buildings with areas of 138,078
s.t., 35,520 s.f.48,844 s.f., 77,348
s.f., 842,379 s.l., and 1,965,265 s.f.
There are plans for considerable
residential development in the
area, with the appraiser
identifying 14 applications since
January 2004 having 853 units,
ranging in project sizes of 2 acres
.... to 240 acres. As seen in the
previous tables, sale prices of
detached single family homes in
zip code area 92407 increased
247% since January 1996, with an
increase of 122% since January
2003. alone. While some of the
increase is due to the increasing
contribution of new homes - in
contrast to existing homes - the
increase underscores in the
desirability of the area.
The subject is located within what
is known as University Park, a
133-acre office, commercial, and
residential development on the
northwest corner of the
intersection of Northpark
Boulevard and University
Parkway. The property was made
available through the
Redevelopment Agency of the city
of San Bernardino as former
excess land of the City of San
Bernardino Municipal Water
Department, where parts had
been used as a percolation basin.
The Specific Plan includes the
previously approved project. that
includes a 250,000 square foot
high-tech/office park, 32,000
square feet of commercial retail,
24 live-work detached homes, and 154 upscale single-family detached
homes set amongst 26 acres of open space and 2.4 acres of park. The entire
development is interconnected by system of trails. The project is designated
Tentative Tract No. 16509 and CUP 03-06. In the Summary provided by the
City of San Bernardino Planning Division, for the hearing dated May 6, 2003, it
was stated that "The proposed tract is 57 percent lower in density at 1.31
units per acre than would be permitted by the Development Code:'
2006-59
Allan E. Gluck, MAL 8 Lot A, Tract 16509
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On the southwest corner of
University Parkway and
Northpark Boulevard, the City
has approved a mixed-use,
16,000 square foot commercial
center and 120-unit student
housing project. The commercial
space includes 10,000 square feet
of retail spacel and 6,000 square
feet of restaurant/bar. A park
would be located on the
southeast corner of University
Parkway and Northpark
Boulevard to enhance the
entrance to the University.
2006-59
Allan E. Gluck, MAl 9 Lot A, Tract 16509
Subject Property
The subject of this appraisal is a parcel within the University Tract. It is
known as Lot A, Tract 16509, as depicted on the following maps. The
valuation is of the subject in two configurations, one as a 2.4- acre site
subdivided into 7 lots, and one as a 2.9-acre site subdivided into 9 lots.
TENTATIVE TRACT MAP N01 '6509
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SUBDIVISION NO. CXHJ4
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Ownership of the subject is in the name of Park University LLC, subject to the
Clarification and Amendment to the 2003 Disposition and Development
Agreement By and Between the Redevelopment Agency of the City of San
Bernardino and J.R. Watson & Associates Development Co., Dated June 2,
2003. The project as a whole, including the subject, was acquired for
$3,000,000, with Agency providing a 2-year note for 20% of the purchase
price, at 2% over UBOR. Since acquisition the owner has expended
considerable amounts to obtain the current entitlements and for
development of the property,
University Park, of which the subject is a part, is in a High Wind Area,
Biological Resource Overlay, Hillside Management Overlay and Foothill Fire
Zone Area. It is not in an Alquist Priolo Fault Hazard Zone, but is less than 1
mile southwest of the San Andreas Fault and 2 miles northeast of the San
Jacinto Fault. The California Aqueduct abuts the project on the east and
Devils Gate Basin on the north.
2006-59
Altan E. GI.uck. MAl 10 Loc A. Tract 16509
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Within the tract the property is
designated Open Space. for eventual
use as a Neighborhood Park. The
underlying zoning of the parcel is RL.
a residential zoning designation
which allows for up to 3.1 lots per
acre. with a minimum lot size of
10.800 square feet. This would
represent the Highest and Best Use
of the property. Consistent with the
underlying zoning of the property, the
Intended Use of the appraisal. the
instructions of the client and the
views of Mr. James Funk, Planning
Director for the City of San
Bernardino and one of the Intended
Users of the report. the property is
appraised as if designated RL. On this
basis up to approximately 7 lots
would be allowed on the property in
its configuration as 2.4-acres. and 9
lots if the subject were 2.9-acres.
