HomeMy WebLinkAboutR04-Economic Development Agency
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DBVELOPImB'l DIPAR'rP!ur.r OF THE
CITY OF SAlf BlRlWlDIlfO
REOUEST FOR COIIUSSION/COlJlllCIL ACTION
From:
ICINNETH J. HENDERSON
Executive Director
Subject:
WILLS FARGO LID OF
CREDIT AnuIll'WU
Date:
May 29, 1991
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Synopsis of Previous Commission/Council/Committee Action:
On July 2, 1990, the Community Development Commission authorized the
execution of a Letter of Acceptance for a Line of Credit with Wells
Fargo.
On October 01, 1990, the Community Development Commission authorized the
negotiation of an agreement with Wells Fargo Bank for investment
services.
On December 17, 1990, the Community Development Commission authorized
lines of credit with Wells Fargo Bank.
On April 17, 1991, the Community Development Commission authorized the
Executive Director to make certain financial quarantees with regard to
the West Side Plaza Project.
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Recommended Motion:
(Communitv Develooment Commission)
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RESOLUTION OF THE CO..unuTY DBVELOPImB'l COIIUSSIOll OF THE CITY OF SAIl.
BlRIWlDIRO, CALIFOUU, APPROVIlIG Alf AnuIll'WU OF ClRrAIlI LIlliS OF CREDIT
WITII WILLS FARGO BAR, lIATIOIW. ASSOCnTIOll A1ID AUTRORIZIlIG THE IXlCUTIOll
OF ClRTAIlI DOClJlown:S III COllllECTIOll THEIIWITII.
(Recommended Motions continued to Page lIumber "2")
~.r~, Izecutive Director
DeveloPllent Departaent
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Contact Person:
Ken Henderson/Barbara Lindseth
Phone:
5065: 5081
Six (6)
Project Area:
Northwest (NW)
Ward(s):
Supporting Data Attached:
Staff ReDort: Resolutions
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FUNDING REQUIREMENTS:
N/A
Amount:
Source:
Budget Authority:
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Commission/Council 1I0tes:
KJH:BL:lab:1382A
COMMISSIOll MElTIlIG
Meeting Date: 06/03~
Agenda Item 110:
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DEVELOPMERT DBPAlmIEBT
REQUEST FOR COMMlSSIOll/COUBCIL ACTIOll
Wells Fsrco Line of Credit Aaendment
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Recommended Motions Continued...
(Communitv Develoument Commission)
RESOLUTIOll OF TBB COMMUlllTY DEVELOPMERT COMMlSSIOll OF TBB CITY OF
SAIl BBRlWUlIlIO, CALIFOIllIIA, IWCIlIG FIlIDIlIGS AlID bllOuKl'lJ.lIATIOllS AS TO
TBB BBlIBFIT TO TBB SOUTBlWlT IIIDUSTRUL PAH RBDEVELOPMERT PROJECT
AREA OF UBDBRrAnllC CERrAIlI RBDEVELOPMERT ACTIVITIBS.
(Msvor and r......... Council)
RESOLUTIOll OF TBB MAYOR AlID COIIMOlI COUBCIL OF TBB CITY OF SAIl
IlBRlWUlIIIO, CALIFORlIIA, IWallG FIlIDIJIGS AlID lJuJlOKI'IJ.IlATIOllS AS TO TBB
BBlIBFIT TO TBB SOUTBlWlT IIIDUSTRUL PAH RBDBVELOPMDr PROJECT AREA
OF UBDBRrAnllG CERrAIlI RBDllOuLOPMDr ACTIVITIBS.
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KJH:BL:lab:1382A
COMMlSSIOll MBBTIlIG
Meetinc Date: 06/03/1991
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DBVELOPIIBIIr DBPARTtu51o:
STAPF REPORT
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Wells FarRO Line of Credit Amendment
The firm of Wood-Busing and Associates was directed to assist the
Department with the maximization of yields the Department can earn on
its investment portfolio by undertaking a review of the cost, risk and
rate of return from alternate 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 funds from the banking
community 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 maturity date of December 1991. The remaining $6,000,000
is a secured line of credit payable at prime rate minus .50% to be
repaid at the Department's terms, with a maturity 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 faes, 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 funds
funds 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 f1D1ds with
Wells Fargo will meet the requirement that the Department maintain the
ratio of cash or cash equivalents to the unsecured line of credit at
any time and that there be security in the am01D1t 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
Total:
$10,000,000
The proposed use of the Line of Credit will be in the amounts of
$2,130,000 for the HAB Loan and $3,400,000 for the Portugal and Neal
Agreement secured by the tax increment from Southeast Industrial Park.
