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HomeMy WebLinkAbout1985-269 . . 2,146-l0/0795S/cmh 07/03/85 RESOLUTION NO. 85-269 A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING A CERTAIN COOPERATIVE AGREEMENT BY AND BETWEEN THE HOUSING AUTHORITY OF THE COUNTY OF SAN BERNARDINO AND THE CITY, OF SAN BERNARDINO, CALIFORNIA (MEYERS RANCH VILLAS PROJECT) WHEREAS, the Housing Authority of the County of San Bernardino (the "Authority") and the City of San Bernardino, California (the "City"). desire to enter into an agreement pursuant to which the Authority shall issue on behalf of the City certain multifamily mortgage revenue bonds for that certain project located within the City, other than in redevelopment project areas, in order that the City will not be restricted in'the issuance of such bonds by the monetary limitations set forth in Health and Safety Code Section 52097.5; NOW, THEREFORE, THE MAYOR AND COMMON COQNCIL OF THE CITY OF SAN BERNARDINO DO HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. The Mayor and Common Council of the City hereby approve that certain Cooperative Agreement By and Between the Housing Authority of the County of San Bernardino and the City of San Bernardino, California (Meyers Ranch Villas Project) (the "Agreement"), attached hereto as Exhibit "AN and incorporated herein by reference. - 1 - . Section 2. The Mayor and the City Clerk are hereby authorized and directed to execute the Agreement and to cause the official seal of the City to be affixed thereon. Section 3. This Resolution shall take effect upon adoption. I HEREBY CERTIFY adopted by the Mayor San Bernardino at a held on the 15th the following vote, to that the foregoing and Common Counci 1 regular day of July wit: resolution of the meeting was duly Ci ty of thereof, 1985, by , AYES: Council Members Estrada, Reilly, Hernandez, Marks, Quiel, Frazier, Strickler NAYS: None ABSENT: None ~//47..v.aM:.- Ci-t:y Clerk day of The foregoing resolution is hereby approved this July , 1985. 18th ~~ San Bernardino Mayor Pro Tempore Approved as to form: ~~1~~ f. 'City Attornet, - 2 - . ... .oC- "-'/!J (l..;).... 01 ~-, , . ' 2,146-9/0794S/jvz 07111/85 COOPERATIVE AGREEMENT BY AND BETWEEN THE HOUSING AUTHORITY OF THE COUNTY OF SAN BERNARDINO AND THE CITY OF SAN BERNARDINO, CALIFORNIA (MEYERS RANCH VILLAS PROJECT) THIS COOPERATIVE AGREEMENT (the "Agreement") is hereby made and entered into as of July , 1985, by and between the HOUSING AUTHORITY OF THE COUNTY OF SAN BERNARDINO, a public corporation and body poli t ic of the State of Ca liforni a (the "Authori ty") and the CITY OF SAN BERNARDINO, CALIFORNIA, a municipal corporation, being a charter city, located in the County of San Bernardino (the "City"). WITNESSETH WHEREAS, the Authority has determined to engage in a multifamily rental housing mortgage finance program within the County of San Bernardino (the .County") and, in particular, within the City (the "Program"), pursuant to Chapter 1 of Part 2 of Division 24 of the Health and Safety Code of the State of California (the "Act") to finance construction or mortgage loans for the development of certain multifamily rental housing projects, all as provided for in the Act; and WHEREAS, the Authority has determined to borrow money to finance the Program by the issuance of revenue bonds (the "Bonds") as authorized by the Act; and WHEREAS, the City is willing to cooperate with the Authority in its implementation of the Program, provided that (1) such cooperation and implementation shall in no way limit the City's ability to exercise its own powers and develop its own program or programs similar to the Program; and (2) all normal planning and building approval processes of the City shall apply to the Program. NOW, THEREFORE, in consideration of the mutual covenants, terms and conditions hereinafter set forth, the parties hereto agree as follows: Section 1. The