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HomeMy WebLinkAbout1985-213 , 1,020-46/0755S/cmh 06/12/85 RESOLUTION NO. 85-~13 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DECLARING ITS INTENTION TO ISSUE ITS MULTIFAMILY MORTGAGE REVENUE BONDS; DIRECTING THE PREPARATION OF CERTAIN DOCUMENTS; AND MAKING CERTAIN OTHER FINDINGS AND DETERMINATIONS IN CONNECTION THEREWITH (DEL ROSA GARDENS PROJECT) WHEREAS, the City of San Bernardino, California ("City"), is a "home rule city" duly organized and existing under and pursuant to a Charter adopted under the provisions of the Constitution of the State of California; and WHEREAS, pursuant to its home rule powers, the City duly and regularly enacted Ordinance' No. 3815 (the "Ordinance") to finance various types of projects, as defined in the Ordinance, and to issue its special revenue bonds for the purpose of paying the cost of financing such projects, and has amended the same from time to time; and WHEREAS, said Ordinance No. 3815, as amended, is intended to finance the development of industry and commerce and to thereby broaden the employment opportunities and to increase the availability of moderately priced rental units for residents of the City and to broaden the tax and revenue base of the City; and - 1 - .- WHEREAS, there has been presented to the Mayor and Common Council an Application, attached hereto as Exhibit "A" and incorporated herein by reference by ELMWOOD DEL ROSA PARTNERSHIP, a partnership, a California general partnership (the "Applicant"), and its successors or assigns requesting the issuance of multifamily mortgage revenue bonds in the principal amount not to exceed $9,775,000 for the purpose of financing, on behalf of the Applicant, a certain Project, to wit: the acquisition of land and the construction thereon in one or more phases of a two hundred thirty-two (232) unit senior citizen multifamily rental and congregate housing development which shall be constructed on an approximately four and one ha If (4.5) acre parcel bounded on the north by Highland Avenue, on the west by Del Rosa Avenue, on the south by Rosa Avenue and the east by Elmwood Road and as more fully described in the Application. The Project shall consist of approximately one hundred sixteen (116) one-bedroom, one-bath senior citizen rental units and one hundred sixteen (116) congregate units of which seventy (70) of said congregate units will be private, or single occupancy units and forty-six (46) of said congregate units wi 11 be semi-private, or double occupancy uni ts, on-site vehicle parking spaces, laundry and recreational rooms, appurtenant landscaping and other improvements. - 2 - .- NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED AND ORDERED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AS FOLLOWS: Section 1. That the recitals set forth hereinabove are true and correct in all respects. Section 2. The City of San Bernardino, California, is a municipal corporation duly created, established and authorized to transact business and exercise its powers, all under and pursuant to the Constitution and laws of the State of California, and the City Charter of the City, and the powers of the City include the power to issue bonds for any of its corporate purposes. Section 3. Pursuant to the Charter of the City and Ordinance No. 3815, as amended, of the City, the City is legally authorized to issue special revenue bonds for the construction and permanent financing of the Project as more fully described in the recitals hereof. Section 4. This body constitutes the governing body of the City and is legally authorized to provide for the issuance of such special revenue bonds by the City. Section 5. The Project referred to in the recitals hereof constitutes a project which may be financed by the issuance of such special revenue bonds by the City and located within the jurisdiction of the City. - 3 - .- Section 6. The Council does hereby declare its intention to issue multifamily mortgage revenue bonds of the City for the acquisition of land and the construction, equipping and permanent financing of the Project under and in accordance with the Ordinance, in amounts sufficient to pay the costs of financing the Project in one or more series of financings and of paying the costs of issuance for the multifamily mortgage revenue bonds and for the establishment of the necessary reserve funds to provide for the financing of said Project. Said Project is presently identified as the Del Rosa Gardens Project. Section 7. The City hereby declares its intention to exercise the authority referred to in Section 3 hereof by issuing bonds of the City in such amounts as will be adequate to implement the City financing of the Project. Section 8. The bonds shall be payable from the revenues described in said Ordinance No. 3815, as amended. Section 