With the Summary for the May 6.
2003 hearing on the project indicating
that the overall density of the project
is 57% less than what would be
allowed by the Development Code the
additional lots that would be the
result of the subdividing the subject
would still allow for an overall project
density within apparently allowed
limits.
_=~=- At the present time the subject parcel
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is part of the greater tract that is
being graded for development. An underlying assumption of this appraisal is
that the estimate of the value of subject parcel is that the parcel is in a
finished state. The subject is a flag lot with limited street frontage along
Northpark Boulevard. such that it would be necessary to create a street
extending from Northpark Boulevard to the interior residential parcels.
Thus. the subject is appraised as if it were a finished parcel, zoned RL,
subdivided into 7 lots in its configuration as 2.4 acres and 9 lots in its
configuration as 2.9 acres. consistent with its likely condition if not
designated as a park.
2006-59
Allan E. Gluck, MAl 11 Lot A, Tract 16509
VALUATION
The Sales Comparison Approach was used to estimate the value of the
subject property. In this analysis it is necessary to compare the subject to
other properties that have sold in the area. For this investigation I obtained
the sales and listings of land parcels in the area. Sources used to obtain this
information included the commercial database Win2DATA, CoStar COMPS,
and the IMRMLS, the principle multiple listing service in the area. Also,
considerable material was graciously provided by Doug Jouritsma of Park
Place Partners, a major land brokerage firm active in the area.
As indicated, the subject is appraised as a single parcel in a finished state,
zoned RL, and subdivided into 7 lots as a 2.4-acre parcel and 9 lots as a 2.9-
acre parcel. It is unique in both its location and its physical condition as
represented by the assumptions of the appraisal. The subject is unique given
its location within what will likely be the premier development in Verdemont,
a gateway project to the University with upscale homes. The following table
summarizes the sales used in the analysis.
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2006-59
A.ltan E. Gluck, MAl
12 Lot A, Tract 16509
Land Sales
Total Zoning No. Sale As'1s ' -$/lot '$lLot Comm~nts
0. Address - Entittemllnts 1m Jlilo Sate Price ~ AU EDiilwI
Subject 5.9 Rl 7 .' f'art cfUniversity Park. premier
Lot A. University Park acres Auummd FinatMllp development in Verdemont; flag tot
TT14b04 15 Rl 47 4/04 $6,815,000 $454,333 N/A $145,000 lots delivered nearly finished; located in
NEe Magnolia & Ohio acres Final Map NE Ve,rdemont, toward" end of existing
0261-032-02 devetopment;.tract under constrlJction
, Lots 1-90 N/A Rl 90 5/05 $18,192,500 N/A N/A $181,500 DeaL cut 12/03:, Lots 1 ~90 of University
University Park Final Map Park. i05ame tract as subject
b Lots 91-105 N/A Rl 15 1/06 $3,750,000 N/A N/A $250,000 ,If'l es'c:row to Richmond American to
University Park Final Map dose 1/15/06; Lots 91-105 of University
Park, in same tract as subject
n0213 30 Rl 88 6/04 $8,360,000 $278,667 $95,000 $179,801 In relativety ,developed area of
NEe & NWC of Palm and lrvington acres H.M. .I{erdemont, off Palm Ave., a major
0261-151-06:261-142-07 street;raw'at purchase
: IT! 6502. IT! 6533 51.63 Rl 88 6/05 $8,140,000 $157.660, $92,500 $200,000 88lotsareTTM, 2 lots are DB;
NWC Magnolia/Ohio acres T.T.Map. apprclldrTIatety Vt open space; i'n NE
0261-032-01,02, 09 most port;i~n of Verdemont abutting
0348-121-14 open space; raw at sale
TT16794 18.45 RL. Hillside 45 a/05 $3,375,000 $182,927 $75.000 $175,000 T.T.M, within 90 days' of estimated
W side Palm; N of Verdemont Dr acres Overlay Est. approval;: raw. sloping site with views,
0261-11-13. ApplicalionTTM at N end of Patm abut~ing forest
2552 Kendall Dr. 3,05 RU-l 9 Listing $720,000 $236,065 $80,000 $180,000 RelativelY remote area north of subject
