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Home My WebLink AboutR08-Redevelopment Agency , ...) RE"-:VELOPMENT AGENCY. Fb!'QUEST FOR e6.'SSlON/COUNcIL ACTION - -' Glenda Saul, Executive Director Subject: EXTENSION OF IDB ALLOCATION - KCKC PROJECT " From: 'h,""t: Redevelopment Agency Date: August 29, 1985 Synopsis of Previous Commission/Council action: Ordinance 3815 providing for the issuance of Industrial Development Bonds 3-7-85 3-7-85 Inducement Resolution 85-87 adopted Adopted Resolution 85-88 aSSigning a portion of the city's private activity bond limit 4-29-85 5-20-85 Adopted Resolution 85-154 setting a TEFRA Public Hearing Adopted Resolution 85-193, TEFRA Public Hearing and extending allocation to Septemeber, 1985. Recommended motion: (MAYOR AND COMMON COUNCIL) --- RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO EXTENDING THE TERM OF AN ASSIGNMENT OF ALLOCATION FOR PRIVATE ACTIVITY BONDS (KCKC BUILDING PROJECT) '-- Contact person: GLENDA SAUL FUNDING REQUIREMENTS: Amount: $ N/A Phone: 383-5081 Ward: 1 Project: CCN Date: September 9, 1985 Supporting data attached: YES No adverse Impact on City: Co""' 'i1 Notes: - . Aaenda Jt"m Nn R15 Clfr OF SAN BERNARD~O - REQU~T FOR COUNCIL ACf(ON STAFF REPORT \....-' Mr. Jerome Malt has submitted an application for lDB financing and an Inducement Resolution to finance the proposed project. The Applicant is now ready to pursue financing. A Public Hearing was held on May 20, 1985 to fulfill TEFRA requirements. (Tax Equity and Fiscal Responsibility Act.) Below is a recap of the key issues relating to their application: APPLICANT: Jerome p, Maltz PRINCIPALS: Jerome P. Maltz PROJECT: The project will provide approximately 30,000 square feet of gross office space and provide facilities for KCKC radio station. LOCATION: North side of 4th Street between "G" and "H" Streets. TARGET DATE OF FINANCING: 4th Quarter 1985 CONSTRUCTION SCHEDULE: One construction phase to take between 6 and 10 months to complete. r''-~' INCREASE IN TAX IN~T: Land and Improvements $2,705,000 x 1% - $27,050 $4,000,000 x 1% - $40,000 ~; RESERVE & DEVELOPMENT FEE: JOBS: 23 retained (radio station) space for additional 150 The Resolution before you authorizes an additional 90-day extension for use of the City's IDB allocation. The current authorization expires in September, 1985. Developer feels the financing will be in place by December, 1985. This extension will be valid through December 3, 1985. Bond Counsel will be present to answer any questions you may have. 13l0J/EB 8-29-85 , ..,--.. '-' 75-0264 '\, "'-... :) l,020-29/0357S/vlg 02/01/85 -- APPLICATION OF JEROME P. MALTZ FOR INDUSTRIAL DEVELOPMENT REVENUE BOND FINANCING CITY OF SAN BERNARDINO. CALIFORNIA PART I GENERAL AND BUSINESS IJIFORMATION 1.1 The legal D&IIIe of the Applicant 18 Jerome P. Maltz, an individual. 1.2 The Applicant b an individual who ahall Wldertalte the project as either a corporation or as a partnership to which the Applicant ahall transfer the rights and duties WIder this Application. The Applicant 18 in the proceu of developing an approximately 30,000 aquare foot office building with pouible limited retail uaes located on the north aide of 4th Street between "G" Street and "I" Street in the City of San Bernardino, California (the "Project"). The Applicant has previously acquired the property necesaary for the proposed office building development (the "Property"), and ahall develop aaid Property and construct the Project thereon. 1.3 The mailing addreu and the addreu of the Applicant 18 as follows: ,....;"". ~ Mr. Jerome P. Maltz 4325 Gayle Drive Tarzana, California 91356 1.4 Social Security No. 568-44-0520 1.5 Ms. Joan L. Kuahell ia the principal contact for the Applicant. 1.6 Telephone Number (818) 995-4649. 1.7 The Applicant 18 an individual who ahall Wldertaite the Project as either a corporation or a partnership to be hereafter formed. 