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Home My WebLink AboutR07-Redevelopment Agency . RE~VELOPMENT AGENCY .~QUEST FOR ~OMMISSION/COUNCIL AcflON "m: Glenda Saul, Executive Director Subject: PUBLIC HEARING - TEFRA, REFUNDING 1984 INDUSTRIAL DEVELOPMENT BONDS - RIO BERNARD, ANDRESON BLDG. FROJECT. - Dept: Redevelopment Agency Date: September 3, 1985 a Synopsis of Previous Commission/Council sction: 12-7-81 Inducment Resolution 81-596 adopted for the issuance of IDB financing for the Andreson Bldg. Project (Rio Bernard, Inc.) 1-9-84 Resolution adopted setting Public Hearing 1-23-84 Resolution 84-27 adopted following TEFRA Hearing 12-20-84 Resolution 84-559 adopted following second TEFRA hearing 12-20-84 Resolution 84-560 adopted authorizing and providing for the issuance of an Industrial Development Bond. 8-5-85 Adopted Resolution authorizing Notice of Public Hearing - TEFRA Recommended motion: (MAYOR AND COMMON COUNCIL) "- OPEN PUBLIC HEARING CLOSE PUBLIC HERING RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AUTHORIZING THE ISSUANCE BY THE CITY OF ITS "CITY OF SAN BERNARDINO, INDUSTRIAL DEVELOPMENT REFUNDING BONDS, SERIES 1985 (ANDRESON REFUNDING PROJECT)" AND MAKING CERTAIN DETERMINATIONS RELATING THERETO (TEFRA) ,~~! Signature Contact person: GLENDA SAUL FUNDING REOUIREMENTS: Amount: $ N/A Phone: 383-5081 Ward: 1 Project : M/CC Date: September 9, 1985 Supporting data attached: YES No adverse Impact on City: '_ncil Notes: 01316J/EB/hb Agenda Item No. R7 . City OF SAN BERNARD~O - REQU~T FOR COUNCIL AC1tON STAFF REPORT '-- In December 1984 the City sold a 4.9 million dollar Industrial Development Bond for the Andreson Building Project under the name of Rio Bernard. The bonds were sold at an interest rate of 13% . The applicant would like to refund the issue in order to reduce the interest rate. Past policies on refundings have imposed the same fee structure as adopted for initial IDB issues, i.e. $500 inducement fee, $10,000 upon public hearing, and 1% of the funded amount upon closing of the bond, The item went before the Redevelopment Committee on July 23, 1985. The Committee recommended that the refunding be approved, but that the fees would have to be paid again for the refunding of the bond. The refunding bonds would be issued under the original Inducement Resolution and will not impact the City's IDB allocation so long as the principal amount issued is equal to or less than the bonds being redeemed. The Resolution before you today is the Public Hearing required by TEFRA - (Tax Equity Fiscal Responsibility - Act). Below is a recap of the 1984 IDB, PRINCIPALS: Rio Bernard, Ltd. ~_. AMOUNT OF FINANCING: $5,900,000 '-- PROJECT: Refurbish and rehabilitate the building known as the Andreson Bldg. LOCATION: 320 "E" Street TARGET DATE OF FINANCING: December 31, 1985 CONSTRUCTION SCHEDULE: Ongoing INCREASE IN JOBS: llO 1% of $5,900,000 & $59,000 RESERVE AND DEVELOPMENT FEE: l3l6J/EB/hb 9-3-85 ,..- "'- 75-0264 ,~- '" ....c."" "'.) "" ) ....... '-' San Bernardino 54333-015-3 "- RESOLUTION NO. RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, APPROVING THE ISSUANCE BY THE CITY OF ITS "CITY OF SAN BERNARDINO. INDUSTRIAL DEVELOPMENT REFUNDING BONDS. SERIES 1985 (ANDRESON REFUNDING PROJECT)" AND MAKING CERTAIN DETERMINATIONS RELATING THERETO (TEFRA) (ANDRESON REFUNDING PROJECT) . WHEREAS, pursuant to Ordinance No. 3815 of the City of San Bernardino (the "Law"), the City of San Bernardino (the "City") has previously issued its "City of San Bernardino. Industrial