HomeMy WebLinkAbout1986-062
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SBE003-85/1288S/ak
02121185
RESOLUTION NO. ~-62
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, DECLARING ITS
INTENTION TO ISSUE ITS MULTIFAMILY MORTGAGE
REVENUE BONDS; DIRECTING THE PREPARATION OF
CERTAIN DOCUMENTS AND MAKING CERTAIN OTHER
FINDINGS AND DETERMINATIONS IN CONNECTION
THEREWITH (VLACH APARTMENTS PROJECT)
WHEREAS, the City of San Bernardino, California (the
"City"), is 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,
as
amended
(the
"Ordinance") to finance various types of projects, as defined in the
Ordinance, and to issue its special revenue bonds for the purpose of
enabling various developers to finance the cost of such projects,
and has amended the same from time to time; and
.'
WHEREAS,
said Ordinance is
intended
to
finance
the
development of industry and commerce and to thereby broaden the
employment opportunities and to
increase the avai labi li ty of
moderately priced rental units for residents of the City and to
broaden the tax and revenue base of the City without any liability
to the City whatsoever; and
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WHEREAS, the City is authorized and empowered to issue
multifamily mortgage revenue bonds pursuant to Health and Safety
Code Section 52000, et ~, (the "Act"); and
WHEREAS, there has been presented to the Mayor and Common
Council of the City of San Bernardino, California (the "Mayor and
Common Council"), an Application, attached hereto as Exhibit "A" and
incorporated herein by reference, by Leo J. Vlach and Agnes J.
Vlach, as individuals, or their successors or assigns (the
"Applicant"), requesting the issuance of multifamily mortgage
revenue bonds in the principal amount not to exceed $1,955,000 for
the purpose of financi ng, on beha If of the Appl icant, a certa in
Project, to wit: the acquisition of an approximately one and
'me-fourth (1.25) acre parcel of land located at 3667 North "E"
Street, in the City and the construction and operation thereon of a
forty (40) unit multifamily rental housing development. The Project
shall include twenty-three (23) one-bedroom and seventeen (17)
two-bedroom apartment units, a laundry room, a swimming pool,
appurtenant landscaping and other improvements; and
WHEREAS, it is appropriate for the City to take certain
action at this time regarding the requests of the Applicant.
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
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Section 1. That the recitals set forth hereinabove are
true and correct in all respects.
Section 2. The City 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, the
Ordinance and the Act, the City is legally authorized to issue
special revenue bonds for the construction and permanent financing
of the Project as more fully described in the recitals hereof.
Section 4. Thi s body const i tutes 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.
Section 6. The Mayor and Common Council hereby declare
their intention to issue multifamily mortgage revenue bonds of the
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City for the acquisition of land and the construction, equipping and
permanent financing thereon of the Project under and in accordance
with the Ordinance and the Act, in amounts sufficient to pay the
costs of financing the Project in one or more series of financings
and of paying the costs of issuance for the multifamily mortgage
revenue bonds and for the establishment of the necessary reserve
funds to provide for the financing of said Project. Said Project is
presently identified as the "Vlach Apartments Project". Any
agreement for such financing shall specify that the multifamily
mortgage revenue bonds which may hereafter be issued in connection
with the Project are a special obligation of the City and that they
shall not constitute a debt of the City and that the city's general
funds shall not be liable for repayment of such multifamily mortgage
revenue bonds.
Section 7. The City hereby declares its intention to
exercise the authority referred to in Section 3 hereof by issuing
multifamily mortgage revenue 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 the Ordinance and/or the Act.
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
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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 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 be payable out of the
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,
Sabo & Gondek, a Professional Corporation, as Bond Counsel to the
City, the Underwriters, the Applicant and the agents and
representatives of same are hereby authorized and directed to
prepare or cause to be prepared the necessary legal documents,
including the Project Agreement, Resolution of Issuance, and such
other documents as may be necessary to effect said Project and the
issuance of industrial development revenue bonds therefor and to
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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 as referenced above 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. The issuance of multifamily mortgage revenue
bonds may be authorized by appropriate resolution or resolutions of
the City at a meeting or meetings to be held for such purpose,
subject to the execution of appropriate agreements by the Applicant
and the Ci ty as required by the Ordinance and/or the Act and the
industrial development bond financing program of the City.