1.7.1 The Applicant ahall own property and conduct business in the City of San Bernardino, State of California. 1.7.2 The corporation or partnership organizational documents of the Applicant ahall be executed prior to the time when the Applicant proceeds wi~ the financing and construction of the Project. 1.8 The Applicant shall own 1001 of the Project either individually or through a wholly-owned corporation or partnership. '-- - 1 - ., ..... r'''-.. J \.~ ~ '-' '-' 1.9 \._"".. Ms. ~uahell of ~uahell/Sacks Group, Inc., shall be the individual who will have primary responaibility for conducting the buaineaa of the Applicant with respect to the Project. 1.10 Buainess ventures of the Applicant. 1.10.1 1.11 Employees 1.11.1 1.11.2 The Applicant ia the owner of radio station ~CKC in the City of San Bernardino, and ia undertakinl the Project as a peraonal investment opportunity and as a buaineaa location for said radio station. The Applicant currently has twenty-three (23) employees located in the City at radio station KCKC. Although the principal objective of the Project ia to provide office facilities within the City of San Bernardino, the construction and operation of the Project viII create certain employment opportunities within the City. The Project shall create other space for approximately 150 employment opportunities. The buaineaa offices of the Applicant shall be located at 432 "G" Street, San Bernardino, California. ~ 1.12 Professional services will be provided by the following: 1.12.1 1.12.2 1.12.3 1.12.4 B.L. losenberl , Co., CPA shall serve as the accountant for the Applicant and is located at 180 North La Salle Street, No. 2300, Chicalo, Illinois 60601. Norton S. Xarno, Esq., of Xarno, Schwartz , Friedman, 16255 Ventura Boulevard, Encino, California 91436, (818) 981-3400 is the attorney for the Applicant. The Law Offices of Timothy J. Sabo, a Profeaaional Corporation, ahall serve as Bond Counsel to the City with regard to the tax-exempt financing for the Project. Principal Architect 2914 Main Street, (213) 392-9501. - Timothy Smith, of Togawa , Smith, Santa Monica, California 90405, 1.13 The principal banking accounts of the Applicant shall be held by City National Bank, corporate office at Wilshire and Roxbury, Beverly Bills, California. 1.14 The source of fundinl for the Project is anticipated to be derived from a variety of tax-exempt financing sources including the private placement of a tax-exempt bond or other obligation with a lender to be obtained hereafter or a letter of credit backed financing. <- -- - 2 - \"'./ '<'- r"- ........, ~.'"."- I -' ." '_..Jill '-0.,--.'.-' PART II BOND ISSUE 2.1 The estimated total amount of tbe financing package and tbe proposed use of bond proceeds is as follows: 2.1.1 2.1.2 Project cost - '2,705,000 Legal, printing and related fees - '100,000 2.1.3 Financing costs and fees - '320,000 2.1.4 Capitalized interest - '350,000 2.1.5 Otber .iscellaneous costs - '50,000 2.1.6 Land acquisition - '475.000 Total: '4,000,000 2.2 The estimated target date for tbe financing is presently anticipated in tbe tbird quarter of 1985, witb construction to CO_nce as soon as possible after tbe financing package is completed and tbe Project shall be completed in one (1) construction phase whicb ahall take between aix (6) and ten (10) montbs to complete. ,- 2.3 ~ It is proposed that the financing be in tbe form of a construction loan during tbe construction period whicb would have tbe traditional construction loan provisions in that drawdowos would be permitted as construction proceeds upon submission of requisition VOucben. Upon tbe completion of construction of tbe Project and tbe 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 tbe construction loan to a permanent financing. 