HomeMy WebLinkAboutR34-Economic Development Agency
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, .
ECONOMIC DEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
FROM: Maggie Pacheco
Deputy Director
'It'~ _'
,sUBJECT: PUBLIC HEARING OF MUL TI-FAMIL Y
MORTGAGE REVENUE BONDS FOR
, - THE SYCAMORE RIDGE
APARTMENTS BY THE CALIFORNIA
STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY
DATE: January 8, 2003
SvnoDsis of Previous Commission/Council/Committee Action(s):
On January 9, 2003, Redevelopment Committee Members Anderson, Suarez and Estrada unanimously voted to
recommend that the Mayor and Common Council consider this action for approval.
Recommended Motion(s):
OPEN AND CLOSE PUBLIC HEARING
(Mavor and Common Council)
MOTION:
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO APPROVING THE ISSUANCE OF MULTI.FAMILY HOUSING REVENUE
BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
FOR THE SYCAMORE RIDGE APARTMENTS IN THE CITY OF SAN BERNARDINO,
CALIFORNIA
Contact Person(s):
Maggie Pacheco
Phone:
(909) 663-1044
Project Arca(s)
N/A
Ward(s):
7th
Supporting Data Attached: [{) StaffRcport [{) Rcsolution(s) 0 Agrccmcnt(s)/Contract(s) 0 Map(s) 0 Letters
FUNDING REQUIREMENTS Amount: $
N/A
Source:
N/A
SIGNATURE:
~)
N/A
/h ildu,
Maggie Pacheco, Deputy Director
Commission/Council Notes:
12Cc,O.u LC;O:'~ --.::, \
P:\C1nic<ll Service> Dcpt\Margarct Parkdv\gcnl1a\CDC 200J\OJ-OI-21 Sycamore Ridge Mortgage Revenue Bonds,doc
COMMISSION MEETING AGENDA
Meeting Date: 01/21/2003
Agenda Item Number: .{'3 r;
,. .
ECONOMIC DEVELOPMENT AGENCY
STAFF REPORT
Public Hearinl!: of Multi-Familv Mortl!:al!:e Revenue Bonds
for the Svcamore Ridl!:e Apartments
bv the California Statewide Communities Development Authoritv
BACKGROUND:
The California Statewide Communities Development Authority (the "Authority") is authorized
pursuant to California Government Code and the terms of an Amended and Restated Joint Exercise of
Powers Agreement (the "Agreement"), dated June I, 1988, Section 9, by and between the City of San
Bernardino and the Authority, to issue revenue bonds in order to facilitate the development,
refinancing and/or rehabilitation of multi-family rental housing projects in the City. There are over
148 California cities and 40 districts of some type who are participants under this joint powers
arrangement, including the City of San Bernardino (the "City").
The Authority is authorized by the Agreement to issue bonds, notes, certificates of participation, or
other evidence of indebtedness in order to promote the provision and maintenance of multi-family
housing. However, in order for the Authority to issue bonds refunding, the governing body of the
jurisdiction in which the project is situated, in this case the City, must authorize the financing via a
TEFRA (Tax Equity Fiscal Responsibility Act) hearing.
CURRENT ISSUE:
Accordingly, the Authority is proposing to issue $6 million in multi-family housing revenue bonds to
facilitate refinancing of the acquisition and rehabilitation cost of the Sycamore Ridge Apartments
(the "Project") at the request of Steadfast TC Development, LLC (the "Developer"). By refinancing
the acquisition and rehabilitation cost, the Developer will get more favorable financing for the
Project The Developer is able to refinance because all the units are occupied with the Project
yielding a positive cash flow which requires a better bond rating. The Project consists of the 160-unit
apartment complex located at 2020 North Guthrie Street Since June 2000, the Developer has owned
and operated the Property.
The Developer has a strong track record of rehabilitating multi-family rental housing. It has acquired
and rehabilitated 37 apartment projects with a total of more than 8,300 units during the last five years.
