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A
AGENCY.&..ST FOR e....../COUNCIL AalON
R
~.' om:
\...I Glenda Saul, Executive Director
Dept: Redevelopment Agency
Subject:
SETTING FEES FOR IDB' S ISSUED BY
THE INDUSTRIAL DEVELOPMENT
AUTHORITY
Date: July 30, 1985
Synopsis of Previous Commission/Council action:
7-29-85
Adopted Urgency Ordinance eetablishing the city of San Bernardino
Industrial Development Authority.
7-29-85
Adopted Resolution 85-1 authorizing certain actions.
7-29-85
Adopted Reeolution 85-2 approving an application form, guidelines and
application fee.
Recommended motion:
(INDUSTRIAL DEVELOPMENT AUTHORITY)
c
MOVE TO ESTABLISH POLICY ON FEES FOR THE INDUSTRIAL DEVELOPMENT AUTHORITY FOR
INDUSTRIAL DEVELOPMENT BONDS.
a.) Refund of fees over and above $10,550 for no fault beyond the control of
the developer; or
b.) No refund of any fees.
~~~LI
Signature
Contact person:
GLENDA SAUL
FUNDING REQUIREMENTS:
Amount: $
N/A
Phone: 383,5081
Ward: N/A
Project: N/A
Date: August 5, 1985
Supporting date attached:
YES
No adverse Impact on City:
Oncil Notes:
^r'~~...../'"ft
Agenda Item Noff 1.:1
CI.ft OF SAN BERNARDio - REQUBT FOR COUNCIL AC~ON
o
STAFF REPORT
On July 29, 1985 the Industrial Development Authority established the fee for an
Industrial Development Bond as $1,250.00 or 1/4 of 1% of the amount of the bond -
whichever is greater.
Prior fee policy for doing an IDB set an application fee of $550, and"a $10,000 fee.
Both of these were non-refundable. The 1% of the bond proceeds was payable upon bond
closing.
The entire fee for industrial projects will now be paid up front. As example, C&M
Fine Pack, Inc. bas paid $20,250.00 or 1/4 of 1% of the amount of their bond.
Staff recommends the authority adopt motion (a) and refund those fees over and above
$10,550 if the applicant bas shown a good faith effort, bas proceeded with the TEFRA
hearing and through no fault of the developer is denied IDB financing by not being
able to secure a letter of credit or denial of the application by CIDFAC
0535K!EB
8-5-85
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75.0264