2.4 The present proposal for tbe financing of tbe Project anticipates that the tax-exempt bonds or otber obligations will be aold to a co_rcial bank or otber aucb lender through a private placement or that tbere be a public offering of such securities. PART III FINANCIAL INFORMATION 3.1 Tbe financial statements of tbe Applicant are on file with the City. 3.2 "- 'Tbe Applicant shall be doing businelS as either a corporation or 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 sucb businesses undertaking projects of this type. No federal small business loan guarantees are proposed in connection with the proposed financing as contemplated by this Application. - 3 - - "''''''..... - ~ ,....., '-' -""".., ,) PART IV PROJECT INFORMATION - 4.1 The Project .. proposed by the Applicant aball c include the construction and operation of an approximately 30,000 aquare (oot office building on a portion of a 1.36 acre alta located on 4th Street between "G" Street and "II" Street in the City of San Bernardino. The Project aball include 30,000 aquare feet of grosa leaseable office apace and onsite parking as required by the City and appurtenant landscaping and other improvements. The Project shall be located on land IIIOre particularly deacribed and included as Exhibit "A" hereto. 4.1.1 The Project sball be leased at . proposed gross rental rate of $1.25 per square foot. 4.2 The components and the estimated total cost of the functional parts of the Project are as follows: 4.2.1 Land - $475,000 4.2.2 Buildina construction - $1,800,000 4.2.3 Tenant improvements - $450,000 4.2.4 Engineering and technical services - $55,000 .-.- ~.i 4.2.5 Permits and fees - $150,000 Total: $2,930,000 4.2.6 "bcellaneous items - a. Construction contingency - $100,000 b. Applicant's development and organization costs - $150,000 c. Interest during construction - $350,000 Total: $3,530,000 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 within six (6) to ten (10) IIIOnt~s from the date of commencement. 4.4 The supervising architect responsible for the design of the Project on behalf of the Applicant shall be Hr. Timothy Smith of Toga"'a &. Smith. ,,-- "'- 4.5 The Project shall be known as "The KCKC Building". - 4 - - ~ i ~'-' - v ./........ } ....." 4.6 Tbe Project ia the development of a new office complex and ia not an expandon or an alteration of an exiating facility. The Property preaently baa located tbereon one (1) dngle family dwelling and a reataurant facility known aa the Pirate'a Den whicb -1a presen.t1y cloaed. Tbe necenary infraatructure iteu and other public improvement. 8IWIt be relocated or inatalled on tbe Project dte and tbe Applicant dedrea to obtain a below _rket ~ate tax-exempt conatruction and permanent financing of the improvementa to be placed thereon. - 4.7 The Property on which the Project ia proposed to be located is currently owned by the Applicant aubject to a mortgage on the Property. 4.8 The Project will provide approximately 30,000 aquare feet of groas leaseable co_rcial office apace within the City of San Bernardino and provide facllltiea for KCKC radio atation. 4.8.1 Attached aa Exhibit "A" h an 8-112 x 11 incb _p abowing the aite location of the propoaed Project. A deacription of the plant proceaa - not applicable. 4.8.2 4.9 A negative declaration punuant to tbe proviaiona of the California Environmental Quality Act of 1970, aa amended, would in all probability be aatiafactory for the Project aa propoaed by the Applicant. Bowever, the Project ahall comply with all applicable proviaiona of aaid Act. ,.,-., ~ 4.10 There are no permita, water quality enforcement ordera, air pollution permita or variancea or other evidence of actiona neceasary in connection with thia Project. A aewer permit for the conatruction of the Project ahall be obtained. 4.11 There are no local, atate or federal pollution control agencies which impoae regulationa, atandards or requirementa with regard to the operationa of tbe propoaed Project to be undertaken by the Applicant. 