35 of the Developer's multi-family projects are in California, and 32 of these are in Southern
California. In addition to the Sycamore Ridge Apartments, the Developer has acquired and
rehabilitated one other multi-family project (Village Green Apartments) in San Bernardino. The
Developer has completed the following improvements to the Project: construction of a new leasing
office, learning center, additional laundry facilities, exterior paint, improvement to the landscaping,
security fencing, roofing, and other interior and exterior improvements. The Developer expended
approximately $1.8 million on the overall rehabilitation work of the Project within the past two years.
P:IClcrical Service, DcpllMargarCI Parkcr\AgcndalCDC 2U03\03-01-21 Sycamore RiJgc Mortgage Revenue Bond,.doc
COMMISSION MEETING AGENDA
Meeting Date: 01/2112003
Agenda Item Number: --!1.3!J-
" .
Economic Development Agency Staff Report
Sycamore Ridge Mortgage Revenue Bonds
Page 2
In conclusion, the Project is located in the heart of the Arden-Guthrie area, which is the focus of
revitalization efforts by the Agency. The Agency and City have invested heavily in the area through
the development of the soccer complex, acquisition and demolition of substandard and blighted
nonconforming structures, as well as rehabilitation of the area south of 20th Street, between Sterling
Avenue and Arden Street. The Developer's refinancing of the Project and significant improvements
to the Project is consistent with the overall revitalization goals and objectives of the Agency and the
City.
ENVIRONMENT AL IMPACT:
Not applicable.
FISCAL IMPACT:
The Agency will collect a small processing fee of approximately $2,000 to $5,000 for minimal
coordination with the Authority. The proposed bonds do not constitute a debt of the City, or pledge
of the faith and credit of the City or the Agency. The Agreement further states that the Authority is a
separate legal entity, separate and apart from the City/Agency, and its debts, liabilities and obligations
are not obligations of the City or the Agency. The proposed bond refunding issuance will be secured
with the real estate, and Project revenue will be used to secure the indebtedness issued by the
Authority.
RECOMMENDATION:
That the Mayor and Common Council adopt the attached Resolution.
) ~ 7
~ !r:J:Uf/L-
Maggie Pa heeo, Deputy Director
P:\Clcrical Service, Dcpl\Margarc\ Parkcr\Agcnda\CDC 2003\03-01-21 Sycamore Ridge Mortgage Revenue Bonds,doc
COMMISSION MEETING AGENDA
Meeting Date: 01/21/2003
Agenda Item Number: !? 39
\
RESOLUTION NO.
2
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERJ"JARDINO APPROVING THE ISSUANCE OF
MULTI-FAMILY HOUSING REVENUE BONDS BY THE CALIFORNIA
STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY FOR
THE SYCAMORE RIDGE APARTMENTS IN THE CITY OF SAN
BERNARDINO, CALIFORNIA
3
4
5
6
WHEREAS, the California Statewide Communities Development Authority (the
7
"Authority") is authorized pursuant to the provisions of California Government Code Section
8
6500 el seq. and the terms of an Amended and Restated Joint Exercise of Powers Agreement,
9
dated as of June I, 1988 (the "Agreement"), among certain local agencies throughout the State
10
of California, including the City of San Bernardino (the "City"), to issue revenue bonds in
II
accordance with Chapter 7 of Part 5 of Division 31 of the California Health and Safety Code
12
for the purpose of financing multifamily rental housing projects; and
13
WHEREAS, Steadfast IC Development, LLC (collectively, with any related entity, the
14
"Borrower") has requested that the Authority issue multifamily housing revenue bonds
15
refunding in an aggregate principal amount not to exceed S6,000,000 (the "Bonds") for the
16
purpose of refinancing the existing bond to a AAA rating backed by FHA-GJJ\,};IE MAE on
17
the 160-unit multifamily residential rental project located at 2020 J\orth Guthrie Street, San
18
Bernardino, California and generally known as Sycamore Ridge Apartments (the "Project");
19
and
20
WHEREAS, the Bonds will be "private activity bonds" for purposes of the Internal
21
Revenue Code of 1986 (the "Code"); and
22
WHEREAS, pursuant to Section 147(1) of the Code, prior to their issuance, private
23
activity bonds are required to be approved by the "applicable elected representative" of the
24
governmental units on whose behalf such bonds are expected to be issued and by a
25
governmental unit having jurisdiction over the entire area in which any facility financed by
P:\Clcrical S~rvicc, Dcpt\.\1argarCl Parkcr\Rcsolulioll5\2003\OJ.Ol-12 Sycamore Ridge Mortgage Bonds RC$Ol\lliondoc
1
such bonds is to be located, after a public hearing held following reasonable public notice;
2 and
3 WHEREAS, there has been published, at least 14 days prior to the date hereof, in.a
4 newspaper of general circulation within the City, a notice that a public hearing regarding the
5 Bonds would be held on the date hereof; and
6 WHEREAS, such public hearing was conducted on said date by the Mayor and
7 Common Council, at which time an opportunity was provided to interested parties to present
8 arguments both for and against the issuance of the refunding Bonds; and
9 WHEREAS, the members of this Mayor and Common Council (this "Council") are the
10 applicable elected representatives of the City; and
11 WHEREAS, it is intended that this Resolution shall constitute the approval of the
12 issuance of the refunding Bonds required by Section 147(f) of the Code and Section 9 of the
13 Agreement;
14 NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMII\ED AND
15 ORDERED BY THE MAYOR AND COMMO?\' COUNCIL OF THE CITY OF SAN
16 BERNARDI?\O, AS FOLLOWS:
17
Section I.
