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HomeMy WebLinkAbout1980-239 San Bernardino 60,005-39-2 '" RESOLUTION NO. 1'0 - r2 :f,q' , RESOLUTION OF THE CITY OF SAN BERNARDINO APPROVING A CERTAIN DEVELOPMENT AGREEMENT WITH A PARTICIPATING PARTY (EDGEHILL) WHEREAS, the City of San Bernardino, California (the "City"), is a municipal corporation duly created, established and authorized to transact business and . exercise its powers all under and pursuant to the Con- stitution and laws of the State of California, the City Charter of the City, and the powers of the City include the power to issue bond, for any of its corporate purposes; and WHEREAS, pursuant to Ordinance No. 3853 of the City, as amended, the City may make long term low interest loans through qualified mortgage lenders to finance residential construction in the City in order to encourage investment and upgrading of such areas and to issue bonds for the purpose of financing such residential construction as authorized by said Ordinance No. 3853, as amended; and WHEREAS, pursuant to said Ordinance No. 3853, as amended, the City must enter into agreements with the Participating Parties, being the developers of the proposed residential housing, prior to the issuance of such' mortgage revenue bonds; and Ie- A233-13 (ds) 6/5/80 , San Bernardino 60,005-39-2 WHEREAS, it is neces3ary at this time that the City approve such Development Agreements with the Participa- ting Party to implement the mortgage revenue bond financing. NOW, THEREFORE, BF IT RESOLVED, DETERMINED AND ORDERED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AS FOLLOWS: Section 1. The City hereby approves the Develop- ment Agreement (Edgehill) as attached hereto as Exhibit "An, by and between the City and Edgehill Investors, a joint venture and Edgehill Developers, a joint venture. Section 2. The Mayor and City Clerk are hereby authorized to execu~e said agreement on behalf of the City with the seal of the City to be affixed thereto. I HEREBY CERTIFY that the foregoing resolution was duly adopt~~ by the Mayor and Common Council of the City of San Bernardino at a , meeting thereof, held on the CJ / 1980, by the following vote, to-wit: -2- A233-l4 (ds) 6/5/80 -3- A233-l5 (ds) 6/5/80 '.' "t :<,-r San Bernardino 60,005-39-1 PO-2-~'={ CITY OF SAN BERNARDINO, CALIFO~,tA DEVELOPMENT AGREEMENT (EDGEHILL) THIS AGREEMENT, made and enter0C into this 20 day of ,)()r'le / , 1980, by and between the CITY OF SAN BERNARDINO, CALIFORNIA, a municipal corporation (hereinafter referred to as the "City") and EDGEHILL INVESTOP.s, a joint venture and EDGEHILL DEVELOPERS, a joint venture (hereinafter collectively referred to as the "Participating Party") . WITNESSETH THAT: WHEREAS, Ordinance No. 3853, adopted by the City on August 20, 1979, as amended (the "Ordinance"), pursuant to the City Charter and Home Rule Powers of the City, which Ordinance provides for the issuance of mortgag~ revenue bonds to finance the acquisition of Mortgage Loans by the City to aid Residential Housing; and WHEREAS, the Ordinance provides that the City may not undertake a Financing for a Partjcipating Party which has not been authorized by prior written agreement between the City and such Participating Party; and WHEREAS, the ~articipating Party is the owner of property described in Exhibit "A" attac~l~Ci hereto and by this reference made a part hereof and hereinafter referr'~f' A22B-l (ds) .6/4/BO ., .San Bernardino 60,005-39-1 to as the "Property" which Exhibit "A" may from time to time be amended, as necessary; and WHEREAS, the Participating Party has demonstrated the financial ability to undertake Residential Housing in the Ci ty; and WHEREAS, proceedings are to be taken by the City under the Ordinance, to purchase or make Mortgage Loans for Financing Residential Housing and to issue Revenue Bonds for the purpose of paying the costs of such Financing, and it is the purpose of this Agreement to set forth the respec- tive rights and obligations of the parties with respect to proposed Mortgage Loans for Financing Residential Housing; and WHEREAS, the Redevelopment Agency of the City of San Bernardino has been named as Project Coordinator pur- suant to City resolution for matters relating to the administration of the mortgage revenue bond Program of the City. NOW, THEREFORE, the City and the Participating Party, for and in consideration of the mutual promises and agreements herein contained and under the conditions herein- after set forth, do hereby agree as follows: -2- A228-2 (ds) 6/4/80 '. San Bernardino 60,005-39-1 Section 1. Incorporation of Basic Documents. The Rules and Regulations pertaining to the Program as the same may exist from time to time are by reference incorporated herein and made a part of this Agreement with the same force and effect as though set forth in full herein; provided, however, that any such changes shall not affect any sub- stantia1 rights granted hereby to the Participating Party, eY.cept as ma1' be required by law. All terms not othen'ise defined herein shall have the same meaning as used in the resolutions of the City providing for the issuance of the Revenue Bonds. '. Participating Party's Responsibilities. Section 2. Participating Party agrees to construct