4.12 The proposed Project ahall comply with all applicable City of San Bernardino, County of San Bernardino, and other regional, county or basin plans to which this Project ahall conform and the appropriate waste water and air quality requirementa which ahall be in conformity with all of the above jurisdictiona. 4.13 It ia preaently anticipated that the proposed Project will not produce any by-producta or residues which would involve the ultimate diaposal or the need for a plan to accompliah aame. R.ecycling or aalvage will not be a function of the propoaed Project nor will there be any market opportunities generated with regard to aame. ,"-' PART V PUBLIC BENEFITS - 5.1 The City of San Bernardino will receive dgnificant benefita by the initiation of this Project as proposed by the Applicant and - 5 - , "--~.... .-c'_~ r" V ,'') ,...J ,...... .....,; particularly through the utilization of the financing method as is available under Ordinance Ko. 3815, al amended, of the City of San Bernardino. Due to the fact that conventional interest ratel for construction and permanent financing for co_rcial office projects as contemplated by the Applicant are at aignificantly bicher leveh on conventionally borrowed fundi than for tu-1xempt financed projects, neither the Applicant nor any other penons or legal entitiel are able to provide the type of ~dern and attractive co_rcial office complex that b needed within the City of San Bernardino. '- 5.1.1 5.1.2 5.1.3 ,- ~ The Project will provide quality office .pace within a blighted area of the City and will a..ht in the redevelopment of a portion of the City of San Bernardino. Construction of the Project b anticipated approximately '3,500,000 to '4,000,000 of valuation to the tax roll. of the City. The uaeful method of financing provided for in Ordinance Ko. 3815 of the City vb-a-vb the uae of the conventional method will permit the Applicant to complete the financing and conltruction of the Project within an accelerated time frame. The method of financing provided in Ordinance No. 3815 will provide new .ources of financing to the Applicant and .uch financing will be made available at lower tax-1xempt interelt ratel. to add allelled 5.2 The City will benefit, .. can be demonltrated punuant to Section I of Ordinance No. 3815, al amended, of the City of San Bernardino, in that needed office .pace will be generated by the propoaed Project and the clearance of an underutilized and blighted area will be implemented. The Applicant il not attempting to conltruct laid propoled Project merely for the financial inducement that il offered punuant to the Ordinance, but rather due to the long-term business reaaon. that are dgnificant 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, the redevelopment related goals to be served by the Project, plus the increaled long-term commercial office space opportunitiea that will be available to businesses within the City. The Applicant by the submilsion of this Application agrees to comply and/or to asdat the City in complying with all .tate and federal laws in the illuance of the bonds or other .uch tax-exempt obligations to finance the Project, including, without limitation, making of any required application to a governmental department, for authorization, qualification or registration of the offer, hsuance PART VI COMMITMENTS 6.1 ~."'"- '- - 6 - , ",,-, "- 6.2 6.3 6.4 ,- ~ c '" ......I ,J or aale 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 t:ity of such bonds or other tax-exempt obligations. The Applicant further co_its to cauae and/or to ...lat the City in causing to be printed any prospectua or other written or printed communication proposed to be published in connection with the issuance, offer or sale of bonds or other tax-exempt 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. The Applicant also co_its 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 harmle.. from any and all expenses related thereto, to pay itellUl on an