HomeMy WebLinkAboutR16-Economic Development Agency
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ECONOMIC DEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
REOUEST FOR COMMISSION/COUNCIL ACTION
From:
TIMOTHY C. STEINHAUS
Agency Administrator
Subject:
HOLIDAY OLDSMOBILE
LAND ACQUlSIDON
Date: November 3, 1994
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Svnonsis of Previous Commission/Council/Committee ActionCs):
On Sq>tember 8, 1994, the Redevelopment Connnittee recommended that the COlIummity Development Commission
approve the proposed deal points associated with the land acquisition between Holiday Oldsmobile and the City of
Riverside.
On October 3, 1994, the Community Development Commission set November 7, 1994 as the date to hold a public
hearing to consider the disposition of property to Holiday Oldsmobile.
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Recommended Motlon(s):
OPEN PUBLIC HEARING
CLOSE PUBLIC HEARING
(Mayor and Common Council)
MOTION:
A) Move to adopt a RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING A CERTAIN D1SPOSlTlON
AND DEVELOPMENT AGREEMENT OF THE CITY OF SAN BERNARDINO AND
HOLIDAY OLDSMOBILE.
Recommended Motion. Continued on next
TIMO C, STEINHAUS
Agency Administrator
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Contact Person(s): Timothv C. Steinhaus
Project Area(s): IVDA
Supporting Data Attached:
Phone: 5081
Ward(s): -1-
StaffRenor!' DDA. Purchase & Sale Agreement and Tax Increment Co-On
Agreements on file.
FUNDING REQUIREMENTS:
Amount: $351000
Budget Authority: Reauested
Source: Tax Increment
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Commission/Council Notes:
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TCS:SMM:pc:hololds.acq
COMMISSION MEETING AGENDA
Meeting Date: 11/07/1994
Agenda Item Number: --LIt..
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REOUEST FOR COMMISSION/COUNCIL ACTION
HOLIDAY OillSMOBILE
November I, 1994
P.ge Two
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Recommended Motion(s) continued:
(Communitv Develonment Commission)
MOTION: B) Move to adopt. RESOLUTION OF TIffi COMMUNITY DEVELOPMENT COMMISSION OF TIffi
CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING A CERTAIN AGREEMENT
REGARDING TIffi ALLOCATION AND PAYMENT OF TAX INCREMENT REVENW'S
C) Move to adopt. RESOLUTION OF TIffi COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING A CERTAIN AGREEMENT OF
PURCHASE AND SALE AND JOINT ESCROW INSTRUCTIONS (HOLIDAY OillSMOBILE)
D) Move to adopt . RESOLUTION OF TIffi COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO, ON BEHALF OF TIffi REDEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO, APPROVING A CERTAIN DISPOSITION AND DEVELOPMENT
AGREEMENT BY AND BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO AND HOLIDAY OillSMOBILE
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TCSoSMMopcohololds.acq
COMMISSION MEETING AGENDA
Meeting Date: 11/07/1994
Agenda Item Number: J.1
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ECONOMIC DEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
STAFF REPORT
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HoUdav Oldsmoblle Land AcquIsItIon
The purpose of this Staff Report is to request that the Conunission approve the proposed deal points associated with the land acquisition
between Holiday Oldsmobile and the City of Riverside. Holiday Oldsmobile (Holiday Olds) currently leases the property at 1388 South
"E"Strect. The subject property is presently owned by the City of Riverside and leased to Holiday Olds.
Previously, the Agency and the City of Riverside jointly conunissioned an appraisal by Schooler & Associates. The report valued the
property at $2,623,600.00. The City of Riverside was previously only interested in exchanging property that would be contiguous to
existing land holdings; however, they have recently agreed to sell the property through the San Bernardino Economic Development
Ageney (EDA) at the appraised value.
Holiday Olds will pay $500,000 cash down payment and obtain financing in the amOlmt of $1,772,600 as a first deed of trust, which
leaves a gap of $351,000 in the purchase price. Holiday Olds has requested that the San Bernardino EDA contribute the $351,000
in order to cause the escrow to close.