Residences on the Property as described in Exhibit "B", including the time schedule for the construction thereof, which is attached hereto. The timing of construction, dates of completion of the Participating Party's construction and all other material details relating to phasing, timing and the like may be set forth in an Operating Memorandum to the extent required to amend said Exhibit "B" as provided for in Section 22 herein. Section 3. Issuance of Revenue Bonds by City; Fees; Mortgage Origination Schedule. City agrees to use -3- A22B-3 (ds) 6/4/BO San Bernardino 60,005-39-1 its best efforts to issue Revenue Bonds for the purpose of Financing Residential Housing through the making of Mortgage Loans for the Residences to be constructed by Participating Party. Participating Party hereby comwits to construct Residences as described on Exhibit "B", and to the utiliza- tion of an amount estimated to be $13,662,000 of proceeds fro~ Revenue Bonds issued for making Mortgage Loans. The commitment of the Participating Party to so utilize mortgage moneys shall be valid and binding upon the Participating Party and the City, and such moneys are intended to be 50 used for the making of Mortgage Loans on or before April 15, 1983. Participating Party shall remit to the City through the Project Coordinator a commitment fee in an amount equal to one percent (1%) of the Mortgage Loan amount specified above payable to the p~development Agency of the City of San Bernardino. The City will agree to purchase such Mortgage Loans from the Qualified Mortgage Lender at par, but the Participating Party will pay to the Project Coordinator for the City two percent (2%) of the par amount of said Mortgage Loans at close of escrow on each Mortgage Loan. -4- A22B-4 (ds) 6/4/BO San Bernardino 60,005-39-1 Participating Party and the City hereby agree that the purchase of Mortgage Loans by the City from the Qualified Mortgage Lender on the Residences to be construc- ted by the Participating Party pursuant to this Agreement will be n~de in amounts not to exceed those amounts for the respective dates as set forth in the schedule attached hereto as Exhibit "C"; provided, however, that the Partici- pating Party shall be permitted to so utilize such available mortgage funds after the last date of anticipated purchase of Mortgage Loans but prior to April 15, 1983. In connection with the Financing of Residential Housing, the Participating Party shall execute and comply with all of the documents necessary to effectuate the Mortgage Loan(s) and perfect and maintain the security interest therein in favor of the City. In the event the City is unable to issue or sell its Revenue Bonds as herein contemplated, then the City shall not be liable to the Participating Party for any costs, expenses or liabilities previously incurred by Participating Party. -5- A228-5 (ds) 6/4/80 San Bernardino 60,005-39-1 Participatinq Party aqrees that the averaqe sales prices of the Residences shall not exceed $ 45,897 for floorplan A, $51,193. for floorplan A with loft, $49,750 for floor- plan B, $ 55,529 for floorplan C, and $62,790 for floorplan C with loft, based on January, 1980, dollars which may be increased subject to the approval of the City to the date of sale of such Residences to reflect actual inflationary increases relating to the construction of the Residences. Section 4. Costs to be Advanced bv Participating Party and Mortgagors. Participating Party agrees that Participating Party and/or the Mortgagors will advance all required costs, including, but not limited to, mortgage insurance application fees, loan origination fees, engineer- ing, architectural, planning and construction costs and all other costs relating to performance of Participating Party's obligations under this Agreement. Section 5. Conformity With Rules and Requlations, Etc. Participating Party agrees to construct the above- described improvements and maintain same in such a manner as required by the Rules and Regulations, City building and zoning requirements and/or this Agreement. -6- A22B-6 (ds) 6/4/BO San Bernardino 60,005-39-1 Section 6. City Approval of Construction Plans. Participating Party agrees that any and all plans for grading, buildings, structures, appurtenances thereto, landscaping, architectural design, use and location of buildings shall be submitted to the City and approved by the City prior to construction (unless construction has commenced prior to the date hereof, in which event such construction plans shall be considered approved), and such approval shall not be unreasonably withheld by the City. Section 7. Sign Standards. Participating Party agrees that no sign shall be constructed, attached, inscribed, affixed or painted on or to any building on the Property unless and until the design for such sign has been presented to and approved by the City as to location, size, design and construction and such approval shall not be unreasonably withheld by the City. It is not the intent of the City to prohibit the construction and use of customary and usual signs by Participating Party, contractors and lenders, and customary and usual signs advertising property for sale. Section B. Curbs and Sidewalks. Participating Party agrees that the area between the