HomeMy WebLinkAboutR02-Redevelopment Agency
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DBVELOPIIIII't DIP&1mwn: 01' DB
CIn 01' SAIl -&1mIllO
IIJlOIJKST FOR COIMISSIOW/COIIIICIL ACTIO.
From:
JUSft1'Ui:nl J. BEBDERSON
Executive Director
Subject:
WELLS FARGO LID OF
CREDIT AhanuImnr
Date:
April 9, 1991
SJIlopsis of Previous c-iaaicmlCcnmcillC~ttee Action:
On July 2, 1990, the Co_ity Development COIIDisBion authorized the
execution of a Letter of Acceptance for a Line of Credit with Wells
Fargo.
On October 01, 1990, the Community Development COIIDiasion authorized the
negotiation of an agreement with Wella Fargo Bank for investment
services.
On December 17, 1990, the CODIII1Inity Development Commission authorized
"lines of credit with Wells Fargo Bank
Rec_ended IIotion:
(C-1tv Devel_ent (''-1aaion)
RESOLUTION 01' DB co-w....t"1 DBVELOPIIIII't COIMISSION 01' DB CIn 01' SAIl
BBRllUtDIlIO, ClLIFODU, API'lOn.. B ~ 01' rnnrruw LIllIS 01' CREDIT
WITH WELLS FARGO BAR, IlATIOBAL ASSOCIATIo. AD ADTIIORIZIIIG DB IDCDTION
01' CR1I'I'UN DOCUImlo:S IN COIlllBCTIo. xAHll1lITH.
(Recommended Motions continued to Page Number "2")
A.DIIlViUl 3. ..1t_ltIIU'AOII b:ec::utive Director
DevelOl*&Dt Depar t
Contact Person: Ken B~dersonlBarbara Lindseth
Phone:
5065: 5081
Project Area: Northwest (l(W)
Ward(s) :
Six (6)
Supporting Data Attached:
Staff ReDort: Resolutions
FUNDING REQUIREMENTS:
Amount: *58.500/vear Source:
Budget Authority:
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COIIDiasicmlCouncil Notes:
KJH:BL:lab:1382A
Agenda It_ NO:~ A-D
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DBVBLOl'IIBIIr DIP~....
IBQUBST lOR ~SSIOIl/COUIICIL ACTIO.
Wells Farao Line of Credit &--"-'!Ilt
Paae -2-
aee~"ed. IIotfcma Contmued...
(C~fty DevelDDBeftt 'C~i..lonl
IIISOLUrIOIl OF DB COftw...lft DBVELOPIIDr COMIISSIO. OF DB CITY OF SAIl
B~&1mDO, CALIlOUU, IIADlIG FDlDI1IGS AlID wuDllUlftIOIlS AS TO DB
8auur.lz TO DB SOUTIIB&ST .lIWUIIZIlUL PAD: klwsvllLOl'IIBIIr PROJJ:CT AIIIA OF
1JlD)1I:1!T&rnIl; rnnI'I'& TIf IIIDKYIILOl'IIBIIr ACTIVIrDS.
(IIavor ..... ('~ - emm..u)
1IIS0L1lTIOIl OF DB IlAYOR AlID COIIIl. COUIICIL OF DB CITY OF SAIl
:-nnIIO, CALIlOOU, IIlnIlG nlDI1IGS AlID ~0IlS AS TO DB
uunr TO DB SOtmIB.lS'l IlDUS'l'RIlL PAD: _vllLOl'IIBIIr PROJJ:CT AIIIA OF
1JlD)1I:I!T&nJIG rnnI'I'& T1I Dul5vllLOl'IIBIIr ACT.l nT.lI5S .
Cr..........fty DeYt!!l"......t C,....f..lonl
Thst the c-itJ' Deye10punt c-issiOD authorize 8Jl _1 pQlllent
of a 1.5S letter of credit fee to Wells Farao 1lBDk.
