HomeMy WebLinkAboutRS01-Economic Development Agency
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mlNElH J. HENIERStW
ExBcutiva Director
Date:
J'une 24, 1991
~.....pei. of PI:8ric:Ius '-"-~Cll/OOO"""'l/OCIIIIIittae ~:
On April 9, 1990, the n-mro"'lity Dsvel~,l. t'hmIi_i.at ~ finBncial assist-
ance to DJkss-DJkss an:! As8oc'iates for the b.d1dcut of the ~ Estates sub-
divisiat.
On May 1, 1990, the Redsvel.~1t 1qIrc:y entered into a Joint Dsvel~,t
Jlo,j1._,l. with DJkes-Dlkes an:! Ae.......i'\tes for the I::W.l.d-c:a1t of the Orlu-3uilOOd
Estates subdivisiat.
ReI: .-.-A'l"'-d JIo'ticm:
fnr....",oIt;v DIIval.--.-..L ~_"an'
'!hat the n-mro"1ity Dsvel..........1t t'hmIi -iat "W'....... the _~d. of the Joint
Dsvel~d. ~_,t betllll8n the Redsvel.~1t Jqert::y an:! DJkss-DJkss an:!
Ae.......b:tes for the I::W.l.d-c:a1t of the Orangewood Estates subdivisiat to reflect
~ in su1:lstit:ut.irq RIase II for Hlase III an:! RIase III far RIase II to
beor- a part of the Joint Dsvel~,t JIoj.._It.
~tor
j.......... ~J~. oK, Bacutive DincItor
7' DweJ.. 'l ~t DIpIrtID8Dt
cantact Persal:
Ksn HI::u.. '-1 scnIE:! VI n?"IIiIII
Hlcna:
5065: 5081
six (6)
Project Area: Nort:tlwEt
~ Data Attac:tled:
ward(s) :
At-.Af''' pm. il t, A'rI'WM .d!.i_. "L
FUNDDG ~:
1l1IDmt: $
N/A
N/A
source:
aldget Authority:
OCIIIIIissiaat.............' Notes:
~:ELF:lab:4441
0CHIIB8I<>>f JlGBlD
MIIetiJlq Date: 07/01/1991
~ It.D No: ~s-L
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IZVBIDl'JIBRr II!lPARDII!:Rr
~ 1UU'UlCL"
- to Dukes Dukes ...... ~-4..tes
JoiDt D8v8l _ftt ~&L
on April 9, 1990, the l'hnmI"1ity Dsvel.......-,t. l'hrIIli....iCl'l ~ financial assist-
ance to ~ and As8oc'iates for the l::A.1i1d-cut of the Qral.;).l.lJlCod Estates
subdivisicl'1. 1qItr::y CXAJnSel. was "~y directed to prepu:e the ~"'lo"o1at:e
agreElllaht.
on May 1, 1990, the Redevel.......-/t 1qItr::y entered into a Joint Dsvel.......-,t.
Ao".........../t 1:letwm1 the l'hnmI"1ity Dsvel~lt 1'hrIIl4 ....iCI'1 and DIltes-IlUklIIs and
As8oc'iates for the h,41d-cut of the QrallgWCoo Estates subdivisicl'1.
1l1rin1 the mcnt:h of P'ebrua:ty, 1991, DIItes-IlUklIIs and Aa-iates sul:lllitted a request
to llIIIlm:i the ~ of the Joint Dsvel.......-lt A:I...........d. to :reflect the a.....e.<<.
market realities and to CCIlSOJ.idate devel.~,t. alan:] califcmia Sl.......t.
'1he charJ;es in the unite in each phase will be:
1. Blase II:
2. Blase III:
Oriainal
38
49
Pi.._.~
49
38
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staff reo ....-rds adcpt.ic:n of the attac:hecl AlIIllOOllleht to the Joint Dsl/D1. 'l.'-It.
J\g1:__lt.