0261-221-21 acres TT Map in Est. on east side Kendall Or. in relatively
process undeveloped area
, Subdivision 0411 4.69 RU-1 19 12/03 $800,000 $170,576 $100.000 $200,000 Largely triangular shaped parcel on
S side Northpark Blvd, acres Raw Est. s~uth side North Park, adjacent to
0151-241-21 existing apartment and single family
0266-131-24 development. across from University
SE corner Olive Ave. & Verdemont Dr. 2.0 Rl 6 Listing $625,000 $322,500 104,167 $204,167 TJ Map 0317 near expiration; triangular
0261-052-03 acres rr Map Est. parcet in unqeveloped area near
$77.256 residential neighborhood
, W side Palm Ave. at Verdemont 9.23 RL. Hillside 45 7/05 $3,476,500 $376,652 ' $177,256 AtN end of Palm Ave., abutting Sale 5
0261-011-08 acres Overlay Est and San Bernardino National Forest;
TTMap slopinq, raw site with views
Ten properties were used to estimate the value of the subject. All properties
are land parcels located in the Verdemont/University District. The sales
occurred in the last 3 years, including 4 closing in 2005, one to close January
2006, and 2 current listings. Thus. the transactions cited above largely reflect
current market conditions in the area, with the early sales adjusted upward
for the considerable appreciation in the market over the last 2 years.
The properties fall within 2 general categories:
1, Sales 1 and 2 were purchased largely as finished, subdivided lots. Sale 1
is a subdivision purchased with the lots nearly finished. It is a relatively
remote parcel when compared to the subject, requiring a significant
upward adjustment for its location, In addition, the sale occurred 15
months ago, also requiring an upward adjustment for the appreciation in
the market since the sale, A total upward adjustment of 30% is used for
these factors, Sale 2a is the purchase of 90 lots in University Park,
predicated on the lots in a finished state. While the property shares
common locational attributes to the subject. an upward adjustment is
warranted in that this sale was negotiated in November 2003, This is
evident in Sale 2b, which is 15 lots in the same tract, schedule to close
January 15, 2006, which is a good indication of the current market value
of the subject if subdivided. Accordingly, based on this sale, alone, the
adjusted indication of value for the subject is $250,000 per lot.
2006-59
AUan E. Gluck, ~'lAI
13 Lot A, Tract 16509
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2006-59
A.llan E. Gluck, MAl
14 Lot A, Tract 16509
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2006-59
Allan E. Gluck, ~jAI 15 Lot A, Tract 16509
2. The second group of sales is Properties 3 through 9, properties
purchased with either an approved tentative tract map or one nearing
approval, but in a raw physical condition, For Sales 3 and 4 information
was available on the estimated cost to finish the lots, with this at $84,801
and $107,500 per lot, respectively, consistent with the costs that have
been incurred with development of University Park. To estimate the
finished lot costs for Sales 5 through 91 have utilized an amount of
$100,000 per lot. On this basis the finished lot values for Sales 3 through
9 range from $175,000 to $204,000. In addition, an upward adjustment is
warranted given the added value that occurs with obtaining approval of
the final tract map and the escalation in values since these sales closed.
These factors would result in increases of 20% to 50%, which would
indicate a range of values for approved, finished lots generally at
$250,000 to $300,000 per lot.
Clearly the best indication of current market value of the subject is Sale 2b,
which is a transaction to close January 15, 2006, at $250,000 per lot, with this
value in the range of the remaining sales when adjusted for current market
conditions and the presumed status of the subject as finished lots, with a
final tract map in place. Thus, the estimated value of the subject is calculated
as follows.