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XJH:BL:lab:1382A
COBIISSIO. MDTIRG
ReetiD& Date: 04/15/1991
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DE9BLOHIIIr DBP~J:
S1'AFF IIPORr
VeIl. ParRa Ltn. of Credi~ A_~~t
The firm of Wood-Busing and Associates was directed to assist the
Department with the maximizstion of yields the Department can earn on
its investment portfolio by wdertalting a review of the cost, risk and
rate of return from alternste investment strategies available,
consistent with the Department's existing investment policies. The
firm was also directed to maximize the leverage which that portfolio
gives the Department in obtaining loanable f1D1ds from the banking
commwity by assisting in negotiating with Wells Fargo Bank a maximum
line of credit for use on redevelopment projects.
As approved on July 2, 1990 by the Commission, the Line of Credit was
designed to extend credit to the Department in the aggregate principal
:amount of $7,000,000. Of this $7,000,000, $1,000,000 is an unsecured
line of credit payable at prime rate to be repaid at the Department's
terms, with a II&turity date of Dec_ber 1991. The remaining $6,000,000
is a secured line of credit payable at prime rate minus .50S to be
repaid at the Department's terms, with a II&turity date of December
1991, and with collateral of secured interest in cash or cash
equivalents of not less than the line commitment. There are no
commitment or loan fees, but the Department will maintain the ratio of
cash or cash equivalents to the Unsecured Line of Credit Commitment of
not less than 1.5 at any time.
As collateral, $10,000,000 was approved by the Commission to be
invested through Wells Fargo Bank Investment Services. These f1D1ds
fwds are tax increment f1D1ds, not bond proceeds, and the f1D1ds will be
invested in accordance with the Department's Investment Policy and the
agreement negotiated with Wells Fargo. Investment of these fwds with
Wells Fargo will meet the requirement that the Department maintain the
ratio of cash or cash equivalenta to the unsecured line of credit at
any time and that there be security in the amount of $6,000,000 (from
Southeast Industrial Park) for the secured line of credit. It was
proposed to invest the following f1D1ds:
Central City Projects:
Southeast Industrial Park:
$ 4,000,000
6.000.000
rotal:
$10,000,000
The proposed use of the Line of Credit will be in the amowts of
$2,130,000 for the BAB Loan and $3,400,000 for the Portugal and Real
Agreement secured by the tax increment from Southeast Industrial Park.
KJH:BL:lab:1382A
COIIIISSIOR IlEErIRG
Beeting Date: 04/15/1991
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DBVELOl'IIIIlT DlPAaum..a; SUl'F DPOKr
Wells Farao L1Ile of Crec1it
April 9, 1991
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In addition, the propoaed increase in the line of credit of $4,000,000
will be used to secure the CDBG float loans from the County of San
Bernardino ($2,900,000) and from the City of San Bernardino ($450,000)
for the West Side Plaza to secure the letters of credit. At the 8ame
time as the adoption of the amendments to the lines of credit, benefit
re80lutions will need to be adopted to allow the deposit of funds from
the Southeast Industrial Park project area to be invested with Wells
Fargo as collateral for the letter8 of credit issued to the Rorthwe8t
project area. In addition, Wells Fargo Bank will impose an annual fee
in the amount of 1.5% of the total letters of credit.
The attached Resolutions approve the amendments to the lines of credit
with Wells Fargo Bank, the execution of certain documents in connection
:therewith, and establishes the benefit to Southeast Indu8trial Park for
the use of tax increment as collateral.
Staff recommends adoption of the attached Resolutions.
..........~~~, ItucutiYe Director
lleYelo..ent Deparment
KJH:BL:lab:1382A
COIMISSIOR IIBBTIRG
Beetina Date: 04/15/1991
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MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA
AGENDA
April 15, 1991
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, APPROVING AN AMENDMEN'l' OF CERTAIN
LINES OF CREDIT WITH WELLS FARGO BANIC, NATIONAL
ASSOCIATION AND AUTHORIZING THE JUCtJTION OF
CERTAIN DOCOMENTS IN CONNECTION THEREwITH
Action to
be Taken:
Adopt Resolution.
certified copy of Resolution to be returned to Sabe , Green, a
PrOfessional Corporation.
_1DOCIC51
419/91 07lI0 It
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RESOLUTION NO.
