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CITY OF SAN BERrIlRDINO - REQUEST ~R COUNCIL ACTION
Date:
Kenneth J. Hendersa1, Director
ChTmnrl.ty Devel~rt.
May 18, 1990
Subject:
ClTlr '" aN IIBRtmRDIH)
I'MILY II:m'GIoGB RE:VDllJE
RI!:I'lHmU IICtlIlS (GtIm.
II:lRl'GllGIt-BIlaO!:D 1:tD,,;WU''&:.LISI:I,
NKN. II!A 1990A
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Synopsis of Previous Council action:
NaIe.
Recommended motion:
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~n IZVBIOHII!lNl' c:xHaSSIaf
TBU TBB '"XlIIDll'.rf IZVBIOHII!lNl' """"''''''I101N Ar-..-.ud'B $47,100 I'1Ul 1'1'B IbcLWlGB
I J't1II) I'C8 TBB .......... '" I'D1DrDD TBB Cl'l'lr' 8 SDRB '" TBB CXl8'r 0'1' I88tlll)Iz '"
1'1'B 18.8 un....:... OOUM annr.. DIIILY ~ ....v-oB IQ5If1-.,IIQ 1ICtlIlS.
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Contact person: Ken Hendersa1
Phone:
5065
Supporting data attached:
staff ~L
Ward:
1-7
FUNDING REQUIREMENTS:
Amount: $47,100
Source: (Acct, No.!
~I
(Acct, Descriotion)
N/A
Finance:
Ceil Notes:
75.0262
Agenda Item No
'-I
CITY OF SAN BERN()RDINO - REQUEST I()R COUNCIL ACTION
STAFF REPORT
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en the n ..... IJ c:nmcu agenda for the JIlElE!t:in;J sdleduled for Kay 21,
1990, is an item authorizin;J the i'""'UlltXle and sale of ~y
18.8 millicn dollars of tax li!XIelIpt sin;Jle family lw.n.~ J:eVemle
~ bcnis. ~_ of ~ in the tax ccx'Ie bn:u;lht aln1t.
by the P"~'i'age of the Tax Refom Act of 1986, the ccst of i """Ull1'108
of ..... 'J,...lo...j I:x:n:l i_..... cannot be taken frail the I:x:n:l ..... .:;-0...... As
sudl, the ccst of i """Ull1'108111.1St be paid by the i .......... and partici-
patin3 lenders.
Recently, First: Interstate M:)rtgage t'mp>11Y of c:alifamia CXIIIIIitted
to payin;J ~tely ninety pe1:~..L (90%) ($428,000) of the ccst
of 1"'l51'JaflCe ~lSEl of the ctlt...._'t1V"!ntlil! of the averall deal and
the p8(l8 of resi&;!ntial dsvel~tt. in San Bemardino. In addi:ticm,
the hoolli!hold inclc:me and pm:mse price limitatials fit our local
hwsin;J 'JI1iUXet needs very well. All that remains to be financed is
~tely ten pe1:......tt. (10%) or $47,100.
If appraved by the n....ni....icn, the 1qercy will be repaid the portion
of the ccst of ililSUlU1C8 it finances when the DDrtgage 10lUlS are
originated. U'lder this scenario, the City will receive cme-falrth
percent (1/4%) plus cne-half percent (1/2%) (for a total of three
fcurths percent (3/4%)) as ead.l loan closes.
I :roe.:, ....-ld adcpti.cm of this fom Dr:Jticm.
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DinctorJ~r~ o-J.~
KllVllIb/3915
Kay 18, 1990
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