ongoing basis so that neither the City, nor its adviaora, attorneys, employees and the like will accumulate any claillUl against the City. The Applicant will supply any additional information, agreements and IUldertakings as the City lIl8y require as a result of conferences and negotiations and copies of such additional information shall be forwarded to the City by the Applicant and shall be deemed to be supplements or amendments to this Application. PART VII SIGNATURE 7.1 The IUlderaigned as authorized principals of the Applicant as noted below, hold the prime responsibility for the financing to be taken for the proposed Project, and certify that the IUldersigned have the authority to bind the Applicant to contract terms; that this Application to the best knowledge or belief of the IUldersigned, 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 represent 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 thll 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 IIl8Y be capitalized and included in the bond issue as acceptable to the bond purchaser. - 7 - , ',-/ "- --- ""- '-- I"'" '- ,.-.. '-' 8.3 l'he Applicant aCknowledges that the City derives its entire support from the fees for its services. l'he total function of the City is conducted on a self-supporting b.sis, and involves DO estate general revenues or expenditures from taxes from the state Dr 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 luarantees, 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 CODIDOn Council may direct from time to time. "APPLICANT" By: ~~1?t . -}?'ome P. Maltz ~ - 8 - - "-- 1""-, V ......... '-.I '""" I '-"/ /",;."." of '- Exhibit "A", (legal description of site location of the proposed Project) ,-. ,"'- .,_. '--, - 9 - - ~ ,- ~ .- - l ... I ,. "'.."u or ... &..urn. 1'l"T IS COfPILfO '01 '"",OIllMATlON 0-''''. ...'~ IS IT A ,~, or TH! H'OlT. 01 'OLlCT TllI'HICII IT)'''1 IE ATTACt!' '. -,.- " - - ~':~.. .,"7,:";0-- ~. - - -- "",::"'~'~';;:!2i.n:,~.'.,,-< ~';':';'<::"'.io! ............,'" ", :<', :,g.. ,,' .',.,.t=:\. .' ,- .".'..,....~... <w. "..vJ>" '.. '" .,'" J' ' .' A \51"::' ,,0-: --; ~:. .,:.~~,::' <:,. '1; ,;' i'~O . :.u':" 1<<' l~ ,".' ". ';.' -,< I"~'"~ , . '" "cO r . t., .' ,.....~ "f' " r ..... . ..:......~....~ ~:-:-..l..~.... ~;:...: .... ~'.': ..- - . I _. ._' .~.~...:...-....tJ..............-.. . " ' _. --~I-C-Jnllls ' ;r:."t-:}~,.."" ::,f: " ."-::-:-1 ~ " ': '~<, ',' . " , Ia,. ._, .. . . . I . . ;,,;..' i- . \ I ~ ~. r ;~, q:.:' f'" " ' ,~ I (~ ~J' i ~"l-f;: "" .' ',e:t .jo@ ~ (J) (~ \V I~u>, ..: " ':" j acg \B I" r. : ci~... :: ',. .. , l..- . . @r , I ..... '... , ." If ". " . ~:-' <i> ~. .. @ .' , 'I I I ";. f.. ..t.... " ". t ' ., . ~ '(3 " "~.~, " ., I ~ ~;.: -: ','-=-JDlIJS ~.~ ,.--. c! . -';" - ." . : '!r~ .;~' Ii" \' 6l .. c: ~ l, o 1 ." . " ... ~ C =-. ...1 ... ... It: ... III !.! e - r-- 2 C ~.e a ,~ @ iC l!3 €I I , ,. " I I I I. .... , . lID @ 'X ~7\ . 1)1df\ -j.. 1- -;.. @ l:) II , .: ~ @ ~ (!) .. . ur" . I H-'- - ~ . .: I' . ,4-4ll>- ..~ i~@ : ." ~ ; :r ClI !E @ -'," . " , . ), , ,~ 't '"t", ~ ." i i.~' . '. .",. ';. " .. 11' . '! " :s, ;)0--' . '''1 '1".).. '" '" .... -k"~ ..:. )~. .. 'I . '", .... .-:-___.~ . S-.~'a:..=tE ", I 'I; . ",. '..~ ':'~ t::'.'" ....j~. .~,".;' '.~- II) ! :;'~"". . << i ' ,- . ,:. ~.f~ .. .. '0 ..', ':"\";. ...~ , I' .: :J~' :. ! '--. "':: '" '~i;r.:<t. - to : . , .. , " .. .j.... .. I. , , ..~ .. "11 , . :..... , !;~ - - .--~- ~' -- .- "'-;:~ . .. I ,.; ..... .. , I I :- '-- ,'. ,.- ~;. .... . ~"l l!l~ Il~ 1 ..~ ~ ' J~~ I ~ r:: I cB ell : @ .. ". s~ ..~ "r:: ij- .~r I'" H . E 2l f I . ~. .' 