It is important to note that the subject property is not located within a San Bernardino Redevelopment Project Area, but is within the
jurisdiction of the Iuland Valley Development Agency (IVDA) Redevelopment Project Area. On September 28, 1994, Mayor Tom
Minor discussed with the IVDA a proposal that provides for the EDA to enter into a cooperation agreement with the IVDA for the tax
increment revenues of the Holiday OIds site. This agreement is similar to the Low-Mod cooperation agreement between the Agency
and the IVDA. The IVDA shall give the EDA the power and authority to negotiate with Holiday Olds and use the tax increment
revenues to fin1her redevelopment powers at the Holiday Olds site. The EDA's contribution to the purchase escrow will be repaid from
the increased tax increment revenues to be generated from the Holiday OIds site. Furthermore, it is proposed that the City of Riverside
sell the property to the EDA under a sale and purchase agreement at the appraised value of $2,623,600.00. The EDA would then
simultaneously sell the property to Holiday Olds for the same price and loan $351,000 at 8% interest to Holiday Olds.
Holiday Olds has agreed to execute a ten-year operating covenant with the San Bernardino EDA and committing to repay the $351,000
amount through a ten percent (10%) forgiveness provision for the benefit of the San Bernardino EDA. Ten percent (10%) of the
amount of such note will be forgiven each year that Holiday Olds remains in operation within the City of San Bernardino and produces
sale tax revenues to the City. In the event Holidays Olds ceases operations or relocates from the City, Holiday Olds will owe to the
San Bernardino EDA the unamortized amount of said loan. At the end of ten (10) years, the full $351,000 will be forgiven provided
that Holiday Olds has remained in operation within the City of San Bernardino during said time period.
Holiday Olds has been a valuable member of our community for many years. The dealership employs 60 people and will provide San
Bernardin 1lh approximately $28,000 in annual property taxes, $220,000 in retail sales tax and $7,400.00 per year in utility tax.
TIMO '-e'S' US, Agency Administrator
Economic Development Agency
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TCS:SMM:pc:hololds.acq
COMMISSION MEETING AGENDA
Meeting Date: 11/07/1994
Agenda Item Number: J.k.
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SUMMARY REPORT OF THE
REDEVELOPMENT AGENCY OF THE
CITY OF SAN BERNARDINO CONCERNING
THE PROPOSED DISPOSITION AND DEVELOPMENT AGREEMENT
BY AND BETWEEN THE REDEVELOPMENT AGENCY OF
THE CITY OF SAN BERNARDINO AND
HOLIDAY OLDSMOBILE. INC.
(HEALTH AND SAFETY CODE SECTION 33433)
This Summary Report has been prepared pursuant to Health
and Safety Code Section 33433 with respect to the sale of-certain
real property (the "Property") pursuant to a Disposition and
Development Agreement (the "Agreement" ) by and between the
Redevelopment Agency of the City of San Bernardino (the "Agency")
and Holiday Oldsmobile, Inc., a California corporation (the
"Developer") .
Backqround
The Agency proposes to acquire certain real property
generally located at 1388 South "E" Street in the City of San
Bernardino. The Property is more particularly described in the
Agreement. The Agency intends to sell the Property to the
Developer. The Developer intends to continue to operate the
Property as an auto dealership.
Cost to the Aqencv
The original and continuing costs of this Agreement to
the Agency, including any land acquisition costs, clearance costs,
relocation costs, costs of any improvements to be provided by the
Agency, plus the expected interest on any loans or bonds to finance
the Agreement are provided below:
Purchase Price to be paid by Agency
for the entire parcel
$2,623,600
Development, Relocation Costs, Etc.
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Total Agency costs of Parcel to be transferred
subject to the Agreement
$2,623,600
Estimated Value
The estimated value of
determined at the highest uses
$2,623,600.
the interest to be conveyed,
permitted, is approximately
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Purchase Price
The purchase price for the subject Property to be paid by
Developer is $2,623,600.
Cost to the Developer
The Developer will be responsible for paying any and all
City fees pertaining to the review and approval by the City of the
acquisition transaction.
