HomeMy WebLinkAbout1981-536
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San Bernardino
Brier Drive Assoc.
50,002-1-2
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RESOLUTION NO. 81-536
RESOLUTION OF THE MAYOR AND CO~10N COUNCIL
OF THE CITY OF SAN BERNARDINO FINDING THAT
AN APPLICATION FOR INDUSTRIAL DEVELOPMENT
BOND FINANCING HAS BEEN SUBMITTED PURSUANT
TO THE PROVISIONS OF ORDINANCE NO. 3815 OF
THE CITY FOR A CERTAIN PROJECT, FINDING
THAT SAID APPLICATION COMPLIES WITH THE PRO-
VISIONS AND REQUIREMENTS OF SAID ORDINANCE
NO. 3815; APPROVING SAID APPLICATION AND
THE PROJECT TO ~IICH IT REFERS; DIRECTING
THE PREPARATION OF A PROJECT AGREEf1ENT, A
RESOLUTION OF ISSUANCE AND SUCH OTHER LEGAL
DOCill1ENTS AS MAY BE NECESSARY TO CARRY OUT
SAID PROJECT AND PROVIDE FOR THE ISSUANCE
OF INDUSTRIAL DEVELOPMENT REVENUE BONDS
THEREFOR; AND MAKING CERTAIN OTHER FINDINGS
AND DETERI-IINATIONS IN CONNECTION THEREWITH
BRIER DRIVE ASSOCIATES,
A LIMITED PARTNERSHIP
WHEREAS, the City of San Bernardino ("City" herein).
1S a "home rule city" duly organized and existing under and
pursuant to a Charter adopted under the provisions of the
Constitution of the State of California; and
WHEREAS, pursuant to its home rule powers, the City
duly and regularly enacted Ordinance No. 3815 ("Ordinance"
herein) to finance various types of projects, as defined in
the Ordinance, and to issue its special revenue bonds for the
purpose of paying the cost of financing such projects, and has
amended the same from time to time; and
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San Bernardino
Bri'er Drive Assoc.
50,002-1-2
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WHEREAS, said Ordinance No. 3815, as amended, is
intended to finance the development of industry and commerce
and to thereby broaden the employment opportunities for
residents of the City and its tax and revenue base; and
WHEREAS, there has been presented to this Mayor
and Common Council an Application by BRIER DRIVE ASSOCIATES,
A LIMITED PARTNERSHIP (the "Applicant"), requesting the
issuance of industrial development bonds in the principal
amount not to exceed $1,085,000 for the purpose of financing,
a certain Project, to wit: two (2) concrete tilt-up industritil
buildings providing a total of approximately 45,100 square
feet of man'lfacturing and office space, on a certain site
now known as lots 17 and 19 of tract 5464 of the Inland
Industrial Park, San Bernardino, including, without limitation,
equipment and off-street parking for motor vehicles and off-
site and on-site improvements necessary therefor and appur-
tenances and appurtenant work (the "Project"). The Applicant
is applying for construction financing and permanent financ-
ing of the Project, on its own behalf and on behalf of its
successors and assigns, if any, including without limitation
the purchaser(s) of either or both of the two(2) industrial
buildings of the Project.
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San Bernardino
Brier Drive Assoc.
50,002-1-2
NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED
AND ORDERED BY THE MAYOR AND CO~lON COUNCIL OF THE CITY OF
SAN BERNARDINO AS FOLLOWS:
Section 1. That the recitals set forth herein-
above are true and correct in all respects.
Section 2. The City of San Bernardino, California,
1S a municipal corporation duly created, established and
authorized to transact business and exercise its powers, all
under and pursuQnt to the Constitution and laws of the State
of California, and the City Charter of the City, and the
powers of the City include the power to issue bonds for any
of its corporate purposes.
Section 3. Pursuant to the Charter of the City
and Ordinance No. 3815, as amended, of the City, the City is
legally authorized to issue special revenue bonds for the
permanent financing as described in the recitals hereof.
Section 4. This body constitutes the governing
body of the City and is legally authorized to provide for
the issuance of such special revenue bonds by the City.