words and phrases of this shall, for all purposes hereof unless otherwise defined, meaning assigned to such words and phrases in the Act. Agreement have the Section 2. The Program shall encompass and include only that certain multifamily rental housing project within the City designated herein as the one hundred four (104) unit multifamily rental housing development which shall be constructed on an approximately six (6) acre parcel of land located on the east side of Tippecanoe Avenue immediately to the north of the undercrossing of the Warm Springs Flood Control Channel at Tippecanoe Avenue - 1 - -. . , , , wi thin the Ci ty refer red to as the "Meyers Ranch vi lIas Proj ect" (the "Project") in an aggre~ate principal amount of such multifamily revenue bond financing not to exceed $4,500,000. The Authority agrees to use its best efforts to undertake the Program and to issue the Bonds therefor as soon as the Authority determines the same to be necessary and advisable and upon request by the City. Section 3. The City represents that: (i) the City has heretofore adopted a General Plan for the City which it believes to be in conformance with the provisions of the Planning and Zoning Law of the State of California (Government Code Section 65000, et seq.); (ii) said General Plan includes a Land Use Element and a Housing Element, as required by Government Code Section 65302; and (iii) the use and development of all sites related to the Program shall comply with said Land Use Element and Housing Element. Section 4. The City agrees that the Authority may make and issue multifamily rental housing mortgages under the Program, and that the Authority may exercise any and all of its powers for the purpose of financing multifamily rental housing mortgages pursuant to the Act, with respect to the Project within the City which the City shall designate in writing and the Authority may hereafter accept to include within the Program. Section 5. The City agrees to undertake such further proceedings or actions as may be necessary in order to implement the terms and the intent of this Agreement, and the City further agrees to refrain from taking any action which would, to its knowledge, affect adversely the rating on the Bonds to be issued by the Authority pursuant hereto; provided that nothing in this Agreement shall in any way or manner be construed to restrain, or in any way limit, the exercise by the City of its planning, land use, building permit, or other authority or duties, over any aspect of the Program; and further provided that nothing herein shall require the City to approve any density bonus or bonuses for any proposed project under the Program as may otherwise be available to a developer pursuant to Government Code Section 65915. Section 6. Nothing in this Agreement shall prevent the Authority or the City from entering into one or more similar agreements with other parties, if deemed necessary and advisable to do so by the Authority or the City, nor shall anything in this Agreement be construed as limiting the exercise by the Authority and the City of any of their respective duties and powers. Section 7. The Issuer shall provic;Ie that upon issuance and delivery of the Bonds, the City shall receive 7/8% of the principal amount of the Bonds and the Authority and the County shall each receive 1/16% of the principal amount of the Bonds. " Section 8. This Agreement may be amended in writing by the Authority and the City at any time deemed advisable by the Authority and the City, except that no such amendment shall be made which shall adversely affect the rights of the holders of the Bonds issued by the Authority in connection with the Program. - 2 - , . 4' .' Section 9. The term of this Agreement shall commence on the date first above writteh and shall terminate upon the final maturity of the Bonds issued by the Authority under the Program. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and attested by their duly authorized officers, and their official seals to be hereto affixed, all as of the date first above written. ::~ tAN B~:)f~RNIA MaY~ (SEAL) ATTEST: By: ~///17~ ~i ty Cler APPROVED AS TO LEGAL FORM By:~Jf~ ?> .W. City Attorn HOUSING AUTHORITY OF THE COUNTY OF SAN BERNARDINO By: ~~/_ Title: . (SEAL) By: -, - 3 - ~ . ( I 1.020-31/0371S/cb 2/26/85 EXHIBIT "A" SECTION 2.1. SECTION 4.1 AND SECTION 4.2 OF THE REVISED APPLICATION FOR TAX-EXEMPT FINANCING ASSISTANCE OF FOUNTAIN PLACE ASSOCIATES. A CALIFORNIA LIMITED PARTNERSHIP 1. Section 2.1 of the application for tax-exempt financing assistance of Fountain Place Associates, a California limited partnership (the "Applicant") is hereby revised to provide as follows: "2.1 The estimated total amount of the financing package and the proposed use of bond proceeds is as follows: o 2.1.1 Project cost - $7.500.000 Legal. printing and related fees - $165.000 2.1. 2 2.1.3 Financing coats and fees - $500.000 2.1.4 Capitalized Interest - $750.000 2.1.5 Other miscellaneous costs - $485.000 2.1.6 Land acquisition - $1,000.000 Total: $10,400.000" 2. Section 4.1 of the application for tax-exempt financing assistance of the Applicant is hereby revised to provide as follows: "4.1 o The Project as proposed by the Applicant shall include the acquisition land and the construction and operation of a two-hundred sixty-four (264) unit multifamily rental housing development on a aeventeen and four-tentha (17.4) acre aite locat.d on Tippecanoe Avenue to the north of the undercrossing of the Warm Springs Flood Control Channel at Tippecanoe Avenue. in the City of San Bernardino. The Project ahall be constructed on both sides of Tippecanoe Avenue and ahall include ninety-seven (97) one-bedroom/one-bath units, ninety-seven (97) two-bedroom/two-bath units, aeventy (70) three-bedroom/ two-bath units, on-site vehicle parking spaces for approximately aix-hundred eight (608) spaces, laundry and recreational rooms, appurtenant landscaping and other improvements. The first phase of development of the Project shall be developed on the east side of Tippecanoe Avenue on an approximately aix (6.0) acre parcel of land and shall consist of one hundred four (104) rental units which ahall include thirty-nine (39) one-bedroom/one-bath unita. thirty-eilht (38) two-bedrooml two-bath units and twenty-aeven (27) three-bedroom/two-bath unita. The aecond phaae of development of the Project ahall be developed on the west aide of Tippecanoe Avenue on an - 1 - ( ( approximately eleven and four-tenths (11.4) acre parcel of land and ahsll include one hundred and ,ixty (160) rental unih with a mix of one, two and three bedroOlll rental unita in the a_ relative proportiona aa in the Hnt phaae of development of the Project. The Project ahall be located on land more'particularly d..cribed and included aa Exhibit "B" hereto. o 4.1.1 The two hundred .aixty-four (264) unit multifamily rental housing development ahall have the fOllOWing proposed rent schedule with 201 of the rental units allocated and reserved as low cost rental units. Unit DescriPtion Proposed Rent/Month 1 bedroom - 1 bath 2 bedroom - 2 bath 3 bedroom - 2 bath $440 $540 $650" 3. Section ~.2 of the application for tax-exempt financing assistance of the Applicant is hereby revised to provide as follows: "4.2 The components and the estimated total cost of the functional parts of the Project are as follows: 4.2.A o 4.2.Al 4.2.A2 4.2.A3 4.2.A4 4.2.A5 4.2.A6 4.2.B Q 4.2.Bl 4.2.B2 4.2.B3 Phase 1 of the Development of the Project: 104 Rental Units on the East Side of Tippecanoe Avenue Land - $400,000 Building construction - $2,600,000 Site preparation - $240,000 Engineering and technical services - $50,000 City fees - $170,000 Total: $3,460,000 Miscellaneous Items _ a. 51 construction contingency - $103,000 Developer's overhead and profit - $137,000 Interest