2.4-acre parcel: 7 lots x $250,000 per lot = $1,750,000
2.9-acre parcel: 9 lots x $250,000 per lot = $2,250,000
Given the above. it is my opinion that the value of the fee simple interest in
the subject, as of August 13, 2005, assuming it is finished and zoned RL,
subdivided, and subject to the attached general assumptions and limiting
conditions, is:
As a 2.4-acre site subdivided into 7 lots
As a 2,9-acre site subdivided into 9 lots
$1,750,000
$2,250,000
Sincerely,
t:2
Allan E. Gluck, MAl
California General Certified Real Estate Appraiser No. 9252
2006-59
AUan E. Gtuck, MAl
CERTIFICATION OF THE APPRAISER
I, Allan E. Gluck, MAl, certify that, to the best of my knowledge and belief:
. the statements of fact contained in this report are true and correct;
. the reported analyses, opinions, and conclusions are limited only by the
reported assumptions, and limiting conditions, and are my personal, unbiased
professional analyses, opinions, and conclusions;
. I have no present or prospective interest in the property that is the subject of
this report, and I have no personal interest or bias with respect to the parties
involved;
. my compensation is not contingent upon the reporting of a predetermined
value or direction in value that favors the cause of the client, the amount of
the value estimate, the attainment of a stipulated result, or the occurrence of
a subsequent event;
. my analyses, opinions, and conclusions were developed, and this report has
been prepared, in conformity with the Uniform Standards of Professional
Appraisal Practice;
. I have made a personal inspection of the property that is the subject of this
report.
t:?
September 1, 2005
Allan E. Gluck, MAl
California State Certified
General Appraiser # AG009252
The Appraisal Institute conducts a voluntary program of continuing education for its members.
MAls and RMs who meet the minimum standards of this program are awarded periodic
educational certification. I, Allan E. Gluck, hereby state that I am certified under this program.
2006-59
AUan E. Gluck, i'rLti.l
DEFINITIONS
Market Value
The definition of market value is referenced from Title XI of the Federal Financial
Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), effective
August 24, 1990. Under FIRREA, the following definition of market value is
required for appraisals performed for institutions regulated by the Department
of the Treasury, the Federal Deposit Insurance Corporation, the Office of the
Comptroller of the Currency and other agencies. Reference is made to 12 CFR,
Part 34, Docket No. 90-16, regarding Real Estate Appraisals, from which the
following definition of Market Value is taken.
Market Value
The most probable price which a property should bring in a competitive
and open market under aLL conditions requisite to a fair sale, the buyer
and seller each acting prudently and knowledgeably, and assuming the
price is not affected by undue stimulus. Implicit in this definition is the
consummation of a sale as of a specified date and the passing of title from
seller to buyer under conditions whereby:
,. Buyer and seller are typically motivated;
2. Both parties are weLL informed or well advised, an acting in what
they consider their own best interests;
3. A reasonable time is allowed for exposure in the open market;
4. Payment is made in terms of cash in U.S. dollars or in terms of
financial arrangements comparable thereto; and
5. The price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions
granted by anyone associated with the sale.
Fee Simple Estate
Absolute ownership unencumbered by any other interest or estate,
subject only to the limitations imposed by the governmental powers of
taxation, eminent domain, police power, and escheat.
American Institute of Real Estate Appraisers. The Dictionary of Real Estate Apprajsa'.~ 3rd ed. pg. 140.
Leased Fee
A property held under tenure of lease.
American Institute of Real Estate Appraisers, The Dictionary of Real Estate AODra/sal. 3rd ed. pg. 127.
2006-59
Attar; E. Gluck, MAl
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal report is made with the following assumptions and limiting
conditions:
DATE OF VALUE: The conclusions and opinions expressed in this report apply to
the date of value opinion set forth in the letter of transmittal accompanying this
report. The dollar amount of any value opinion or conclusion rendered or
expressed in this report is based upon the purchasing power of the American
dollar existing on the date of value.