RESOLUTION OF THE .COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, APPROVING AN AMENDMEN'1' OF
CERTAIN LINES OF CREDIT WITH WELLS FARGO
BANX, NATIONAL ASSOCIATION AND AUTHORIZING
THE EXECUTION OF CERTAIN DOCUIIENTS IN
CONNECTION THEREWITH
WHEREAS, the COIIIDuni ty Development COIIIDission of the
city of San Bernardino (the -Collllllission-) 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 COllllllunity Redevelopment Law (Part 1 of Division
24) cOllllllencing with Section 33000 of the Health and Safety Code
of the State of California (the -Act-); and
WHEREAS, pursuant to Health and Safety Code Section
33601 a redevelopment agency may borrow money (by the issuance of
bonds or otherwise) or accept financial or other assistance from
any private lending institution for any redevelopment project for
the purposes of undertaking redevelopment activities; and
WHEREAS, pursuant to California Government Code Section
5900 At JI.G., the Agency may issue bonds, as such term is defined
in California Government Code Section 5902 (a), and may enter into
and undertake similar and related financing transactions as more
fully described in Government Code Section 5900 At &19; and
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1 WHEREAS, the Agency has previously taken certain
2 actions with the City of San Bernardino (the .CityW) to approve
8 and adopt various redevelopment plans and establish redevelopment
4 project areas within the boundaries of the City; and
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WHEREAS, in order to fund various redevelopment
projects within its various redevelopment project areas, the
Agency has previously approved the establishment of two (2) lines
of credit (the wLines of CreditW) with Wells Fargo Bank, National
Association (the wBankW); and
WHEREAS, the Agency now deems it desirable to amend the
Lines of Credit in order to increase said Lines of Credit by an
amount equal to Four Million Dollars ($4,000,000) for the
purposes of allowing the Agency to undertake certain
redevelopment projects within the Northwest Redevelopment Project
Area; and
WHEREAS, in connection with the amenclJllent of the Lines
of Credit, the Agency shall be required to execute c.artain
documents and the Agency deems it desirable to authorize the
execution and delivery of such documents in connection with the
amendment of the Lines of Credit.
NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION
ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
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1 Section 1. The _endlllent of the Lines of eree:!! t as
2 described in the Recitals hereof is hereby approved.
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4 Section 2. The Agency authorizes the execution of
5 the final form of any documents required in connection with the
6 _endlllent of the Lines of eredit when the same shall be presented
7 for execution by the Chairman, the Secretary, or such other
8 appropriate Agency officials, subject to such changes, additions
9 and deletions as lIay be approved by the Chairman. The execution
10 thereof by the Chairman, the Secretary, or such other appropriate
If Agency official shall be deemed to be conclusive as to the
12 approval thereof, by and on behalf of the Agency.
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1 RESOLUTION OF '1'HE COMMUNITY DEVELOPMENT COMMISSION OF '1'HE CITY OF
SAN BERNARDINO, CALIFORNIA, APPROVING AN AMENDMENT OF CERTAIN
2 LINES OF CREDIT WITH WELLS FARGO BANK, RATIONAL ASSOCIATION AND
AUTHORIZING THE EXECUTION OF CERTAIN DOCUMENTS 1R CONNECTION
3 THEREWITH
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Approved as to
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Beet.ion 3.
This Resolution ahall take effect upon
the elate of its adoption.
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Community Development Commi..ion of the City of
San Bernarelino at a
.eeting thereof, held on
the
elay of
, 1991, by the following
vote, to wit:
Commillsion MAmh.rs:
AID
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ABSTAIN
ESTRADA
REILLY
FLORES
MAUDSLEY
MINOR
POPE-LUDLAM
MILLER
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Secretary
The foregoing resolution i. hereby approved this
day of
, 1991.
W. R. Holcomb, Chairman
Community Development
Commission of the
City of San Bernardino
By:
Agency Counsel
IIIIlO\IIOOJ 1IlOC\451
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1 STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO )
2 CITY OF SAN BERNARDINO )
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I, Secretary of the COlDllluni ty
Development COIDIIIi..ion of the city of San Bernardino, DO HEREBY
CERTIFY that the foregoing and attached copy of COIDIIIunity
Development COIDIIIi..ion of the City of San Bernardino Re.olution
No. i. a full, true and correct copy of that now on
file in thi. office.
