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RESOLUTION NO. J? / - 9'.? /
RESOLUTION OF THE CITY OF SAN BERNARDINO AUTHORIZING
THE EXECUTION OF OPERATING MEMORANDUM NO.4 TO
DISPOSITION AND JOINT DEVELOPMENT AGREEMENT WITH
BELGATE I, II, III AND IV, LTD. (PARTICIPATING PARTY)
_ BE IT RESOLVED, DETERMINED AND ORDERED BY THE MAYOR AND
COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
SECTION 1. The Mayor of the City of San Bernardino is hereby directed and
ordered to execute on behalf of the City Operating Memorandum No. 4 to the
Disposition and Joint Development Agreement with Belgate I, II, III, and IV,
providing for an increase in sales price for the homes to be sold by Belgate, with
the consideration that Belgate will pay the non re-occurring closing costs for the
buyers at the close of escrow.
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the
Mayor and Common Council of the City of San Bernardino at a regular
Meeting thereof, held on the 5th day of October_ - . 1981, by the
following vote, to wit:
AYES:
COUNCILMEN
Castaneda, Reilly, Hernandez,
Botts, Hudson and Strickler
NAYS:
None
ABSENT:
Hobbs
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CITY CLERK
The foregoing Resolution is hereby approved this
1981.
Approved as to Form:
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CITY A ORNEY
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OPERATING MEMORANDUM NO. 4
DISPOSITION AND JOINT DEVELOPMENT AGREEMENT WITH
BELGATE I, II, III, and IV, LTD
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THIS AGREEMENT is made and entered into this ~ day of ~,
1981, by and between the CITY OF SAN BERNARDINO, CALIFORNIA, a municipal
corporation (hereinafter referred to as the "City"), the REDEVELOPMENT
AGENCY OF THE CITY OF SAN BERNARDINO, a public body corporate and
politic (hereinafter referred to as the "Agency"), and BELGATE I, II, III
and IV, LTD, each a California limited partnership (hereinafter collectively
referred to as the "Participating Party").
WITNESSETH:
WHEREAS, a Disposition and Joint Development Agreement was entered
into February 26, 1980 by and between the parties hereinbefore mentioned,
providing for the development by the Participating Party of 200 single
family residential units identified as Tracts 11058, 11259, 11260 and
11261: and
WHEREAS, pursuant to the City of San Bernardino's Single Family
Residential Revenue Mortgage Issue of 1980, the Participating Party was
allocated $13,000,000 of residential mortgage funds for the sale of the
homes located within said tracts: and
WHEREAS, the financial feasibility of the project requires an
increase in the average selling price per house with the consideration
that the Participation Party will pay the nonreocurring closing costs of
the buyers at the close of escrow: and
WHEREAS, the Participating Party desires that the Agency and the
City approve the request and authorize the increase in selling price.
NOW THEREFORE THE PARTIES HERETO DO MUTUALLY AGREE AS FOLLOWS:
An increase in the base amount of the models so indicated below is
hereby approved:
EXHIBIT '!A"
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MODEL NUMBER
BASE AMOUNT OF INCREASE
1212
1390
1540
1782
1875
2005
$1,812.00
$1,943.00
$2,020.00
$2,165.00
$2,392.00
$2,472.00
In consideration of the above increases, the Participating Party will
pay the nonreocurring closing costs for the buyer at the close of escrow.
IN WITNESS WHEREOF, the City, the Agency and the Participating
Party have executed this Operating Memorandum No. 4 as of the date first
above written.
AGENCY:
CITY:
CITY OF
, CA
ATTEST:
APPROVED AS TO LEGAL. (zi
FO AN CY:
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Wm. A. Flory, Agency Couns 1
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CIty Cler
APPROVED AS TO LEGAL
FORM AND ADEQUACY:
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Ci y Att rney
BELGATE I, II, III & IV, LTD
(PARTICIPATING PARTY)
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