1_ I i ! =- I '" 1- ;;f o .. I [I- I .' I rl c, I"'" '-' '"" ....", J ....,1 1.020-7l/0933S/jm 08/28/85 -- RESOLUTION NO, RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO EXTENDING THE TERM OF AN ASSIGNMENT OF ALLOCATION FOR PRIVATE ACTIVITY BONDS (KCKC BUILDING PROJECT) WHEREAS. there has been presented to the Mayor and Conunon Council of the City of San Bernardino. California (the "Mayor and Conunon Council"). an application by Jerome p, Maltz (the "Company"). for the issuance of industrial development revenue bonds for financing the construction of a 30.000 square foot office building located within the City of San Bernardino. California (the "City"). and as more fully described in said application and identified as (, the KCKC Building (the "Project"). which bonds shall be issued in the approximate principa 1 amount of not to exceed $4,000,000 (the "Bonds") to provide the financing for the Proj ect to be located on "G" Street between 4th Street and 5th Street in the City; and WHEREAS, the City shall. in furtherance of the goals and intent of the City's Industrial Revenue Bond Financing Program. and pursuant to Ordinance No. 3815. as amended (the "Ordinance"), issue its Bonds and lend the proceeds of the Bonds to the Company. and originate a mortgage loan or loans to the Company for the Project and the purposes as set forth in the Application of the Company as on file with the City; and '- - 1 - . \...- - '-' ........ '-' . WHEREAS, the City, by the adoption on March 7, 1985, of its ........., Resolution entitled "Resolution of the Mayor and Common :Council of the City of San Bernardino. California, Assigning a Portion of the City's Private Activity Bond Limit for the Calendar Year 1985 for Use in Connection with the KCKC Building Project," has previously assigned an amount equal to $3.612.000 of the calendar year 1985 Private Activity Bond Limit of the City for the purpose of providing for the financing of the Project of the Company, subject to certain conditions (the "Assignment"); and WHEREAS, the Assignment would have expired on the ninetieth (90th) day following the date of adoption of said Resolution but for the extension of the Assignment for an additional ninety (90) day - term by the City pursuant to its adoption on May 27. 1985. of its ",",,",,' Resolution No. 85-193; and WHEREAS. pursuant to Resolution No, 85-193. the Mayor and Common Council have approved certain findings and determinations to be made in connection with a duly held public hearing as required by Section 103(k) of the Internal Revenue Code of 1954, as amended (the "Code"); and WHEREAS. the Assignment, pursuant to Resolution No. 85-193. expires on September 3, 1985; and ,- - - 2 - ... ~' . " / I...... - '-' /"'.... .....,; . WHEREAS, the Company has requested that the term of the "- Assignment be extended for an additional ninety (90) day term past the September 3, 1985, expiration date. NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO DO HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. The recitals set forth hereinabove are true and correct in all respects, Section 2, The City hereby extends the term of the assignment of an amount equal to $3,612.000 of the calendar year - ~ 1985 Private Activity Bond Limit of the City as provided in Resolution No, 85-193 as referenced in the recitals hereof for an additional ninety (90) days past the September 3, 1985, expiration date. The ninety (90) day extension of time of said assignment of a portion of the calendar year 1985 Private Activity Bond Limit of the City, as authorized herein, shall be sUbject to the same conditions as provided in the Resolutions as referenced in the recitals hereof. Section 3, This Resolution shall take effect upon adoption. -< ..... - 3 - ... r . ,- -'-' .- ~ ,- '-' / '- I HEREBY adopted by the San Bernardino at held on the the fOllowing vote. AYES: NAYS: ABSENT: """' '-' "'.... '-' CERTIFY that the foregoing Mayor and Common Council a resolutio.n of the meeting day of to wit: Council Members :.J was duly Ci ty of thereof. 1985. by City Clerk day of The foregoing resolution is hereby approved this . 1985, Approved as to form: Mayor of the City of San Bernardino ~;HJ~ City Attorney ":.- - 4 -