The Council hereby approves the issuance of the refunding Bonds by the
18 Authority. It is the purpose and intent of the Council that this Resolution constitutes approval
19 of the Bonds for the purposes of (a) Section l47(f) of the Code by the applicable elected
.20 representative of the governmental unit having jurisdiction over the area in which the Project
21 is located, in accordance with said Section 147(f), and (b) Section 9 of the Agreement.
22 Section 2. The officers of the City are hereby authorized and directed, jointly and
23 severally, to do any and all things and to execute and deliver any and all documents that they
24 deem necessary or advisable in order to carry out, give effect to and comply with the terms
25 and intent of this Resolution and the financing approved hereby.
?:\Clcrical Services DCpl\',\largarcl ParkcnResolulions'JOOJ\03_01_12 Sycamore Ridge Mortgage Bonds Resolution.doc
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2
Section 3.
The City Clerk of the City shall forward a certified copy of this
2
Resolution and a copy of the affidavit of publication of the hearing notice to:
3
Ana Marie del Rio, Esq.
Orrick, Herrington & Sutcliffe LLP
Old Federal Reserve Bank Building
400 Sansorne Street
San Francisco, California 94111
4
5
6
Section 4.
This Resolution shall take effect upon its adoption and execution in the
7
manner as required by the City Charter.
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P:\Clerlcal Services Depl\/l.largarel Parker\Rcsolulio<lS\200J'.03-01-12 Sycamore Ridge Mortgage Bonds Resolution.doc
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3
2
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO APPROVING THE ISSUANCE OF
MULTI-FAMILY HOUSING REVENUE BONDS BY THE CALIFOR~IA
STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY FOR
THE SYCAMORE RIDGE APARTMENTS IN THE CITY OF SAN
BER~ARDINO, CALIFORNIA
3
4
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
meeting thereof, held on the
7
day of
, 2003, by the following vote to wit:
8
Council Members:
Absent
Aves
Navs
Abstain
9
ESTRADA
LONGVILLE
MCGTI\'NIS
10
]1
12
DERRY
SUAREZ
ANDERSON
MC CAMMACK
13
14
15
16
Rachel G. Clark, City Clerk
17
The foregoing resolution is hereby approved this
day of
,2003.
18
19
Judith Valles, Mayor
City of San Bernardino
20
Approv d as to form and Legal Content:
d.
By: ~
21
22
23
24
25
P:\Clerical Servic~s Depl\Margarel ParkerlRcsolul;ons\200J\OJ_O I-I 2 Sycamore Ridge Mongagc Bonds R<:5olution.doc
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4
II
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STElDFAST
ctBlPlIi!1
20411 S,W. lllr<h St., Suile 200
Newport lleach, l:A 92660-1797
T 949.852.0700
F 949.852.0\43
W www.stC8dfastcompanies.com
9 January 2003
Mr. Musibau Arogundade
City of San Bernardino
San Bernardino, CA 92415
Re; Sycamore Ridge Apartments
Dear Mr. Arogundade:
I am writing in response to your questions addressed to Mike LaPierre of CSCDA regarding the TEFRA
hearing schedule for January 20, 2003.