Section 12. It is intended that this Resolution shall
constitute such "official action" toward the issuance of the bonds
wi thin the meaning of the United States Treasury Regu lat ions, the
united States Tax Laws, and any legislation 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. The Project of the Applicant shall be the beneficiary of
such "official action" for a period up to and including the day six
(6) months from the date of adoption hereof. If, within such
period, the City has not issued any multifamily mortgage revenue
bonds for the Project or held a public hearing for the Project as
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said public hearing is required to be held pursuant to the certain
amendments to Section 103 of the Internal Revenue Code of 1954, as
amended (the "Code") as enacted by Congress under the Tax Equity
Fiscal Responsibility Act of 1982 ("TEFRA"), the "official action"
for the Project of the Applicant as evidenced by this Resolution
sha 11 1 apse.
Section 13. At the closing of the financing there shall
be paid to the City the fee set forth in Resolution No. 81-108 of
the Mayor and Common Council, adopted March 13, 1981, as amended by
Resolution No. 81-410, of the Mayor and Common Council, adopted
September 24, 1981.
Section 14. The Applicant shall provide appropriate
covenants in the tax-exempt financing documents as may hereinafter
be submitted to the City for consideration and approval in a form
acceptable to the City Attorney and Bond Counsel and to assure that
not less than twenty percent (20%) of the multifamily rental housing
units included in the Project are to be occupied or reserved for
occupancy by the individuals of low- and moderate-income as provided
in the Code.
Section 15. Prior to issuance of any bonds for the
Project as may hereafter be approved pursuant to the appropriate
resolution or resolutions of the City, the Applicant shall provide
for the recordation of a covenant running with the land in a form
approved by the City Attorney whereunder the Applicant (i) waives
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any claim under State law to a density bonus, as defined by
Government Code Sections 65915 and 65915.5, for the property on
which the Project is to be constructed and (ii) agrees not to seek
or accept any other forms of public assistance for the purpose of
financing the Project including, but not limited to, tax-increment
financing from the Redevelopment Agency of the City of
San Bernardino (the "Agency").
Section 16. The approval as herein granted and the final
approval of the Project and the financing thereof are specifically
condi tioned upon the Mayor and Common Counci I approving the f ina 1
environmental assessments and other environmental documents prepared
or to be prepared pursuant to the provisions of the California
Environmental Quality Act of 1970, as amended ("CEQA"), with respect
to any and all environmental conditions with regard to the
operations of the Project as proposed by the Applicant in the
Application. All such assessments and documents needed to comply
with the provisions of CEQA shall be the sole responsibility of the
Applicant. Adoption of this Resolution shall not be construed as
approval of the plans or concept of the proposed development, nor as
an indication that the Mayor and Common Council will hereafter take
any particular action toward granting any planning, zoning, or other
approval relating to a plan of development. The Mayor and Common
Council reserves its right to evaluate any future administrative
procedures and appeals based solely on the information available at
the time of consideration, including any actions or recommendations
by or appeals from the Development Review Committee and the Planning
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Commission. Nothing herein shall be construed as advance commitment
or approval as to any such matter, and the Applicant is hereby
notified that normal planning processing shall be required, in
accordance with the standard procedures of the City and that the
Applicant will be required to comply with all applicable laws and
ordinances of the City, State and federal government.
Section 17. The issuance of bonds or other obligations
of the City for the Project as authorized and empowered by the
Ordinance and/or the Act shall be subject to any changes in
applicable laws, ordinances or regulations of the State and federal
government including, but not limited to, the imposition of any
calendar year volume limitation on the issuance of such multifamily
mortgage revenue bonds.
Section 18. The approval as herein granted and the final
approval of the Project are specifically conditioned upon the
conformance of all documents required to be executed and delivered
by the City to the "Policy Guidelines on Public and Negotiated Bond
Sale Procedures for the City of San Bernardino and the Redevelopment
Agency of the City of San Bernardino" as said POlicy Guidelines are
on file with the City Clerk.
Section 19. At least twenty-one (21) days prior to the
anticipated date for the public hearing as required by TEFRA, each
of the following items shall be submitted to the Staff of the
Agency. After review of the items by the Staff of the Agency, the
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date of the TEFRA hearing will be designated and a notice thereof
shall be published. The items shall include:
(a) Evidence that the Applicant is an entity duly formed
and validly existing and has the full right, power and authority
under the laws of the State of California to own the Project Site
and carryon the Project as contemplated by this Resolution.
(b) A market feasibility study by an expert as approved by
the City or the Agency, which study shall have been paid for and
submitted by the Applicant at least twenty-eight (28) days prior to
the anticipated date for the public hearing as required by TEFRA.