during construction - $258,000 Other miscellaneous costs - $172,000 b. c. d. Phase 1 Total: $4,130,000 Phase 2 of the Development of the Project: 160 Rental Units on the West Side of Tippecanoe Avenue Land - $600,000 Building construction - $3,710,000 Site preparation - $360,000 - 2 - ( ( 4.2.14 Inlineerinl and technical services - '90,000 o 4.2.IS City fees - $280,000 Total: 'S,040,OOO , 4.2.16 Miscellaneous Items a. SI Construction contingency - $197,000 b. Developer's overhead and profit - $213,000 c. -Interest durinl construction - $492,000 d. Other miscellaneous costs - $328,000 Phase 2 Total: $6,270,000 TOTAL DEVELOPMENT COST FOR THE PROJECT (Phase 1 and Phase 2) Total: $10,400,000" - -- C> c - 3 - ~rr(Qr ~~!. if. JESTOR GROUP California Office: 4605 Berranca Parkway I Irvine. California 92714 1(714) 552.0100 o February 22, 1985 City of San Bernardino JOO No. "D" Street San Bemardino, CA 92418 . Subject: Construction of 264 00l'll:IalIini\JII rits to be used as rental rits and financed with tax exmptions. c Coast Investor Group is planning to construct 264 ""nrhnhUUIIS located on Ti.ppe<:aooe, just south of Baseline in the City of San Bemard:lnO. '!his project is to be cmpleted in two phases with Parcel I expected to start construction about April 15, 1985 and, Parcel II about Ja1e 15, 1985. 'lhe land for Parcel I was ,purchased at a prsni\JII price l>e<-suse it included ~ Final Tract Map, Conditional Use Pexmit, El1gineering and Architectual Drawings, and Construction Drawings to build 104 concIcmini\JII rits. '!his included approval for 25% bonus density. We bought this land with the mderstanding that the City of San Bernardino would grant a resolution of u.nrvo--"t for DIllti-family M:lrtgage Revenue Bends for this ~ ~ject. en January 21, 1985 we sli:mitted this project including it s bonus density to the City of San Bernardino for approval. 'lhe City voted approval on it's intention to issue this bOllet 'lhe land for Parcel II was purchased with the intent to construct oorubniniUIIS at the density of 14 rits per acre. The tract map and conditional use penIlit is mt yet approved on this land. We sutmitted a request to the City San Bemardino on January 21, 1985 of an inducElllent for DIllti-family DDrtgIlge for 135 U'lits in this phase. '!his made a total of 239 rits in the ay.,colled intention. 'lhe 135 U'lits in Parcel II are based on 9.65 acres of land. Since this hearing we have purchased an additional 1.8 acres of land and plan to increase the mmDer of rits in this phase to 160 units. lhis is based on a density of 14 U'lits per acre in this phase. 'lhe only way either of these phases can be built ecaJDically is with the tax-exmpt DIllti-family DDrtgage. Parcel I can only be built as 104 U'lits because of the purchase price paid for this approved project. Any lowering of this density would have severe ecollanic ~t on this project. Since the bonus density for Phase I has already been approved and since the City has already given approval of intention to issue 1IIJlti-family Revenue Bonds, we ask the City to continue to support and give final approval to this project. o Sincerely, L:r- ALL~ Les Hribar Reglllered Office: :soo South Fourth Street. Sulle 1414, 1M Vegn 1'Ie..de 89101 (702) 3(\43~ ,. o PART I 1.1 1.2 1.3 o 1.4 1.5 1.6 1.7 1.8 o ( ( \ \, APPLICATION OF FOUNTAIN PLACE ASSOCIATES FOR MUL TJFAMILY MORTGAGE REVENUE BOND FINANCING, CITY OF SAN BERNARDINO, CALIFORNIA GENERAL AND 8USINESS INFORMATION The legal name of the Applicant is -Fountain Place Associates. The Applicant 15 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-nine (239) unit IIUltifamily rental housing development located near the southwest corner of the intersection of Baseline Avenue and Tippecanoe Street in the City of San Bernardino, California (the -Project-). The , Applicant has opened an escrow to acquire the property necessary for the proposed multifamily rental housing development (the -Project") from its current owner; and shall develop said property and construct the Project thereon. The mailing address and the address of the Applicant is IS follows: FOUNTAIN PLACE ASSOCIATES c/o Coast Investor Group 4605 Barranca Pkwy. Irvine, CA 92714 Employer Tax 1.0. No. has been applied for. Mr. Gary 8rashear or Lester Hribar is the principal contact for the Applicant. Telephone Number (714) 552-0100. The Applicant is a California general partnership which is in the process of formation. 