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HomeMy WebLinkAbout1985-042 2. 176-1/0344S/mcm 01/19/85 RESOLUTION NO. 85-42 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 (MOUNTAIN VISTAS APARTMENTS PROJECT-AFCOM) WHEREAS, the City of San Bernardino, California ("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 (the "Ordinance") 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 WHEREAS, said Ordinance No. 3815, as amended. is intended to finance the development of industry and commerce and to thereby broaden the employment opportunities and to increase the availability of moderately priced rental units for residents of the City and to broaden the tax and revenue base of the City; and WHEREAS. there has been presented to the Mayor and Common Council an Application, attached hereto as Exhibit "A" and incorporated herein by reference by AFCOM, a California corporation - 1 - (the "Applicant"), requesting the issuance of multifamily mortgage revenue bonds in the principal amount not to exceed $16,000,000 for the purpose of financing, on behalf of the Applicant, a certain Project, to wit: the construction and financing of a four hundred (400) unit multifamily rental housing development on an approximately forty (40) acre site located between Meridian Avenue and the Southern Pacific Railroad right-of-way at Second Street in the City as more fully described in the Application. The Project shall consist of two hundred (200) two-bedroom, one-bath rental units and two hundred (200) three-bedroom, two-bath rental units, on-site vehicle parking spaces, laundry and recreational rooms, appurtenant landscaping and other improvements. NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED AND ORDERED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AS FOLLOWS: Section 1. That the recitals set forth hereinabove 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. - 2 - 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 construction and permanent financing of the Project as more fully 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 wi thin the jurisdiction of the City. Section 6. The Council does hereby declare its intention to issue multifamily mortgage revenue bonds of the City for the acquisition of land and the construction, equipping and permanent financing of the Project under and in accordance with the Ordinance, in amounts sufficient to pay the costs of financing the Project 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 Mountain Vistas Apartments. Section 7. The City hereby declares its intention to exercise the authority referred to in Section 3 hereof by issuing - 3 - bonds of the City in such amounts as will be adequate to implement the City financing of the Project. section 8. The bonds shall be payable from the revenues described in said Ordinance No. 3815, as amended. Section 9. The bonds shall be and are special obligations of the City, and, subject to the right of the City to apply moneys as provided in the applicable laws, are secured by such revenues as are specified in the proceedings 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 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 propert ies 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. - 4 - 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, Timothy J. Sabo, a Professional Corporation, as Bond Counsel to the City, 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 Trust Indenture, Loan Agreement, Regulatory Agreement, Resolution of Issuance, and such other documents as may be necessary to effect said Project and the issuance of multifamily mortgage 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 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 City as required by the Ordinance and the industrial development bond financing program of the City relating to the issuance of multifamily mortgage revenue bonds. - 5 - 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 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 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. This Resolution shall take effect upon adoption. I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Mayor and Common Council of the City of San Bernardino at a reqular meeting thereof, held on the , 1985, by the following vote, to wit: 21st day of January AYES: Council Members Castaneda, Reilly, Marks, Quiel, Frazier, Stirckler NAYS: None ABSENT: NnnR AR~111,~,TN. Cnl1nr.; 1 Mpmhpr HprT)andez A/7//dz,z/4-6Ab CitY Clerk - 6 - The foregoing resolution is hereby approved this =<!3hf day of .1"nll"ry , 1985. Approved as to form: Ci~ie::r~ - 7 - 2,176-2/0085S/mcm 01/21/85 APPLICATION OF AFCOM FOR MULTIFAMILY MORTGAGE REVENUE BOND FINANCING CITY OF SAN BERNARDINO, CALIFORNIA PART I GENERAL AND BUSINESS INFORMATION 1.1 The legal name of the Applicant is "AFCOM." 1.2 The Applicant is a California corporation which shall be engaged in the development, construction, leasing and ownership of a four hundred (400) unit multifamily rental housing development located between Meridian Avenue and the Southern Pacific Railroad right-of-way at Second Street in the City of San Bernardino, California (the "Project"). The property is presently owned by Arbor Development Company, a joint venture, in which Donald C. Hubbs is the managing venturer. Mr. Hubbs shall contribute the property to the venture for the proposed multifamily rental housing development (the "Project") and the venture shall develop said property and construct the Project thereon. 