HomeMy WebLinkAbout1984-186
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San Bern. (BAI)
60,009-46-3 !Y Y- I Y ~
RESOLUTION NO. 84-186
RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THE CITY OF SAN BERNARDINO FINDING THAT
CERTAIN AMENDMENTS TO AN APPL1~ATION FOR
INDUSTRIAL DEVELOPMENT BOND FINANCING HAVE
BEEN SUBMITTED BY BAI/MEDICAL EQUITIES OF
CALIFORNIA, _INC.; AND APPROVING SAID
AMENDMENTS
(BAI/MEDICAL EQUITIES OF CALIFORNIA, INC. PROJECT)
WHEREAS, the Mayor and Common Council on Novem-
ber 29, 1983, adopted the following Resolution:
RESOLUTION NO. 83-405
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF
THE CITY OF SAN BERNARDINO FINDING THAT AN
APPLICATION FOR INDUSTRIAL DEVELOPMENT BOND
FINANCING HAS BEEN SUBMITTED PURSUANT TO THE
PROVISIONS OF ORDINANCE NO. 3815 OF THE CITY
FOR A CERTAIN PROJECT, FINDING THAT SAID
APPLICATION COMPLIES WITH THE PROVISIONS AND
REQUIREMENTS OF SAID ORDINANCE NO. 3815:
APPROVING SAID APPLICATION AND THE PROJECT
TO WHICH IT REFERS: DIRECTING THE PREPARATION
OF A PROJECT AGREEMENT, A RESOLUTION OF ISSUANCE
AND SUCH OTHER LEGAL DOCUMENTS AS MAY BE NECES-
SARY TO CARRY OUT SAID PROJECT AND PROVIDE FOR
THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE
BONDS THEREFOR: A}ID MAKING CERTAIN OTHER
FINDINGS AND DETERMINATIONS IN CONNECTION
THEREWITH.
(BAI/MEDICAL EQUITIES OF CALIFORNIA, INC.)
WHEREAS, the Application for Industrial Deve1op-
ment Bond Financing submitted and approved by said
353.3 (sh)
5/2/84
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San I\ern. (BAI)
60,009-46-3
Resolution No. 83-405, requested the issuance of an amount
not to exceed $3,000,000 for the purpose of financing the
Project contained therein; and
WHEREAS, BAI/Medical Equities of California, Inc.
has submitted certain amendments to said application.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND
COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
Section 1. The Amendments to said application
of BAI/Medical Equities of California, Inc. contained in
the attached "Exhibit A" are hereby accepted J'nd approved.
2.
353.3 (sh)
5/2/84
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ban Bern. (BAI)
60,009-46-3
,
I HEREBY CERTIFY that the foregoing resolu-
tion was duly adopted by the Mayor and Common Council
of the City of San Bernardino at a regular meeting
thereof, held on the 21st day of May , 1984,
by the following vote, to wit:
AYES:
Council Nernbers Castaneda. Reilly,
Hernandez, Marks, Olliel. Frazier, Strickler
NAYS:
None
ABSENT:
None
ABSTAIN:
~.(4)?4~~/.0'
ity ClerK
. The foregoing
thi s .zZ day of
e City 0 San
, California
Approved as to form:
~A~~
Executed pursuant to the Tax Equity
and Fiscal Responsibility Act of 1982
May 21
, 1984
3.
353.3 (sh)
5/2/84
"EXHIBI.'I' An
1.14 Source .of FunctC)g for the Project:
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The source of funding for the project will be a combination
of cash contributed by BAI/Medical Equities of California Inc.'
physicians subscribing to the to-be-formed partnership; BAI/ .
Medical Equities of California, Inc. shareholders and possible
affiliates; St. Bernardine Hospital; and loan proceeds from
Industrial Development Bonds issued under the auspices of the
City of San Bernardino.
2.1 Provide the estimated total amount of the financing with a
tabulation of the proposed use of bond proceeds including:
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2.1.1
Project Cost: $5.489.000 includes cost of bUilding
approximately a 54.000 square foot shell. suite finish
allowance, site preparation, architectur~l and
engineering fees, construction canagement, leasing and
suite design fees, and soft costs described below. Of
the above, $3,000,000 in bonds is requested. $1.~64.000
will be contributed by the partners, and $1.541.000 b~
th~ hosDital for a total project capitalization of
$5.489.000.
2.1.2 Legal, printing and related fees: $15.000.
2.1.3 Financing costs and fees: $103.000.
2.1.4 Capitalized interest: $185~000.
2.1.5 Other miscellaneous C0StS:
Appl'<lisal fees:
Inspection fees:
Title Insurance:
Misc. & Contingency:
$ 5,000
5.000
15,000
15.000
Estimated Target Date of Financing: August 1984
Estimated Times of Financing: August 1984 - June 1986
Type of Bond Sale: Private placememt with institutional purchaser.
A short summary of the purpose. objective and function of the
proposed project.
The purpose of the project is to construct a 54,000 square
foot medical office building on the campus of St. Bernardine
Hospital. San Bernardino, California.
The proposed project will function as an office building for
a wide range of physician pl'imary care and surgical specialities.
It is anticipated a building this size will house approximately
30-35 phYSicians and related ancillary services. The
ancillary services planned for inclusion are: x-ray, lab,
pharmacy and outpatient surgery.
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Buildings- There will be one S4.000 gross square foot,
four story medical office building:
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5.1 Remains the same. The fOllowing paragraph is added:
*The addition of an outpatient surgery center will provide
added convenience, efficiency and cost savings for both
physician and patient. Numerous studies conducted by both
government and private organizations indicate cost savings
of 50~ or more when freestanding or outpatient surgery is
available.
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