HomeMy WebLinkAboutS16-Community Development
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: REQ'OST FOR codCJt A5"ION
ct::y OF SAN BERNAR'e"O
From: Kenneth J. Henderson, Director
Subject: Distribution of Industrial Revenue
Reserve and Development Funde
Dept: Couununity Development
Date: February 12, 1987
Synopsis of Previous Council action:
The Mayor and Couunon Council previously considered this matter on December 22,
1986, January 5, 1987, January 12, 1987 and January 18, 1987. The matter was
continued on each occasion.
On February 2, 1987, the Mayor and Couunon Council approved a fifty-fifty (50-50)
allocation of one percent (l~) Industrial Development Bond fee proceeds to the
City Community Development Department and San Bernardino Economic Development
Council. The City Attorney wae directed to prepare a resolution for the
February 16, 1987 Council meeting.
Recommended motion:
ADOPT RESOLUTION.
Contact panon:
Supporting data attached:
Kenneth J. Henderson
Phone:
5065
Staff Report
Ward:
1-7
FUNDING REQUIREMENTS:
Amount:
Source: (ACCT. NO.)
(ACCT. DESCRIPTION)
Finance:
Council Not..:
75.0111
Agenda Item No.
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Coy OF SAN BERNAR~O - REQl.OST FOR COUNCIL A~ION
STAFF REPORT
On February 2, 1987, the Mayor and Common Council considered
the distribution of industrial revenue reserve and develop-
ment funds between the City Community Development Department
and the San Bernardino Economic Development Council (SBEDC).
After discussion, the Mayor and Common Council adopted a form
motion authorizing and directing the following:
1. That the balance of the rDB funds be allocated
on a fifty-fifty (50-50) basis to City and
SBEDC.
2. That neither the small business loan program
or the SBEDC marketing program receive any
money until funds become available.
3. That no money shall be committed until funding
is received.
4. That accrued interest shall flow equally to
both sides.
5. That a timeframe be developed as to how the
allocation will work.
Additionally, the Director of Community Development was
directed to amend the Economic Development Program (EDP)
guidelines establishing the Mayor and Common Council of the
City of San Bernardino as the approving authority (see agenda
item 13), and the City Attorney was directed to prepare a
resolution incorporating the above provisions for the
February 16, 1987 meeting of the Mayor and Common Council.
The attached resolution has been prepared pursuant to the
above action taken by the Mayor and Common Council. Staff
recommends adoption of the resolution.
.~:fJ~~~
Director of Community Development
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RESOLUTION NO.
RESOLUTION OF THE CITY OF SAN BERNARDINO DIRECTING THE
DISTRIBUTION OF INDUSTRIAL REVENUE RESERVE AND DEVELOPMENT FUNDS
BETWEEN THE SMALL BUSINESS REVOLVING LOAN PROGRAM OF THE CITY'S
COMMUNITY DEVELOPMENT DEPARTMENT AND INITIAL FUNDING FOR SAN
BERNARDINO ECONOMIC DEVELOPMENT COUNCIL'S MARKETING PROGRAM.
BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO AS FOLLOWS:
SECTION 1. Recitals.
A. City has in the past used its Industrial Revenue Reserve
and Development Fund for providing financing for various
activities of the San Bernardino Economic Development Council.
B. City and San Bernardino Economic Development Council,
hereinafter .EDC,. have determined that portions of EDC's former
activities should be assumed by City, and delegated to its
14 community Development Department, and that EDC should engage
15 primarily in marketing efforts in the future.
16 C. City has already sold, or enabled another public entity
17 to sell in cooperation with City, certain revenue bonds for which
18 fees will be payable into City's Industrial Revenue Reserve and
19 Development Fund, hereinafter referred to as .Fund,. as follows:
20 1. Highland Hills, $245,000 due to Fund upon break of
21 escrow,
22 2.
23 escrow,
24 3.
25 escrow, and
26 4.
perris Hills, $73,063 due to Fund upon break of
Shadow Hills, $108,500 due to Fund upon break of
Sisters of Charity of the Incarnate Word, $311,050
27 due upon Closing of bond sale, expected before the end of
28 February, 1987.
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1 D. Of these funds, only $311,050 is expected to be available
2 in the immediately foreseeable future, with the remaining $426,563
3 expected to be available within the next twenty-four months, in
4 all likelihood.
5 E. City desires to commit one-half of the available funds
6 and the other anticipated funds which may become available in the
7 Fund, when and as they become available, to provide funding for
8 the EDC's marketing program, and to commit the remaining one-half
9 of such funds to City's Community Development Department for its
10 small Business Revolving Loan Program, heretofore adopted and
11 approved by the Mayor.
12 SECTION 2. Implementation.
13 A. City's Director of Finance is hereby authorized and
14 directed to set aside one-half of the available money in the Fund,
15 when and as such monies are available, for EDC, and one half of
16 such available monies for City's small Business Revolving Loan
17 Program, to be disbursed from time to time in accordance with
18 authorizations from the Mayor and Common Councilor in accordance
19 with a budget approved therefor by the Mayor and Common Council.
20 All those monies described in Section 1 above shall be included
21 within this distribution, including monies from future bond
22 sales, when and as such funds are available, subject to the
23 following limitations:
24 1. No funds shall be committed or obligated by either
25 city's Community Development Department or EDC until such funds
26 are actually available.
27 2. All interest which is earned upon such funds shall
28 be divided equally between EDC and City's Small Business Revolving
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1 Loan Programl once funds have actually been allocated to either
2 such account, interest earnings from monies in EDC's account will
3 be credited to EDC, and interest earnings from monies in the Small
4 Business Revolving Loan Program shall be credited to that program.
5 C. Any monies received by the Fund from sources other than
6 those specifically identified in Section 1 hereof shall be subject
7 to this distribution unless otherwise directed by specific action
8 of the Mayor and Common council.
9 D. Monies paid or payable to EDC under these provisions
10 shall be the sole monies payable to EDC from the City, unless
11 otherwise directed by the Mayor and Common Council.
12 I HEREBY CERTIFY that the foregoing resolution was duly
13 adopted by the Mayor and Common Council of the City of San
14 Bernardino at a meeting thereof, held on
15 the
day of
, 1987, by the following vote,
16 to wit:
17 AYES: Counc i 1 Members
18
19 NAYS:
20 ABSENT:
21
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24 of
City Clerk
The foregoing resolution is hereby approved this
day
, 1987.
25
Mayor of the City of San Bernardino
26 Approved as to form:
27 ~....~__
),.47I,s ~-;t!::y--~
2/12/87
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