value of Interest Conveyed
It is the Agency's belief that the fair market value of
the Property to be conveyed to the Developer, at the Property's
highest and best use permitted under the Redevelopment Plan, is
equal to the Purchase Price to be paid by Developer. The
transaction does not constitutes the disposition of the Property to
the Developer for less than fair market value. The Agency will
provide a loan in the amount of $351,000 to assist with downpayment
costs. The Loan will be secured by a Deed of Trust on the
Property. The loan, or portions thereof, may be forgiven if and to
the extent the Developer remains in business on the Property, which
will in turn generate tax revenues for the benefit of the City and
the Agency
Dated:
REDEVELOPMENT AGENCY OF THE
CITY OF SAN BERNARDINO
By:
Executive Director
SBEO\OOOl\DOC\1049
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Item:
9 Exhibit "A"
Action to
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COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO, CALIFORNIA
AGENDA
November 7, 1.994
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN ~ERNARDINO,
CALIFORNIA, APPROVING A CERTAIN AGREEMENT OF
PURCHASE AND SALE AND JOINT ESCROW INSTRUCTIONS
(HOLIDAY OLDSMOBILE)
Agreement of Purchase and Sale and Joint Escrow
Instructions
Adopt Resolution.
Certified copy of Resolution to be returned to Sabo & Green, A
Professional Corporation.
SBEO/0001!lOS4
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RESOLUTION NO.
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, APPROVING A CERTAIN AGREEMENT OF
PURCHASE AND SALE AND JOINT ESCROW
INSTRUCTIONS (HOLIDAY OLDSMOBILE)
6 WHEREAS, the City of San Bernardino, Calitornia (the
7 "City"), is a municipal corporation and a charter city duly
8 created and existing pursuant to the Constitution and the laws of
9 the State of California; and
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11 WHEREAS, the Community Development Commission of the
12 City of San Bernardino (the "Commission") on behalf of the
13 Redevelopment Agency of the City of San Bernardino (the
14 "Agency"), is a redevelopment agency, a public body, corporate
15 and politic of the State of California, organized and existing
16 pursuant to the Community Redevelopment Law (Part 1 of
17 Division 24 commencing with Section 33000) of the Health and
18 Safety Code of the State of California (the "Act"); and
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20 WHEREAS, the City of Riverside ("Riverside") presently
21 owns certain property (the "Property") which is located within
22 the jurisdictional boundaries of the City and upon which is
23 located an automobile dealership operated by Holiday Oldsmobile;
24 and
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WHEREAS, the Agency deems it desirable to cause the
27 continued occupancy on the Property of the Holiday Oldsmobile
28 automobile dealership and therefore is seeking to acquire the
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1 Property from Riverside in order that it may thereafter dispose
2 of the Property to Holiday Oldsmobile; and
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4 WHEREAS, the Agency at this time deems it desirable to
5 approve the acquisition of the Property from Riverside pursuant
6 to the terms of that certain Agreement of Purchase and Sale and
7 Joint Escrow Instructions (Holiday Oldsmobile) (the "Agreement"),
8 a copy of which is attached hereto as Exhibit "A" and
9 incorporated herein by this reference.
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11 NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION
12 ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF
13 SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
14 FOLLOWS:
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16 Section 1. The foregoing recitals are true and
17 correct and are incorporated herein by this reference.
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19 Section 2. The Agency hereby approves the terms of
20 that certain Agreement, a copy of which is attached hereto as
21 Exhibit "A" and incorporated herein by this reference.
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23 Section 3. The Agency hereby approves the purchase
24 of the Property from Riverside on the terms and conditions as set
25 forth in the Agreement.
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1 Section 4. The Agency hereby finds and determines
2 that the acquisition of the Property pursuant to the terms of the
3 Agreement is in the best interests of the City and the Agency.
4 Section 5. The Agency hereby authorizes the
5 Chairman and Executive Director of the Agency, and Secretary to
6 execute the Agreement on behalf of the Agency wit_h any such
7 changes as may be approved by the Executive Director of the
8 Agency and Agency Counsel.
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RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, APPROVING A CERTAIN AGREEMENT OF
PURCHASE AND SALE AND JOINT ESCROW INSTRUCTIONS (HOLIDAY
OLDSMOBILE)
Section 6.
The findings and determinations herein
shall be final and conclusive. This Resolution shall take effect
upon its adoption.
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the Community Development Commission of the City of
San Bernardino at a
meeting
thereof, held on the
day of
1994, by the following vote, to wit:
Commission Members:
AYES
NAYS
ABSTAIN
ABSENT
NEGRETE
CURLIN
HERNANDEZ
OBERHELMAN
DEVLIN
POPE-LUDLAM
MILLER
day of
Secretary
The foregoing resolution is hereby approved this
, 1994.