(c) Payment of the TEFRA hearing fee of $10,000.
(d) A
tentative
tract map or the approval by the
Development Review Committee.
(e) Environmental clearance.
(f) Compliance with all zoning requirements
obtaining of required conditional use permits).
(i.e..
(g) Proof of land ownership or an escrow report including
the full legal description of the property on which the Project is
to be located.
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(h) Final Project pro forma.
(i) Evidence that adequate sewer, water, gas and electric
facilities will be fully installed prior to completion of the
Project and that necessary public streets, sidewalks and curbing
outside the Project site, if not yet constructed, will be fully
completed within a reasonable time after completion of the Project.
(j) Resumes of the firms providing expert services.
(k) Final
elevations.
renderings,
floor
layouts,
site
plan
and
Section 20. The issuance of bonds or other obligations
of the City for the Project as authorized and empowered by the
Ordinance and/or the Act shall be sUbject to the obtaining, by the
Applicant, of a calendar year 1986 private activity bond allocation
from a governmental entity other than the City. Said allocation is
presently required for the Project by the appropriate provisions of
House Resolution No. 3838.
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Section 21.
This Resolution shall take
effect
upon
adoption.
I HEREBY
adopted by the
San Bernardino at
the {h:d. day of
wit:
CERTIFY
Mayor
a
that the foregoing resolution
and Common Counci 1 of the
rp.gnlflr meeting thereof,
Marr.h , 1986, by the following
was du ly
City of
held on
vote, to
AYES:
Council Members F.~rr~n~. Rpilly. Hprn~nnez.
QlliAl Frrl'7.;pr. !==:.t-r;ro'k-'er
NAYS:
C()l1n~il MAmhpr M:=Irkc::
ABSENT:
NonR
The foregoing resolution is
of March , 1 98 6 .
Approved as to form:
~(.~
~.W'City Attorney
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SBE003-104/1414S/ak
01/06/86
APPLICATION OF LEO J. VLACH . FOR
MULTIFA."1ILY MORTGAGE REVENUE BOND FINANCING
CITY OF SAN BERNARDINO. CALIFORNIA
PART I GENERAL AND BUSINESS INFORMATION
1.1
1.2
1.3
1.4
The legal name of tbe Applicant is " Leo end AQnes Vlech
"
.
The Applicant is a California individual wbicb sball be
engaged in tbe development. construction. leasing and ownersbip
of a forty (410 ) unit multifamily rental
housing development on real property located on tbe North and
of "E" Street between 36th Street
and Kendal Drive in tbe City of San Bernardino.
California (tbe "Project"). The Applicant E-bas--.m- "'l'Li",.. --to-
~-sard- l'oul'.aL)'1owns said property) (tbe "Property") and
shall develop the Property and construct tbe Project tbereon.
The mailing address and tbe address of tbe Applicant is as
follows:
Hr. ~ Mrs. Leo J. Vlach
10292 Deerhill Drive
Santa Ana. California 92705
Employer Tax I.D. No. of the Applicant is: 33-0090237
1.5 The principal contacts for the Applicant are: Leo J. Vlach
1.6 Telepbone Number of tbe Applicant is (71. ) B3B-7B15
1.7
The Applicant is ~ individual
existing under the laws of tbe State of
. duly organized and
California
1.7.1 The Applicant shall conduct business in tbe City of
San Bernadino, California, County of San Bernadino, State
, of California.
1.7.2 The Applicant vas ,organized MK in 1977
1.8 The principal owners of tbe Applicant are: Leo J. Vlach and
AQnes J. Vlach .
Said owners may be contacted at tbe above-listed address and
telepbone number of tbe Applicant. Otber legal entities owned or
controlled by the Applicant are: none
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1.9
The principal officers of the Applicant are Leo .J.
Aanes J. Vlach
officers may be contacted at the above-listed
telephone number of the Applicant.
Attached hereto as Exhibit "A" are resumes of the Applicant and
the principal owners of the Applicant as identified in
Sections 1.8 and 1.9 herein. which resumes include the real
estate development experience of the aforementioned parties in
Southern California.
1.10 The principal owners and officers of the Applicant are also the
principal owners and officers of:
N/A
.