IN WITNESS WHEREOF, I have hereunto .et my hand and
affixed the official .eal of the COIDIIIunity Development COlDlllission
of the City of San Bernardino this day of
, 1991.
Secretary of the
COlDlllunity Development
COIDIIIi..ion of the
City of San Bernardino
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. Action to
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MAYOR AND COMMON COUNCIL OF '1'HE
CITY OF SAN BERNARDINO, CALIFORNIA
AGENDA
April 15, 1991
Item:
RESOLtJ'l'ION OF '1'HE COMMUNITY DEVELOPMEN'l'
COMMISSION OF '1'HE CITY OF SAN BERNARDINO,
CALIFORNIA, MAKING FINDINGS AND DETERMINATIONS AS
TO '1'HE BENEFIT TO '1'HE SOtJ'l'HEAST INDUSTRIAL PARK
REDEVELOPM2H'1' PROJECT AREA OF UNDER'l'AICING CERTAIN
REDEVELOPM2H'1' ACTIVITIES
Adopt Resolution.
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Certified copy of Resolution to be returned to Sabe , Green, A
Profe..ional COrPOration.
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8 "City"), is a municipal corporation and a charter city duly
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RESOLtJ'l'ION NO.
RESOLUTION OF mE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, MAKING FINDINGS AND
DETERMINATIONS AS TO mE BENEFIT TO THE
S01JTHEAST INDUSTRIAL PARK REDEVELOPMENT
PROJECT AREA OF mmERTAKING CERTAIN
REDEVELOPMENT ACTIVITIES
WHEREAS, the City of San Bernardino, California (the
created and existinq pursuant to the Constitution and the laws of
the State of California (the "City"); and
WHEREAS, the cOllllunity Developaent COIUIission of the
City of San Bernardino (the "COIUIission") on behalf of the
Redevelopment Aqency of the City of San Bernardino
(the
"Aqency"), is a redevelopment aqency, a public body, corporate
and politic of the State of California, orqanized and existing
pursuant to the COllllunity Redevelopment Law (Part 1 of Division
24) cOllllencinq with Section 33000 of the Health and Safety Code
of the State of California (the "Act"); and
WHEREAS, pursuant to Section 33445 of the Act, the
qency may, with the consent of the Mayor and COllllon Council of
e City ("the Council"), pay all or part of the costs of
installation
and
construction
of
buildinq,
any
facility,
structure or other improvement which is publicly owned either
ithin or without the boundaries of a redevelopment project area
if the Council determines:
(1) that such bUildinqa, facilities,
structures
other
improv_ents
or
of
benefit
are
to
the
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1 redevelopment project area or the ~ediate neighborhood in which
2 the project is located, regardle.s of whether such improvement.
a are within another project area, or in the case of a project area
f in which substantially all of the land is publicly owned, that
5 the improvements are of benefit to the adjacent project area of
6 the Agency, and (2) that no other reasonable .ean. of financinq
7 such buildings, facilities, Structure. or other improvements is
8 available to the cOlllluni ty, and such determination by the Aqency
9 and the Council shall be final and conclusive; and
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22 WHEREAS, the Aqency deems it desirable to increase the
23 Lines of Credit and in connection therewith must secure such
24 increase in the Lines of Credit with additional collateral; and
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WHEREAs, the City and the COIIIIission have previously
approved and adopted a Redevelopment Plan for the Southeast
Industrial Park Redevelopment Project (the "Redevelopment Plan");
and
WHEREAs, the Aqency has previously approved the
establishment of certain lines of credit with Wells Farqo Bank,
National Association (the "Lines of Credit") one of which is to
be secured by collateral from the various redevelopment project
areas of the Aqency; and
WHEREAS, the Aqency deems it desirable to undertake
certain redevelopment projects and activities in the Northwest
Redevelopment Project Area, which projects and activities are
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1 related to the development of a sbopping center and wbicb
2 projects and activities include but are not limited to tbe
3 acquisition, construction and installation of certain public
4 illprov8lllents, and facilities (the "Redevelopment Projects"); and
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6 WHEREAs, the Agency de81118 it desirable to use revenues
7 attributable to the increase in the Lines of credit to undertake
8 the Redevelopment Projects in the Northwest Redevelopment Project
9 Area but in order to do so the Agency aust obligate certain
10 collateral presently existing and available within the Southeast