Tom Minor, Chairman
Community Development
Commission of the
City of San Bernardino
Approved as to
form and legal content:
25 By:
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Agency Counsel
SBEO\OOOl\DOC\1054
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STATE OF CALIFORNIA
COUNTY OF SAN BERNARDINO
CITY OF SAN BERNARDINO
ss
I, Secretary of the Community
Development Commission of the City of San Bernardino, DO HEREBY
CERTIFY that the foregoing and attached copy of Community
Development Commission of the City of San Bernardino Resolution
No. is a full, true and correct copy of that now on
file in this office.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the Community Development Commission
of the City of San Bernardino this day of
, 1994.
Secretary of the
Community Development Commission
of the City of San Bernardino
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C 1 EXHIBIT "B"
2 DISPOSITION AND DEVELOPMENT AGEEMENT
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COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO, CALIFORNIA
AGENDA
November 7, 1994
Item: RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO, ON
BEHALF OF THE REDEVELOPMENT AGENCY OF~HE CITY OF
SAN BERNARDINO, APPROVING A CERTAIN "DISPOSITION
AND DEVELOPMENT AGREEMENT BY AND BETWEEN THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO AND HOLIDAY OLDSMOBILE
Exhibit "A" Description of Parcel
Exhibit "B" Disposition and Development Agreement
Action to
be Taken: Adopt Resolution.
Certified copy of Resolution to be returned to Sabo & Green, A
Professional Corporation.
SBEO\OOOl\DOC\1053
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RESOLUTION NO.
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO, ON
BEHALF OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SAN BERNARDINO, APPROVING A CERTAIN
DISPOSITION AND DEVELOPMENT AGREEMENT BY AND
BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO AND HOLIDAY OLDSMOBILE
WHEREAS, the City of San Bernardino, California (the
"Ci ty") is a municipal corporation and a charter city duly
created and existing pursuant to the Constitution and the laws of
10 the State of California; and
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12 WHEREAS, the Community Development Commission of the
13 City of San Bernardino (the "Commission"), on behalf of the
14 Redevelopment Agency of the City of San Bernardino (the
15 "Agency"), is a redevelopment agency, a public body, corporate
16 and politic of the State of California, organized and existing
17 pursuant to the Community Redevelopment Law (Part 1 of
18 Division 24) commencing with Section 33000 of the Health and
19 Safety Code of the State of California (the "Act"); and
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21 WHEREAS, Holiday Oldsmobile (the "Corporation") is a
22 California corporation organized and existing by and pursuant to
23 the laws of the State of California; and
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25 WHEREAS, the City is a member of the Inland Valley
26 Development Agency which has previously approved and adopted the
27 Redevelopment plan (the "Redevelopment Plan") for the Inland
28 Valley Redevelopment Project Area; and
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1 WHEREAS, the Agency is in the process of acquiring a
2 parcel of land as further described on Exhibit "A" hereto (the
3 "Parcel"), which is located within the Project Area subject to
4 the Redevelopment Plan; and
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6 WHEREAS, the Corporation has indicated that_ it desires
7 to purchase said Parcel from the Agency in order to cause the
8 continued occupancy thereon of its automobile dealership; and
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10 WHEREAS, the Agency deems that the sale to and
11 occupancy of the Parcel by the Corporation will be of benefit to
12 the Agency and the City by ensuring continued tax revenues and
13 job opportunities; and
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15 WHEREAS, the Agency at this time deems it desirable to
16 approve the sale of the Parcel pursuant to the terms of that
17 certain Disposition and Development Agreement by and between the
18 Agency and the Corporation, a copy of which is attached hereto as
19 Exhibit "B" and incorporated herein by this reference which sets
20 forth the terms of the Agency's disposition of the Parcel; and
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22 WHEREAS, the Disposition and Development Agreement
23 provides that the Agency will assist in the Corporation's
24 acquisition of the Property by providing a loan to the
25 Corporation in the amount of Three Hundred Fifty One Thousand
26 Dollars ($351,000) to be used as part of the purchase price, all
27 as more fully described in the Disposition and Development
28 Agreement.
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NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION
ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
FOLLOWS:
Section 1. The foregoing recitals are true and
correct and are incorporated herein by this reference.
Section 2. The Agency, having held a duly noticed
public hearing thereon, hereby finds and determines that the sale
of the Parcel to the Corporation is of benefit to the Agency and
the City and will also will promote redevelopment within the
Inland Valley Redevelopment Project Area.