9. The bonds shall be and are special obligations of the City, and, SUbject to the right of the City to apply moneys as provided in the applicable laws, are secured by such revenues as are specified in the proceedings for the issuance of such bonds and funds and accounts to be held by the trustee or fiscal agent, and are payable as to principal, redemption price, if any, and interest from the revenues of the City as therein described. The bonds are not a debt of the City, the State of California or any of its political subdivisions, and neither the - 4 - City, the State, nor any of its political subdivisions is liable thereon, nor in any event shall the bonds be payable out of the funds or properties other than all or any part of the revenues, mortgage loans, and funds and accounts as in this Resolution set forth. The bonds do not constitute an indebtedness within the meaning of any constitutional or statutory debt . limitation or restriction. Neither the persons serving as the Mayor and Common Council nor any persons executing the bonds shall be liable personally on the bonds or subject to any personal liability or accountability by reason of the issuance thereof. Section 10. The details of such bonds, including the establishing of the aggregate face amount of such obligations, shall be authorized by indenture, resolution or resolutions of the City at a meeting or meetings to be held for such purpose. The City Staff, Sabo & Gondek, a Professional Corporation, as Bond Counsel to the City, Underwriters, the Applicant and the agents and representatives of same are hereby authorized and directed to prepare or cause to be prepared the necessary legal documents, including the Proj ect Agreement, Resolution of Issuance, and such other documents as may be necessary to effect said Project and the issuance of industrial development revenue bonds therefor and to present same to said Mayor and Common Council. The Mayor of the City is hereby authorized and directed to coordinate the efforts of all concerned relating to the issuance and sale of the bonds, and the City Staff, consultants, - 5 - 0- legal counsel to the City and Bond Counsel as referenced above are hereby directed to take such steps as shall be appropriate to implement such sale and delivery of the bonds including working with persons who may acquire vested rights as the result of such actions. Section 11. The issuance of multifamily mortgage revenue bonds may be authorized by appropriate resolution or resolutions of the Ci ty at a meeting or meetings to be held for such purpose, subject to the execution of appropriate agreements by the Applicant and the City as required by the Ordinance and the industrial development bond financing program of the City. Section 12. It is intended that this Resolution shall constitute such "official action" toward the issuance of the bonds within the meaning of the United States Treasury Regulations, the United States Tax Laws, and any legislation now or hereafter pending in the Congress of the United States which may require official action in order for the bonds to be exempt from Federal income taxation. Section 13. At the closing of the financing there shall be paid to the City the fee set forth in Resolution No. 81-108 of the Mayor and Common Council, adopted March 13, 1981, as amended by Resolution No. 81-410, of the Mayor and Common Council, adopted September 24, 1981. - 6 - .- Section 14. The Applicant shall provide appropriate covenants in the tax-exempt financing documents and agreements as may hereafter be submitted to the City for consideration and approval to assure that not less than twenty percent (20%) of the multifamily rental housing units included in the Project are to be occupied or reserved for occupancy by individuals of low or moderate income as provided in the code. Section 15. Adoption of this Resolution shall not be construed as approval of the plans or concept of the proposed development, nor as an indication that the Mayor and Common Council will take any particular action toward granting any planning, zoning, or other approval relating to a plan of development. The Mayor .and Common Council reserve their right to evaluate any future administrative procedures and appeals based solely on the information available at the time of consideration, including any actions or recommendations by or appeals from the Development Review Committee and the Planning Commission. Nothing herein shall be construed as advance commitment or approval as to any such matter, and the Applicant is notified that normal planning processing shall be required, in accordance with the standard procedures of the City of San Bernardino, and that applicant will be required to comply with all applicable laws and ordinances of the city, state and federal government. Section 16. This Resolution shall