1.3 The mailing address and the address of the Applicant is as follows: AFCOM 200 Marina Drive Seal Beach, California 90740 1.4 Employer Tax I.D. No. 93-0700544 1.5 Mr. William T. Dawson is the principal contact for the Applicant. 1.6 Telephone Number (213) 493-3681. 1.7 The Applicant is a California corporation. 1.7.1 The Applicant shall form a venture with Donald C. Hubbs who shall contribute the property to the venture and the venture shall conduct business in the City of San Bernardino, County of San Bernardino, State of California. 1. 7.2 The general venture documents and documents to evidence the transfer of the property to the venture shall be executed prior to the time when the Applicant through the venture acquires legal title to said property which shall be developed in connection with the Project. - 1 - 1.8 The ownership interest of each of the venturers associated with the Project shall be as follows: AFCOM, a California corporation - 501 Donald C. Hubbs, an individual - 501 Mr. William T. Dawson, Chairman of the Board of AFCOM, will primary responsibility for conducting the business of Applicant. 1.9 have the 1.10 Business ventures of the Applicant. 1.10.1 1.11 Employees 1.11.1 1.11.2 AFCOM was incorporated in 1977 and specializes in affordable projects. It is currently completing the rehabilitation of one hundred and sixty-four (164) apartment uni ts in the Ci ty of Compton and has two hundred and ninety-one (291) single family detached dwellings under construction for which mortgage loan proceeds have been provided by a $25,000,000 mortgage revenue bond issue of the City of Compton. Previous projects include a two hundred and forty-eight (248) unit modular condominium project and one hundred and two (102) apartment units in southern Orange County wi th purchase money mortgage proceeds provided by a mortgage revenue bond issue by the County of Orange. Other projects include a four hundred (400) unit mobile home park in Palm Springs and a one hundred and twenty-five (125) unit mobile home park in the City of Seal Beach. The Applicant currently has twelve (12) permanent office employees plus onsite construction employees ranging from six (6) to two hundred (200). Although the principal objective of the Project is to provide affordable rental housing to the citizens of the City of San Bernardino, the construction and operation of the Project will create certain employment opportunities within the City. The business offices of Applicant shall be located at 200 Marina Drive, Seal Beach, California 90740. 1.12 Professional services will be provided by the following: 1.12.1 1.12.2 Laventhol & Horwath, CPA shall serve as the for the Applicant and the contact person firm is Richard Kipper, 611 Anton Suite 1100, Costa Mesa 92626, (714) 556-4244. accountant wi th said Boulevard, telephone Debra Hamada is in-house counsel to the Applicant and is located at 200 Marina Drive, Seal Beach, California 90740. - 2 - 1.12.3 1.12.4 1.12.5 The Law Offices of Timothy J. Sabo, a Professional Corporation, shall serve as Bond Counsel to the City with regard to the tax-exempt financing for the Project. Principal Civil Engineer 117 Brookho110w, Santa (714) 545-3039, and John principal contact. The McIntire Ana, California McIntire shall Group, 92705, be the Bancroft, O'Connor, Chilton & Lavell, Inc., 1901 Avenue of the Stars, Suite 1400, Los Angeles, California 90067, (213) 203-0966, shall be the underwriter for the mortgage revenue bonds to be issued by the City to finance the Project. 1.13 The principal banking accounts of the Applicant shall be held by Security Pacific National Bank, corporate office in Seal Beach. 1.14 The source of funding for the Project is anticipated to be derived from a variety of sources including the private placement of a tax-exempt bond or other obligation with a lender to be obtained hereafter. PART II BOND ISSUE 2.1 The estimated total amount of the financing package and the proposed use of bond proceeds is as follows: 2.1.1 2.1.2 2.1.3 2.1.4 2.1.5 2.1.6 Project cost - $13,281,000 Legal, printing and related fees - $150,000 Financing costs and fees - $550,000 Capitalized interest - $900,000 Other miscellaneous costs - $90,000 Land acquisition - $1,000,000 Total: $15,971,000 2.2 The estimated target date for the financing is presently anticipated in the second quarter of 1985, with construction to commence as soon as possible after the financing package is completed and the construction of the Project shall be completed in two (2) or more construction phases which shall take between eighteen (18) and thirty-six (36) months to complete. - 3 - 2.3 It is proposed that the financing be in the form of a construction loan during the construction period which would have 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, the 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 The present proposal for the financing of the Project anticipates that the tax-exempt bonds or other 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 are included as Exhibit "A" hereto. 