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San Bernardino
Brier Drive Assoc.
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Section 5.
The Project referred to in the recitals
hereof constitutes a project which may be financed by the
issuance of such special revenue bonds by the City ftnd
located within the jurisdiction of the City.
section 6. The Application referred to in the
recitals hereof complies with the provisions and requirements
of said Orcinance No. 38lS, as amended, and the Project
involved in such application is hereby approved and the
provisions of Subsection (d) of Section 10 and Subsection
(a) of Section 11 of said Ordinance No. 381S shall not
apply.
section 7. The City hereby declares its intention
to exercise the authority referred to in Section 3 hereof by
issuing bonds of the city in such amounts as will be adequate
to implement the city financing of the Project.
section 8. The bonds shall be payable from the
revenues described in said Ordinance No. 3815, as amended.
Section 9. The bonds shall be and are special
obligations of the city, and, subject to the right of the
City to apply moneys as provided in the applicable laws, are
secured by such revenues as are specified in the proceedings
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San Bernardin"
Brier Drive Assoc.
50,002-1-2
for the issuance of such bonds and funds and accounts to be
herd by the trustee or fiscal agent, and are payable as to
principal, redemption price, if any, and interest from the
revenues of the City as therein described. The bonds are
not a debt of the City, the State of California or any of
its political subdivisions, and neither the City, the State,
nor any of its political subdivisions is liable thereon, nor
in any event shall the bonds by payable out of any funds or
properties other than all or any part of the revenues,
mortgage loans, and funds and accounts as in this Resolution
set forth. The bonds do not constitute an indebtedness
within the meaning of any constitutional or statutory debt
limitation or restriction. Neither the persons serving as
"the Nayor and Common Council nor any persons executing the
bonds shall be liable personally on the bonds or subject to
any personal liability or accountability by reason of the
issuance thereof.
Section 10. The details of such bonds, including
the establishing of the aggregate face amount of such
obligations, shall be authorized by indenture, resolution or
resolutions of the City at a meeting or meetings to be held
for such purpose. The City Staff, Bond Counsel, Under-
writers, the Applicants and the agents and representatives
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San Bernardino
Brier Drive Assoc.
50,002-1-2
of same are hereby authorized and directed to prepare or
cause to be prepared the necessary legal documents, in-
cluding the Project Agreements, Resolutions of Issuance, and
such other documents as may be necessary to effect said
Project and the issuance of industrial development revenu~
bonds therefor and to present same to said Mayor and Common
Council. The Mayor of the City is hereby authorized and
directed to coordinate the efforts of all concerned relating
to the issuance and sale of the bonds, and the City staff,
consultants, legal counsel to the City and Bond Counsel are
hereby directed to take such steps as shall be appropriate
to implement such sale and delivery of the bonds including
working with persons WIIO may acquire vested rights as the
result of such actions.
Section 11. This Resolution constitutes a proper
exercise of the powers of this Mayor and Common Council and
conforms to State and local legal requirements relating to
the issuance of such special revenue bonds and other bonds
or debt obligations by a charter city in this State.
Section 12. It is intended that this Resolution
shall constitute such "official action" toward the issuance
of the bonds within the meaning of the United States Treasury
Regulations, the United states Tax Laws, and any legislation
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San Bernardino
Brier Drive Assoc.
50,002-1-2
now or hereafter pending in the Congress of the United
States which may require official action in order for the
bonds to be exempt from Federul income taxation.
Section 13. At the closing of the financing there
shall be paid to the city the fee set forth in Resolution
No. 81-108, as amended by Resolution 81-410, of the Muyor
and Common Council, adopted September 24, 1981.
I HEREBY CERTIFY that the foregoing Resolution was
duly adopted by the Mayor and Common Council of the City of
regular
San Bernardino at a ___ meeting thereof, held on the 2nd day
of
November
, 1981, by the following vote, to wit:
AYES:
COUNCIL MEMBERS:
Castaneda, Reilly, Hernandez
Botts, Hobbs, Strickler
NAYS:
None
ABSENT:
None
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San Bernardino
Brier Drive Assox.