take effect upon adoption. I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Mayor and Common Council of the City of San Bernardino at a -7- regular meeting thereof, held on the 17th day of June , 1985, by the following vote, to wit: AYES: Council Members Estrada. Reillv. Hernandez. Marks, Quiel, Frazier. Strickler NAYS: None ABSENT: None ~~~ /CITY CLERK The foregoing resolution is hereby approved this ,Got:~ day of June , 1985. Approved as to form: ~ ~~ City A~ -8- l,020-45/0754S/cmh 6/12/85 APPLICATION OF ELMWOOD DEL ROSA PARTNERSHIP, A PARTNERSHIP FOR MULTIFAMILY MORTGAGE REVENUE BOND FINANCING CITY OF SAN BERNARDINO, CALIFORNIA PART I GENERAL AND BUSINESS INFORMATION 1.1 The legal name of the Applicant is "Elmwood Del Rosa' Partnership, a partnership." 1.2 The Applicant is a California general partnership in the process of formation which shall be engaged in the development, construction, leasing and ownership of a two hundred thirty-two (232) unit senior citizen multifamily rental and congregate housing development consisting of one hundred sixteen (116) senior citizen multifamily rental housing units and one hundred sixteen (116) congregate housing units located on a four and one-half (4.5) acre site bounded by Del Rosa Avenue on the west, Rosa Avenue on the south, Elmwood Road on the east and Highland Avenue on the north of which seventy (70) of said congregate housing units will be private, or single occupancy units, and forty-six (46) of said congregate housing units will be semi-private, or double occupancy units, in the City of San Bernardino, California (the "Project"). The Applicant has opened an escrow to acquire the property necessary- for the proposed senior citizen multifamily rental and congregate housing development (the "Property") from its current owner, and shall develop said Property and construct the Project thereon. 1.3 The mailing address and the address of the Applicant is as follows: ELMWOOD DEL ROSA PARTNERSHIP, a partnership 180 Newport Center Drive Suite 180 Newport Beach, California 92660 1.4 Employer Tax I.D. No. has been applied for. 1.5 Mr. Robert Brownsberger is the principal contact for the Applicant. 1.6 Telephone Number (714) 752-1551. 1.7 The Applicant is a California general partnership which is in the process of formation. - 1 - -~ 1. 7.1 1. 7.2 The Applicant shall own property and conduct business in the County of San Bernardino, State of California. The general partnership organizational documents of the Applicant shall be executed prior to the time when the Applicant acquires legal title to said property which shall be developed in connection with the Project. 1.8 The ownership interest of each of the general partners associated with the Applicant shall be as follows: Robert Brownsberger, an individual - 100% 1.9 Mr. Robert Brownsberger will have primary responsibility for conducting the business of the Applicant. 1.10 Business ventures of the general partners of the Applicant. 1.10.1 1.11 Employees 1.11.1 1.11.2 Mr. Robert Brownsberger is the owner of RHB Development, a sole proprietorship, which commenced operations in 1974. RHB Development has interests in several other business ventures, including real estate development projects in Los Angeles County, San Diego County, Riverside County, San Bernardino County and Orange County. The Applicant currently has four (4) employees. Although the principal objective of the Project is to provide affordable senior citizen rental and congregate housing to the senior citizens of the City of San Bernardino, the construction and operation of the Project will create approximately ten (10) full-time employment opportunities within the City. The business offices of Applicant shall be located at 180 Newport Center Drive, Suite 180, Newport Beach, California 92660. 1.12 Professional services will be provided by the following: 1.12.1 1.12.2 1.12.3 Ernst & Whinney, CPA, shall serve as the accountant for the Applicant and the contact person with said firm is Tom Testman, 4000 MacArthur Boulevard, Suite 800, Newport Beach, California 92660. Terry Rhodes of the Law Firm of Rhodes & Bidna, 1400 Dove Street, P.O. Box 8387, Newport Beach, California 92660-2091, is the attorney for the Applicant. The law offices of Sabo & Gondek, a Corporation, shall serve as Bond Counsel with regard to the tax-exempt financing for Professional to the City the Project. - 2 - 1.12.4 Principal Civil Engineer - Garner, Troy & Associates, Inc., 813 North "D" Street, Suite 3, San Bernardino, California 92401. 1.12.5 Principal Architect - Sidney M. Levee, Jr., of Maxwell Starkman & Associates, 9420 Wilshire Boulevard, Beverly Hills, California 90212. 1.13 The principal banking accounts of the Applicant shall be held by Bank of Newport, corporate office in Newport Beach. 