1.11 Employees
1.11.1
The Applicant currently has no
( ) permanent office employees. Although the
principal objective of the Project is to provide
affordable rental housing to the citizens of the City.
the construction and operation of the Project will
create certain employment opportunities within the
City. The Applicant is engaged in real estate
development and has projects in the following counties
in Southern California: none
1.11.2
The sole business office of the Applicant is located at
the above-listed address.
1.12 Professional services will be provided by the following:
1.12.1
The accountant for the Applicant is:
"R.C. Amy Accountancy Corp.
501 N. Golden Circle Drive
Suite 100
Santa Ana, California 92705
Principal Contact: Robert C. Amy
1.12.2
The attorney for the Applicant is:
Jeff R. Wheatley
Attorney at Law
2600 E. Nutwood No. 101
Fullerton. California 92631
Principal Contact: Jeff R. Wheatley
1.12.3
The law offices of Sabo , Gondek, a
Corporation. shall serve as Bond Counsel
with regard to the tax-exempt financing for
Professional
to the Ci ty
the Project.
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1.12.4
The principal architect and civil engineer for tbe
Project is:
Michael J. Murohy ~ Associates
6arner. Troy and Associates
John R. Byerlv Inc.
Principal Contact: Michael J. Hurohy (714) 666-0459
1.12.5
The financial consultant for the Applicant is:
Thomas E. Vlach
Principal Contact: (714) 636-7615
1.13 The principal banking accounts of the Applicant shall be held by:
5p-r.:IIT';t.y Pacif';c Bank
W~11 St ~ H;ghl~nrl HrAnch
San Bernadino. California
Principal Contact: Robert Traffas. Manager
1.14
The total development cost of the Project is presently estimated
to be $1.945.421 Of said amount. $1.700.421 is anticipated
to be derived from the sale of a tax-exempt bond or other
obligation with a lender to be obtained hereafter. nle source of
funding of the remainder of tbe Project, $ 245.000 . will be
as follows:
Source
Amount
Equity in existing land
$ 245.000
PART 11 BOND ISSUE
2.1 The estimated total amount of the financing package and the
proposed use of bond proceeds which proceeds in the amount of
$1.700.421 have been identified in Section 1.14 hereinabove
are as follows:
2.1.1
Project cost - $ 1.500.000
Legal. printing and related fees - $39.000
Financing costs and fees - $ 31.723 12 points)
Capitalized interest - $ 37.125 ID 1~) - see 4.2.4c
2.1.2
2.1.3
2.1.4
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2.1.5
Otber miscellaneous costs - $ 92.573
2.1.6
Land "acquisition - $ nono'
Total:
$1.100,421
2.2 Tbe estimated target date for tbe bond financing pursuan~ to t~is
Application is presently anticipated in 3rd auarter of
1966 The estimated target date for tbe other source's of
financing is none The estimated target for the
obtaining of credit enhancement, if any. for the bond issue is
none . Construction is to coamence as soon as
possible after the financing package is completed and is to be
completed by 3rd ouarter of 1967 .
2.3 It is proposed that tbe financing be in tbe form of a
construction loan during the construction period which would bave
the traditional construction loan provisions in that drawdowns
would be permitted as construction proceeds upon submission of
requisition vouchers. Upon the completion of construction of the
Project and the certification that all improvements have been
completed, tbe lender will then permit an interest rate
adjustment and a principal amount increase, as warranted, and
convert the construction loan to a permanent financing.
2.4
Tbe present proposal for the financing of the Project anticipates
tbat the tax-exempt bonds or otber obligations will be sold to a
commercial bank or other such lender through a private placement
or that there be a public offering of such securities.
PART III FINANCIAL INFORMATION
3.1 The financial statements of the Applicant and all parties
identified in Sections 1.8 and 1.9 hereinabove are included as
Exhibit "B" hereto.
3.2 The Applicant is a small business doing business as a California
corporation pursuant to the laws of the State of California and
the Applicant would be considered a small business with regard to
its relative size in comparison with other such businesses
undertaking projects of this type. Although the Applicant is a
small business, no federal small business loan guarantees are
proposed in connect~on with the proposed financing as
contemplated by this Application.
PART IV PROJECT INFORMATION
4.1
The Project as proposed by the Applicant shall include the
acquisition of an approximately one and one-ouarter
( 1,25 ) acre parcel of land located on the North and of
"E" Street between the end of "E" ,_ and Kendal Drive in the
City, and the construction and operation thereon of a fortv
( 40 ) unit multifamily rental housing
development. The Project shall include an appropriate mix of
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4.2
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ana and two bedroom uni ts, on-si te vehicle parking
spaces, laundry and ....-.1.n9o flool... Co, appurtenant landscaping and
other improvements. The preliminary Project pro forma is
attached hereto as Exhibit "C" hereto. The Project shall be
located on land more particularly described and included in the
preliminary title report attached hereto as Exhibit ''D'' her~to.