ECONOMIC AND SOCIAL TRENDS: The appraiser assumes no responsibility for
economic, physical or demographic factors which may affect or alter the opinions
in this report if said economic, physical or demographic factors were not present
as of the date of the letter of transmittal accompanying this report. The
appraiser is not obligated to predict future political, economic or social trends. .
INFORMATION FURNISHED BY OTHERS: In preparing this report, the appraiser
was required to rely on information furnished by other individuals or found in
previously existing records and/or documents. Unless otherwise indicated, such
information is presumed to be reliable. However, no warranty, either express or
implied, is given by the appraiser for the accuracy of such information and the
appraiser assumes no responsibility for information relied upon later found to
have been inaccurate. The appraiser reserves the right to make such
adjustments to the analyses, opinions and conclusions set forth in this report as
may be required by consideration of additional data or more reliable data that
may become available.
TITLE: No opinion as to the title of the subject property is rendered. Data related
to ownership and legal description was obtained from the attached title report
records and is considered reliable. Title is assumed to be marketable and free
and clear of all liens, encumbrances, easements and restrictions except those
specifically discussed in the report. The property is appraised assuming it to be
under responsible ownership and competent management, and available for its
highest and best use.
HIDDEN CONDITIONS: The appraiser assumes no responsibility for hidden or
unapparent conditions of the property, subsoil, ground water or structures that
render the subject property more or less valuable. No responsibility is assumed
for arranging for engineering, geologic or environmental studies that may be
required to discover such hidden or unapparent conditions.
2006-59
AHan E. Gluck, MAl
HAZARDOUS MATERIALS: The appraiser has not been provided any information
regarding the presence of any material or substance on or in any portion of the
subject property or improvements thereon, which material or substance
possesses or may possess toxic, hazardous and/or other harmful and/or
dangerous characteristics. Unless otherwise stated in the report, the appraiser
did not become aware of the presence of any such material or substance during
the appraiser's inspection of the subject property. However, the appraiser is not
qualified to investigate or test for the presence of such materials or substances.
The presence of such materials or substances may adversely affect the value of
the subject property. The value estimated in this report is predicated on the
assumption that no such material or substance is present on or in the subject
property or in such proximity thereto that it would cause a loss in value. The
appraiser assumes no responsibility for the presence if any such substance or
material on or in the subject property, nor for any expertise or engineering
knowledge required to discover the presence of such substance or material.
Unless otherwise stated. this report assumes the subject property is in
compliance with all federal, state and local environmental laws, regulations and
rules.
ZONING AND LAND USE: Unless otherwise stated, the subject property is
appraised assuming it to be in full compliance with all applicable zoning and land
use regulations and restrictions.
LICENSES AND PERMITS: Unless otherwise stated, the property is appraised
assuming all licenses, permits, certificates, consents or other legislative and/or
administrative authority from any local, state or national government or private
entity or organization have been or can be obtained or renewed for any use on
which the value estimate contained in this report is based.
ENGINEERING SURVEY: No engineering survey has been made by the appraiser.
Except as specifically stated, data relative to size and area of the subject property
was taken from sources considered reliable and no encroachment of the subject
property is considered to exist.
SUBSURFACE RIGHTS: No opinion is expressed as to the value of subsurface oil,
gas or mineral rights or whether the property is subject to surface entry for the
exploration or removal of such materials, except as is expressly stated.
MAPS. PLATS AND EXHIBITS: Maps, plats and exhibits included in this report
are for illustration only to serve as an aid in visualizing matters discussed within
the report. They should not be considered as surveys or relied upon for any
other purpose, nor should they be removed from. reproduced or used apart from
the report.
2006-59
Allan E. Gluck, MAl
LEGAL MATTERS: No opinion is intended to be expressed for matters which
require legal expertise or specialized investigation or knowledge beyond that
customarily employed by real estate appraisers.