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11 Industrial Park Redevelopment Project Area for the purposes of
12 securing the increase in the Lines of credit; and
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14 WHEREAS, the undertaking of the Redevelopment Projects
15 in the Northwe.t Redevelopment Project Area will enable the
16 Agency to fUrther its redevelopment objectives within the entire
17 City and will assist in the overall redevelopment of all of the
18 various project areas of the Agency located within the boundaries
19 of the City; and
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21 WHEREAS, the Southeast Industrial Park Redevelopment
22 Project Area is presently experienCing demand for commercial and
23 industrial land by land intensive users, wbich land is not
24 eadily available within the Southeast IndUstrial Park Project
25 edevelopment Area; and
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27 WHEREAS, the undertaking of the Redevelopment Projects
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20 WHEREAS, by providing land which is suitable for
2] evelopment because of the existence of adequate public
22 in alternative locations such as the Northwest
23 edevelopment Project Area, the Agency will be able to
24 ccommodate other development within the Southeast Industrial
25 ark Redevelopment Project Area which is better suited to such
26 roject area in terms of the economic viability of that portion
27 City; and
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benefit to the Southeast Industrial Park Redevelopment Project
Area to the extent that the Northwest Redevelopment Project Area
can accommodate demand for industrial and commercial land which
demand cannot be accommodated in the Southeast Industrial Park
Redevelopment Project Area because of the lack of available land
suitable for the types of users seeking to locate in the
Southeast Industrial Park Redevelopment Project Area; and
WHEREAS, land which is aore suited for the types of
development seeking to locate in the Southeast Industrial Park
Redevelopment Project Area is readily available within the
Northwest Redevelopment Project Area end such land is more
appropriate to accommodate some of the industries and busine.ses
otherwise seeking to locate in the Southeast Industrial Park
Redevelopment Project Area because of the Northwest Redevelopment
Project Area's proximity to freeway and rail facilities and
because land costs are considerably le.s expensive for land
intensive activities; and
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1 WHEREAS, the Northwest Redevelopment Project Area
2 provides a viable alternative location for industries seeking to
3 undertake industrial and cOllllllercial activities which cannot
4 locate within the Southeast Industrial Park Redevelopment Project
5 Area because of the economics associated with locating in such
6 Project Area and accordingly, such industries are more likely to
7 locate in the Northwest Redevelopment Project Area rather than in
8 areas outside of the City to the extent the Agency is able to
9 rovide adequate public improvements, and facilities within the
10 Orthwest Redevelopment Project Area; and
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12 WHEREAS, because of the interaction between the
13 gency's various project areas, the ability of the Agency to keep
14 ndustrial and cOIIIIIIercial qrowth within any of its project areas
15 s of benefit to all of its project areas; and
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17 WHEREAS, it is appropriate at this time for the
18 OIIIIIIission to make certain findings and determinations and take
19 ertain action with respect to the acquisition, installation and
20 onstruction of the public improvements and the undertaking of
21 he various Redevelopment Projects in the Northwest Redevelopment
22 roject Area.
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24 NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION
25 ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF
26 AN BERNARDINO, CALIFORNIA, DOES HEREBY RESOLVE, DETERMINE AND
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Sec~ion 1. The Recitals bereinabove are true and
correct and are incorporated berein by this reference.
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25 Sec~ion 4. Tbe findings and determinations of the
26 ommission as set forth berein shall be final and conclusive.
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Sec~ion 2. The Commission approves the payment by
the Agency of the costs of the Redevelopment Projects to be
undertaken within the Northwest Redevelopment Project Area for
the reasons set forth and the recitals bereinabove.