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Meet:iDg' Date: 07/01/U
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RESOLUTION NO.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO APPROVING THE FIRST AMENDMENT TO THE JOINT
DEVELOPMENT AGREEMENT WITH DUKES-DUKES AND ASSOCIATES.
BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO AS FOLLOWS:
SECTION 1. The Mayor is hereby authorized and directed to
execute that certain First Amendment to the Joint Development
Agreement with the Redevelopment Agency of the City of San
Bernardino and Dukes-Dukes and Associates relating to Orangewood
Estates to substitute Phase III for Phase II and Phase II for
Phase III, in a form as attached hereto as Exhibit "A".
SECTION 2.
The authorization to execute the above-
referenced agreement is rescinded if the parties to the agreement
14 fail to execute it within sixty (60) days of the passage of this
c:> 15 resolution.
16 I HEREBY CERTIFY that the foregoing Resolution was duly
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO APPROVING THE FIRST AMENDMENT TO THE JOINT
DEVELOPMENT AGREEMENT WITH DUKES-DUKES AND ASSOCIATES.
Council Members:
AYES
NAYS
ABSTAIN
ESTRADA
REILLY
HERNANDEZ
MAUDSLEY
MINOR
POPE-LUDLAM
MILLER
City Clerk
of
The foregoing Resolution is hereby approved this
, 1991.
day
w. R. Holcomb, Mayor
City of San Bernardino
Approved as to
form and legal content:
JAMES F. PENMAN,
City Attorney
~h,-)
DAB/bg [Dukes. Res]
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June 27, 1991
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1 FIRST AMENDMENT TO
2 JOINT DEVELOPMENT AGREBMEN'l'
3
4 THIS AMENDMENT TO AGREBMEN'l' , made this day of
5 , 1991, by and between the REDEVELOPMENT AGENCY OF
6 THE CITY OF SAN BERNARDINO, (hereinafter referred to as "Agency"),
7 the CITY OF SAN BERNARDINO, a Charter City duly organized and
8 existing pursuant to the Constitution of the State of California,
9 (hereinafter referred to as "City"), and DUKES-DUKES & ASSOCIATES,
10 INC., a California Corporation, (hereinafter referred to as
11 "Dukes").
12 RECITALS
13 A. WHEREAS, the parties entered into that certain Joint
14 Development Agreement, dated April 20, 1990, and recorded on May
15 22, 1990, as Document Number 90-199231, official records of San
16 Bernardino County; and,
17 B. WHEREAS, the parties desire now to amend said Joint
18 Development Agreement to revise the time schedules for the phases
19 to be constructed; and
20 NOW 'l'HEREFORE, the parties hereto agree as follows:
21 1. Section 2.1 of the Agreement is amended to read as
22 follows:
23 "2.1 City hereby agrees to convey the City
24 property to Dukes for the purchase price of One
25 Million Nine Hundred Thousand Dollars ($1,900,000.00)
26 payable in Twenty-Five Thousand Dollar increments upon
27 the sale of each of the completed homes on the City
28 property on Phases I and II. Such purchase price will
DAB/bg [Dukes.1Am] 1 June 26, 1991
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1 be evidenced by a Promissory Note substantially in the
2 form of Exhibit "C", and secured by a Deed of Trust
3 substantially in the form of Exhibit "D" covering the
4 units in the City property, which will be released as
5 to each lot upon close of escrow for the sale of the
6 completed home constructed on that lot."
7 2. Section 2.3 of the Agreement is amended to read as
8 follows:
9 "2.3 In Phase II, the 49 units will be built in
10 two groups. Group A will be composed of 24 units,
11 (shown on Exhibit "G"), and Group B will be composed
12 of 25 units, (shown on Exhibit "R"). Construction of
13 Group A will commence on or before July 15, 1991.
14 Construction of Group B will commence on or before
15 November 15, 1991."
16 3. Section 2.4 of the Agreament is amended to read as
17 follows:
18 "2.4 In Phase III, the 38 units on the Dukes
19 property will be built in two groups. Group A win be
20 composed of 19 units, (shown on Exhibit" I " ), and
21 Group B will be composed of 19 units, (shown on
22 Exhibit "J"). Construction of Group A will commence
23 on or before March 15, 1992. Construction of Group B
24 will commence on or before August 15, 1992."