4.1.1
The forty (
rental housing development
proposed rent schedule:
40
shall
) unit multihmily
have the following
Unit Description
No. of Units
Proposed Rent/month
one I bedroom. . .. . ... '.
two J bedroom. . . .. .. . . 10
two I( bedroom (deluxe) .. 4.
S 395
S 495
S 550
Low- and Moderate-
Income Unit Description
Low- and Moderate-
Income Unit
Proposed Rent per Month
No. of Units
one I bedroom
two I bedroom , . .
f( bedroom
. .
. . .
. . 2
2
S 365
S 465
S
Very Low Income
Unit Description
Very Low Income
Unit Proposed Rent
per Month
No. of Units
one 2: bedroom .
two 1 b,droom . .
<< bedroom
S >ilie-' ~7.50
S ~. ''3~5C1l)
$
. .
. . .. 3
. 1
The components and the estimated total cost of the functional
parts of the Project which costs are to be financed by all
sources of financing identified in Section 1.14 hereinabove
are as follows:
4.2.1
Land - $ 30,000
- residual liability
4.2.2
Building construction - S 990,000
4.2.3
Site preparation, engineering and technical services
and City fees - S 480,000
Total:
$1,500,000
4.2.4
Miscellaneous items -
a. 31 construction contingency - $ 29,700
b. Developer's overhead aRB ,rafi~ - $ 8,089
c, Interest during construction - $ 37,125
d, Real estate brokerage commission - S none
Total: S 74,914
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4.3
The estimated construction period for the Project is as follows:
4.3.1
Construction of the Project would commence as soon as
possible after issuance of the tax-exempt obligations
and the estimated draw-down schedule for the tax-exempt
or conventional construction loan, by calendar quarter,
is as follows:
Calendar Quarter Amount
1986 - 4th Quarter $ 480.000
1987 - 1st Quarter 408.000
" - 2nd " 612.000
" 3rd " none
4.3.2
The planned
July ht
construction
of 1987
shall
completed
by
be
4.4 The supervising civil engineer responsible for the design of the
Project on behalf of the Applicant shall be Joseph C. Guastella
of Garner. Troy and Associates .
4.5
4.6
The Project shall be known as the" PALM CIRCLE APARTMENTS'
"
.
The Projec~ is the development of a new multifamily rental
hcusing development and is not an expansion or an alteration of
an existing facility. The necessary infrastructure items and
other public improvements must be installed on the Project site
and the Applicant desires to obtain a below market rate
tax-exempt construction and permanent financing of the
improvements to be placed thereon from a combination of sources.
The Project shall utilize conventional construction methods and
for all purposes under the applicable federal tax laws and the
laws of the State of California providing for or permitting the
issuance of mortgage revenue bonds for the Project
4.7 The Applicant owns ~_-op.tr.ion--w-_"I""i.c.e+- the Property on which
rhe Project is' proposed to be located. (Any escrow to acquire
the Property shall not exceed $ N/A ).
4.8
4.9
The Project will provide
units of rental housing
Bernardino.
( 40 ) total
the Ci ty of San
forty
to the citizens of
4.8.1
Attached hereto as Exhibit "E" is an 8-1/2 x 11 inch
map showing the site location of the proposed Project.
4.8.2
Attached hereto as Exhibit "F" are 8-1/2 x 11 inch
drawings of the layout and renderings for the Project.
A negative declaration pursuant to the provisions of the
California Environmental Quality Act of 1970, as amended
("CEQA"), would in all probability be satisfactory for the
Proje~t as proposed by the Applicant. However, the Project shall
comply with all applicable provisions of said Act.
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4.10
4.11
4.12
4.13
4.14
There are no permits. water quality enforcement orders. air
pollution permits or variances or other evidence of actions
necessary in connection with this Project. A sewer permit for
the service of the fortv ( 40 ) apartments is
now available and will be obtained prior to construction.
There are no local. state or federal pollution control agencies
which impose regulations. standards or requirements withe regard
to the operations of the proposed Project to be undertaken by. the
Applicant.