Section 3. The Commission finds and determines that
no other reasonable means of financing the Redevelopment Projects
other than through use of revenues available through the increase
in the Lines of Credit, supported by Collateral from the
Southeast Industrial Park Redevelopment Project Area, is
presently available to the City or the Agency and that the City
and the Agency require the use of revenues qenerated from the
Southeast Industrial Park Redevelopment Project Area in order to
fund the undertaking of the Redevelopment Projects. The
undertaking of the Redevelopment Projects in the Northwest
Redevelopment Project Area will belp improve the economic
viability and grOWth potential of the Southeast Industria~ Park
Redevelopment Project Area which will in turn belp eliminate
ligbt and will provide benefit to the Southeast Industrial
edevelopment Project Area.
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1 Section 5. '!'he Agency Secretary iB hereby
2 authorized and directed to cause this Resolution to he
3 tran_itted to the City in connection with appropriate action hy
4 that body.
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8 dopted by the Community Develop.ent Commission of the City of
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RESOLUTION OF 'l'BE COMIIUNITY DEVELOPMENT COMMISSION OF
CITY OF SAN BERNARDINO KAKING FINDINGS AND DETERMINATIONS AS
'1'BE BENEFIT TO THE S01JTHEAST INDUSTRIAL PAlUC REDEVELOPMENT
ROJECT AREA OF UNDERTAKING CERTAIN REDEVELOPMENT ACTIVITIES
S.ct:.ion 6.
This Resolution ahall take effect upon
e date of its adoption.
I HEREBY CERTIFY that the foregoing Resolution wa. duly
an Bernardino at a
.eeting
ereof, held on the
day of
,
991, by the following vote, to wit:
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ABS~,lIN
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Secretary
The foregoing resolution is hereby approved this
day of , 1991.
w. R. Holcomb, Chairman
Community Development Commis.ion
of the City of San Bernardino
pproved as to form and legal content:
y:
Agency Counsel
11DOCI453
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I STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO )
2 CITY OF SAN BERNARDINO )
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I, Secretary of the COID1Duni ty
Developllent C0ID1D1..ion of the C1 ty of San Bernardino, DO HEREBY
CERTIFY that the foregoing and attached copy of CODllllunity
Developaent CODlllli..ion of the City of San Bernardino Re.olution
No. 1. a full, true and correct copy of that now on
file 1n th1. office.
IN WITNESS WHEREOF, I have hereunto .et my hand and
affixed the official .eal of the COID1Dunity Development COID1Dission
of the City of San Bernardino this day of
, 1991.
Secretary of the
Coamunity Development
COIIIIIi..ion of the City of San
Bernardino
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MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA
AGENDA
April 15, 1991
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, MAKING
FINDINGS AND DETERMINATIONS AS TO THE BENEFIT TO
THE SOtl'l'HEAST INDUSTRIAL PARK REDEVELOPMENT
PROJECT AREA OF UNDERTAKING CERTAIN REDEVELOPMENT
ACTIVITIES
Adopt Re.olution.
Certified copy of Re.olution to be returned to Saba , Green, A
Profe..ional Corporation.
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RESOLV'l'ION NO.
RESOLUTION OF mE KAYOR AND COMMON COUNCIL
OF mE CITY OF SAN BERNARDINO, CALIFORNIA,
MAKING FINDINGS AND DETERMINATIONS AS TO mE
BENEFIT TO THE SOUTHEAST INDUSTRIAL PARK
REDEVELOPJIENT PROJECT AREA OF UNDERTAKING
CERTAIN REDEVELOPJIENT ACTIVITIES
WHEREAS, the City of San Bernardino, California (the
"City"), is a lIunicipal corporation and a charter city duly
created and eXisting purauant to the Constitution and the laws of
the State of California (the "City"); and
WHEREAS, the Community Development Commisaion of the
City of San Bernardino (the "Colllliasion") on behalf of the
edevelopment Agency of the City of San Bernardino (the
a redevelopment agency, a public body, corporate
nd politic of the State of California, organized and existing
ursuant to the COllllunity Redevelopllent Law (Part 1 of Division
24) commencing with Section 33000 of the Health and Safety Code
f the State of California (the "Act"); and
WHEREAS, pursuant to Section 33445 of the Act.. the
gency lIay, with the consent of the Mayor and COllllon Council of
e City ("the Council"), pay all or part of the costs of
nstallation and construction of any building, facility,
tructure or other illprovement which ia publicly owned either
ithin or without the boundaries of a redevelopment project area
f the Council determines: (1) that such buildings, facilities,
tructures or other illprovements are of benefit to the
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1 redevelopment project area or the immediate neiCJhborhooc:t in which
2 the project i. located, reCJardle.. of Whether such improvement.