25 4. Section 3.3 of the Agreement is amended to read as
26 follows:
27 "3.3 Upon commencement of construction of the
28 units in Group A of Phase II, the Agency will loan to
DAB/bg [Dukes. lAm] 2 June 26, 1991
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1 Dukes a third temporary construction loan in the
2 approximate amount of Two Million One Hundred Fifty-
3 Three Thousand Eight Hundred Seventy-One Dollars and
4 Fifty Cents) ($2,153,871.50) to build 24 homes in
5 Group A. Dukes will pay COD 1.5t of such loan prior
6 to receipt of the loan for a loan fee and for
7 disbursement administration. Said loan shall be
8 subject to a floating interest rate of 1.5 points over
9 prime as determined by Bank of America. Said loan
10 will be evidenced by a Promissory Note substantially
11 in the form of Exhibit "C" and secured by a Deed of
12 Trust substantially in the form of Exhibit "D", which
13 shall be partially released as each home is sold upon
14 the payment of the proportional amount due of the
15 remaining principal and interest for that unit,
16 including the unit's share of the cost of the models.
17 Said Deed of Trust will be junior to that Deed of
18 Trust described in Paragraph 2.2."
19 5. Section 3.4 of the Agreement is amended -Eo read as
20 follows:
21 "3.4 Upon commencement of construction of the
22 units in Group B of Phase II, the Agency will loan to
23 Dukes a fourth temporary construction loan in the
24 approximate amount of Two Million One Hundred Fifty-
25 Three Thousand Eight Hundred Seventy-One Dollars and
26 Fifty Cents ($2,153,871.50) to build the 25 homes in
27 Group B. Dukes will pay CDD 1.5t of such loan prior
28 to receipt of the loan for a loan fee and for
DAB/bg [Dukes.1Am] 3 June 26, 1991
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1 disbursement administration. Said loan shall be
2 subject to a floating interest rate of 1. 5 points over
3 prime as determined by Bank of America. Said loan
4 will be evidenced by a Promissory Note substantially
5 in the form of Exhibit "CO and secured by a Deed of
6 Trust substantially in the form of Exhibit "D", which
7 shall be partially released as each home is sold upon
8 the payment of the proportional amount due of the
9 remaining principal and interest for that unit,
10 including the unit's share of the cost of models.
11 Said Deed of Trust will be junior to that Deed of
12 Trust described in Paragraph 2.2."
13 6. Sections 3.5 and 3.5.1 of the Agreement are deleted.
14 7. Section 3.6 of the Agreement is amended to read as
15 follows:
16 "3.6 Upon commencement of construction of the
17 units in Group A of Phase III, the Agency will loan to
18 Dukes a sixth temporary construction loan in the
19 approximate amount of One Million Six Hundred s~ty-
20 Nine Thousand Six Hundred Sixty-Eight Dollars
21 ($1,669,668.00) to build the 19 homes in Group A.
22 Dukes will pay CDD 1.5% of such loan prior to the
23 receipt of the loan for a loan fee and for
24 disbursement administration. Said loan shall be
25 subj ect to a floating interest rate of 1. 5 points over
26 prime as determined by Bank of America. Said loan
27 will be evidenced by a Promissory Note substantially
28 in the form of Exhibit "CO and secured by a Deed of
DAB/bg [Dukes. lAm] 4 June 26, 1991
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Trust substant~ally ~n the form of Exh~b~t "D", wh~ch
shall be part~ally released as each home ~s sold upon
the payment of the proport~onal amount of the
rema~n~ng pr~nc~pal and ~nterest due for that un~t,
~nclud~ng the un~t's share of the cost of the models."