ALLOCATION BETWEEN LAND AND IMPROVEMENTS: The distribution, if any, of
the total valuation in this report between land and improvements applies only
under the stated program of utilization. The separate allocations for land and
improvements must not be used in conjunction with any other appraisal and are
invalid if so used.
RIGHT OF PUBLICATION: Possession of this report, or a copy of it, does not carry
with it the right of publication. Without the written consent of the appraiser, this
report may not be used for any purpose by any person other than the party to
whom it is addressed, In any event, this report may be used only with proper
written qualification and only in its entirety for its stated purpose.
TESTIMONY IN COURT: Testimony or attendance in court or at any other hearing
is not required by reason of rendering this appraisal, unless such arrangements
are made a reasonable time in advance of said hearing. Further, unless
otherwise indicated, separate arrangements shall be made concerning
compensation for the appraiser's time to prepare for and attend such hearing.
STRUCTURAL DEFICIENCIES: The appraiser has personally inspected the
subject property, and except as noted in this report, finds no obvious evidence if
structural deficiencies in any improvements located on the subject property.
However, the appraiser assumes no responsibility for hidden defects or non-
conformity with specific governmental requirements, such as fire, building and
safety, earthquake or occupancy codes, unless inspections by qualified
independent professionals or governmental agencies were provided to the
appraiser. Further, the appraiser is not a licensed engineer or architect and
assumes no responsibility for structural deficiencies not apparent to the
appraiser at the time of his inspection.
TERMITE/PEST INFESTATION: No termite or pest infestation report was made
available to the appraiser. It is assumed that there is no significant termite or
pest damage or infestation, unless otherwise stated.
INCOME DATA PROVIDED BY THIRD PARTY: Income and expense data related to
the property being appraised was provided by the client and is assumed, but not
warranted, to be accurate.
2006-59
Allan E. Gluck, \V1.A!
ASBESTOS: The appraiser is not aware of the existence of asbestos in any
improvements on the subject property. However, the appraiser is not trained to
discover the presence of asbestos and assumes no responsibility should
asbestos be found in or at the subject property. For the purpose of this report,
the appraiser assumes the subject property is free of asbestos and that the
subject property meets aLL federal, state and local laws regarding asbestos
abatement.
ARCHEOLOGICAL SIGNIFICANCE: No investigation has been made by the
appraiser and no information has been provided to the appraiser regarding
potentiaL archeoLogical significance of the subject property or any portion
thereof. This report assumes no portion of the subject property has
archeological significance.
COMPLIANCE WITH THE AMERICAN DISABILITIES ACT: The Americans with
Disabilities Act ("ADA"] became effective January 26. 1992. We have not made a
specific compliance survey and anaLysis of this property to determine whether or
not it is in conformity with the various detaiLed requirements of the ADA. It is
possibLe that a compliance survey of the property, together with a detailed
analysis of the requirements of ADA couLd reveaL that the property is not in
compliance with one or more of the requirements of the Act. If so, this fact couLd
have a negative effect upon the value of the property. Since we have no direct
evidence reLating to this issue, we did not consider possible non-compliance with
the requirements of ADA in estimating the value of the property.
DEFINITIONS AND ASSUMPTIONS: The definitions and assumptions upon which
our analyses, opinions and conclusions are based are set forth in appropriate
section of this report and are to be part of these general assumptions as if
included here in its entirety.
ENCROACHMENTS: It is assumed that the utilization of the land and/or
improvements is within the boundaries or property described herein and that
there is no encroachment or trespass.
DISSEMINATION OF MATERIAL: Use and disclosure of the contents of this report
is governed by the bylaws and regulations of the Appraisal Institute, Neither all
nor any part of the contents of this report (especially any conclusions as to value,
the identity of the appraisers or the firm with which they are connected, or any
reference to the Appraisal Institute or to the MAl or RM designations) shall be
disseminated to the general public through advertising or sales media, public
relations media, news media or other public means of communication without
prior written consent and approval of the appraiser(sJ.