50,002-1-2
The foregoing resolution is hereby approved this
~jI. day of
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APPROVED AS TO FORM:
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CJ.ty At orney
, 1981.
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AYt'LlU\UV.~ ''uU
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APPLICATION FOR
REVENUE BOND FINANCING
PART 1. GENERAL AND BUSINESS INFORMATION
1.1 LEGAL NAME or APPLICANT
BRIER DRIVE ASSOCIATES, A Limited Partnership
I.e LINE OF BUSINESS
Industrial Real Estate Developing & Construction
1.3 MA1LING AND HEADQUARiERS ADDRESS
2067 Palo5 Verdes Drive North
Lomita, Ca. 90717
1.4 EM~lOYER 1.0. NUMBER
Applied For
1.5 NA~E AN~ TITLE or PRINCIPAL CO~TACT
Jeri R. Tarrant, General Partner
Vice President - Terre Corporation
1.6 PHONE NUMSEP
(213) 326- 8206
1.7 TYPE OF BUSINESS ORGANIZATION
Limited Partnership
I.B CONSTITUTION OF OWNERSHIP
Terre Corporation - 35~ (General Partner)
Limited Partners - 65~
1.9 NAMES AND LOCATIONS OF KEY OFFICIALS
Terre Corporation - General Partner
Jerry Z. Tarrant, President 50% Stock
Jeri R. Tarrant, Vice President 50~ Stock
2067 Palos Verdes Drive East
Lomita, Ca. 90717
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Revenue Bond Financing
PAGE 2' .
1.10 DESCRIPTIONS or OTHER BUSINESS AFFILIATIONS or PRINCIPAL OFrlCERS
Various partnerships for development of industrial buildings.
1. 11 E,,"PLOY[ E S
Partnership - 0
General Partner - 7
1. Ie EXPERi SERV1CES
].12.] APPLICANT'S ACCOUNTANT
Rohert H. Sherrill, C.P.A.
275 Centennial Way. # 203
Tustin, Ca. 9268(1
].12.2 APPLICANT'S ATTORNEY
H. M. Peccorini
323 East 4th Street, #4(12
San Bernardino, Ca. (714) 888-5731
1.12.3 APPL1CA~T'S UNDERWRITER
NO\l:
1.12.4 APPLICANT'S ARCHITECT
Chester Schultz
McLean & Schultz
2000 East Chapman Boulevard
Fullerton, Ca. 92631
(714) 871-7370
].]3 PR1NCIPAL BANr. AND OFF]CER
FIRST INTERSTATE mRTGAGE
245 South Los Robles
Pasadena, Ca. 91109
Allan Griffith (213) 356-7873
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Appf;cation for
Revenue Bond Financing
PAGE 3
PART 2.
BOND ISSUE
2.1
Provide the estimated total amount of the financing with a
tabulation of proposed use of Bond Proceeds:
USE OF LOAN PROCEEDS:
Construction of two concrete,
23,834 sq. ft. and 21,280 sq.
$1,085,000.00.
Construction
Arch, Eng, Permits
Financing Fees
Capitalized Interest
Legal, Printing, etc.
Miscellaneous Expense
tilt-up industrial buildings
ft. respectively. Total Financing:
$ 850,000.00
55,000.00
60,000.00
80,000.00
10,000.00
30,000.00
$1,085,000.00
2.2 ESTIMATED TARGET DATE OF CONSTRUCTION FINANCING
January, 1982
2.3 ESTIMATED TIME OF CONSTRUCTION FINANCING
Nine months to 1 year, through December, 1982
2.4 TYPE OF BOND SALE
Private Placement with Bank or Insurance Company
PART 3. FINANCIAL INFORMATION
3.1 GENERAL:
Personal financial statement for Jerry 2. Tarrant/Terre
Corporation as General Partner, attached.
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Application for
Revenue Bond Financing
PAGE 4
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PART 4. PROJECT INFORMATION
4.1 SUMMARY OF PURPOSE, OBJECTIVE, AND FUNCTION OF THE PROPOSED PROJECT
The proposed project is designed to provide the businessman a means
to purchase his own industrial facility. We anticipate two
businesses in the subject buildings with employment at 3S -42
workers.