1.14 The source of funding for the Project is anticipated to be derived from a variety of sources including the private placement of a tax-exempt bond or other obligation with a lender to be obtained hereafter. PART II BOND ISSUE 2.1 The estimated total amount of the financing package and the proposed use of bond proceeds is as follows: 2.1.1 Project cost - $5,846,000 2.1.2 Legal, printing and related fees - $114,000 2.1.3 Financing costs and fees - $545,000 2.1.4 Capitalized interest - $720,000 2.1.5 Other miscellaneous costs - $75,000 2.1.6 Land acquisition - $1,200,000 Total: $8,500,000 2.2 The estimated target date for the financing is presently anticipated in the fourth quarter of 1985, with construction to commence as soon as possible after the financing package is completed and to be completed in one (1) construction phase which shall take between twelve (12) and eighteen (18) months to complete. 2.3 It is proposed that the financing be in the form of a construction loan during the construction period which would have the traditional construction loan provisions in that drawdowns would be permitted as construction proceeds upon submission of requisition vouchers. Upon the completion of construction of the Project and the certification that all improvements have been completed, the lender will then permit an interest rate adjustment and a principal amount increase, as warranted, and convert the construction loan to a permanent financing. - 3 - .- 2.4 The present proposal for the financing of the Project anticipates that the tax-exempt bonds or other obligations will be sold to a commercial bank or other such lender through a private placement or that there be a public offering of such securities. PART III FINANCIAL INFORMATION 3.1 The financial statements of the general partner of the Applicant are included as Exhibit "A" hereto. 3.2 Upon its formation, the Applicant shall be a small business doing business as a general partnership pursuant to the laws of the State of California and the Applicant would be considered a small business with regard to its relative size in comparison with other such businesses undertaking projects of this type. Although the Applicant is a small business, no federal small business loan guarantees are proposed in connection with the proposed financing as contemplated by this Application. PART IV PROJECT INFORMATION 4.1 The Project as proposed by the Applicant shall include the acquisition of land and the construction thereon of a two hundred thirty-two (232) unit senior citizen multifamily rental and congregate housing development on a four and one-half (4.5) acre site bounded by Del Rosa Avenue on the west, Rosa Avenue on the south, Elmwood Road on the east and Highland Avenue on the north. The Project shall consist of one hundred sixteen (116) one-bedroom/one-bath units of senior citizen multifamily rental housing and one hundred sixteen (116) units of congregate housing. The Project shall include on-site vehicle parking spaces as required by the City, laundry and recreational rooms, appurtenant landscaping and other improvements. The Project shall be located on land more particularly described and included as Exhibit liB" hereto. 4.1.1 The one hundred sixteen (116) units of multifamily rental housing shall have proposed rent schedule: senior citizen the following Unit Description 1 bedroom - 1 bath Proposed Rent/month $395 4.1.2 The one hundred sixteen (116) unit senior citizen congregate care development will provide recreation directors, transportation, limited medical assistance, beauty shop services, three meals a day, maid service and security service. Seventy (70) of said units will be private, or single occupancy units, and will rent at nine-hundred ninety dollars ($990.00) per month. Forty-six (46) of said units will be semi-private, or double occupancy units, and will rent at a cost of five-hundred and fifty dollars ($550.00) per occupant. - 4 - .* 4.2 The components and the estimated total cost of the functional parts of the Project are as follows: 4.2.1 Land - $1,200,000 4.2.2 Building construction - $4,646,000 4.2.3 Site preparation - $200,000 4.2.4 Engineering and technical services - $200,000 4.2.5 City fees - $500,000 $6,746,000 Total: 4.2.6 Miscellaneous items a. 5% construction contingency - $342,000 b. Developer's overhead and profit - $300,000 c. Interest during construction - $720,000 d. Real estate brokerage commission - $92,000 e. Other miscellaneous costs - $300,000 Total: $8,500,000 4.3 The estimated construction period for the Project is as follows: 4.3.1 Construction of the Project would commence as soon as possible after issuance of the tax-exempt obligations. 4.3.2 The planned construction shall occur in one (1) phase and be completed withintwe1 ve (12) to eighteen (18) months from the date of commencement. 