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KJB:BL:lab:1382A
COMMISSION MEETING
Meeting Date: 06/03/1991
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DEVILOPMUT DBPARTPu5.Nr StAFF RBPOR'l'
Wells Fsrgo LiDe of Credit
IIay 28, 1991
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In addition, the proposed increase in the line of credit of $4,000,000
will be used to secure the CDBS 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 same
time as the adoption of the amendments to the lines of credit, benefit
resolutions 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 letters of credit issued to the Northwest
project area. In addition, Wells Fargo Bank will impose an annual fee
in the amount of 1.25% of the total letters of credit.
On April 17, 1991, the Community Development Commission adopted
Resolution Number 5283 de1egatinc to the Executive Director the
authority to make and authorize certain financial quarantees with
regard to the West Side Plaza project. Now, to proceed with the
increase to the line of credit with Wells Fargo Bank, it is recommended
that the attached amendinc and benefit Resolutions be adopted to
clarify the action taken on April 17, 1991.
The attached Resolutions approve the amendments to the lines of credit
with Wells Fargo Ba~, the execution of certain documents in connection
therewith, and establish the benefit to Southeast Industrial Park for.
the use of tax increment as collateral.
Staff recommends adoption of the attached Resolutions.
IUUUUIril ~~ Executive Director
Development Departllent
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KJH:BL:lab:1382A
COtIIISSIOlf IlEftING
ReetiDa Date: 06/03/1991
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16 WHEREAS, pursuant to Health aneS Safety CocSe Section
17 33601 a reeSevelopment agency may borrow money (by the iasuance of
18 bonds or otherwiae) or accept financial or other assistance from
19 any private leneSing institution for any reeSevelopment project for
20 the purposes of undertaking reeSevelopment activities; and
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7 WHEREAS, the COllllllunity Development COllllllission of the
8 City of San BernareSino (the "Collllllission") on behalf of the
9 Redevelopment Agency of the City of San BernareSino (the
10 "Agency"), is a redevelopment agency, a public body, corporate
11 and politic of the State of california, organizeeS aneS eXisting
12 pursuant to the COllllllunity Redevelopment Law (Part 1 of Division
13 24) cOllllllencing with Section 33000 of the Health aneS Safety CocSe
14 of the State of,California (the "Act"); and
RESOLUTION NO.
RESOLUTION OF THE -COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, APPROVING AN AMENDMENT OF
CERTAIN LINES OF CREDIT WITH WELLS FARGO
BANX, NATIONAL ASSOCIATION AND AUTHORIZING
THE EXECUTION OF CERTAIN DOCUMENTS IN
CONNECTION THEREWITH
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22 WHEREAS, pursuant to California Government CocSe Section
23 5900 At JIG., the Agency may issue bonds, as such term ia defined
24 in California Government CocSe Section 5902 (a), aneS may enter into
25 and undertake similar and related financing transactions as more
26 fully described in Government Code Section 5900 At JIG; and
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1 WHEREAS, the Aqency has previously taken certain
2 actions with the City of San Bernardino (the -City-) to approve
3 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
Aqency has previously approved the establishment of two (2) lines
of credit (the -Lines of credit-) with Wells parqo Bank, National
Association (the -Bank-); and
WHEREAS, the Aqency 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) fot the
purposes of allowinq the Aqency to undertake . certain
redevelopment projects within the Northwest Redevelopment Project
Area; and
WHEREAS, in connection with the amendment of the Lines
of credit, the Aqency shall be required to execute certain
documents and the Aqency deus it desirable to authorize' the
execution and delivery of such documents in connection ,with the
amendment of the Lines of credit.