Section 3. The Agency hereby approves the
Disposition and Development Agreement, a copy of which is
attached hereto as Exhibit "B" and incorporated herein by this
reference.
Section 4. The Agency hereby approves the sale of
the Parcel to the Corporation as well as the loan to the
Corporation in an amount equal to Three Hundred Fifty One
Thousand Dollars ($351,OOO) to be used as part of the purchase
price for the Parcel all as more fully described in the
Disposition and Development Agreement.
Section 5. The Agency hereby authorizes the
Chairman or the Executive Director of the Agency, and Secretary
to execute the Disposition and Development Agreement on behalf of
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0 1 the Agency with any such changes as may be approved by the
2 Executive Director of the Agency and Agency Counsel.
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RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
SAN BERNARDINO, ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO, APPROVING A CERTAIN DISPOSITION AND
DEVELOPMENT AGREEMENT BY AND BETWEEN THE REDEVELOPMENT AGENCY OF
THE CITY OF SAN BERNARDINO AND HOLIDAY OLDSMOBILE
Section 6.
The findings and determinations herein
shall be final and conclusive. This Resolution shall take effect
upon the date of its adoption.
I HEREBY CERTIFY that the foregoing ResolutIon was duly
8 adopted by the Community Development Commission of the City of
San Bernardino at a
meeting
thereof, held on the
day of
1994, by the following vote, to wit:
commission Members:
AYES
NAYS
ABSTAIN
ABSENT
NEGRETE
CURLIN
HERNANDEZ
OBERHELMAN
DEVLIN
POPE-LUDLAM
MILLER
Secretary
day of
The foregoing resolution is hereby approved this
, 1994.
Tom Minor, Chairman
Community Development
Commission of the
City of San Bernardino
Approved as to
form and legal content:
By:
Agency Counsel
SBEO\OOOl\DOC\1053
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STATE OF CALIFORNIA
COUNTY OF
On before me,
(here insert name and title of the officer), personally appeared
, personally known to me (or proved to
me on the basis of satisfactory evidence) to be the person(s)
whose name (s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in
his/her/their authorized capacity (ies) , and that by his/her/their
signature(s) on the instrument the person(s), or the ~ntity upon
behalf of which the person(s) acted, executed the instrument.
WITNESS my hand and official seal.
Signature
(Seal)
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0 1 EXHIBIT "A"
2 DESCRIPTION OF PARCEL
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0 1 EXHIBIT "A"
2 AGREEMENT OF PURCHASE AND SALE
3 AND
JOINT ESCROW INSTRUCTIONS
4 (HOLIDAY OLDSMOBILE)
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6 ON FILE.
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Item:
Exhibit "A"
9 Exhibit "B"
Action to
be Taken:
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MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA
AGENDA
November 7, 1994
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, ~PPROVING A
CERTAIN DISPOSITION AND DEVELOPMENT AGREEMENT BY
AND BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO AND HOLIDAY OLDSMOBILE
Description of Parcel
Disposition and Development Agreement
Adopt Resolution.
Certified copy of Resolution to be returned to Sabo & Green, A
Professional Corporation.