4.4 The supervising civil engineer responsible for the design of the Project on behalf of the Applicant shall be Mr. Russ Garner of Garner, Troy and Associates. 4.5 The Project shall be known as "Del Rosa Gardens". 4.6 The Project is the development of a senior citizen multifamily rental and congregate housing development and is not an expansion or an alteration of an existing facility. The Applicant desires to obtain below market rate tax-exempt construction and permanent financing of the on-site improvements to be placed thereon from a combination of sources. 4.7 The property on which the Project is proposed to be located is currently owned by Highland Del Rosa, a partnership, a California general partnership, and the Applicant has entered into an escrow to acquire said property for a total consideration not to exceed $1,200,000. - 5 - o. 4.8 The Project will provide two hundred thirty two (232) units of affordable senior citizen rental and congregate housing to the senior citizens of the City of San Bernardino. 4.8.1 Attached as Exhibit "B" is an 8-1/2 x 11 inch map showing the site location of the proposed Project. 4.8.2 A description of the plant process - not applicable. 4.9 A negative declaration pursuant to the prOV1S10ns of the California Environmental Quality Act of 1970, as amended, would in all probability be satisfactory for the Project as proposed by the Applicant. However, the Project shall comply with all applicable provisions of said Act. 4.10 There are no permits, water quality enforcement orders, air pollution permits or variances or other evidence of actions necessary in connection with this Project. A sewer permit for the construction of the Project has previously been obtained. 4.11 There are no local, state or federal pollution control agencies which impose regulations; standards or requirements with regard to the operations of the proposed Project to be undertaken by the Applicant. 4.12 The proposed Project shall comply with all applicable City of San Bernardino, County of San Bernardino, and other regional, county or basin plans to which this Project shall conform and the appropriate waste water and air quality requirements which shall be in conformity with all of the above jurisdictions. 4.13 It is presently anticipated that the proposed Project will not produce any by-products or residues which would involve the ultimate disposal or the need for a plan to accomplish same. Recycling or salvage will not be a function of the proposed Project nor will there be any market opportunities generated with regard to same. PART V PUBLIC BENEFITS 5.1 The City of San Bernardino will receive significant benefits by the initiation of this Project as proposed by the Applicant and particularly through the utilization of the financing method as is available under Ordinance No. 3815, as amended, of the City of San Bernardino. Due to the fact that conventional interest rates for construction and permanent financing for the type of senior citizen multifamily rental and congregate housing construction contemplated by the Applicant are at such an extremely high level on conventionally borrowed funds, if available at all, neither the Applicant nor any other persons or legal entities are able to provide the type of modern and attractive affordable senior citizen rental and congregate housing that is needed within the City of San Bernardino. - 6 - 5.1.1 5.1.2 5.1.3 The Project will provide long-term affordable senior citizen rental and congregate housing opportunities for the inhabitants of the City of San Bernardino. Construction of the Project is anticipated approximately $8,000,000 to $9,000,000 of valuation to the tax rolls of the City. to add assessed The useful method of financing provided for in Ordinance No. 3815 of the City vis-a-vis the use of the conventional method will permit the Applicant to complete the financing and construction of the Project within an accelerated time frame. The method of financing provided in Ordinance No. 3815 will provide new sources of financing to the Applicant and such financing will be made available at lower tax-exempt interest rates. 5.2 The City will benefit, as can be demonstrated pursuant to Section 1 of Ordinance No. 3815, as amended, of the City of San Bernardino, in that affordable senior citizen rental and congregate housing opportunities will be generated by the proposed Project. The Applicant is not attempting to construct said proposed Project merely for the financial inducement that is offered pursuant to the Ordinance, but rather due to the long-term business reasons that are significant due to the location of the proposed Project and the real economic benefits available to the community. There are no detriments that can be incurred by the City with regard to this type of financing for this Project, and the City of San Bernardino will receive substantial benefits through