8. Sect~on 3.7 of the Agreement ~s hereby amended to read
as follows:
"3.7 Upon commencement of construct~on of the
un~ts ~n Group B of Phase III, the Agency w~ll loan to
Dukes a seventh temporary construct~on loan ~n the
amount of One M~ll~on S~x Hundred S~xty-N~ne Thousand
S~x Hundred S~xty E~ght Dollars ($1,669,668.00) to
bu~ld the 19 homes ~n Group B. Dukes w~ll pay CDD
1.5t of such loan pr~or to the rece~pt of the loan for
a loan fee and for d~sbursement adm~n~strat~on. Sa~d
loan shall be subject to a float~ng ~nterest rate of
1. 5 po~nts over pr~me as determ~ned by Bank of
Amer~ca. Sa~d loan w~ll be ev~denced by a Prom~ssory
Note substant~ally ~n the form of Exh~b~ t "C" and
secured by a Deed of Trust substant~ally ~n the form
of Exh~b~t "D", wh~ch shall be part~ally released as
each home ~s sold upon the payment of the proport~onal
amount of the rema~n~ng pr~nc~pal and ~nterest due for
that un~t, ~nclud~ng the un~t's share of the cost of
the models."
9. Sect~ons 3.8 to and ~nclud~ng 3.9.1 are deleted.
III
III
DAB/bg [Dukes. lAm]
June 26, 1991
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10. Exhibits "G", "H", "I" and "J" to the Agreement are
amended as shown in Exhibits "G", "H", "I" and "J" attached hereto
and incorporated herein.
11. Exhibits "K", "L" and "M" to the Agreement are deleted.
12. Except as amended herein, said Agreement shall remain
in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this
Amendment to Agreement on the day and date first above shown.
ATTEST:
CITY OF SAN BERNARDINO
By:
W.R. HOlcomb, Mayor
City of San Bernardino
City Clerk
ATTEST:
REDEVELOPMENT AGENCY/COMMUNITY
DEVELOPMENT COMMISSION
By:
W.R. Holcomb, Chairman
Secretary
DUKES-DUKES & ASSOCIATES, INC.
Approved as to form
and legal content:
By:
JAMES F. PENMAN
City Attorney
By'~
/
By:
Approved as to form
and legal content:
By:~~J
vl"gency Co el -
DAB/bg [Dukes. lAm]
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June 26, 1991
19 th Street
37 3
C
38 1
39 2
C\rrow Vista Proposed Pl::se 2, Revised 6/26/91
EXHIBIT "G"
Nt 3 1 2 1 3 2 3
L
36 35 34 33 32 31 30
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Map Not to Scale Legend 1-1573. 2 -1672. 3 -1859.49 Total Revised 6/26/91
19 th Street
OArrow Vista Proposed RU'-'se 2, Revised 6/26/91
( EXHIBIT "H" )
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,,1'';'"'''''''''' ,. Map N9110 ~_cllle Legen,d.--f.-1573. ,,2 -167g,"3 '1859.49 Total. Revl ed.6/26/91,'4:." J.-S',""
( EXHIBIT "I" )0
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ARROW VISTA
PHASE 3 PLOT PLAN
MAP NOT TO SCALE
LEGEND: 1-1573, 2-1672, 3-1859
38 TOTAL UNITS.
15-1573,10-1672,11.1859
L= left or reversed floor plan
Revision Date 6/25/91
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9
14TH STREET
SEE SH(ET 3.
fil"---- ".
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0 EXHIBIT "J" )0
[!] 2 -.
III
14 13 12 II
S
1 17 SEE SHEET 4. 8.
" ,
3 18 31 2 32. 7111'
2 19 30 [!] 33. 6.
[!] 20 29 rn 34. 5__'
[!] 21 28 [!] 35. 4.
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E 26 S
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2 24 250 38'- E '.1
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ARROW VISTA
PHASE 3 PLOT PLAN
MAP NOT TO SCALE
LEGEND: 1-1573, 2-1672, 3-1859
38 TOTAL UNITS.
15-1573,10-1672,11-1859
L= left or reversed floor plan
Revision Date 6/25/91
14TH STREET
SEE $HtET 3.
rft~
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