The proposed Project shall comply with all applicable City,
County of San Bernardino. and other regional, county or basin
plans to which this Project shall conform and the appropriate
waste water and air quality requirements which shall be in
conformity with all of the above jurisdictions.
It is presently anticipated that the proposed Project will not
produce any by-products or residues which would involve the
ultimate disposal or the need for a plan to accomplish same.
Recycling or salvage will not be a function of the proposed
Project nor will there be any market opportunities generated with
regard to same.
Current land use designation affecting the site of the Project
and status of preparation and review by City Staff of design and
improvement plans for the Project.
Land Use Designation znned _ R3 - 1200. State Collene Re~evp.lnnmp.nt
Development Review Commission aporoved. 94-91 and 85-112
Planning Department (Notice of Completeness Date)
Planning Commission (Date. Action. Comments)
PART V PUBLIC BENEFITS
5.1
The City will receive significant benefits by the initiation of
this Project as proposed by the Applicant and particularly
through the utilization of the financing method as is available
under Ordinance No. 3arS. as amended (the "Ordinance"). of the
City and Health and Safety Code Section 52000. !! seQ. (the
"Act"). Due to the fact that conventional interest rates for
construction and permanent financing for the type of multifamily
rental housing construction contemplated by the Applicant are at
such a high level on conventionally borrowed fundS. if available
at all. neither the Applicant nor any other persons or legal
entities are able to provide the type of modern and attractive
affordable rental housing that is needed within the City.
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The City will benefit. as can be demonstrated pursuant to
Section 1 of Ordinance No. 3815. as amended. of the City and the
Act. in that affordable rental housing opportunities will be
generated by the proposed Project. The Applicant is not
attempting to construct said proposed Project merely for the
financial inducement that is offered pursuant to the Ordinance.
but rather due to the long-term business reasons that are
. significant due to the location of the proposed Project and the
real economic benefits available to the community.
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5.1.1
5.1.2
5..1.3
5.2
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The Project will provide long-term affordable rental
housing opportunities for the inhabitants of the City
of San Bernardino.
Construction
approximately
the tax rolls
of the Project
$ 1.750.000
of the City.
is anticipated to add
of assessed valuation to
The. useful method of financing provided for in
Ordinance No. 3815 of the City and the Act vis-a-vis
the use of the conventional method will permit the
Applicant to complete the financing and construction of
the Project within an accelerated time frame. The
method of financing provided in Ordinance No. 3815 and
the Act will provide new sources of financing to the
Applicant and such financing vill be made available at
lower tax-exempt interest rates.
.
...
There are no detriments that can
regard to this type of financing
will receive substantial benefits
valuation of property. plus the
housing opportunities that will
residents of the City.
be incurred by the City with
for this Project. and the City
through increases in assessed
increased long-term affordable
be available to the local
PART VI COMMITMENTS
6.1 The Applicant by the submission of this Application agrees to
comply and/or to assist the City in complying with all state and
federal laws in the issuance of the bonds or other such
tax-exempt obligations to finance the Project, including, without
limitation, the making of any required application to a
governmental department for authorization, qualification or
registration of the offer. issuance or sale of the bonds or other
tax-exempt obligations, and any amendments thereto, and any
permit or other authorization of such governmental department.
prior to the delivery by the City of such bonds or other
tax-exempt obligations.
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The Applicant further 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 or sale of bonds or other tax-exempt
obligations, prior to the delivery by the City of such bonds or
6.2
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other tax-exempt obligations, and, to the extent deemed necessary
by the City, following delivery of such bonds or other tax-exempt
obligations. .
6.3 The Applicant also commits to pay all expenses in connection with
the issuance, offer or sale of the bonds or other tax~xempt
obligations. whether or not such bonds or other tax-exempt
obligations are finally issued, and to hold the City haralless
from any and all expenses related thereto. 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 will supply any additional information, agreements
and undertakings as the City may require as a result of
conferences and negotiations will be reproduced and supplied to
the City and shall be deemed as supplements or am~ndments to this
Application.
6.5
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The Applicant shall provide appropriate covenants in the
tax-exempt financing documents as may hereinafter be submitted to
the City for consideration and approval in a form acceptable to
the City Attorney and Bond Counsel and to assure that not less
than twenty percent (201) of the multifamily rental housing units
included in the Project are to be occupied or reserved for
occupancy by the individuals of low- and moderate-income as
provided in the Internal Revenue Code of 1954. as amended (the
"Code").