increases in assessed valuation of property, plus the increased long-term affordable senior citizen housing opportunities that will be available to the local residents of the City. PART VI COMMITMENTS 6.1 The Applicant by the submission of this Application agrees to comply and/or to assist the City in complying with all state and federal laws in the issuance of the bonds or other such tax-exempt obligations to finance the Project, inclUding, without limitation, the making of any required application to a governmental department for authorization, qualification or registration of the offer, issuance or sale of the bonds or other tax-exempt obligations, and any amendments thereto, and any permit or other authorization of such governmental department, prior to the delivery by the City of such bonds or other tax-exempt obligations. 6.2 The Applicant further commits to cause and/or to assist the City in causing to be printed any prospectus or other written or printed communication proposed to be published in connection with the issuance, offer or sale of bonds or other tax-exempt - 7 - .- obligations, prior to the delivery by the City of such bonds or other tax-exempt obligations, and, to the extent deemed necessary by the City, following delivery of such bonds or other tax-exempt obligations. 6.3 The Applicant also commits to pay all expenses in connection with the issuance, offer or sale of the bonds or other tax-exempt obligations, whether or not such bonds or other tax-exempt obligations are finally issued, and to hold the City harmless from any and all expenses related thereto, to pay items on an ongoing basis so that neither the City, nor its advisors, attorneys, employees and the like will accumulate any claims against the City. 6.4 The Applicant will supply any additional information, agreements and undertakings as the City may require as a result of conferences and negotiations will be reproduced and supplied to the City and shall be deemed as supplements or amendments to this Application. PART VII SIGNATURE 7.1 The undersigned as the authorized principal of the Applicant as noted below, holds the prime responsibility for the financing to be taken for the proposed Project, and certifies that the undersigned has the authority to bind the Applicant to contract terms; that this Application to the bes t knowledge or belief of the undersigned, contains no false or incorrect information or data, and this Application, including exhibits and attachments hereto, is truly descriptive of the proposed Project. The undersigned also represents by the execution of this Application familiarity with Ordinance No. 3815, as amended, of the City of San Bernardino. PART VIII FEE SCHEDULE 8.1 The Applicant acknowledges that the City requires a non-refundable application fee of $50 for each Project to be considered for eligibility, to be paid when the basic documents are requested. With the submittal of this Application, $500 is payable to the City. If this Application is accepted, an additional fee of $10,000 is payable for administrative costs. The Applicant acknowledges that the commitments in Part VI above are in addition to these fixed amounts. Thus, in the event that no closing occurs, the City shall be reimbursed for its processing costs. 8.2 All fees of the City may be capitalized and included in the bond issue as acceptable to the bond purchaser. 8.3 The Applicant acknowledges that the City derives its entire support from the fees for its services. The total function of the City is conducted on a self-supporting basis, and involves no state general revenues or expenditures from taxes from the state - 8 - or any of its political subdivisions. No indebtedness or taxing power of the City is involved. Project revenues are the sole security for bonds of the City. The federal guarantees, if any, enhance these revenues and income and the security of the bonds. 8.4 Pursuant to Resolution No. 81-108 of the City, as amended by Resolution No. 81-410 of the City, one percent (1%) of the principal amount of the bond issue shall be deposited in the City Treasury in the Industrial Revenue Bond Reserve and Development Fund, which shall be used in such manner as the Mayor and Common Council may direct from time to time. "APPLICANT" ELMWOOD DEL ROSA PARTNERSHIP, a partnership, a California eneral partnership Robert Brownsberger, general partner By: - 9 - .- .- Exhibit "AU (Attach Financial Statement of Applicant) Exhibit "B" (legal description of site location of the proposed Project) An",2 0-1 I'I'I"C~ ;y~ 1110. 805"0 , ~ I.. ~;:;~? .~ I <)>> ...." , i L ,. I ~. ~I ~: i' I ~ ~ ~. '--( :'. J",;' i }> ( ~: '0 ,.. ~! < ,;; ..' ( I !- i L '1', .Z. -- '''''''; 7",..,~ '-":~"7.: f...F- ./'-:l..r_ .... ~ ""!:o> ~. JIIt::....~.- Av~ , .... 1," :1: .1 , .~~ 's. 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