1.7.1 The Applicant shall own property and conduct business in the County of San Bernardino, State of California. 1.7.2 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. The ownership interest of each of the general partners associated with the Applicant shall be as follows: Coast Investor Group, A Nevada Corporation _ 751 Dr. Sol Delee - 251 -1- Mr. Gary Brashear and Mr. Lester Hribar, the principals and corporate officers of Coast Investor Group, will have primary responSibility for conducting the business of the Applicant. Business ventures of the general partners of the AppUlcant. The Applicant currently has seven (7) employees. Although the principal objective of the Project is to Provide affordable rental housing to the citizens of the City of San Bernardino, the construction and operation of the Project will create certain employment opportunities within the City. The business offices of Applicant shall be located at 4605 Barranca Pkwy., Irvine, CA 92714. 1.12 Professional services will be provided by the following: 1.9 o 1.10 1.10.1 1.10.2 1.11 Employees 1.11.1 1.11.2 c 1.12.1 1.12.2 1.12.3 1.12.4 Coast Investor Group COlllllenced operations In early 1984 and has interests in several other business ventures, including real estate development projects In the City of Hemet and Las Vegas, Nevada Dr. Sol Delee is engaged in general real estate develop- ment; as w~11 as a very extensive medical practice. Don Baumgardner, DIB Construction, Big Bear, California shall serve as General Contractor. Andrew Couch, '3 Corporate Center, Newport Beach, California is the attorney for the Applicant. The Law Offices of Timothy J. Sabo, a Professional Corporation, shall serve as Bond Counsel to the City with regard to the tax-exempt financing for the Project. Principal Architect - Rick Barton, Big Bear, California (714) 866-3023. 1.13 The principal banking accounts of the Applicant shall be held by Bank of America, Barranca Branch, Irvine, California. 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. c -2- C) C> c PART II BOND ISSUE 2.1 The estimated total amount of the financing package and the proposed use of bond proceeds 15 as follows: . . 2.1.1 Project cost - $6,215,000 2.1.2 Legal, printing and related fees - $165,000 2.1.3 Financing costs and fees - $500,000 2.1.4 Capitalized Interest - $600,000 2.1.5 Other miscellaneous costs - $140,000 2.1.6 Land acquisition - $800,000 Total: $8,420.000 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 com- pleted in one (1) construction phase which shall take between twelve (12) and eighteen (18) months to complete. 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. 2.3 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 partners 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 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. -3- o c o ( ( PART IV PROJECT. INFORMATION \ 4.1 The Project as proposed by the Applicant shall include the aCQuisi- tion land and the construction and operation of a two ,hundred thirty- nine (239) unit multifamily rental housing development ad a sixteen (16) acre site located south of the intersection of Baseline Avenue and Tippecanoe Street, in the City of San Bernardino, The Project shall include one hundred twelve (112) one-bedroom/one-bath units, one hun- dred twelve (112) two-bedroom/one-bath units, eighty (80) two-bedrooml two-bath units, on-site vehicle parking spaces for approximately six hundred eight (608) spaces, laundry and recreational rooms. appurte- nant landscaping and other improvements. The Project shall be located on land more particulllrly described and included as Exhibit -B" hereto. 