3 are within another project area, or in the case of a project area
4 in which substantially all of the land is publicly owned, that
5 the improvements are of benefit.to the adjacent project area of
6 the ACJency, and (2) that no other reasonable aeans of financing
7 such buildinCJs, facilities, structures or other improvements is
8 available to the community, and such deteraination by the ACJency
9 and the Council shall be final and conclusive; and
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11 WHEREAS, the City and the Commission have previously
12 approved and adopted a Redevelopment Plan for the Southeast
13 ndustrial Park Rec:levelopment Project (the "Rec:levelopment Plan");
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16 WHEREAS, the ACJency has previou81y approved the
17 stablishment of certain lines of credit with Wells FarCJo Ba~,
18 ational Association (the "Line. of Credit") one of which is to
19 secured by collateral from the various redevelopment project
20 rea. of the ACJency; and
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22 WHEREAS, the ACJency deems it de.irable to increase the
23 ine. of Credit and in connection therewith must secure such
24 .ncrease in the Lines of Credit with additional collateral; and
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26 WHEREAS, the Agency de..s it desirable to undertake
27 ertain redevelopment projects and activities in the Northwest
28 edevelopment Project Area, which projects and activities are
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I r.lat.d to the d.v.lopment of a ahopping center and which
2 proj.cts and activiti.s includ. but are not limited to the
3 acquiaition, construction and installation of certain public
4 improvements, and facilities (the -Redev.lopmant Projects-); and
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6 WHEREAS, the Agency d.... it d.sirabl. to use revenues
7 attributable to the increase in the Lines of Cr.di t to undertake
8 the Redevelopment Projects in the Northwe.t Redevelopment Project
9 Area but in order to do so the Agency must obligate certain
IQ collateral pr.sently .xisting and available within the Southeast
II Industrial Park Redevelopment Project Area for the purpose. of
12 securing the increase in the Line. of Credit; and
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14 WHEREAS, the undertaking of the R.d.velopment Project.
15 in the Northw.st Redevelopment Project Ar.a will enable the
16 Agency to further its r.developm.nt obj.ctives within the entire
17 City and will assi.t in the overall redevelopment of all of the
18 various project areas of the Agency located within the boundaries
19 of the City; and
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21 WHEREAS, the Southeast Industrial Park Redevelopment
22 Project Area is presently .xperiencing demand for commercial and
23 industrial land by land intensive users, which land is not
24 readily available within the South.ast Industrial Park Project
25 Redevelopment Area; and
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27 WHEREAS, the undertaking of the Redevelopment Projects
28 within the Northwest Redevelopment Project Area will be of
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I benefit to the Southeast Industrial Park Redevelopment Project
2 Area to the extent that the Northwest Redevelopment Project Area
Scan acc01lllllodate demand for industrial and c01lllllercial land which
4 demand cannot be acc01lllllodated in the Southeast Industrial Park
5 Redevelopment Project Area because of the lack of available land
6 suitable for the types of users seekinq to locate in the
7 Southeast Industrial Park Redevelopment Project Area; and
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9 WHEREAS, land Which is aore suited for the types of
10 development seekinq to locate in the Southeast Industrial Park
Ii Redevelopment Project Area is readily available within the
12 Northwest Redevelopment Project Area end such land is 1I0re
13 appropriate to acc01lllllodate sOlie of the industries and businesses
14 otherwise seeJtinq to locate in the Southell8t Industrial Park
15 Redevelopment Project Area because of the Northwest Redevelopment
16 Project Area's prOXimity to freeway and rail facilities and
17 because land costs are considerably less expensive for land
18 intensive activities; and
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20 WHEREAS, by providinq land which is suitable for
21 development because of the existence of adequate public
22 improvements in alternative locations such as the Northwest
23 Redevelopment Project Area, the Aqency will be able to
24 acc01lllllodate other development within the Southeast Industrial
25 Park Redevelopment Project Area which is better suited to such
26 project area in terms of the economic viability of that portion
27 of the City; and
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1 WHEREAs, the Northwest Redevelopment Project Area
2 provides a viable alternative location for industries seekinq to
3 undertake industrial and cOlllllercial activities who cannot locate
4 within the Southeast Industrial Park Redevelopment Project Area
5 because of the economics associated with locatinq in such Project
6 Area and accordinqly, such industries are _ore likely to locate
7 in the Northwest Redevelopment Project Area rather than in areas
8 outside of the City to the extent the Aqency is able to provide
9 adequate pUblic improv_ents, and facilities within the Northwest
19 Redevelopment Project Area; and
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24 NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE
25 CITY OF SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE,
26 DETERMINE AND ORDER AS FOLLOWS:
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WHEREAs, because of the interaction between the
Aqency's various project areas, the ability of the Aqency to keep
industrial and cOlllllercial qroWth within any of its project areas
is of benefit to all of its project areas; and
WHEREAS, it is appropriate at this ti_e for the Council
to make certain findinqs and determinations and take certain
action with respect to the acquisition, installation and
construction of the public improv_ents and the undertakinq of
the various Redevelopment Projects in the Northwest Redevelopment
Project Area.