City curb and City right-of-way and/or sidewalk shall be to City specifications and/or landscaped and maintained by Participating Party as a condition of use. -7- A22B-7 (ds) 6/4/BO San Bernardino 60,005-39-1 Section 9. Construction Schedule. Participating Party agrees and covenants to enter into a valid binding offsite construction contract for grading work and the construction of improvements (with provisions for faithful performance and labor and material bonds to assure construc- tion therein contemplated) with a reputable contractor on or before the time set forth in the Operating Memorandum, if required, as referred to in Section 2 above, said construction contract to provide for the construction of the improvements described in Section 2, and to provide for a construction period not to exceed the time set forth as referred to in said Section 2 above. In lieu of entering into such a construction contract, the Participating Party may (unless construction has commenced prior to the date hereof and/or Participating Party has elected to use its own forces, in which event permission shall be deemed to have been given by the City) submit an undertaking to do the construction herein contemplated with its own forces. Section 10. Removal of Restrictions. The Partici- pating Party and City shall cooperate to the end that any and all restrictions existing, if any, as of the date of execution hereof against the Property which are contrary to those contained in the Rules and Regulations and/or this Agreement or which might prevent this Agreement from being p~rformed as contemplated, shall be removed. -8- A228-8 (ds) 6/4/80 San Bernardiao 60,005-39-1 Section 11. Access. The Participating Party agrees to permit and does hereby permit the City access to the Property for any purpose deemed necessary by the City for carrying out the provisions of the Rules and Regulations and this Agreement. This access shall i~clude inspection of work by representatives of the City, the United States Government, nortgagees, or any local or State agency having jurisdiction with respect to any local or State building codes or regulations. Section 12. Documentation. The Participating Party and the City shall cooperate in the taking of all steps legally necessary' or required, and shall join, when necessary, in executing or signing such new sub- division plats, and other documents that may be required, if any. Further, each party shall join, whe~ necessary, in the recordation of any documents which may be required to insure that the development and use of the Property is in accordance with this Agreement, including, without limitation, the Certificate of Completion as described in Section 18 hereof, a form of which is attached hereto as Exhibit "D" and made a part hereof. Section 13. Default, Notice and Remedies. Failure to comply with any of the terms of this Agreement by either party constitutes a default or breach of the -9- A228-9 (ds) 6/4/80 " " San Bernardino 60,005-39-1 Agreement. In the event of default or breach of this Agreement or any of its terms or conditions by either party, the party alleging such default or breach shall give the breaching party not less than thirty (30) days notice of said default or breach. Notice shall be given by regis- tered mail, postage prepaid, addressed to the respective f parties as follows: To City: City of San Bernardino 300 North nD" Street San Bernardinc, California 92418 To Participating Party: Edgehill Investors 5375 E. Second Street Long Beach, California 90803 The breaching party shall have thirty (30) days from the date said notice is given to cure said breach. The date of giving said notice shall be deemed to be the date of mailing thereof. Changes of address for notice purposes shall be hereafter designated in writing by either of the parties hereto and sent to the other party by certified mail. As a further and cumulative remedy, the Participating Party, for itself, legal representatives, successors, and assigns, agrees that the City, its successors and assigns, has the right and power to institute and prosecute any pro- ceeding at law or in equity to enforce any covenants and -10- A228-l0 (ds) 6/5/80 San Bernardino 60,005-39-1 agreements herein contained and to enjoin the threatened or attempted violation thereof by the Participating Party, legal representatives, successors, tenants and assigns and/or to collect damages from the aforesaid, whomsoever of which may violate said covenants and agreements; and in addition, the Participating Party for itself, legal represen- tatives, successors and assigns does hereby grant the City such right and power to institute and prosecute such proceedings. This Agreement shall be construed and enforced in accordance with the laws of the State of California. Should any action be brought in any court of competent jurisdiction, the prevailing party in such action shall be entitled to all attorney's fees, court costs and necessary disbursement in connection with such litigation. Section 14. No Personal Liability of City. It is understood and agreed that no official or employee of the City shall be personally liable to the Participating Party . or to anyone else as to any obligation or obligations under the terms of this Agreement. The