4.1.1 The two hundred thirty-nine (239) unit multifamily rental housing development shall have the following proposed rent schedule; 201 w1l1 be allocated as low cost rentals. Unit Description 1 bedroom - l'bath 2 bedroom - 2 bath 3 bedroom - 2 bath Proposed Rent/Month $440 $540 $650 4.2 The components and the estimated total 'cost of the functional parts of the Project are as follows: ' 4.2.1 Land - $800,000 4.2.2 Building construction - $4,215,000 4.2.3 Site preparation - $500,000 4.2.4 Engineering and technical services - $115,000 4.2.5 City fees - $478,000 Total: $6,108,000 4.2.6 Miscellaneous Items _ a. 51 construction contingency - $300,000 b. Developer's overhead and profit - $300,000 c. Interest during construction - $600,000 d. Other miscellaneous costs - $11'2,000 Total: $8,420,000 4.3 The estimated construction period for the Project is as follows: 4.3.1 Ccnstruction of the Project would commence as soon as possible after issuance of the tax-exempt obligations. The planned construction shall Occur in one (1) phase and be completed within twelve (12) to eighteen (18) months from the date of commencement. 4.3.2 -4- . G o 4.4 ( ( , The supervising civil engineer responsible for the design of the Project on behalf of the Applicant shall be Mr. Rick Barton, Architect. 4.5 The Project shall be known as Fountain Place Associates.. 4.6 The Project is the development of a multifamily rental housing develop- ment and is not an expansion or an alteration of an existing facility. The necessary infrastructure items and other public i~rovements IIUst be installed on the Project site and the Applicant desires to obtain a below market rate tax-exempt construction and penmanent financing of the improvements to be placed thereon from a combination of sources. 4.7 The property on which the Project is proposed to be located is current- ly owned by Ernest and Blanche Meyer, and the Applicant has entered into an escrow to acquire said property for a total consideration not to exceed $800,000. 4.8 . The Project will provide two hundred thirty-nine (239) units of rental housing to the citizens of the City of San Bernardino. 4.8.1 Attached as exhibit -B" is an B-1I2 x II inch IIIIp showing the site location of the proposed Project. 4.8.2 A description of the plant process - not applicable. A negative declaration pursuant to the provisions of the California Environmental Quality Act of 1970, as amended, would in all proba- bility be satisfactory for the Project as proposed by the Applicant. However, the Project shall comply with all applicable proviSions of said Act. 4.9 -5- 4.10 o ( I 'Iller. ar. DO ,.naitl. wat.r ...lit~ IIIlforc_t or'.ra. air pol1uUOIl ,.naitl or ..duc.I or otller pi'eace of acUou ..c....17 ID CODD.CUOD with thia 'roJ.ct. A ..wer pemit for tba Coutruc:Uon of the 'roJ.ct baa pr.vi_l~ lien obtai.... . 4.11 'Iller. ar. DO local. It.t. or f.'er.l polluUOD control ..nci.. which &.po.. r.1II1.Uou. ltaDdar'. or nquir_nU with n,ar. to the oper.tiou of tile propo... 'roJ.ct to be andertatn .~ tba Applicant. 4.12 'IIle propo.., 'roJ.ct lball cMpl~ with all applicabl. Cit, of S.n lenar'iDO. Collllt~ of San lenar.iao. and oth.r n,io..l. COWlt~ or bada pIau to Which thia 'roJ.ct lball coafona aa' the appropriate wa.t. wat.r and air ...lit~ raquir_atl Which .bal1 be la cODforait, with all of the above Juril'ictiODI. 4.13 It ia pr.lnU~ OIIUcipat.. tbat the propo... 'roJect will DOt Produc. OII~ b~..,rothlcU or r.d'ua. ""ich woul' iavolv. the 111 U..te tliaPOlal or the .... for . plaa to .ccMpliah ..... a.c,clina or -.al"a.. will DOt be a fllllcUOD of th. propo... 