6.6 Prior to issuance of any bonds for. the Project as may hereafter
be approved pursuant to the appropriate resolution or resolutions
of the City. the Applicant shall provide for the recordation of a
covenant runhing with the land in a form approved by the City
Attorney of the. City whereunder the Applicant waives any claim
under state law to a density bonus, as defined by Government Code
Sections 65915 and 65915.5, for the property on which the Project
is to be constructed and (ii) agrees not to seek or accept any
other forms of public assistance for the purpose of financing the
Project including. but not limited to, tax-increment financing
from the Redevelopment Agency of the City of San Bernardino (the
"Agency").
6.7
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The Applicant hereby acknowledges and recognizes that acceptance
of this Application is specifically conditioned upon the Mayor
and Common Council of the City of San Bernardino, California (the
"Mayor and Conunon Council") approving the final environmental
assessments and other environmental documents prepared or to be
prepared pursuant to the provisions of CEQA with respect to any
and all environmental conditions with regard to the operations of
the Project as proposed by the Applicant in the Application. The
Applicant acknowledges and recognizes that acceptance of this
application shall not be construed as approval of the plans or
concep.t of the proposed development, nor as an indication that
the Mayor. and Conunon Council of the City of San Bernardino.
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6.8
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California (the "Mayor and Common Council"), will hereafter take
any particular action toward granting any planning, zoning, or
other approval relating to a plan of development. The Applicant
acknowledges and recognizes that the Mayor and Common Council
reserves its' right to evaluate any future administrative
procedures and appeals based solely on the information available
at the time of consideration, including any actions or
recommendations by or appeals from the Development. .Review
Committee and the Planning Commission. The Applicant
aCknowledges and recognizes that nothing herein shail be
construed as advance commitment or approval as to any such
matter, and the Applicant hereby acknowledges and recognizes that
normal planning processing shall be required, in accordance with
the standard procedures of the City and that Applicant will be
required to comply with all applicable laws and ordinances of the
City, State and federal government.
The Applicant hereby acknowledges and recognizes that this
application and the exhibits attached hereto shall be reviewed by
Agency Staff to determine whether or not a Resolution shall
constitute such "official action" toward the issuance of the
bonds within the meeting of the United States Treasury
Regulations, the United States Tax Laws and any legislation 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 (the "Inducement Resolution"). It
is hereby acknowledged and recognized that a minimum of forty-two
(42) days will be required by Agency Staff to review the
Application to set an anticipated date for the consideration of
the Inducement Resolution for the project by the Mayor and Common
Council. .
6.9 The Applicant hereby acknowledges and recognizes that the Project
of the Applicant shall be the beneficiary of the Inducement
Resolution for a period up to and including the day six (6)
months from the date of adoption thereof. If, within such
period, the City has not issued any multifamily mortgage revenue
bonds for the Project or held a public hearing for the Project as
said public hearing is required to be held pursuant to those
certain amendments to Section 103 of the Internal Revenue Code of
1954, as amended (the "Code"), as enacted by Congress under the
Tax Equity Fiscal Responsibility Act of 1982 ("TEFRA"), the
"official action" for the Project of the Applicant as evidenced
by the Inducement Resolution shall lapse.
6.10 The Applicant further commits to assist Agency Staff in the
preparation of the comprehensive analysis of the Project, which
analysis shall include a comparison between the costs and
benefits of conventional and tax-exempt financing.
6.11
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The Applicant hereby represents and warrants that the undersigned
is familiar with the "Policy Guidelines on Public and Negotiated
Bond Sale Procedures for the City of San Bernardino and the
Redevelopment Agency of the City of San Bernardino" as said
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6.12
6.13
Policy Guidelines are on file with the City Clerk and that all
documents required to be executed and delivered by the City shall
conform to said Policy Guidelines.
The Applicant hereby acknowledges and recognizes that the
issuance of bonds or other obligations of the City for the
Project as authorized and empowered by the Ordinance and/or the
Act shall be subject to any changes in applicable. laws,
ordinances or regulations of the State and federal gover"nment
including, but not limited to, the imposition of any cal-endar
year volume limitation on the issuance of such multifamily
mortgage revenue bonds.
At least twenty-one (21) days prior to the anticipated date for
the public hearing as required by TEFRA, each of the following
items shall be submitted by the Applicant to the Staff of the
Agency. After review of the items by tbe Staff of the Agency,
the date of the TEFRA hearing will be designated and a notice
thereof shall be published. Said items shall include:
(a) Evidence that the Applicant is an entity duly formed and
validly existing and has the full right, power and authority
under the laws of the State of California to own the Project Site
and carryon the Project as contemplated by this Resolution.