NOW, '!'HEREFORE, '!'HE COMMUNITY DEVELOPMENT COMMISSION
ACTING ON BEHALF OF '!'HE REDEVELOPMENT AGENCY OF '!'HE CITY OF SAN
BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
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1 Section 1. The amendment of 1:he Line. of credit as
2 de.cribed in 1:he Recitals hereof is hereby approved.
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4 Section 2. The Agency au1:horizes 1:he execution of
5 1:he final form of any documents required in connection wi1:h the
6 amendment of 1:he Lines of Credit when 1:he same shall be presented
7 for execution by the Chairman, 1:he Secretary, or such other
8 appropriate Agency officials, subject to such changes, additions
9 and deletions as .ay be approved by 1:he Chairman. The execution
10 1:hereof by 1:he Chairman, 1:he Secretary, or such o1:her appropriate
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11 Agency official shall be deemed to be conclusive as to 1:he
12 approval thereof, by and on behalf of 1:he Agency.
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Approved as to
form ~and leqal ~content.:...
By'
. Aqency ounse
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1 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, APPROVING AN AMENDMENT OF CERTAIN
2 LINES OF CREDIT WITH WELLS FARGO BANK, NATIONAL ASSOCIATION AND
AUTHORIZING THE EXECUTION OF CERTAIN DOCUMENTS IN CONNECTION
3 THEREWITH
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Section 3.
This Resolution shall take effect upon
the date of its adoption.
I HEREBY CERTIFY that the foreqoinq resolution was duly
adopted by the Community Development Commission of the City of
San Bernardino at a
meetinq thereof, held on
the
day of
, 1991, by the followinq
vote, to wit:
Commission Members:
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BAn
ABSTAIN
ESTRADA
REILLY
FLORES
MAUDSLEY
MINOR
POPE-LUDLAM
MILLER
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Secretary
The foreqoinq resolution is hereby approved this
day of
, 1991.
W. R. Holcomb, Chair~an
Community Developmen:~ .
Commission of the .
City of San Bernardino
S8IlOIIIOOIIDOCI4.SI
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COUNTY OF SAN BERNARDINO )
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I, Secretary of the Community
Development Commission of the City of San Bernar4ino, Do HEREBY
CERTIFY that the foreqoinq an4 attache4 copy of Community
Development Commission of the City of San Bernar4ino Resolution
No. i. a full, true an4 correct copy of that now on
file in this office.
IN WITNESS WHEREOF, I have hereunto set my han4 an4
affixe4 the official seal of the Community Development Commission
of the City of San Bernar4ino this 4ay of
, 1991.
Secretary of the
Community Development
Commis.ion of the
City of San Bernar4ino
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8 "City"), is a municipal corporation and a charter city duly
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RESOLUTION NO.
RESOLUTION OF THE COMMUNITY DEVELOPHENT
COMMISSION OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, MAKING FINDINGS AND
DETERMINATIONS AS TO THE BENEFIT TO THE
SOtJTHEAST INDOSTRIAL PARK REDEVELOPHENT
PROJECT AREA OF tlNDERTAKING CERTAIN
REDEVELOPHENT ACTIVITIES
WHEREAS, the City of San Bernardino, California (the
created and exiBting pursuant to the Constitution and the laws of
the State of California (the "City"); and
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13 City of San Bernardino (the "Coaaission") on behalf of the
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WHEREAS, the Coaaunity Development Coaaission of the
Redevelopment
Aqency of the City of San Bernardino
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(the
"Agency"), is a redevelopment aqency, a public body, corporate
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and politic of the State of California, orqanized and existinq
pursuant to the Coaaunity Redevelopment Law (Part 1 of Division
24) coaaencing 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
gency may, with the consent of the Mayor and Coaaon Council of
e City ("the Council"), pay all or part of the costs of
installation
and
construction
of
buildinq,
tacility,
any
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 buildings, facilities,
structures
other
improvements
or
of
benefit
are
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1 rec:levelopment project area or the immec:liate neighborhooc:l in which
2 the project is locatec:l, regarc:lle.. of whether such improvements
3 are within another project area, or in the case of a project area
f in which sUbstantially all of the lanc:l i. publicly ownec:l, that
5 the improvements are of benefit to the ac:ljacent project area of
6 the Agency, anc:l (2) that no other rea.onable means of financing
7 such builc:ling., facilitie., structure. or other improvements is
8 available to the community, anc:l such c:letermination by the Agency
9 anc:l the Council shall be final anc:l conclu.ive; anc:l
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WHEREAS, the City anc:l the Commission have previously
approved and adopted a Redevelopment Plan for the Southeast
Inc:lustrial Park Redevelopment Project (the "Rec:levelopment Plan");
and
WHEREAS, the Agency has previously approved the
establishment of certain lines of crec:lit with Wells Fargo Banlt,
National Association (the "Lines of Crec:lit") one of which is to.
