HomeMy WebLinkAbout1981-538
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Riverview Assoc.
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.A
RESOLUTION NO. 8I-53?
RESOLUTION OF THE MAYOR AND COMMON 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 WHICH IT REFERS; DIRECTING
THE PREPARATION OF A PROJECT AGREEMENT, A
RESOLUTION OF ISSUANCE AND SUCH OTHER LEGAL
DOCl*lENTS 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 DETERMINATIONS IN. CONNECTION THEREWITH
RIVERVIEW ASSOCIATES ONE,
A LIMITED PARTNERSHIP
WHEREAS, the City of San Bernardino ("City" herein),
is a "home rule clty" 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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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 RIVERVIEW ASSOCIATES
ONE, A LIMITED PARTNERSHIP (the "Applicant"), requesting the
issuance of industrial development bonds in the principal
amount not to exceed $546,000 for the purpose of financing
a certain Project, to wit: an industrial building providing
approximately 22,748 square feet of manufacturing and office
space on a certain site located at 1304 East San Bernardino
Avenue, 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 Project
has been substantially completed and the Applicant is applying
for permanent financing on its own behalf, and on behalf of
its successors and assigns, including, without limitation, a
prospective purchaser of the Project.
NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED
AND ORDERED BY THE MAYOR AND CO~JON COUNCIL OF THE CITY OF
SAN BERNARDINO AS FOLLOWS:
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Section 1. That the recitals set forth herein-
above are true and correct in all respects.
Section 2. The City of San Bernardino, California,
is a municipal corporation duly created, established and
authorized to transact business and exercise its powers, all
under and pursuant 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.
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 and
located within the jurisdiction of the city.
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Section 6. The Application referred to in the
recitals hereof complies with the provisions and requirements
of said Ordinance No. 3815, 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. 3815 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 adeguat~
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
for the issuance of such bonds and funds and accounts to be
held by the trustee or fiscal agent, and are payable as to
principal, redemption price, if any, and interest from the
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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 Mayor 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
of same are hereby authorized and directed to prepare or
cause to be prepared the necessary legal documents, in-
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eluding the Project Agreements, Resolutions of Issuance, and
su~h other documents as may be necessary to effect said
Project and the issuance of industrial development revenue
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 who 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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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 Federal 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 Mayor 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:
COUN elL r.1EMBER S :
Castaneda, Reilly,
Hernandez, Botts, Hobbs, Strickler
NAYS: None
ABSENT: None
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The foregoing resolution is hereby approved this
"d^
day of
'71UMt Lw
/
, 1981.
APPROVED AS TO FORM:
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C~ty orne
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AYYLJlAn~ 'lUtI
APPlI CA TI ON FOR
REVENUE BONO FINANCING
PART 1. GENERAL AND BUSINESS INFORMATION
1.1 LEGAL NAME OF APPLICAN1
RIVCHVIB\ ASSOCIATES ONE, A Limited Partnership
1.2 LINE OF BUSINESS
Industrial Real Estate Developing & Construction
1.3 MhILING AND HEADQUAR1ERS ADDRESS
20b" Palos Verdes Drive North
Lomita, Ca. 90717
1.4 E~~~OYER 1.0. NUMBER
Applied ror
1.5 NA~E AN~ TI1LE OF PRINCIPA~ CON1AC1
Dadd Ie Ariss, General Partner
1.6 PHON: NU~3:R
(714) 371-3470
1.7 TYPE OF BUSINESS ORGAN1ZATION
Limited Partnership for Real Estate Investment
1.B CONSTITUTION OF OWNERSHIP
Mr. & Mrs. David W. Ariss - 25% (General Partners)
Mr. & Mrs. Jerry Z. Tarrant - 25% (General Partners)
Limited Partners - 50%
1.9 NAMES AND LOCATIONS OF KEY OFFICIALS
David W. & Lillie E. Ariss
74 Linda Isle
Newport Beach, Ca. 92660
Jerry Z. & Jeri R. Tarrant
28338 Palos Verdes Drive East
Rancho Palos Verdes, Ca. 90274
""Ut !
Revenue Bond F;nancing
PAGE 2
1.10 DESCRIPTIONS OF OTHER BUSINESS AFFILIATIONS OF PRINCIPAL OFFICERS
Various Partnerships for the development of industrial. real estate.
1.11 EMPLOYEES
General Partners - 0
Partnership - 0
1. I? EXREP, SERVICES
I.I? 1 APPLICANT'S ACCOU~TA';T
Robert H. Sherrill, C.P.A.
