HomeMy WebLinkAboutR14-Economic Development Agency
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R!DtlEST lOR CDlMIS8I(KICDJH::IL ICTICIf
Fran:
mlNEIH J. IlENIERSCN
Executive Director
SUbject:
~ ~ ~-"'I. FOR
CEHl'RaL CI'1'lt IALL
Date: May 15, 1991
8yDcpsis of PnY10us o:mdssia!V^""-1.l/o:mdttee a.ctiCI'U
en May 6, 1991, the n-wmo..u.ty Dev8l~.:t n-o-i-icn ~ the deal points for
a $876,000 lOlUl frail the Devel~.:t DBpart:ment to the O$..L...al City Mall ~
chant's Associatiat.
en May 9, 1991, the Redevel'1..'- lL o:mdttee rec> ....-.1ded thE the Kayar and 0 ..... "l
Q:Q1cil and n-..u.ty Devel~.:t l'Wmti."icn aut:harize the DlMtJ."..-1t DBpart:ment
to bu.....uw' $900,000 frail the City of san Ilernardino sewer line ClCI1Structial fund.
Reo- ...-.....,.,. Motionz
'Mawr JiNt no ....."\11 OQI~ 1)
'!HAT '!HE MAYCR AND CXJID{ <XllNCIL A11IHlUZE '!HE uwmc OF $900,000 flU( '!HE rrs
Sma:R LIm: <Xm'IK1Cl'ICIf FUND '10 '!HE J:EVEIOBGNl' IEPAR1HENl' xr AN Dt~r RATE OF
CH.:-HAU OF CH.: ~ (.5%) A8:lVE '!HE RATE OF Dt.l_r CIlRRE:NIU ~>IED BY '!HE
CI'1'lt, Wl'lH '!HE UWl' t"lI.Tr .l\Rr3l! UPCN mMAND AND SEalRED BY '!HE J:EVEIOBGNl' IEPARl'-
HENri S a:Im IK- "':"':1 tCl.
(HotiC1118 OClIlHft"M1 to Hat ~...)
mR1Dl~'Bac:lutiveDireator
Devel~~
o::ntact Persal:
Project Area:
Ken """""',.,.,...,l'I"illl steinhaus
Central City (oel
1!Iane:
5065: 5081
One (l)
Wardes) :
~ Data Attadled:
PUNDJR; ~:
Sblf'f' Reoort
A1ID.1nt: $ 900.000.00
City Sewer Line
Source: CtirlStzuctia'l Fun:l
ad1et: Authority:
o:mdssiOll/ClclImci1 Notes:
o ~:GW:1ab:4352
CXJaaB8I(B MI!lETDIJ
MlIet.iDq Date: OS/20/19111
~ ItsaNo: /4
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DEVELOPMENl' DEPARDIENl' 60EST FOR CXIIaSSICIf CXXDCEL ~
Financing of carousel fr oeI1traJ. City Mall
Preparedl May 14, 1991
PIIqe -2-
1:1... ... ..ua1de4 MotiOlUl Con'timJed....
,,,,.....,.,,,,4 tv DeV'el. - -.-nt B'wmI" uian)
'!HAT '!HE IEVEIDHfENI' lEPAR1MDl'1' BE AUIKmZED '10 IU<IC.JW $900,000 m:H '!HE CITY
OF SAN BERNARDJB:) SEm:R LINE cx:NS'IK1Cl'Iaf PUND AT AN IkJ.__l' RATE OF afE-HAU'
OF afE ~ (.5%) AB:NE '!HE RATE OF IkJ.~r aJRRENlU ~~ Blr '!HE CITY
Wl'lH '!HE It:Wf OJ:1 .l\RTJI' UFCfi J:DIAND AND S!XXlRED Blr '!HE IEPARDaNl' I S IDlD
IR): '1000.:1 G.
4C:> RJH:lab:4352
a:HIIS8ICII JII5I:i.l.'.uIJ
Meet:iDq Date: OS/20/111
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IEYEID1'MDl'l' IEPAR1HENl'
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1I'f.........f..... of n."""",..\ for nm+..., City Mall
'!be Mayor and C""," Ocuncil and tnmanUty Devel...........t I'hmIf_im have awraved a
loan trait the Devel~.t Department: to the Central City Mall Merctlant's Associa-
tiCll (<XMA) in the aDDmt of $876,000 for insta1latiCll of a carcusel and certain
iDpravement:s and costs t.hroJghcut the Mall. '!be loan teJ:m is for ten (10) years,
and bears an interest rate of eight perce1.t (8t).
'!be Redevel..........,t CCIIIIIittee CXI'ISidered several sources of funds for the loan and,
rather than use limited tax inc..t:Iho=< funds, is ~.....ding that the tnmanUty
Devel..........,1. I'hmIf_iCll1M....""" $900,000 trait the City of san Bemardino sewer line
CCIlStructiCll fund. 'Ihis loan l<<W.d be payable upon dBDand and 1IlO1l.d bear an
interest rate of CI18-hal.f of CI18 peroeht (.5%) above the rate of interest received
by the City (o.u........,tly calculated at six percent (6\).
'lhere are several cptiCllS available relative to repayment of the loan, inolOOin;J
the use of tax 8XEIlIpt bcn:i pt<><:>-'lCl to fund sewer 0CI'ISt:%uct.ic project if the City
determines these funds are meded for same. In this way, no sewer financed in
,",Ie or in part frail the City's sewer Line Calst:ruct.iCI1 P\mS l<<W.d be delayed as
a result of the ~....,used transactiCll.
staff reo .....-. ds adcptiCll of the fozm mtiCll.
o ~t,D-. , --1tiw Director
D8vel~
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KJH:GW:lab:4352
CXICNIB8I(IJ I11515'r.uG
Meet:iDg Date: OS/20/91