be secured by collateral from the various rec:levelopment project
area. of the Agency; and
WHEREAS, the Agency deems it desirable to increase the
Lines of Credit and in connection therewith mu.t .ecure such
increase in the Lines of Credit with additional collateral; and
WHEREAS, the Agency 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 shopping center and which
2 projects and activities include but are not limited to the
3 acquisition, construction and installation of certain pUblic
4 improvements, and facilities (the "Redevelopment Projects"); and
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6 WHEREAS, the Agency deems 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 end available within the Southeast
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Il 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 Northwest 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, which land. is not
24 eadily available within the Southeast Industrial Park Project
25 edevelopment Area; and
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1 benefit to the Southeast Industrial Park RedevelopJDent Project
2 Area to the extent that the Northwest Redevelopment Project Area
scan accolDIDodate demand for industrial and cOlDIDercial land which
4 demand cannot be accolDIDodated 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 developJDent seekinq to locate in the Southeast Industrial Park
If Redevelopment Project Area is readily available within the
12 Northwest Redevelopment Project Area and such land is more
13 appropriate to accolDIDodate some of the industries and businesses
14 otherwise seekinq to locate in the Southeast 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 evelopJDent because of the existence of adequate public
22 in alternative locations such as the Northwest
23 edevelopment Project Area, the Aqency will be Able to
24 CCOlDIDodate 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
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24 NOW, THEREFORE, THE COMMUNITY DEVELoPMENT COMMISSION
25 C'l'ING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF
26 AN BERNARDINO, CALIFORNIA, DOES HEREBY RESOLVE, DETERMINE AND
27 ROER AS FOLLOWS:
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WHEREAS, tile Northwest Redevelopment Project Area
provides a viable alternative location for industries seeking to
undertake industrial and cOlUlercial activities which cannot
locate witilin tile Southeast Industrial Park RecSevelopment Project
Area because of the economics associated with locating in such
Project Area and accordingly, such industries are more likely to
locate in the Northwest Redevelopment Project Area rather tilan in
areas outside of the City to tile extent tile Agency is able to
rovide adequate public improvements, and facilities within the
orthwest Redevelopment Project Area; and
WHEREAS, because of tile interaction between the
gency's various project areas, the ability of the Agency to keep
industrial and ~olUlercial groWth within any of its project areas
s of benefit to all of its project areas; and
WHEREAS, it is appropriate at this time for the
olUlission to make certain findings and determinations and take.
ertain action witil respect to tile acquisition, installation and
onstruction of tile public improvements and the undertaking of
he various Redevelopment Projects in the Northwest Redevelopment
roject Area.
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Section 1. The Recital. hereinabove are true and
correct and are incorporated herein by this reference.
Section 2. The Commission approve. the payment by
the Aqency of the cost. of the Redevelopment Projects to be
undertaken within the Northwest Redevelopment Project Area for
the reasons .et forth and the recitals hereinabove.
Section 3. The Commission find. and determine. that
no other rea.onable mean. of financinq the Redevelopment Projects
other than throuqh u.e of revenues available throuqh the increase
in the Lines of Credit, .upported by collateral from the
Southeast Industrial Park Redevelopment Project Area, is
pre.ently available to the City or the Aqency and that the .City
and the Aqency require the use of revenues qenerated from the
Southeast Industrial Park Redevelopment Project Area in order to
fund the undertakinq of the Redevelopment Projects. The
undertakinq of the Redevelopment Project. in the Northwest ~
Redevelopment Project Area will help improve the economic
Viability and growth potential of the Southeast Industrial Park
edevelopment Project Area which will in turn help eliminate
liqht and will provide benefit to the Southeast Industrial
edevelopment Project Area.