275 Centennial I\'ar, #20~
Tustin, Ca. 92b80
1.12.? APPL1CAN,'S ATTDR~[Y
H. M. Peccorini
323 East 4th Street
San Bernardino, Ca.
1.1?3 APPLICAN,'S UN~[RWpITEP
NO\1.
1.12.4 APPLICANT'S ARCH1TECT
Chester C. Smith, AlA
22850 Crenshaw Boulevard
Torrance, Ca. 90503
1.13 PRINCIPAL BAN~ AND OFFICER
FIRST INTERSTATE /.t:lRTGAGF
24S South Los Robles Avenue
Pasadena, Ca. 91109
Allan Griffith (213) 356-7873
Application 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:
The Partnership/Developer is applying for long term/permanent
financing on behalf of a prospective purchaser for Building 2,
located at 1304 East San Bernardino Avenue.
Take Out Loan - $546,000.00
PER~l'\'\L:-"'T
2,2 ESTIMATED TARGET DATE OF ~~~ FINANCING
December 198] - February 1982
PERl-l\'\'E\l
2.3 ESTIMATED TIME or ~~{~~. FINANCING
December 1981 - February ]982
2.4 TYPE or BOND SALE
Private placement with Insurance Company or Bank
PART 3. F I NANC I AL I NFORMt.,T I ON
3.1 GENERAL:
Personal Financia] Statement of General Partners attached.
Application for
Revenue Bond Financing
PAGE 4
PART.4. PROJECT INFORMATION
4.1 SUMMARY OF PURPOSE. OBJECTIVE. AND FUNCTION OF THE PROPOSED PROJECT
Construction of new industrial building of 22.748 sq. ft. in
southeast industrial redevelopment area with intent to attract
new business and industry into area to increase labor job base.
4.2 DESCRIPTION or COM;>ONENTS AND ESTIMATED TOTAL COST DF THE
FUNCT I ONAl PARTS or THE PROJECT:
Uses of runds:
$S46,000.()() for pennanent financing of building to aid in purchase
of facility by ne" business to area, thereby increasing industrial
base of San Bernardino City.
Sources of Funds:
Private placement from lending institution. (Bank or Insurance Co.)
4.3 ESTIM4TED CONSTRUCT]O~ PEP-10D
Construction completed
4.4 NAME AND lOCATION or APPLICANT'S SUPERVISING ARCHITECT
RESPONSIBLE FOR DESIGN or THE PROJECT
Chester C. Smith, ALA.
22850 Crenshaw Boulevard
Torrance. Ca. 90503
(213) 530-6313
PART 5. PUBLIC BENEFITS:
The creation of additional industrial facilities in the southeast
industrial redevelopment area to. further create jobs in the City.
Estimated employment to be 26+ employees. Additional tax base
constructed to aid in repayment of redevelopment bonding by tax
increment increase.
PART"6.
6.1
6.4
PART 7.
Applicet10n for
Revenue Bond Financing.
PAGE 5
COMMITMENTS
The Applicant hereby agrees and commits to comply, end/or to assist
the City in complying, with all state and federal lews in the issuance
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 Bonds,
and any amendments thereto, and any permit or delivery by the City of
the Bonds.
6.2
The Applicant hereby agrees 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 Bonds,
and, if deemed necessary by the City, following the delivery of the
Bond s .
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.
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
for~. shall be supplied in as many copies as the City prescribes and
shall be deemed supplements or amendments to this Application.
"''''TUR[ :Jl1' (..........::\- f
This Application is signed below by ~lIi . A,",i S~ ,
who, by their signature represent and certify that they have authority
to bind the Applicant to contract terms; that their Application, to
the best of their knowledge of belief, contains no false or incorrect
information or data, and this Application, including exhibits and
attachments, is truly descriptive 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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PAR1 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 fro~
taxes fro~ the state or any of its political sub-divisions. No
indebtedness or taxing power of the City is involved. Project revenue:
are the sole security for its Bonds. The federal guarantees, if any,
enhance these revenues and income and the security for the Bonds.
f,~ Pursuant to Resolution No. 81-108, As Amended by Resolution 81-410,
one percent (1~) of the 80nd Issue shall be deposited in the City
Treasury in the Industrial Revenue Bond Reserve and Development Func,
which shall be used in such manner as the Mayor and Common Council may
direct from time to time.
onE: October 27, 1981
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