In response \0 your first question, Steadfast Autumnwood, L.P., owned the project at the time the bonds were
originally issued. No change has been made to the ownership since then, nor is any change contemplated.
The name under which we market the project was changed about two years ago from Autumnwood
Apartments to Sycamore Ridge Apartments. The change was made entirely for marketing purposes.
The second question is really not applicable. As you know, under no circumstance can the debt of the
project be a liability of the City. In spite of this fact, I have attached a copy of our 2003 operating budget.
As a result of the proposed refinancing, our monthly debt service will actually decline by approximately
$9,000 per month, and our overall debt will decline by approximately $650,000. Any risk of default, were
there to be any, would obviously be less given the significant reduction in the monthly mortgage payment.
Were a default to occur, the problem would be between Steadfast Autumnwood and our lender, and in no
way would that impact the City. (Please note that the projected capital expenditures remain well in excess of
what many operators may consider "normal", as we continue to malce improvements to the project.)
Cc: Mike LaPierre, CSCDA
Sle~df3.st Aparnncnt CommUnities I Stead-fast ManQ.gen'k1\t Compan)l, Inc
Steadfast Commen'::lill.Propetties I Pa~1fiC' C03!l1: und & COn5tlUl;nOn Co.. mc, I Steadfast Propmld " Oevelopmenl,.1nc. I AMX Reson Holdinss. U..C
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CALIFORNIA
COMMUNITIES
December 19, 2002
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CITY Of SAN BERNARDINO
ECONDMIC DEVELOPMENT AGENCY
VIA FACSIMILE (909) 888-9413 AND REGULAR MAIL
Ms. Maggie Pacheco
Deputy Director
City of San Bernardino
201 North E Street, Suite 301
San Bernardino, CA 92401
Re: Public Hearing for Sycamore Ridge Apartments
Dear Maggie:
As we discussed, Steadfast TC Development (the ''Applicant''), has submitted to the
California Statewide Communities Development Authority (the ''Authority'') an application
(the ''Application'') for the refinancing of a multifamily housing facility known as Sycamore
Ridge Apartments (the "Project") in an amount not to exceed $6,000,000 of tax-exempt
obligations. The Project is located in the City of San Bernardino at 2020 Guthrie Street.
The purpose of this letter is to request the assistance of the City of San Bernardino in
conducting a public hearing on Monday. January 20. 2003 with respect to the proposed
financing.
As you are aware, the Authority is a joint exercise of powers authority consisting of
numerous California cities, counties and special districts, including the City of San
Bernardino. The Authority pursuant to its Amended and Restated Joint Exercise of Powers
Agreement is authorized to assist in the financing of facilities for non-profit public benefit
organizations, including the Applicant. In order to initiate such a financing, the member
participant of the Authority in which the proposed facilities will be located must (i) conduct
a public hearing and (ii) approve the Authority's issuance of indebtedness. Therefore,
although the Authority will be the issuer of the tax-exempt obligations for the Applicant, the
financing cannot proceed without the approval of the City of San Bernardino.
I have attached for your review the Application filed by the Applicant with the
Authority. You will be receiving shordy a letter from Ana Marie del Rio of Orrick,
Herrington & Sutcliffe, serving as bond counsel, describing the public hearing process and
the requirements under state and federal laws, including the Tax and Equity Fiscal
Responsibility Act (TEFRA). This letter will also include for your review the form of
Notice of Public Hearing and the form of City Council Resolution evidencing the City's
approval of the financing. Bond Counsel, at your option, can coordinate for you the
publication of the Notice and the adoption of the Resolution.
-2-
December 19, 2002
Thank you for your assistance in this matter. Please let me know if you require any
additional information concerning the scheduling of such public hearing or if I can be of
any other assistance.
Very truly yours,
~~\)~
Michael LaPierre
Enclosures
cc: Ana Marie del Rio, Orrick, Herrington & Sutcliffe (415-773-5759)
Name of Developer.