2006-59
Allal1 E. Gluck, ~lAl
DISTRIBUTION AND LIABILITY TO THIRD PARTIES: The party for whom this
appraisal report was prepared may distribute copies of this appraisal report only
in its entirety to such third parties as may be selected by the party for whom this
appraisal report was prepared; however, portions of this appraisal report shall
not be given to third parties without our written consent. Liability to third parties
will not be accepted.
USE IN OFFERING MATERIALS: This appraisal report, including all cash flow
forecasts, market surveys and related data, conclusions, exhibits and supporting
documentation, may not be reproduced or references made to the report or to
the appraiser Consulting in any sale offering, prospectus, public or private
placement memorandum, proxy statement or other document ("Offering
Material") in connection with a merger, liquidation or other corporate transaction
unless the appraiser has approved in writing the text of any such reference or
reproduction prior to the distribution and filing thereof.
LIMITS TO LIABILITY: The appraiser cannot be held liable in any cause of action
resulting in litigation for any dollar amount which exceeds the total fees
collected from this individual engagement.
LEGAL EXPENSES: Any legal expenses incurred in defending or representing
ourselves concerning this assignment will be the responsibility of the client.
2006-59
Allan E. Gluck, MAl
Qualifications of
ALLAN E. GLUCK, MAl
PROFESSIONAL HISTORY
Present:
Allan E. Gluck, MAl
1995 - present
Principle in real estate appraisal firm preparing appraisals of all major property types,
primarily in the five county Southern California area. Areas of expertise include medical
office buildings and contaminated properties
Prior:
Guardian Bank, Los Angeles, CA
1993 - 1995
Senior Vice President, Chief Appraiser, responsible for oversight of the appraisal function at
the institution, including implementation of the institution's appraisal policies and
procedures, and review and origination of appraisal reports.
PKF Consulting, Los Angeles, CA
1993
1990 -
Senior Associate responsible for oversight of the appraisal function of the Los Angeles
office, including review and origination of studies covering the Southwestern United States,
and implementation of appraisal policies on a nationwide basis.
Westside Savings & Loan Association, Los Angeles, CA
1989-1990
Vice President, Chief Appraiser responsible for establishing and implementing appraisal
policies and procedures; review of appraisal reports from independent appraisers; and
origination of appraisal reports.
MT Associates, Inc., Westlake Village, CA
1984-1989
Associate in firm which prepares market value appraisals and market surveys on all major
types of real estate. Reports are used for such functions as purchase and sale, inheritance
tax, tax appeals, and mortgage loans.
R.H. Flavell & Associates, Encino, CA
1982-1984
Associate in firm which prepares market value appraisals primarily for
litigation.
2006-59
,b,lla" E. Gluc\<, ~'lAI
EDUCATION
BacheLor of Arts, University of California - 1976
Master of Arts, University of South FLorida - 1980
American Institute of ReaL Estate Appraisers
Basic AppraisaL Principles - 1983
Basic AppraisaL Procedures - 1983
Capitalization Theory & Techniques - 1983
Litigation Valuation - 1984
Standards of ProfessionaL Practice - 1985, 1990
Valuation Analysis & Report Writing - 1986
PROFESSIONAL AFFILIATIONS
EXPERT TESTIMONY
STATE CERTIFICATION
Appraisal Institute, Member
Chairman, Library Committee - 1987
Co-editor, News Five, Chapter Newsletter - 1988
Editor, News Five, Chapter Newsletter - 1988
Chairman, Program Committee
(Los AngeLes Section] - 1990
Co-Chairman, Seminars Committee 1994
Member, National Seminars Committee 1994
California State University, Northridge, Guest Lecturer
Instructor, University of California Extension
People Assisting the Homeless - Board of Directors 1992
Qualified as expert witness in Los Angeles County
Superior Court.
California Certified General Appraiser No. AG009252