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1 Sec~ion 5. The Agency Secretary is hereby
2 authorized and directed to cause this Resolution to be
3 ~ran.mitted to the City in connection with appropriate action by
4 that body.
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RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF
HE CITY OF SAN BERNARDINO MAKING FINDINGS AND DETERMINATIONS AS
THE BENEFIT TO THE SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT
ROJECT AREA OF UNDERTAXING CERTAIN REDEVELOPMENT ACTIVITIES
Section 6.
This Resolution shall take effect upon
he date of its adoption.
I HEREBY CERTIFY that the foreqoinq Resolution was duly
dopted by the Community Development Commission of the City of
an Bernardino at a
meetinq
hereof, held on the
day of
,
991, by the followinq vote, to wit:
:
AIU
BAn
ABS~,,"IN
STRADA
EILLY
LORES
UDSLEY
INOR
OPE-LUDLAM
ILLER
Secretary
The foreqoinq resolution is hereby approved this
day of , 1991.
W. R. Holcomb, Chairman
Community Development Commission
of the City of San Bernardino
pproved as to form and leqal content:
y:~~.
Aqency Counsel ~
1!OOIlO11DOCI4.l3
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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 Community
Development Commission of the City of San Bernardino, DO HEREBY
CERTIFY that the foreqoinq 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 Ci ty . of San Bernardino this day of
, 1991.
Secretary of the
Community Development
Commission of the City of San
Bernardino
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RESOLUTION NO.
RESOLUTION OF THE KAYOR AND COMMON COUNCIL
OF THE CITY OF SAN BERNARDINO, CALIFORNIA,
MAKING FINDINGS AND DETERMINATIONS AS TO THE
BENEFIT TO THE SOUTHEAST INDUSTRIAL PARK
REDEVELOPMENT PROJECT AREA OF UNDERTAKING
CERTAIN REDEVELOPMENT ACTIVITIES
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 (the "City"); and
WHEREAS, the Community Development Commission of the
City of San Bernardino (the "Commission") 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 Community Redevelopment Law (Part 1 of Division
4) 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 may, with the consent of the Mayor and Common Council of
e City ("the Council"), pay all or part of the costs of
and construction of any building, fa9ility,
other improvement which is 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 improvements are of benefit to the
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1 redevelopment project area or the iDediate neighborhood in which
2 the project is located, regardless of whether such improvements
S 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 Agency, and (2) that no other reasonable means of financing
7 such buildings, facilitie., structures or other improvements is
8 available to the cODunity, and such determination by the Agency
9 and the Council shall be final and conclusive; and
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11 WHEREAS, the City and the CODission have previously
12 approved and adopted a Redevelopment Plan for the Southeast
13 Industrial Park Redevelopment Project (the "Redevelopment Plan") ;
14 nd
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16 WHEREAS, the Agency has previously approved the
17 stablishment of certain lines of credit with Wells Fargo Bank,
18 ational Association (the "Lines of Credit") one of which is to.