Primary ConIact
rille:
SlreelAd<lress:
Cily:
T elapllOne:
E-Man:
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CALIfORNIA
COMMUNITIES
Housing Application
APPI..ICANT INFORMATION
~ <fp~ ~DpfY1Ult. L-LC..
~ rr::Lh Me.+Yl eve II
~u.iS;+i()Y\ Ma.v1..a..D1if
~l-f/l S,,^,, Birvn Sn-.eek 1 9.M"te.. 8.00
N~;-- ~e.a.c-0 Slate: CA Zip Code: Cf"U.oCD.O
ICfllCf) BS2--Ol-OO FaxNumber: {Q4Q")8'S2..- 014-3
,c:; me.}heYe U (W s+-e.otd~;-CO'Mpan i es.. c. anv
BORROWER OJ:SCRIPTION
o For-profll Corporation
~partnershlP
Name of Borrowing Entity:
Date EstaDr.she<t:
o Non-prof4 Corporation 0 Municipality
o Other (speci1Y):
~~ ~n~od ~.~
"2>/00100 '
Numller of Mulll-Family Housing PrDJec:lS Completed Dy Developer in 1..aSl10 YfIlUS:
Number of LoW Income Muni-Family Projec!s Completed by Oowelaper in I..aSll 0 Years:
'fO
2?-
FINANCE TEAM INFORMATION
Und8lWli1erlUoncl purcl1~er
Contact -----Iv\a.rK ~nle
Firm: -oz.\ ('ap;tn"t Go, II=i1A.
Telephone: (\..tI'3) ~"2,~-1 S33
Fax: rttl'3) "1-"33 -\SC:;S
li.mail: fYl:;lrK. r-~ ~ i+o.l CD _ COyyI
Bond eotlnael
Contact F\:na.. Mnv-jp dE".i ~'c
Firm: Orrlcl::, /-Ir.vt"ill'4--t1m ~ &riGJiII r-
Telephone: ~\S) 3'1'2--11 17-
Fax: (415) 1=t3-5TS9
Email: amde/rlo (tVOi'Y"ICK.CawI
FINANCING STRUCTURE:
Years
o None
Q lloIxllr1$lJilnce
Name of Credit Enha"""",,,nt PJDVi<ler or Pnvate Placement Purcl1aser:
Type of fillBncing:
Ma!lllity. 8S
Credit Enhancement:
ExpecIell Rating:
~funding
~ FIXed 0 Variable
Q \.&tIer of Credit
o Olhar
(specify}:
FHA- Ginnie Mote..-
D Moody's _ 0 FIlCh
o public Sale
o Private Placement
IntereSt Rate Mode:
Current Project Name:
N_ project Name:
Project M<lress:
Number of Units:
Amenities:
[] None
Ds&p
PROJE:CT DESCRIPTION
e DXYlD're. Ri
a.r~+S
202-0 6.A.+vU....le.. srr-.e..e.+- Sal1 &>rnllrd-iflO CA ~ if
I' J
\\.QO 10I Size:
~4ed COr-Yl rY"\Wf"l iTl<{.. I-FQY f\ i nQ ce.V'I-\e..r-
..)1 -' I
POO L Spo...
Type of Con&tructlon (i...... Wood Fmme, 2 SlOI)'. 10 Bl/17dings):
-er--
o Please Provide Name,
~.
SOURCE:S & USES
"7 () .F:x.M kfl (\'3 ~ I
TiUe, and TefepllOtl& Number
SOURCES
USES
Bond Proceeds:
TaxCfedits:
OeveloperEquily.
O1Iler Funds (Describe):
$
$
$
5
$
$
$
$
$
laM Acquisition:
BUilding Acq\ll&ition:
Conslruction or Remodel:
CosI of Issuance:
Capi!af1Zed 1000rest
Reserves:
OIher (OellClibe):
TOTAl:
TOTAl:
$
$
$
$
$
$
$
$
$
PUPLlC BENEFIT
Percentage of Unlls in I.Dw lnoolllll Housil1\r- 100"/0
Percentage 0( Median Income for l-ow Income HOIlsing Units:
lor.. /1-1- 8;% Ann PAedian inrJl)>1.i"_
Il1rD crt 00% ~ Med4'~ -,.
unit Size #OfUnits Restricted Rent Market Rent ~xll"'""'rl SlI'IInos
Stu<f1O 0
~ Bedroom lip <3l-\\~
.'32- '012-
rooml
<<-
~<KIrooms go G,O't-
:z.. a'Z- COOT
-<Hledrooms
ADDnlONALINFoRMATION
please provi<le Ihe following infonnalion as a<lcli~ooal allachmants:
AlIeel\ment
A
Desr.r-~Mlnn of Information
$5,000 non-refun<lallla . application fee pa)'allle 10 CSAC Final'lC& Corpcra~on. Tills fee
will De cred~ad 10 your issuance COSTS at dosing.