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I Section 1. '!'he Recitals bereinaJ:love are true and
2 correct and are incorporated berein by this reference.
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9 lIecUon 3. '!'he Council further finds and determines
IQ that no other reasonable .eans of financinq the Redevelopment
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11 Projects other than tbrouqb use of revenues available tbrouqb the
12 increase in the Lines of Credit, supported by collateral from the
13 Southeast Industrial Park Redevelopment Project Area, is
14 presently available to the City or the Aqency and that the City
15 and the Aqency require the use of revenues qenerated from the
16 Southeast Industrial Park Redevelopment Project Area in order to
17 fund the undertakinq of the Redevelopment Projects. The
18 undertakinq of the Redevelopment Projects in the Northwest
19 Redevelopment Project Area will belp improve the economic
20 Viability and qrowtb potential of the Southeast Industria~ Park
21 Redevelopment Project Area which will in turn help eliminate
22 bliqht and will provide benefit to the Southeast Industrial
23 Redevelopment Project Area.
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Section 2. '!'he Council consents to the payment by
the Aqency of the costs of the Redevelopment Projects to be
undertaken within the Northwest Redevelopment Project Area for
the reasons set forth and the recitals bereinaJ:love.
Section 4. '!'he findinqs and determinations of the
Council as set forth berein shall be final and conclusive.
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0 1 Sect:.ion !5. '1'he City Clerk 1s bereby authorized and
2 directed to cause this Resolution to be transmitted to the Agency
3 in connection with appropriate action by that body.
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I RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO MAXING FINDINGS AND DE'l.i:KllINATIONS AS TO THE
2 BENEFIT TO THE SOVTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT
AREA OF UNDERTAKING CERTAIN REDEVELOPMENT ACTIVITIES
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Saetion 6.
This Resolution sball take effect upon
the date of its adoption.
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Hayor aneS COIIIIIIon Council of the City of San
BernareSino at a
.eeting thereof, beld on the
day of
, 1991, by the following vote,
to wit:
AYES:
Council Members
NAYS:
ABSENT:
City Clerk
Tbe foregoing resolution is bereby approved this
eSay of
, 1991.
Hayor of the City of
San BernareSino
Approved as to form and
JAMES F. PENMAN
City Attorney
legal content:
By:
1IIIlOOlIOI\IIOC\f52
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1 STATE OF CALIFORNIA )
COtlN'l'Y OF SAN 8ERNARDINO )
2 CITY OF SAN BERNARDINO )
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I, City Clerk of the City of San
Bernardino, DO HEREBY CERTIFY that the for89oing and attached
copy of Mayor and COIIIDon Council of the City of San Bernardino
Re.olution No. i. a full, true and correct copy of that
now on file in thi. office.
IN WITNESS WHEREoF, I have bereunto .et ay band and
affixed the official .eal of the Mayor and COIIIDon Council of the
City of. San Bernardino this day of ,
1991.
City Clerk'
City of San Bernardino