'roJ.ct DOl' wUl there be OII~ .rt.t opportlllli~i... leaerat.. witb r.,ard to ..... 'Air, ruJLIC -EMEFIts 5.1 c o !be Cit~ of San lenar'iao will r.ceive liaaificant beaefit. by the initiation of thil 'roJect .. propole' ., the Applicant an' parUcularl, throlllh the IItUbaUOD of the financinl .tho. a. 11 av.il.ble lIn'er Or'inance 110. J8lS. a. ...n'e.. of the Cit, of S.n lenar.iao. llIae to the fact that CODvnUoaal iatere.t r.te. for con.tructiOD 011' penaanent financilll for the tJpe of IIIIIUfamUy rental houainl conltruc:tiOD cont.mplate' b1 the Applicant are at luch an .xtre.l, hi,h level OD coav.nUoull, borrowed filii'., if avaUable at all. neitber the Applicant DOl' 0111 oth.r penonllor lel.l .ntiti.. are able to provide tbe t1pe of ,,'era and attr.ctive affor'abl. r.atal bouaina that II ".'e' within the Cit1 of San lenardiao. 5.1.1 5.1.2 5.1.3 'IIle 'roJect will provide lonl tena affordable rent.l houaial opportlllllti.. for the inhabit.nt. of the City of San lernardiao. ConltnacUon of the 'roJect 11 anticipat.. to add approxi..tel1 '9.000.000 to '10.000.000 of a..e..ed ".luation to the tax roll. of the Cit,. !be lIIeful . tho' of financinl provide' for in Ordinance 110. 3115 of the Cit, vla-a-via the lIIe of the conventional .thod will perait the Applicaat to cOlllplete tbe finane1al an. con.trueUon of the 'roj.ct within .n accel.r.ted u. tr.... 1'be .tho' of financial provi.e. in Ordinance 110. J8lS will provide Dev .ourc.. of financinl to the Applic.nt and luch financial viii .. .d. av.il.ble at lover tax"'lle.pt inter..t rat... - . - " o o o ( 5.1 t'be City wUl "neUt, .. can be 'noll8tr.t.d punuant to heU!tm 1 of Ordinanc... 3115, .. _nd.d, of t.. City of Ian lenardino. in tbat affordable ~t.l bouIina opportuniti.. will .. I.ner.t.d b, tbe propo.ed 'roJ.ct. t'be AppUc.nt b DOt att,.,Una to Coutnaet ..id ,ropo..d 'roJ.ct ..rely for tbe financi.l iDduc--.nt ~t i. offer.d pur.uant to tile Ordinanc.. "-t ...tller due to tb. 1000-t.... budne.. "...ou tbat a... aipiUc.nt 'ue to tile 10caUon of tile propo..d '..oj.ct and tb. ....1 acono.ic "n.fit. ...ilabl. to tile co..unit,. 1'ber. .r. DO 'etrUent. tbat can .. incurred .y tb. City witb relard to tbb t7PI of finandna for tbb 'roject. aDd tbe City of Ian lenardino wUl ...ceive aub.talltial ben.Ut. tbrolllh illcr..... in .......d ..1...Uon of ,roperty. ,111I tile incra...d 10001-t.rm .ffordabl. bouaina o;portUDiti.. tbat will .. ...il.ble to tbe loc.l ....i..llt. of the City. 'ART 'I COfIIIDIDTS 6.1 .!be AppliClDt .y the aub.i..iOll of tbi. ApplicatiOll .,r... to caapi, aDd/or to ..dlt the City ill ...,lyina witb .U atate and f.deral l.v. III tile IlIlIIIldt . ' of the bond. Orotber aucb tax-ex.mpt O.U"UOIl' to finance tbe 'roject, IIle1ucUna. witbout Uait.uon. _Un, of lilY ...quir.d .ppUc.Uon to . ,ov'~nt.l 'epartaent. for .utheria.UOIl. ....UUC.UOIl or ...,btr.UOIl of tbe Offer, I..uanee or .al. of the bond. or other tax-ex..,t obU,.Uona. .nd .ny ..ndllent. tber.to. Ill' lilY ,....it or otber .utheriaaUOIl of .ueh lov',,-ntal 'epartaent. prior to the 'eUvel7 .y tbe City of .uch bond. or otb.r tax-ex..,t obli,atiOlll. 6.2 TIle AppUc'llt further c_ill to callie .nd/or to ...1st tbe City in c'lIIillJ to be prillted lilY pro.pectlll or otller written or printed coaaunic.tiOll propo..d to be publi.hed In connection with the b....llc.. offer or aale of bond. or other tax-exempt obU,.Uon.. prior to the 'eU..ry by the City of auch bond. or other tax-exempt obU,.Uou. IIld. to the nt.nt .....d D.c....17 by tbe City. foUovina 'eU.'17 of auch bond. or other tax-exempt obU,.Uon.. 6.3 'lbe Applie.nt .1.0 c_it. to pay .11 'apen.e. in conneetion with the I'.uanee. offer Or .ale of the bond. or oth.r tax-exempt obli,.tion.. whether or DOt aueb bon.. or other tax-exe.,tobU"Uon. are fin.Uy b.ued. .nd to bold tbe City ba...le.. from .ny .nd .U .xpense. ..el.ted th.reto. to pay it... on .n OIl,oin, ...i. ao that neither tbe City. DOr it. .dvbora. .ttorney.. ..ployees .nd tbe like vill .eeumul.te .ny cl.i.. al.in.t tbe City. 6.4 'lbe Applle.nt will .upply .ny .dditlonal information. alre'ment. .nd undert.Unl' .. the City ..y require .. . re.ult of conf.renees and D"oti.tiOll, .nd cop i.. of .ueh additional information ahall be forward.d to the City by the AppUe.nt an. .haU be 'e_d to be auppl_nt. or ..ndllent. to thl. Applie.tlon. - 7 - " I . c c o ( 'AlT VII SIGNATURE 7.1 !'be lIDClerdped .. autborbed ,rincipab of tbe Applicant a. DOted below. 