"Refundable n finant>nn nol 8ooroved.
MAILING ADDRESS
2175 N. California Blvd.
Suite 550
Walnul Creek. CA 94596-3579
Steadfast Properties
Community Data Sheet
---
Propeny: S_mor. Ridg. DaIr. November 22, 2002
AdGreSG: 2020 GuIlll1e Sl Phone: 909-ll64-eOO1
San BeIMClino CA 92404 Fl\lC ~56ll
Counly; San Berned",""
Y_Bllill: 1972
" of Aplll.' 160 Year Purchesod: 1.1..,29.1997
"of ApI. Bldgll.: 20 Y_Rehab, 1999
0tMr Bldga.' Slloll/Officel1..ea Center Rehal> AmI: $1.611.243
1/ of Acres' 17.71 Out of pocket: $125.000
"of~1Y Rms.: ~ TIIX CnKfl\$l8onds; 10P.i0 = 16l.1ni\S
. of End"""....., 5 80160 = 144 UMs
l/ofDIlIl\PGfeI'lI' 5 Tax AblltonNInt: 80% lna>me ..........
I RENTAl. STIlUCTURE I
Numbor Unit Tatal :!..... MaI'I<lIlRant Rant I TOI:II
of Units Typo Sq.fl. sq.Ft. Sq.fl. Per Unit RaIricIiod MartcellloM
16 lXI I 650 10AOO $0.64 5418.00 . 1S f6,i88.ao
32 1.1 650 20.800 $0.74 $512.00 I ~ "G,S84JlD.
80 2<1 119 ea,lXlO ;a.611 $G07.ao 00 t41.-.1O
32 24 975 31 ,2IlO $0.71 $807.00 32 511A24.D0
Total: 160 130,_ 160 $91,QaQO
^veralJG' $0.70 '561.10
I unuru=s PAID BY I
ElecIriaIy o Owner 8 ,...., Southern ear.- Ed;son 1~55S
G3$ 80.."... o _ Tile Gas Ccmoanv HIOO-4n-2200
WIMf o Owrooo o ........ City of San Ilemal'llino BO!Hl69-9501
- o o..oor o ....... CitY of San Bema/IlinO 909-284-5335
Trasn CalleClion o o..ner o _ Clly of San B/!mlHdlna. 3lnI per-~ $1.800/monlh 909-284-5335
Cable 1V OCh.t1<r o _ Me1llhia 9lJ9.633.2363
I ANCILlARY INCOME I
"of Garages: 16 AmL I GlIflIlIe SO TOlaI Garage Iocorne: $0
" of ClIrpOl1S. 112 AmI. I Carport $0 Talal Catpon Incomo: $0
IIWIDCo.Owned : 0 AmL/W/D $0 TDlaI WID 1/1CDn1e: $0
"RefriQ.Co. Ownll<l: 0 AmI. I ReIrig. SO TOlaI ReIrig.II\CDl1le: $0
I ADDITIONAL FEES I
Application fee: $3OIPerson SOCltky ~ps~ $300 Remote Dep<>sit:
I.lIle Fo.... $75 NSFF"",,: $50
PolS "'owed: Dyes 0No What Kind: NlA Pol Oepa$il; NlA
I AMENlTlSS I
o A(C-Cer<raI 0_~ o _"""..GlIm 8__
o ,/C'w:olI<<< ~=~ 0Sl'1 I 0~-
0Ce11ll"ll1f1O<_ o T"""cc..n D-/llfy<rItOolo4l<:<I1
[!J IrdmuaI rtoI:Wi1mr Jic:tRr. GG Stcwe: 0 Cos 0 _ o fool I
12 G3$ Sycamot'll2
I veNDOR COHTllACTS I
0........ Con'oIi_ Wash 51. Drr $1 0",""", ADT $3ll1llanth
0"""ConlrOI JRJ 5250/mDllIII 0 ~ Monon_ SI36/menIh
0~ FarRant $725 0_ M8IfDIlolitan 52.950.00
lbo Original S~21/1Ssua 0.- Orion $1.950/mamh
0~,__ 1.a00.-477-77\l(l 0_
0""""""",,_ 1-60P-64S-1086
Cammon..: VENDORCHANGEONL~
Prapeny Manager: Delma Rios
-
--
1<n.~
Sycamore RidQe Apartments (Autumnwood) Refinancina
In June 2000, Newman Capital purchased tax-exempt private activity bonds allocated by
the State of California and extended a low interest rate loan to finance the purchase of
Sycamore Ridge Apartments (formerly known as Autumnwood Apartments). Newman
Capital is a conduit lender and typically securitizes its bonds through Freddie Mac.
