HomeMy WebLinkAboutR05-Economic Development Agency
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DEVELOPMENT DEPARTMENT
OF THE CITY OF SAN BERNARDINO
ECONOMIC DEVELOPMENT AGENCY
RKOllKST FOR COMMISSIONICOllNCn. ACTION
FROM: BARBARA J. LINDSElH
Acting Executive Director
SUBJECT: INLAND PLAZA.
INDUSTRIAL DEVELOPMENT
BOND REFINANCING
DATE: November 21,1994
Svnomds of Prflvlou.!I Commtsston/Counc:II/Commfttee Adlon(!iI):
On February 24, 1994, the Redevelopment Committee recommended that staff pursue, with Miller & Schroeder,
Financial, mc., the refinancing of the Inland Plaza IDB without an Agency guarantee.
(Synopsis continued on next page...)
ReC!ommended Motlonls):
(Mavor and Com m on Council)
MOTION A: That the Mayor and Common Council continue the public hearing under mternal Revenue Code
Section 147(1) on the financing of the Inland Center Plaza with the City of San Bernardino
Revenue Refunding Bonds (tax-exempt) 1994 Series A and City of San Bernardino Revenue
Refunding Bonds (taxable) 1994 Series B to December 5, 1994 at II a.m.
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BARBARA J. LINDSETH .
Acting Executive Director
Contact Person(s): Stafford W. ParkerlJobn M. Wood
Phone:
5081
Project Area(s):
Central City ICC)
Ward(s): Three (3)
Supporting Data Attached: Staff Reoort:
FUNDING REQUIREMENTS: Amount: N/A
Budget Authority:
Source: N/A
Commls!ldon/Councll Notes:
JMW:d1e:inland2.cdc
COMMISSION MEETING AGENDA
MEETING DATE: 11/%1/1994
Agenda Item Number:
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REQUEST FOR COMMISSION/COUNCIL ACTION
Inland Plaza Industrial Development Bond Refinancing
November 16, 1994
Page Number -2-
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On March 7, 1994, the Mayor and Common Council held a public hearing to approve an IDB
extension for Inland Plaza from October 5, 1993 to October 15, 1994; the Community
Development Commission considered a $2.2 million loan guarantee request, but deferred action
until Inland Plaza could raise the occupancy rate of the subject property to 85%.
On April 18, 1994, the Mayor and Common Council held a public hearing to approve an IDB
extension for Inland Plaza from October 15, 1994 to Apri115, 1995.
On August 25, 1994, the Redevelopment Committee recommended that the Community
Development Commission approve a loan guarantee to Inland Plaza to facilitate the refinancing of
its $2.2 million IDB.
On September 6, 1994, the Community Development Commission granted conceptual approval of
a $2.2 million standby loan agreement to assist with the refinancing of Inland Plaza, subject to a
review by staff of updated financial documentation.
On September 29, 1994, the Redevelopment Committee recommended that the Community
Development Commission approve a $2.35 million standby loan agreement to assist with the
refunding of the Inland Plaza IDB.
On October 3, 1994, the Community Development Commission approved a $2.35 million standby
loan agreement for Inland Plaza and the Mayor and Common Council set November 7, 1994 as
the date for a T.E.F.R.A Public Hearing.
On November 7, 1994, the Mayor and Common Council set November 21, 1994 as the date for a
T.E.F.R.A. Public Hearing.
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BJL:lag:II-21-04
COMMISSION MEETING AGENDA
MEETING DATE: 1112111994
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Agenda Item Number: ,-".
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DEVELOPMENT DEPARTMENT
ECONONUCDEVELOPMENTAGENCY
STAFF REPORT
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Inland Plaza - Industrial DeveloDment BODd Refinancin2
In order to authorize a bond issuance as contemplated by the not-to-exceed $2,100,000 City of
San Bernardino Revenue Refunding Bonds (Tax-Exempt) 1994 Series A and not-to-exceed
$400,000 City of San Bernardino Revenue Bonds (Taxable) 1994 Series B, the City is required to
hold a public hearing prior to the approval thereof. A public hearing is required to be held in
confonnity with Section 147(t) of the Internal Revenue Code, as amended, prior to authorizing
the issuance of the aforementioned bonds.
The bond documents shall be provided to the Mayor and Common Council for approval on
December 5, 1994 and it is recommended by staff that the scheduled public hearing also be
continued to said date.
Staff recommends adoption of the form motion.
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BARBARA J. LINDSETH, Acting Executive Director
Development Department
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BJL:lag:II-21-04
COMMISSION MEETING AGENDA
MEETING DATE: 1lI211l994
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Agenda Item Number: ....)