Development Revenue Bonds, Series - 1984A (Andreson Building Project)"in the principal amount of $4,877,620.89 (the "1984 Bonds"), in order to assist in the '- financing of a commercial building of approximately 58,000 square feet, located at 320 East "E" Street in the City of San Bernardino (the "Project"); WHEREAS, the City has now taken proceedings lead- ing toward the issuance and sale of its industrial deve1op- ment revenue bonds to assist in refunding the 1984 Bonds and the Project, all under and in accordance with said Law and laws of the State of California; .,- "- 1 26-C2-BOND-443,1 7-29-85 (JAS:kle) .,,''''-. '- '.~- ,''''''"''''' - ~- '- - - - - r-" '-" /""" j -...I San Bernardino 54333-015-3 WHEREAS, pursuant to the Tax Equity and Fiscal Responsibility Act of 1982, the issuance of the Bonds (as . defined below) must be approved by an elected representative of the City after a public hearing; WHEREAS. the City Clerk has caused notice of such public hearing (the "Notice") to be published once (giving at least fourteen days' notice) and reported to the Mayor and Common Council that such notice has been duly and regu- 1ar1y given; WHEREAS. on September 9, 1985, at a regular meeting of the Mayor and Common Council, the public hearing was duly held; WHEREAS. the subject matter of the hearing was the proposed assistance in refunding the Project in an amount not to exceed $5,900,000; 2 26-C2-BOND-443,l 7-29-85 (JAS:kle) - ""'" r' '-' "'-".... " ) v San Bernardino 54333-015-3 ~._. WHEREAS, at the time and place stated in said Notice. the proposed refunding of the Project was pr~sented, and any and all persons who so desired appeared and were heard, and the Mayor and Common Council is fully informed in the premises. THEREFORE, LET IT BE RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS: Section 1. The aboVe recitals are true and cor- rect in all respects. All actions heretofore taken by or at the direction of the City and its officers directed toward '- the sale and issuance of the Bonds therefor are hereby approved and ratified. Section 2. The issuance by the City of its "City of San Bernardino, Industrial Development Refunding Bonds, Series 1985 (Andreson Refunding Project)" in an amount not to exceed $5,900,000 is hereby approved and the Mayor is hereby authorized and directed to execute this Resolution pursuant to said Tax Equity and Fiscal Responsibility Act of 1982. .- "- 3 26-C2-BOND-443.l 7-29-85 (JAS:kle) t'-"" ........, -- ,'- - ~_.... "- ,-, -, / '-" .-....... San Bernardino 54333-015-3 Section 3. The Bonds to be issued pursuant hereto shall be payable solely from the revenues provided f~r therein, and no funds of the City of San Bernardino shall be pledged or payable therefor, and the City's general fund shall not be liable therefor in any manner whatever. Section 4. Effective Date. This Resolution shall take effect upon adoption. Executed pursuant to the Tax Equity and Fiscal Responsibility Act of 1982 this of 1985. CITY OF SAN BERNARDINO, CALIFORNIA By Mayor 4 26-C2-BOND-443.1 7-29-85 (JAS:kle) ( , '- '--.., .,.-.. '-' ,- -- c "\ V -- ) San Bernardino 54333-015-3 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and Common Council of the City of . San Bernardino at a meeting thereof, on the to wit: day of , 1985, by the following roll call vote, AYES: Council Members: NOES: ABSENT: City Clerk The foregoing resolution is hereby approved this ___ day of . 1985. A~;;;;~ City Attorney Mayor of the City of San Bernardino, California 5 26-C2-BOND-443,1 7-29-85 (JAS:kle)