4.2 DESCRIPTION OF COMPONENTS AND ESTIMATED TOTAL COST OF THE
FUNCTION~L P~RTS OF THE PROJECT:
Uses of Funds:
$1,085,000.00 to construct two industrial buildings with permanent
financing to be provided each business.
Sources of Funds:
Private placement
4.3 ESTIM~TED CONSTRUCTION PERIOD
6 - 8 months, beginning January, 1982.
4.4 N~ME AND LOCATION OF APPLICANT'S SUPERVISING ARCHITECT
RESPONSIBLE FOR DESIGN OF THE PROJECT
Chester Schultz
McLean & Schultz
2000 East Chapman Avenue
Fullerton, Ca. 92631
(714) 871-7370
PART 5. PUBLIC BENEFITS:
Increase availability of industrial building inventory - provide
additional jobs in southeast redevelopment area (approximately
35 - 42 new jobs) - add additional tax base for increment
financing of redevelopment bonding.
Application for
Revenue Bond Fi~ancing
PAGE 5
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PART 6. COMMITMENTS
6.1 The Applicant hereby agree~ and commits to comply, and/or to assist
the City in complying, with all state and federal laws in the is~uance
of the Bonds, including, without limitation, the making of any required
application to a government department, for authorization, qualifi-
cation or registration of the offer, issuance or sale of the Bond~,
and any amendment~ thereto, and any permit or delivery by the City of
the Bond~.
6.2 The Applicant hereby agree~ and commits to cause and/or to assist the
City in causing to be printed any prospectus or other written or printed
communication proposed to be published in connection with the issuance,
offer and sale of Bonds prior to the delivery by the City of the Bond~,
and, if deemed necessary by the City, following the delivery of the
Bonds.
6.3 The Applicant hereby warrants and covenants to pay all expenses in
connection with its commitments set forth above and with the issuance,
offer and sale of the Bonds, whether or not they are finally issued, to
hold the City harmless from any and all expenses related thereto, and
to pay items on an ongoing basis so that neither the City, nor its
advisors, attorneys, employees and the like, will accumulate any claims
against the City.
6.4 The Applicant agrees that any additional information, agreements and
undertakings as the City may require as a result of various conferences
and negotiations shall be reproduced in written, printed or other tangible
form, shall be supplied in as many copies as the City prescribes and
shall be deemed supplement~ or amendment~ to thi~ Application.
PART 7. SIGNATURE . ~~ 2. 14-~~ ~
This Application is signed below by ~~; 7, -, a.v-hl.~.:(- ,
who, by their signature represent and certify that they have authority
to bind the Applicant to contract term~; that their Application, to
the best of their knowledge of belief, contain~ no false or incorrect
information or data, and this Application, including exhibit~ and
attachment~, is truly de~criptive of the Project, and that the Applicant
is familiar with Ordinance *3815.
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Application for
Revenue Bond Financing
PAGE 6
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PART 8. FEE SCHEDULE
8.1 On acceptance and placement of the Bond, the Applicant agrees that
it will pay the City a fee of $10,000.00 for administrative costs.
Applicant agrees that its commitments in Part 6 above are in addition
to these fixed amounts.
8.2 All fees of the City may be capitalized and included in the Bond
Issue, as acceptable to the Bond Purchaser.
8.3 The City derives its entire support from the fees for its services.
The total function of the City is conducted on a self-supporting
basis, and involves no state general revenues or expenditures froffi
taxes from the state or any of its political sub-divisions. No
indebtedness or taxing power of the City is involved. Project revenues
are the sole security for its Bonds. The federal guarantees, if any,
enhance these revenues and income and the security for the Bonds.
8.4 Pursuant to Resolution No. 81-108, As Amended by Resolution 8]-4]0,
one percent (1~) of the Bond Issue shall be deposited in the City
Treasury in the Industrial Revenue Bond Reserve and Development Fund,
which shall be used in such manner as the Mayor and Common Council may
direct from time to time.
DATE: October 27. 198]
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