However, Freddie Mac and Fannie Mae refused to securitize Sycamore Ridge
Apartments because of its location in a particularly tough area of San Bernardino. The
best alternative exit strategy for Newman is to wrap the bonds with FHA insurance and
sell them individually, based on the full faith and credit of the US Government.
Consequently, Steadfast, the sponsor, is working with Newman to obtain FHA insurance
for Steadfast Autumnwood LP (the ownership entity).
TRI Capital is the mortgage banker on the Autumnwood deal. HUD has already issued a
Firm Commitment for 223(f) financing, but the Maturity Date of the current bonds is
based on the 2000 issue date and needs to be extended to allow for the 35-year
amortization period granted by HUD. In order to extend the Maturity Date, a TEFRA
public hearing must be conducted in the City of San Bernardino.
I hope this sufficiently explains the need for a public hearing. Please feel free to contact
me if you have any additional questions.
Sarah Metherell
Acquisition Manager
Steadfast Apartment Communities
949-852-0700
smetherell({iJ,steadfastcompanies.com
. f .
** FOR OFFICE USE ONLY - NOT A PUBLIC DOCUMENT **
RESOLUTION AGENDA ITEM TRACKING FORM
Meeting Date (Date Adopted): \ 2 \. C 3 Item # e.. Y, Resolution #
Vote: Ayes : 'J, 'f -(., Nays '2- Abstain 1
Change to motion to amend original documents: ---
2CD3-3t
Absent --{!:y
Reso. # On Attachments: -==--- Conttact term:
Note on Resolution of Attachment stored separately: -=-
Direct City Clerk to (circle I): PUBLISH, POST, RECORD W/COUNTY
tJD
Date Sent to Mayor:
Date of Mayor's Signature:
1- 2 3'("' <,
I-Zl-C.'3
, 7i.C:)
Date of ClerklCDC Signature:
NullNoid After: -
By: -
Reso. Log Updated: './
Seal Impressed: /
----
See Attached: Date Returned:
See Attached:
~-
Date.Memo/Letter Sent for Signature:
60 Day Reminder Letter Sertfllll"39tk A.y'
90 Day Reminder Letter Sent on 45th day:
Request for Council Action & Staff Report Attached:
Updated Prior Resolutions (Other Than Below):
Updated CITY Personnel Folders (6413, 6429, 6433, 10584, 10585, 12634):
Updated CDC Personnel Folders (5557):
Updated Traffic Folders (3985, 8234, 655, 92.389):
Copies Distributed to:
City Attorney /
Parks & Rec.
Code Compliance Dev. Services
Police Public Services Water
Notes:
Yes V No
Yes No ..L-
Yes No -.L-
Yes No -""-
Yes No~
EDA
,/
Finance
MIS
Others:
BEFORE FILING. REVIEW FORM TO ENSURE ANY NOTATIONS MADE HERE ARE TRANSFERRED TO THE
YEARLY RESOLUTION CHRONOLOGICAL LOG FOR FUTURE REFERENCE (Contract Term. etc.l
Ready to File: ~ Date: g. (?J / 0 3
Revised 01/12/01