(b) A market feasibility study by an expert as approved by the
City or the Agency, which study shall have been paid for and
submitted by the Applicant at least twenty-eight (28) days prior
to the anticipated date for the public hearing as required by
TEFRA.
(c) Payment of the TEFRA hearing fee of $10,000.
-..
(d) A tentative tract map or the approval by the Development
Review Committee.
-
(e) Environmental clearance.
(f) Compliance with all zoning requirements (I.e.. obtaining of
required conditional use permits).
(g) Proof of land ownership or an escrow report including the
full legal description of the property on which the Project is to
be located.
(h) Final Project pro forma.
(i) Evidence that adequate sewer, water, gas and electric
facilities will be fully installed prior to completion of the
Project and that necessary public streets, sidewalks and curbing
outside the Project site, if not yet constructed, will be fully
completed within a reasonable time after completion of the
Project.
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(j)- Resumes of the firms providing expert services.
(k) Final renderings. floor layouts. site plan and elevations.
6.14 The Applicant hereby acknowledges and recognizes that the Hayor
and Common Council may. upon the conclusion of the TEFRA hearing.
adopt a Resolution making certain findings and determinations in
connection with the Project as required by Section l03(k) -of - the
Code (the "TEFRA Resolution"). The Project of the App~icant
shall be the beneficiary of the TEFRA Resolution for a period up
to and including the day six (6) months from the date of adoption
thereof. If. within such period. the City has not issued any
multifamily mortgage revenue bonds for the Project the "findings
and determinations" for the Project of the Applicant as evidenced
by the TEFRA Resolution shall lapse and the Applicant shall be
- required to apply to the City for a new Inducement Resolution.
PART VII FEE SCHEDULE
7.1
The Applicant acknowledges that the City requires a
non-refundable application fee of $50 for each Project to be
considered for eligibility. to be paid when the basic documents
are requested. With the submittal of this Application. $500 is
payable to the City. If this Application is accepted. an
additional fee of $10.000 is payable for administrative costs.
The Applicant acknowledges that the commitments in Part VI above
are in addition to these fixed amounts. Thus. in-the event that
no closing occurs. tbe City _sball be reimbursed for its
processing costs.
7.2 The Applicant shall provide for the payment to the City of the
expense of monitoring compliance witb federal and State
requirements for low- and moderate-income utilization as required
by State and federal law. Sucb payment shall be at the rate of
one-eighth of one percent (1/8~) of the total principal amount of
the bonds issued. shall commence after Project construction has
been completed and shall be payable continuing throughout until
all of the bonds have been redeemed or have matured. Such
monitoring expenses shall be on ongoing obligation of the
Applicant.
7.3 The Applicant shall provide for the payment of all expenses in
connection with the market feasibility study of the Project to be
conducted by a City or Agency-approved expert. Such payment must
be made by the Applicant at least twenty-eight (28) days prior to
the anticipated date for tbe TEFRA hearing.
7.4 All fees of the City may be capitalized and included in-the bond
issue as acceptable to tbe bond purchaser.
7.5
The Applicant acknowledges that the City derives its entire
support froni 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 from taxes from the state
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7.6
or any of its political subdivisions. No indebtedness or taxing
power of the City is involved. Project revenues are the sole
security for bonds of the City. The federal guarantees, if any,
enhance these revenues and income and the security of the bonds.
Pursuant to Resolution No. 81-108 of the City, as amended by
Resolution No. 81-410 of the City, one percent (1%) of the
principal amount of the bond issue shall be deposited in the" City
Treasury in the Industrial Revenue Bond Reserve and Develotlment
Fund, which shall be used in such manner as the Mayor and Common
Council may direct from time to time.
....
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PART VIII SIGNATURE
8.1 The undersigned, as the authorized principal of the Applicant as
noted below, holds the prime responsibility for the financing to
be taken for the proposed Project, and certifies that the
undersigned has the authority to bind the Applicant to contract
terms; that this Application to the best knowledge or belief of
the undersigned, contains no false or incorrect informa"tion or
data, and this Application, including exhibits and attachments
hereto, is truly descriptive of the proposed Project.. The
undersigned also represents by the execution of this Application
familiarity with Ordinance No. 3815, as amended, of the City of
San Bernardino.
"APPLICANT"
~O.9d4
By:
Title:
,
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