Participating Party shall save the City, and all parties in privity to it, harmless from all claims, demands, causes of action, expenses, and -11- A228-11 (ds) 6/5/80 , '. . San Bernardino 60,005-39-1 liability of whatsoever kind or nature which may arise out of, because of, concerning, or incident to Participating Party's performance under this Agreement. Section 15. Participating Party's Private Undertaking. The development 'covered by this Agreement is a private undertaking, and the Participating Party shall have full power over ana exclusive control of the Property herein described; subject only to the limitations and obli- gations of the Participating Party under this Agreement. Section 16. Successors and Assigns. This Agreement shall be in full force and effect and shall inure to the benefit of and be binding upon the parties hereto, their respective successors or assigns from the date of its execution. Section 17. Nondiscrimination. The Participating Party agrees that, in addition to the other provisions set forth in this Agreement, the Property shall be used as set forth in this Section, and the Participating Party further agrees that every conveyance of the Property shall, in addition to any other covenants, contain covenants on the part of the Participating Party, for itself, successors, and -12- A228-12 (ds) 6/4/80 San Bernardino 60,005-39-1 assigns of the Property described herein, which covenants shall be covenants running with the land and shall bind the Participating Party, successors and assigns and all persons claiming under or through them to effectuate the fOllowing: (a) That the work of the development of the . Property or part or parts thereof as in this Agreement provided shall be carried out. (b) That there shall be no discrimination against or segregation of any person or group of persons on account of race, color, creed, religion, sex, marital status, national origin, or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the premises to be conveyed, nor shall the Participating Party or any grantees or any persons claiming under or through them establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees in the premises to be conveyed. (c) That, after the satisfactory completion of any construction or alterations to the Property made necessary by this Agreement, the Property shall be devoted to the uses -13- A228-13 (ds) 6/5/80 iH--- San Bernardino 60,005-39-1 specified in this Agreement and shall not, in whole or in part, be devoted ~o any other use or used for any other purposes. (d) That such agreements and covenants shall run with the land, and shall inure to the benefit of and be enforceable by the City, its successors and assigns. Further, it is intended and agreed that the covenants con- tained in subsection (b) of this Section 17 shall remain in effect without limitation as to time. (e) Such agreements and covenants shall run in favor of the City for the entire period during which such agreements shall reffiain in force and effect without regard to whether the City has at any time been, remains, or is an owner of any land or interest therein to which these cove- nants relate. In the event of any breach, the City shall have the right to exercise all the rights and remedies available at law or in equity to enforce the curing of such breach. Section 18. Certificate of Completion. The City, its successors and assigns agree that upon the compliance by the Participating Party with the terms of this Agreement which pertain to the construction of the Property improve- ments, it will provide and furnish Participating Party with -14- A228-14 (ds) 6/5/80 San Bernardino 60,005-39-1 a Certificate of Completion (in the form found in Exhibit "0") certifying that construction, and other improvements required pursuant to this Agreement, have been completed to the satisfaction of the City, its successors and assigns. The Participating Party may request the City to issue, and the City shall so issu~, a Certificate of Completion upon completion of the Property improvements in phases, if app1i- cable, and if such phases of constructim. o.re set forth on Exhibit "B". " Section 19. Noninterference With Mortgagors. The provisions of this Agreement do not limit the right of obligees to foreclose or otherwise enforce any mortgage, deed of trust or other encumbrance upon the Property and the improvements thereon, or the riqht of obligees to pursue any remedies for the enforcement of any pledge or lien upon the Property, provided, however, that, in the event of a foreclosure sale under any such mortgage, deed of trust or other lien or enclli~brance, or sale pursuant to any power of sale contained in any such mortgage or deed of trust, the purchaser, or purchasers and their successors and assigns, and the Property, shall be, and shall continue to be subject to all of the conditions, restrictions and covenants herein provided for. -15- A228-15 (ds) 6/5/80 San Bernardino 60,005-39-1 Section 20. Events of Default. "Event of Default" wherever used in this Section, means anyone of the fOllowing events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary, or be effectual by operation of law pursuant to any judgment, decree or order of any court or any order, rule or