19 secured by collateral from the various redevelopment project
20 reas of the Agency; and
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22 WHEREAS, the Agency deems it desirable to increase the
23 ines of Credit and in connection therewith must secl,li-e such
24 ncrease in the Lines of Credit with additional collateral; and
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26 WHEREAS, the Agency deems 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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1 related to the development of a .hopping center and which
2 projects and activities include but are not limited to the
3 acquisition, construction and installation of certain public
4 improvements, and facilities (the "Redevelopment Projects"); and
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6 WHEREAS, the Agency de81118 it desirable to u.e revenues
7 attributable to the increase in the Line. of Credit to undertake
8 the Redevelopment Project. in the Northwest Redevelopment Project
9 Area but in order to do .0 the Agency mu.t obligate certain
10 collateral presently existing and available within the Southeast
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 Northwest 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 user., which land is not
24 readily available within the Southeast 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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1 benefit to the Southeast Industrial Park Redevelopment Project
2 Area to the extent that the Northwest Redevelopment Project Area
S can accommodate demand for industrial and commercial land which
4 demand cannot be accommodated in the Southeast Industrial Park
5 Redevelopment Project Area because of the lack of available land
6 suitable for the types of users seeking to locate in the
7 Southeast Industrial Park Redevelopment Project Area; and
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9 WHEREAS, land which is more suited for the types of
10 development seeking to locate in the Southeast Industrial Park
Ii Redevelopment Project Area is readily available within the
12 Northwest Redevelopment Project Area and such land is more
13 appropriate to accommodate some of the industries and businesses
14 otherwise seeking to locate in the Southeast 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 providing 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 Agency will be able to
24 accommodate 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
28 III
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24 NOW, THEREFORE, THE MAYOR AND COMKON COUNCIL OF THE
25 CITY OF SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE,
26 DETERMINE AND ORDER AS FOLLOWS:
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WHEREAs, the Northwe.t Redevelopment Project Area
provides a viable alternative location for industries .eeking to
undertake industrial and cOlDIDercial activities who cannot locate
within the Southeast Industrial Park Redevelopment Project Area
because of the economics as.ociated with locating in .uch Project
Area and accordingly, .uch industries are more likely to locate
in the Northwest Redevelopment Project Area rather than in areas
outside of the City to the extent the Agency is able to provide
adequate public improvements, and facilities within the Northwest
Redevelopment Project Area; and
WHEREAS, because of the interaction between the
Agency'. various project areas, the ability of the Agency to keep
industrial and cOlDIDercial groWth within any of it. project ~re.s
is of benefit to all of it. project areas; and
WHEREAS, it b appropriate at thi. time for the Council
to make certain findings and determinations and take certain-
action with respect to the acquisition, installation and
construction of the public improvement. and the undertaking of
the various Redevelopment Projects in the Northwest Redevelopment
Project Area.
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25 Section 4. The findings and determinations of the
26 Council as set forth herein shall be final and conclusive.
Section 1. The Recitals hereinabove are true and
correct and are incorporated herein by this reference.
Section 2. The Council consents to the payment by
the Agency of the costs of the Redevelopment Project. to be
undertaken within the Northwest Redevelopment Project Area for
the reasons set forth and the recitals hereinabove.
Section 3. The Council fUrther 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~ity
and the Agency require the use of revenues generated f~om 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 help improve the economic
viability and groWth potential of the Southeast Industrial Park
Redevelopment Project Area which will in turn help eliminale
blight and will provide benefit to the Southeast Industrial
Redevelopment Project Area.
27 III
28 III
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1 Section 5. '!'he City Clerk is hereby 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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1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO MAXING FINDINGS AND DETERMINATIONS AS TO THE
2 BENEFIT TO THE SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT
AREA OF UNDERTAKING CERTAIN REDEVELOPMENT ACTIVITIES
3
4 Section 6. This Resolution shall take effect upon
5 the date of its adoption.
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7 I HEREBY CERTIFY that the foreqoinq resolution was duly
8 adopted by the Mayor and COllllllon Council of the City of San
9 Bernardino at a lDeetinq thereof, held on the
1 day of , 1991, by the followinq vote,
11 to wit:
12 AYES: Council Members
13
14 NAYS:
15 ABSENT:
16
17 City Clerk
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19 The foreqoinq resolution is hereby approved this
20 day of , 1991.
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Approved as to form and leqal content:
25 JAMES F. PENMAN
City Attorney
::._~~
Mayor of the City of
San Bernardino
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1 STATE OF CALIFORNIA )
COUN'l'Y OF SAN BERNARDINO )
2 CITY OF SAN BERNARDINO )
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I, City Clerk of the City of San
Bernardino, DO HEREBY CERTIFY that the foreqoinq and attached
copy of Mayor and Common Council of the City of San Bernardino
Resolution No. i. a full, true and correct copy of that
now on file in thi. office.
IN WITNESS WHEREOF, I have bereunto .et my band and
affixed the official .eal of the Mayor and Common Council of the
City of San Bernardino this day of ,
1991.
City Clerk
City of San Bernardino