3.2 The Applicant is a California corporation and upon its formation the venture shall be a small business doing business as a general partnership pursuant to the laws of the State of California and both the Applicant and the venture would be considered small businesses with regard to their relative size in comparison with other such businesses undertaking projects of this type. Although the Applicant and the venture are small businesses, no federal small business loan guarantees are proposed in connection 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 land and the construction and operation of a four hundred (400) unit multifamily rental housing development on a forty (40) acre site located between Meridian Avenue and the Southern Pacific Railroad right-of-way at Second Street in the City of San Bernardino. The Project shall include two hundred (200) two-bedroom, one-bath rental units and two hundred (200) three-bedroom, two-bath rental units, on-site vehicle parking spaces for approximately eight hundred (800) spaces, laundry and recreational rooms, appurtenant landscaping and other improvements. The Project shall be located on land more particularly described and included as Exhibit "B" hereto. 4.1.1 The four hundred (400) unit multifamily rental housing development shall have the following proposed rent schedule: Unit Description 2 bedroom - 1 bath 3 bedroom - 2 bath Proposed Rent/month $465 $550 - 4 - 4.2 The components and the estimated total cost of the functional parts of the Project are as follows: 4.2.1 Land - $1,000,000 4.2.2 Building construction - $7,541,000 4.2.3 Site preparation - $2,400,000 4.2.4 Engineering and technical services - $200,000 4.2.5 City fees - $2,080,000 Total: $13,221,000 4.2.6 Miscellaneous items - a. 5% construction contingency - $440,000 b. Developer's overhead and profit - $360,000 c. Interest during construction - $900,000 d. Real estate brokerage commission - $60,000 e. Other miscellaneous costs - $200,000 Total: $15,181,000 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. 4.3.2 The planned construction shall occur in two (2) or more phases and be completed within eighteen (18) to thirty-six (36) months from the date of commencement. 4.4 The supervising civil engineer responsible for the design of the Project on behalf of the Applicant shall be John McIntire of The McIntire Group. 4.5 The Project shall be known as "Mountain Vistas Apartments". 4.6 The Project is the development of a multifamily rental housing 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 consist of modular units to be designed and constructed at the Colton plant of the Applicant and each modular unit shall be situated on a zero lot line parcel but shall be considered as a "unit" 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. - 5 - 4.7 The property on which the Project is proposed to be located is currently owned by Arbor Development Company, a joint venture, in which Donald C. hubbs is the managing venturer, and the Applicant shall enter into a venture with Mr. Hubbs to have said property contributed to the venture for the construction of the Project. 4.8 The Project will provide four hundred (400) units of affordable rental housing to the citizens of the City of San Bernardino. 4.9 4.10 4.11 4.12 4.13 PART V 5.1 4.8.1 Attached as Exhibit "B" is an 8-1/2 x 11 inch map showing the site location of the proposed Project. 4.8.2 A description of the plant process - not applicable. A negative declaration pursuant to the provisions of the California Environmental Quality Act of 1970, as amended, would in all probability be satisfactory for the Project as proposed by the Applicant. However, the Project shall comply with all applicable provisions of said Act. 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 construction of the Project has previously been obtained. There are no local, state or federal pollution control agencies which impose regulations, standards or requirements wi th regard to the operations of the proposed Project- to be undertaken by the Applicant. The proposed Project shall comply with all applicable City of San Bernardino, 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 ul timate 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. PUBLIC BENEFITS The City of San Bernardino 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. 3815, as amended, of the City of San Bernardino. 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 an extremely high level on conventionally - 6 - 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 of San Bernardino. 5.1.1 5.1.2 5.1.3 The Project will provide long term affordable rental housing opportunities for the inhabitants of the City of San Bernardino. Construction of the Project is anticipated to add approximately $15,000,000 of assessed valuation to the tax rolls of the City. The useful method of financing provided for in Ordinance No. 3815 of the City 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 will provide new sources of financing to the Applicant and such financing will be made available at lower tax-exempt interest rates. 