regulation of any adminis- trative or governmental body superior to the City) : (a) Default in the performance, or breach, of any provision of this Agreement by Participating Party, and con- tinuance of such Default or breach for a period of thirA~ (30) days after the City has given notice as specified in Section 13, and requiring it to be remedied and stating that such notice is a "Notice of Default" hereunder; or (b) The entry of a decree or order by a court having jurisdiction in the premises adjudging the Parti- cipating Party bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment 0:: composition of or in respect of the Participating Party under the Federal Bankruptcy Act or any other applicable federal or state law, or appointing a receiver, liquidator, assignee, trustee, sequestrator, or other similar official of the Partici- pating Party or of any substantial part of its property, -16- A23l-l (ds) 6/5/80 San Bernardino 60,005-39-1 or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of thirty (30) days; or (c) The institution by the Participating Party of proceedings to be adjudged bankrupt or insolvent, or the consent by it to the institution of bankruptcy or in~olvency proceedings against it, or the filing by it of a petition or ~nswer or consent seeking reorganization or relief under the Federal Bankruptcy Act or any other applicable federal or state law, or the consent by it to the filing of any such petition or to the appointm2nt of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Participating Party or of any substantial part of its property, or the making by it of an assignment for the benefit or creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Participating Party in furtherance of any such action. Notwithstanding Section 13 hereof, if an Event of Default occurs, the City at its sole option, may terminate this Agreement at any time by giving thirty (30) days' notice. -17- A23l-2 (ds) 6/5/80 San Bernardino 60,005-39-1 Section 21. Changes in Organization/Bankruptcy/ Fraud. The Participating Party shall immediately notify the City of any contemplated, material changes in its organization. The Participating Party shall immediately notify the City of any voluntary or involuntary pro- ceedings which might result in bankrup~cy, reorganization, dissolution, liquidation, the appointment of a trustee or receiver, an assignment-for benefit of creditors or the Participating Party being placed on probation or having activities restricted in any manner whatsoever by any governmental agency. The Participating Party shall promptly notify the City of all cases of embezzlement, fraud, criminal or dishQnest acts of any employee, officer or agent, or of the cancellation or nonrenewal of fidelity bonding coverage relating to or having an effect upon . the City's rights with respect to this Agreement. The \ Participating Party shall promptly notify the City of any other matter which might constitute an Event of Default hereunder. Section 22. Operating Memoranda. It is recog- nized that performance. under this Agreement will require a close degree of cooperation between the City, the Project CoordInator and the Participating Party. It is further realized that experience will demonstrate changes that may -18- A23l-3 (ds) 6/5/80 San Bernardino 60,005-39-1 be required in the performance hereunder, and that a certain degree of flexibility will be required; and it is to pre- serve such flexibility that certain items (whether or not specifically referring to an operating memorandum or operating memoranda) have been covered in this Agreement in general terms only, with the understanding that details may be set forth in "operating memoranda" if, and to the extent, required. Each operating memorandum shall be approved by the City and the Participating Party and shall be attached hereto as an addendum and become a part hereof and may be changed and amended from time to time as necessary with further approval by the City and the Participating Party. Section 23. Severability. Each and every section of this Agreement is, and shall be construed to be, a separate and independent covenant and agreement. If any term or provision of this Agreement or the application thereof shall to any extent be invalid or unenforceable, the remainder of this Agreement, or the application of such term or provision to circumstances other than those to which it is invalid or unenforceable shall not be affected thereby, and each term and provision of this Agreement shall be valid and shall be enforced to the extent permitted by law. -19- A23l-4 (ds) 6/5/80 . . San Bernardino 60,005-39-1 Section 24. Execution. This Agreement is executed in counterparts, each of which shall be deemed to be an original, and such counterparts shall constitute one and the same instrument. IN WITNESS WHFREOF, the City and the Participa- ting Party have executed this Agreement as of the date first above written. CITY OF SAN BERNARDINO [SEJI.L) ATTEST: ~@1'~~ ./ C~ty erk PAR [SEAL] By Pre ent Title Eastern Pacific Development APPROVED AS TO LEGAL FORM AND ADEQUACY: BYc'/~___.e.