SBEO\OOOl\DOC\1055
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RESOLUTION NO.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THE CITY OF SAN BERNARDINO, CALIFORNIA,
APPROVING A CERTAIN DISPOSITION AND
DEVELOPMENT AGREEMENT BY AND BETWEEN THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO AND HOLIDAY OLDSMOBILE
WHEREAS, the City of San Bernardino, California (the
"City") is a municipal corporation and a charter city duly
created and existing pursuant to the Constitution and the laws of
the State of California; and
WHEREAS, the Community Development Commission of the
City of San Bernardino (the "Commission"), on behalf of the
Redevelopment Agency of the City of San Bernardino (the
"Agency"), is a redevelopment agency, a public body, corporate
and politic of the State of California, organized and existing
pursuant to the Community Redevelopment Law (Part 1 of
Division 24) commencing with Section 33000 of the Health and
Safety Code of the State of California (the "Act"); and
WHEREAS, Holiday Oldsmobile (the "Corporation") is a
California corporation organized and existing by and pursuant to
the laws of the State of California; and
WHEREAS, the City is a member of the Inland Valley
Development Agency which has previously approved and adopted the
Redevelopment plan (the "Redevelopment Plan") for the Inland
Valley Redevelopment Project Area; and
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WHEREAS, the Agency is in the process of acquiring a
parcel of land as further described on Exhibit "A" hereto (the
"Parcel"), which is located within the Project Area subject to
the Redevelopment Plan; and
WHEREAS, the Corporation has indicated tha~ it desires
to purchase said Parcel from the Agency in order to cause the
continued occupancy thereon of its automobile dealership; and
WHEREAS, the City deems that the sale to and occupancy
of the Parcel by the Corporation will be of benefit to the Agency
and the City by ensuring continued tax revenues and job
opportunities; and
WHEREAS, the City at this time deems it desirable to
approve the sale of the Parcel by the Agency to the Corporation
pursuant to the terms of that certain Disposition and Development
Agreement by and between the Agency and the Corporation, a copy
of which is attached hereto as Exhibit "B" and incorporated
herein by this reference which sets forth the terms of the
Agency's disposition of the Parcel; and
WHEREAS, the Disposition and Development Agreement
provides that the Agency will assist in the Corporation's
acquisition of the Property by providing a loan to the
corporation in the amount of Three Hundred Fifty One Thousand
Dollars ($351,000) to be used as part of the purchase price, all
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1 as more fully described in the Disposition and Development
2 Agreement.
3
4 NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE
5 CITY OF SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE,
6 DETERMINE AND ORDER AS FOLLOWS:
7
8 Section 1. The foregoing recitals are true and
9 correct and are incorporated herein by this reference.
10
11 Section 2. The City, having held a duly noticed
12 public hearing thereon, hereby finds and determines that the sale
13 of the Parcel to the Corporation is of benefit to the Agency and
14 the City and will also will promote redevelopment within the
15 Inland Valley Redevelopment Project Area.
16
17 Section 3. The City hereby approves the Disposition
18 and Development Agreement, a copy of which is attached hereto as
19 Exhibit "B" and incorporated herein by this reference.
20
21 Section 4. The City hereby approves the sale of the
22 Parcel by the Agency to the Corporation and the loan by the
23 Agency to the Corporation in an amount equal to Three Hundred
24 Fifty One Thousand Dollars ($351,OOO) to be used as part of the
25 purchase price for the Parcel all as more fully described in the
26 Disposition and Development Agreement.
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, APPROVING A CERTAIN DISPOSITION AND
DEVELOPMENT AGREEMENT BY AND BETWEEN THE REDEVELOPMENT AGENCY OF
THE CITY OF SAN BERNARDINO AND HOLIDAY OLDSMOBILE
section 5.
The findings and determinations herein
shall be final and conclusive. This Resolution shall take effect
upon the date of its adoption.
I HEREBY CERTIFY that the foregoing Resolut.ion was duly
adopted by the Mayor and Common Council of the City of
San Bernardino at a
meeting
thereof, held on the
day of
1994, by the following vote, to wit:
AYES:
Council Members
NAYS:
ABSENT:
City Clerk
The foregoing resolution is hereby approved this
day of , 1994.
Mayor of the City of
San Bernardino
Approved as to form and legal content:
By: ~~AAA'.{Y1/2~
~ ~~~~~~~t;;-;~ey
SBEO\OOOl\DOC\1055
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STATE OF CALIFORNIA
COUNTY OF
)
)
On before me,
(here insert name and title of the officer), personally appeared
, personally known to me (or proved to
me on the basis of satisfactory evidence) to be the person(s)
whose name (s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in
his/her/their authorized capacity (ins) , and that by his/her/their
signature(s) on the instrument the person(s), or the-entity upon
behalf of which the person(s) acted, executed the instrument.
WITNESS my hand and official seal.
Signature
(Seal)
1e.
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0 1 EXHIBIT "A"
2 DESCRIPTION OF PARCEL
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C 1 EXHIBIT "B"
2 DISPOSITION AND DEVELOPMENT AGREEMENT
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Item:
Exhibit "A"
Action to
be Taken:
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COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO, CALIFORNIA
AGENDA
November 7, 1994
RESOLUTION OF THE COMMUNITY PEVELOPMENT
COMMISSION OF THE CITY OF SAN -BERNARDINO,
CALIFORNIA, APPROVING A CERTAIN AGREEMENT
REGARDING THE ALLOCATION AND PAYMENT OF TAX
INCREMENT REVENUES
Agreement Regarding the Allocation and Payment of
Tax Increment Revenues
Adopt Resolution.