5.2 The City will benefit, as can be demonstrated pursuant to Section 1 of Ordinance No. 3815, as amended, of the City of San Bernardino, 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. There are no detriments that can be incurred by the City with regard to this type of financing for this Project, and the City of San Bernardino will receive substantial benefits through increases in assessed valuation of property, plus the increased long-term affordable housing opportunities that will be available to the local residents of the City. 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, 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. - 7 - 6.2 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 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-exempt obligations, whether or not such bonds or other tax-exempt obligations are finally issued, and to hold the City harmless 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 and copies of such additional information shall be forwarded to the City by the Applicant and shall be deemed to be supplements or amendments to this Application. PART VII SIGNATURE 7.1 The undersigned as authorized principals of the Appl icant as noted below, hold the prime responsibility for the financing to be taken for the proposed Project, and certify that the undersigned have 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 information or data, and this Application, including exhibits and attachments hereto, is truly descriptive of the proposed Project. The undersigned also represent by the execution of this Application familiarity with Ordinance No. 3815, as amended, of the City of San Bernardino. PART VIII FEE SCHEDULE 8.1 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, the City shall be reimbursed for its processing costs. 8.2 All fees of the City may be capitalized and included in the bond issue as acceptable to the bond purchaser. - 8 - 8.3 The Applicant acknowledges that 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 from taxes from the state 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. 8.4 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 Development Fund, which shall be used in such manner as the Mayor and Common Council may direct from time to time. "APPLICANT" By: corporation AFCOM, a Califo Title: - 9 - . " r CITY OF SAN BERNARDINO PLANNING DEPARTMENT "" , '""'l AGENDA ITEM # , ~ LOCATION CASE C.Z.#B4-11 8 HEARING DATE ,Iulv J.19~4 '-- ~ "- ~ R~I U R_i~a"O J i I DR R-I R-t R-I .., R-3 > '" R-.1 .. R-I .lli <.: R-I R-o ., J C-O^ C" 3A J C-oA ., 0 FGOTHILl.. BLVD. fOOTHI A :-~r C-3A C - 3A oi ~ ..~ .-, ~. I" : LOD' C--3A --- t C-3A- -L~ CUM i R-I ,I ,~ 33 R -3,_ ~-~ ->---' : I "~"' ~ (;-3<1 .. R-l J J .. 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'. ,. IUI.IT -It.- '!bat oerta1.n pu-eel of l&llld .1t....t.. 1a the Cooaty of .. "rDad1no~ stau of C.Ufontl&. MiII9 . .w:it._ of ~t. Lot 1_ _ ~ 1/4 of __ 7. Y -',1_. -.- 4 ".. _ --UO _ _ --, ~ to _ Official 'l.t of aa1d~. __ _ 117 _ u. .. --...,or aeaua1'. Office.. ... rraeciMO, Cal1f.iaa. em ...... 1', 1171, bel.q . porU"" of _ 1_ _~ 18 _ datacJ Pabn.ry U, U". _ ~_1t1' "lU. 10_'" CCIoIpu)' to '.clfic l1...trlc ..u...,. co.paal'.. r_ .........." 24. I,., 10 lOCk 1331. .... 152. Offlcl.1 aocordo of aa1d CoQbty, d.e8Cr1hed ..fo11owa, 1I1DQX.IIIG .~ the poiD~ of illUZ'MOt,1on of tile SOutJlerly line of l.ad _r~ .. ......1 ... 1 18 HI" _ witb tba ...tuly U.. of ..r141.. a....... (12 feat wi.." __ Wortb O. 05' 00. ".t .10119 ..14 _11' U.., '" fut to tba ....ctbarly U80 of thot cutal8 .......1 of l.ad Jeocdba4 10 _ racor".. Jail' 20,1'71. 10 book 7713, Off101.1 Record., 1)e9. 441, coa'N)'ed to ~. Ioatbel.4 Pacific cOIIpAI'ly. a corporation, ~ceWOrth "-31' 40. I..t aloftl t.he l..t ..1d SOutherly 11_ of the aoatben ..clflo co.paaJ.... F":.'operty, 2,111.07 ,..t t.o the ~Urly corner of ..id Sout.Mn Pacific ~1.'. property, ..141 po1nt being cOIlceat.rlc. with and dl.tut. 100 feet ....tHI)', _a.ared at riqht anti.. fr~ the ceetcrl1_ of ~rn ..cific Traneportat1on COIIpany'. _1n tr.c~ C..l...l. UI COl~OD.' t.MllCe Southwe.terly a1oD9 ..ld par.ll.l line aDd .1OD, a liD. coacentric wit~ aDd 41.tan~ 100 feet ...tarly, _uurM radially frOll .aid cent.rllfte of Mln tract to tile ....t.rly 11n. of land. deacrlhe4 _ 'arc.t1 Mo. 5 1n ..14 deed dated February 19, 1"5, r.corded I'...uuy 24, 1"5, 1n Book 6336, page 652" ')111c1.1 a.cord8, beiq the ".~.rly 11n. of the IIOrth..st 1/4 of th. _tba..t 114 of ..1" ..rtb....t 1/4 of Section 7, thoce IIortMrly aloa. ..14 ".~ly I1n., 625 feet, .ore or Ie.., to ~ IOatherlJ liDe of ..14 land daacrlbed a. Parcel 110. 4 1n t..t ...14 cJeed, belA, the lIorthwe.t. oorner of ..1d I .ortho..t 1/4 of tba -.atbaa.t 1/4 of tho Nortb....t 1/4 of "~101l 7, theaoe WI..tarly .10.... ..1eS Southerly 11_ of .ai4 'aro.l 4 _ tho ....-rly U80 of tho l.nd 4aocr~ .. 'at'cel. 110. 3 aDd 2.... 1, in ..14 deed recorded rebr,.ary 26, 1965, in lOOk .331, page 652. Offici.l Record., to the point of baglaal09.