<~//=""""~~./' ~~ President p"~J;~Tit1e Wa=er W. "0"'= evelopment Co. City Attorney -20- A231-5 (ds) 6/5/80 , , J . San Bernardino 60,005-39-1 STATE OF CALIFORNIA ) ) ss. COUNTY OF San Bernar~ino On June 24 , 1980, before me, the undersigned, a Notary Public in and for said County and State, personally appeared Rick Doremus and Warner W. Hodgdon , known to me to be the persons whose names and titles appear on the within instr~~ent, subscribed to the within instrument and acknowledged that they executed the same. . (OFfICIAt SEAL! VALERIE E. SORISTO NOTP.RY PUBLIC . CALIFORNIA SAN BERNARDINO COUNTY 'on Expires July 28. 19iQ ~,; ~j ignature 0 otary M Valerie E. Soristo Name (Printed) of Notary STATE OF CALIFORNIA ) Sa.." ) ss. COUNTY OF ?w ("M r-J~~'() ) On -June..- zS- , l!l~o, before me, +..he undersigned, a Notary Public in and for said County and State, personally appeared w. R-. tblc()",^,t, and .s he. I J '''''' . Q \0. '\ K , known to me to be the Mayor and the C~ty Clerk, respectively, of the City of San Bernardino, California, a public body, which executed the within instrument, known to me to be the persons who executed the within instrument on behalf of said public body, and acknowledged to me that such said public body executed the within instrument pursuant to the authority granted by its governing board. ~ . 1:; . f)ru.L--WU S gnature of Notary [SEAL] ~<i Rctra R. I:\Il'HTt'12, Name Printed) of Notary ...~~ "'~""-L,.-t,A"'.... 11 ",.:=; t ;,~ (OI'"FICIAL SEAL} rt~~~~J SANDRA A. BAXTER I ~".:/j NOTl'RY PUBLIC. CALIfORNIA ~.. ..'/ SAN BeRNARDINO COUNTY ~~.~~~;_~is~~~~~:~!r.es Dec. 7, 1981 ....-.....~.-v-'}- -21- A24-9 (ds) 6/5/80 '. EXHIBIT A (Legal Description and Map of Property of Participating Party) -22- San Bernardino 60,005-39-1 A227-11 (ds) 6/5/80 ~ ~lriM "_II_lit.. ,h~H' ~""H~ HHH~ ..,.Il...~. ~ ;.t..~~t ~"HH~ ~ _____It:t 'l'l'HH ~n~H t,~~~~ ......!'I..III: i~..~' .H~'!~ I .... ~~- - , i ~ . .... -'" .N' .... :.u .P :lJ .. n .. 1TI t -<l .. ~ .. r- ~ ~ III t' "'.~ ~.hl. I :1 ~.. ... r:::Y~ t i~ ~I tf ... ~ ~. ~ .~ ~ ."fIJ . ,11-' ~ ..,I' "., ..~ ~ " ~ ..~ . s - U C\.l ....-.. . -r;r;........ ~ ,~ -~ \ 'u- ': . "'11 ~ .. ~ .,.. .. ..C) - H ~ n .... '=-0 1TI ;;:1" ~... "'.... i: t'" ~ r- t., ~'t .. .. i~ .. .. t: ~ t ~ .. .. lr ~~. ~ i: ~ . ~ I~ ~ ~: ~J ~ .. ;~~~ ~l I ?: It' "J ! "'~ 1TI .. .. t I .. r- ... ~ \ /.. ,t.. . ~.. ;,1I;.li:.. , . 5 .... .. \- .. I " EXHIBIT "A" EXEIBIT B (Description of Property improvements, including time schedule) -23- San Bernardino 60,005-39-1 A24-11 (ds) 6/5/80 WAR.NER. W. HODGDON tHD.raND'NT ftNANCIAL CONSUL%ANT ~N"'Nn . ftWAft ....,.....,. . I"DUna' . AOIJCUU'UU 323 COURT snlET SAN 'UNA_DINO. CALI'ORNIA 82401 (114)665._ June 5, 19M Ef'lGEHILL VILLAGE CONDOMI"IIJ~1S THE f"IEVELOPMENT ANI) THE f'lFVELC"PEP The followin~ is a summary of the Edj1;ehill Village Condominium development expected to be financed with the proceeds of the MortgaJ!:e Revenue Ronds, inc1udin~ a brief description of the related f'leveloper (the "develooer"). The following information is furnishen and is included on the basis of its accurate representation. THE "FVFL0P\1E!'JT Ed~ehill Villaj1;e CondofT1iniufT1s is comprised of approximatelv 28 acres. The development is located in the State ,-ollege No. II Redevelopment area of the Citv of San Rernardino known as Shandin Hills. The propertv fronts on the northwest corner of Little '.10untain f'lrive ann Ed~ehill I)rive. The propertv abuts Rlair Park to the south, and the Citv of San P.ernardino ooen space land to the northeast. The property to the west will be developed through the ritv of San Rernardino Recievelopment AJ!:encv plan as an I~-hole public golf course, which will commence construction durinJ!: early] 980. The development of the Ed~ehill condominium units will be accomplished in two phases. Phase I consistin~ of 120 units which will commence construction February 1980, and Phase II consistinj1; of 156 units which will commence construction !',ugust 1980. The Phase I units will have anticipated closinl!; commencin~ AUJ!:ust 1980, and Phase II units will have anticipated closings commencing Februarv ]981. This project has been anticipated over the past ] ~ months and all necessary data and documentation have been reviewed by the appropriate Citv departments in order that building permits may be obtained concurrently with the availabilitv of this funding. In addition, the expediency of this project development is further accomplished by the fact that all offsite and onsite j1;radin~ and improvements have been completed. EXHIBIT "B" WAIlNI!l W. HODGDON GIlOUP AfPILIATES '. Said project will have sales prices ranging from ~45,900 to ~62,800 for an averaj1;e of approximatelv $52,500. Ed!\ehill Village, which is comprised of approximately '27f. units, will have the following five basic plans: Plan ,... 