1Io1d tbe ,d_ ..e.ponaibllit, for the Ulland... to be talten for the ,ropo.ed 'roject. aIId cerUf, tbat tbe tmderflped bave tbe authodt, to lIind the Applic.nt to contr.ct t...., tbat tbb ApplicaUon to tbe beat bowledle Or belief of the lIIIderdaned. contai.. 110 f.b. 0.. incorrect info...Uon 0.. _t.. aIId tbb APPlic.Uon. indudinl exhlbita .nd att.c_nta bento. fa tl'1&ly lIeacdptive of tbe propoaed 'roj.ct. !'be underdped abo ..epreaent II, tbe execution of tbb ApplicaUon fuUladt, with Ordinance Jio. H15. .. _Rded. of the Cit, of Ian leZ'Urdino. . 'AlT VIII RE SCBEOOLE '.1 !'be Applicant acknowledlel tbat tbe Cit, ...quirea a DOn-refundable appllc.tion fee of '50 for ..cb '..oject to be conlidered for .1i,lbilit,. to be paid vben the baaic lIocu.Anta ar. ...quelt.d. With tb. a..IUal of tbb Application. '500 b pa,.bl. to tbe Cit,. If tbi~ Application ia acc.pt.d. an additional f.. of '10.000 il pa,able fo.. a"iniltr.tive cOltl. !'b. Applicant ackaowl.dlea tbat the C_It8elltl in 'art VI abo.. ar. ill addiUOII to tb... fized _untl. !'bill. in tb. event tbat 110 clod.. occura. tbe Cit, aball be nt.bura.d for itl proc.,ain, cOlta. '.2 All f... of tb. Cit, M, be caplt.lbed and included ill tbe bond ilaue aa acc.ptable to tb. bond purcbaler. '.3 th. Appliclllt acknowledl.a tbat tbe Cit, lied vel ita .nUre aupport frOll tbe f... for ita ae!'Vicu. The tot.l funcUon of tbe City b cOllduct.d on a aelf-aupporUnl b.da. and inVDlvu no atate leneral ".v.nuel 01' .xpenditurel frOll tax.. frOll tbe at.t. or an, of itl political aubdlviaionl. No indebt.dneaa 01' taxlnl power of tbe Cit, ia involv.d. 'roject ...venuea are tbe aole aecurit, for bonda of the Cit,. the f.deral I\IIr.nt.... If all,. enhanc. tb..e ..evenuel and illco.e .nd tbe ..curit, of tbe bondl. '.4 rurallant to leaolution No. '1-108 of the Cit,. al amended b, lelolution Jio. 11-410 of the Cit,. one percent (11) of tbe principal _unt of tb. lIond blue ahall be depolited in tbe Cit, Tre85ur, in tbe Indllltri.l levenue Iond lelerve .nd Development Fund. whicb ahall be lIIed in allcb MMer aa tbe Mayor and Coaaon CouncU .., direct from time to time. "APPLICANT" FOUNTAIN PLACE ASSOCIATES A California general partnership By: GGry L. Brashear ~.--'i. ~ - '.' I ~.... -.... . ------ . (. .w ':<~ .~. ;. - . '. 8".:~ ~ ! :::1- - ... ..... i: 1..' J. ,. "tf .,"D'~ .. : ... :.~'~:- "::" ." .L. ....~.I-. ..... -- 'j;j" .~. '._- ,..- .8 Ii 5-.:- !,~8 8" · "e:.'.,O' o ~:e.)8' · .:.. I -~. I .... mat :lorn . o o c -. ....... . .. ..'-. .". 01 .. .. A . . : .. c .. { ./ ..~" ..- ..' ,...-.. .0 ~.. .. ". ....... .... -. -- .. . '~': l' . . .' c . . ~ .~~ c c ,. , = . ,,' "I , . I r { ~ . , ,.' . . -~.t . '. :.;. . . ,I :11 D " ,. . i . j i r- I ! .. ... .. 0 Do .. . u .. . u ... 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I . . l; ~ ==' ~ , . -- , 4 .-' . , r CITY OF SAN BERNARDINO PLANNING DEPARTMENT ., . ... C) AGENDA ITEM ;It LOCATION , . . CASE ~~pt';'o~ru~ I~""R HEARING DATE 3 21 \.. ...oil I' &1 w) '"ollCO' 1-1 ft-I '. ~. I I I C-3 ' (" .' . .. . . . .. '. . I .'J-IO~ . . C-3 IT. c., A -- ~ Ml-, 0:-" II. 11'2 . R-t.. a noo -.JC --- c-, C-I C"3A 1I c., c.. .c. ':'0 " ( ! R-I-7200 . .... M-IA I .'..., ._ ~':" . 11-1- 11-1-7200 :II~"A .~ . C'M .. 'I ' I .TN IT. -- I . I I . 0 or 0 . fl.l a .. .. \ .' , 'C-'-M f:] iii-I II-I , ..-1 -- " . . . . " ..' e .~o~ I ' . ... 'I .CHII&. .,.. '!mr', .': ,J~ ,'\~ ~ ...