Certified copy of Resolution to be returned to Sabo & Green, A
Professional Corporation.
SBEO/0001!1056
11/02/94 2:00 DG
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RESOLUTION NO.
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, APPROVING A CERTAIN AGREEMENT
REGARDING THE ALLOCATION AND PAYMENT OF TAX
INCREMENT REVENUES
WHEREAS, the City of San Bernardino, Cal~fornia (the
"City" " is a municipal corporation and a charter city duly
created and existing pursuant to the Constitution and the laws of
the State of California; and
WHEREAS, the Community Development Commission of the
City of San Bernardino (the "Commission" l on behalf of the
Redevelopment Agency of the City of San Bernardino (the
"Agency"), is a redevelopment agency, a public body, corporate
and politic of the State of California, organized and existing
pursuant to the Community Redevelopment Law (Part 1 of
Division 24 commencing with Section 33000) of the Health and
Safety Code of the State of California (the "Act"); and
WHEREAS, the City is a member of the Inland Valley
Development Agency ("IVDA"l which has caused the adoption of a
Redevelopment plan that covers certain areas within the
territorial jurisdiction of the City; and
WHEREAS, the Agency has been requested by Holiday
Oldsmobile to assist Holiday Oldsmobile in the acquisition of
certain property which is located within the Project Area of the
IVDA; and
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1 WHEREAS, in order to facilitate the Agency's
2 acquisition of the property which is located within the project
3 Area of the IVDA, and subsequent disposition by the Agency to
4 Holiday Oldsmobile, the Agency deems it desirable to enter into
5 that certain Agreement Regarding the Allocation and Payment of
6 Tax Increment Revenues (the "Agreement), a copy o~ which is
7 attached hereto as Exhibit "A" and incorporated herein by this
8 reference; and
9
10 WHEREAS, the Agreement enables the Agency to assist in
11 funding the acquisition of the Property by Holiday Oldsmobile
12 through the allocation of tax increment revenues all as more
13 fully described in the Agreement.
14
15 NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION
16 ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF
17 SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
18 FOLLOWS:
19
20 Section 1. The foregoing recitals are true and
21 correct and are incorporated herein by this reference.
22
23 Section 2. The Agency hereby approves the
24 Agreement, copy of which is attached hereto as Exhibit "A" and
25 incorporated herein by this reference.
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1 Section 3. The Agency hereby authorizes the
2 Chairman and Executive Director of the Agency, and Secretary to
3 execute the Agreement on behalf of the Agency with any such
4 changes as may be approved by the Executive Director of the
5 Agency and Agency Counsel.
6 III
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RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, APPROVING A CERTAIN AGREEMENT
REGARDING THE ALLOCATION AND PAYMENT OF TAX INCREMENT REVENUES
Section 4.
The findings and determinations herein
shall be final and conclusive. This resolution shall take effect
upon its adoption.
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the Community Development Commission of the City of
San Bernardino at a
meeting
thereof, held on the
day of
1994, by the following vote, to wit:
Commission Members:
AYES
NAYS
ABSTAIN
ABSENT
NEGRETE
CURLIN
HERNANDEZ
OBERHELMAN
DEVLIN
POPE-LUDLAM
MILLER
Secretary
day of
The foregoing resolution is hereby approved this
, 1994.
Tom Minor, Chairman
Community Development
Commission of the
City of San Bernardino
Approved as to
form and legal content:
By:
Agency Counsel
SBEO\OOOl\DOC\lOS6
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STATE OF CALIFORNIA
COUNTY OF SAN BERNARDINO ss
CITY OF SAN BERNARDINO
I, Secretary of the Community
Development Commission of the City of San Bernardino, DO HEREBY
CERTIFY that the foregoing and attached copy of Community
Development Commission of the City of San Bernardino Resolution
No. is a full, true and correct copy of that now on
file in this office.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the Community Development Commission
of the City of San Bernardino this day of
, 1994.
Secretary of the
Community Development Commission
of the City of San Bernardino
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0 1 EXHIBIT "A"
2 AGREEMENT REGARDING THE ALLOCATION AND PAYMENT
3 OF TAX INCREMENT REVENUES
(HOLIDAY OLDSMOBILE PROJECT)
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