72f. square feet living space I bedroom, I bath 46 units total Average sales price $45,897 Plan A + Loft 907 square feet living space 2 bedrooms, I bath 46 units total Average sales price ~51,193 Plan P, 807 square feet living space 2 bedrooms, I bath 92 units total Average sales price ~49,7 50 Plan r 978 square feet living spac.. 2 bedrooms, I bath 46 units total A verage sales pr ice $55,529 Plan r + Loft 1195 square feet living space 3 bedrooms, 2 bath 46 units total A verage sales price ~62, 790 All homes will have one or two car !1;arages and built-in amenities for the buyer. These amenities will include, but are not limited to, automatic garaj1;e door ooener; dishwasher; garbage disposal: washer and dryer: caroeting; and professional land- scaping with automatic sprinkler system. There will be four recreational facilities, including swimming and therapy pools, and cabanas with supportin~ amenities also provided. I The hOlT'eowners and their families will also be afforded accessibility to the facilities of the 27-acre Blair Park, along with the forthcoming public golf course and Elk's Golf Clubhouse, which will be an equal opportunity operation open to the public. This method of fundin~ was part of the original development consideration and the Mortgage Revenue Bond issue requirement remains as ori~inally estimated, which is approximately 545,900 to $62,llOO per unit. TliE I'IEVFLOPER The development of this project is a joint ventUre between Warner '~'. Hod~don Development Company Inc., principals of which are Warner W. and Sharon D. Hogd~on; and Eastern Pacific Development Company, the principal of which is Mr. Richard L. Doremus. '. Mr. Hodgdon has had extensive development ami construction experience and is the principal of a major constrtlctic-n company, 1. D. fliffenbaugh, which operates extensively in San I'.ernardino and Piverside counties. The J. D. Oiffenbaugh Company has built many residential units, and \~r. Hod~don has personally constructed residential housing for .'Over 20 years. Eastern Pacific Oevelopment Company has t-een buildin~ in San Bernardino for approximately three vears and has done single and multi-family construction, including one of the most recently successful condominium projects in the Mountain 'ihadows area. The developers of Fdgehill Villa~e stand ready, willing, and able to be part of the overall forthcoming "ort~age P.evt'nue Flond issue in order to provide affordable housing, employment growth, and Ion!!, range and economic viability to the San Bernardino area. As a concurrent benefit to the City, the developers' ability to comlT'ence construction upon the issuance of the construction funds will provide social and economic benefit to the Citv immediately. Respe~fully~~ted, / ' i~~e'7. < L;~ " Projects Coordinator WG/js '. '0 Date August 1980 February 1981 EXHIBIT C (Mortgage Take Down Schedule) -24- Amount $ 5,940,000 $ 7,722,000 $13,662,000 San Bernardino 60,005-39-1 A231-6 (ds) 6/5/80 . '. '.. San Bernardino 60,005-39-1 EXHIBIT 0 When Recorded, Mail to: CERTIFICATE OF COMPLETION We, , Mayor and , Project Coordinator of the City of San Bernardino, California, hereby certify as follows: By its Resolution No. , adopted and approved , 19___, the City of San Bernardino, california has resolved as follows: Section 1. The improvements required to be constructed in accordance with that certain Development Agreement ("Agreement") dated , 19_, by and between the City of San Bernardino, California and ("participating Party") have been completed in accordance with the provisions of said Agreement. -25- A23l-7 (ds) 6/5/80 . . San Bernardino 60,005-39-1 Section 2. This Certificate of Completion shall constitute a conclusive determination of satisfaction of the agreements and covenants in said Agreement with respect to the obligations of the Participating Party, and its successors and assigns, to construct the improvements and the dates for the beginning and completion thereof. Section 3. Tne real property to which this Certi- ficate of Completion pertains is that certain land located in the City of , County of , State of California, more particularly described as: DATED AND ISSUED this day of , 19 Project Coordinator for the City of San Bernardino, California Mayor of the City of San Bernardino, California -26- A23l-8 (ds) 6/5/80 EDGEfHLL/HODGDON San Bernardino 60,005-39-1 Part1c1pat1nq Party aqrees that the averaqe sales prices of the Residences shall not exceed $45,897 for floorplan A, $41,193. for fl~orplan A with loft, $49,750 for floor- plan B, $ 55,529 for floorplan C, and $62,790 for floorplan C with loft, based on January, 1980, dollars which may be increased subject to the approval of the City to the date of sale of such Residences to reflect actual inflationary increases relating to the construction of the Residences. Section 4. Costs to be Advanced bv Participating Party and Mortgagors. Participating Party agrees that Participating Party and/or the Mortgagors will advance all required costs, including, but not limited to, mortgage insurance application fees, loan origination fees, engineer- ing, architectural, planning and construction costs and all other costs relating to performance of Participating Party's obligations under this Agreement. Section 5. Conformity With Rules and Regulations, Etc. Participating Party agrees to construct the above- described improvements and maintain same in such a manner as required by the Rules and Regulations, City building and zoning requirements and/or this Agreement. -6- 1.228-6 (ds) 6/4/80 , , '.. " .~~ - -'" .,.. "," - ~ ~ ::0 ... n -G :; lTI I ~ .. r- ~ 0 ~ ." ~ l\l .._at_". Iff ~6i'.",. I ".""", i! ~i ~"'''H'' ~HHH .,.....!I>. .. ~ ~i ~I ~ .M'" ~ .w~" t~ I ,..t...~t - II C\'l '~HH\ ~~. ",I" " -~ ~ '\3' ~ ': ,~ i .. .' .(l) - .. U ~ n .... ""0 . . ~ ,- lTI '" I~ mXllf , r- ~ , . I" ~, . ... I~ . ~ "_'_.a , ,,:: ~ ~ "'I'HH .. Ir n. 'H~H i~ I ,,~~,,~ . w l~ ~., _...,.... ~...'n ~ " ii~i H'''\ t\ I ~ i\ I"SI lTI .. ~ r- "\ /... \ .t-. EXHIBIT "A" .. .. . I .. .. . \" nL .. I " . . WAllNER W. HODGDON IND."NDIHf PlNANClAL CONaulZANT ~uwn . I'UWIft IMftaPUaI . '"DUnay . _"'CUPVU In couaT nun IAN a.aNAaDINO. CALtpQl.NlA 82401 (fl4) &as........ June 5, 1980 EOGEHILl VILLAGE CONDOMIN[UMS THE DEVELOPMENT AND THE DEVELOPEP The following is a summary of the Edgehill Village Condominium development expected to be financed with the proceeds of the Mortgage Revenue Bonds, including a brief description of the related Oeveloper (the "deve[oper"). The following information is furnished and is included on the basis of its accurate representation. THE nEVFLOPMENT Edgehill Village Condominiums is comprised of approximately 28 acres. The development is located in the State College No.4 Redevelopment area of the City of San Bernardino known as Shandin Hills. The property fronts on the northwest corner of Little Mountain Drive and Edgehill Drive. The propertv abuts Ellair Park to the south, and the Citv of San Bernardino open space land to the northeast. The property to the west will be developed through the City of San Bernardino Redevelopment Agency plan as an IS-hole public golf course, which will commence construction during early J Q80. The development of the Edgehill condominium units will be accomplished in two phases. Phase [consisting of 120 units which will commence construction February 1980, and Phase" consisting of 156 units which will commence construction August 1980. The Phase [units will have anticipated closing commencing August 1980, and Phase" units will have anticipated closings commencing February [98[. This project has been anticipated over the past IS months and all necessary data and documentation have been reviewed by the appropriate City departments in order that building permits may be obtained concurrently l"ith the availability of this funding. [n addition, the expediency of this project development is further accomplished by the fact that all offsite and onsite grading and improvements have been completed. EXHIBIT "B" WAINU W. HODGDON OROUP AFFILIATES .._--~~, <.* Said project will have sales prices ranRinR from $4.5,900 to S62,800 for an average of approximatelv $.52,.500. Edgehill Villalle, which is comprised of approximately 276 units, will have the following five basic plans: Plan A 726 square feet livinll space I bedroom, I bath 46 units total Average sales price $4.5,897 Plan A + Loft 907 square feet livin~ space 2 bedrooms, I bath 46 units total Average sales price ~.51,193 Plan B 807 square feet living space 2 bedrooms, I bath 92 units total Average sales price $49,7.50 Plan C 978 square feet living space 2 bedrooms, I bath 46 units total Average sales price $.5.5,.529 Plan c: + Loft 119.5 square feet living space 3 bedrooms, 2 bath 46 units total A verage sales price $62,790 All homes will have one or two car garages and built-in amenities for the buyer. These amenities will include, but are not limited to, automatic garage door opener; dishwasher; garbage disposal; washer and dryer; carpeting; and professional land- scaping with automatic sprinkler system. There will be four recreational facilities, including swimming and therapy pools, and cabanas with supporting amenities also provided. ,- . . . . The homeowners and their families will also be afforded accessibility to the facilities of the 27-acre Blair Park, along with the forthcoming public golf course and Elk's Golf Clubhouse, which will be an equal opportunity operation open to the public. This method of funding was part of the original development consideration and the Mortgage Revenue Bond issue requirement remains as originally estimated, which is approximately $45,900 to $62,800 per unit. THE f'\!:VElOPER The development of this project is a joint venture between Warner W. Hodgdon Development Company Inc., principals of which are Warner W. and Sharon D. Hogdgon; and Eastern Pacific Development Company, the principal of which is Mr. Richard l. Doremus. Mr. Hodgdon has had extensive development and construction experience and is the principal of a major construction company, J. D. Diffenbaugh, which operates extensively in San Bernardino and Piverside counties. The J. D. Diffenbaugh Company has built many residential units, ann ~~r. Hodgdon has personally constructed residential housing for over 20 years. Eastern Pacific Development Company has been buildin!!: in San Bernardino for approximately three years and has done single and multi-family construction, including one of the most recently successful condominium projects in the Mountain Shadows area. The develooers of Edgehill Village stand ready, willing, and able to be part of the overall forthcoming ""ort!!:age Revenue Bond issue in order to provide affordable housing, employment growth, and long range and economic viability to the San Bernardino area. As a concurrent benefit to the City, the developers' ability to commence construction upon the issuance of the construction funds will provide social and economic benefit to the City immediately. ntitte, ~../' ~ ;~ ~i~~ , Wa ac en. Projects Coordinator WG/js