HomeMy WebLinkAboutR11-Redevelopment Agency
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REC~VELOPMENT AGENCY-R_)UEST FOR "':)MMISSION/COUNCIL AI.. liON
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'From:
Glenda Saul, Executive Director
Subject:
TEFRA PUBLIC HEARING -- SOUTH
POINTE IV
Dept: Redevelopment Agency
Date: November 7, 1985
Synopsis of Previous Commission/Council action:
12-5-83
12-5-83
07-9-84
10-21-85
10-21-85
Ordinance 3815 providing for the issuance of Industrial Development Bonds.
Adopted Inducement Resolution 83-431
Adopted Resolution 83-432 setting TEFRA Public Hearing
Adopted Resolution 84-246 - TEFRA Public Hearing
Adopted Resolution 85-413 - Amending Application
Adopted Resolution 85-414 Setting 2nd TEFRA Public Hearing.
Recommended motion:
(MAYOR AND COMMON COUNCIL)
a)
Open Public Hearing
b)
Close Public Hearing.
c)
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,
MULTI-FAMILY HOUSING REVENUE BONDS, SERIES 1985 (SOUTH POINTE IV PROJECT)"
AND MAKING CERTAIN DETERMINATIONS RELATING THERETO (TEFRA)
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Signature
Contact person:
GLENDA SAUL
FUNDING REQUIREMENTS:
Amount: $
N/A
Phone: 383-5081
Ward: 3
Project: N/A
Date: November 18, 1985
Supporting data attached:
YES
No adverse Impact on City:
Council Notes:
0077G/EB
Agenda Item No~11
CI"C..' OF SAN BERNARDr:O - REQUr_1T FOR COUNCIL AC'o_~ON
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STAFF REPORT
On October 21, 1985, the Mayor and Common Council approved Resolutions 85-413 and
85-414 amending the application and setting a new TEFRA Public Hearing for South
Pointe IV which was formerly Colony Village.
The Project will be part of a total planned community that will include 300 single
family homes, 250 high density detached homes, 404 apartment units, 22 acres of light
industrial and 21 acres of commercial development.
The bond will finance the 404 unit apartment component of the project. This
development conforms with the zoning for the area.
A recap of the application follows:
PRINCIPALS:
Scott Biddle
Lonnie M. Dunn, Jr.
PROJECT:
Construction of 404 apartment units.
LOCATION:
Near the intersection of Waterman Avenue and
Barton Road.
AMOUNT OF FINANCING:
$21,000,000
TARGET DATE OF FINANCING:
December 10, 1985
CONSTRUCTION SCHEDULE:
Approximately 18 months in two phases.
RESERVE Eo DEVELOPMENT FEE:
$21,000,000 x 1% = $210,000
RENT SCHEDULE:
1 bdrm. - $450/month
1 bdrm/1 bath - $535/month
2 bdrm/2 bath - $560/month
The developer agrees to waive any density bonus. The developer will be available to
answer any questions you may have.
0077G/EB
11-18-85
75.0264
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RESOLUTION NO.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
2 SAN BERNARDINO, APPROVING THE ISSUANCE BY THE CITY OF ITS "CITY
3 OF SAN BERNARDINO, MULTIFAMILY HOUSING REVENUE BONDS, SERIES 1985
(SOUTH POINTE IV PROJECT)" AND MAKING CERTAIN DETERMINATIONS
4 RELATING THERETO (T.E.F.R.A.).
5
WHEREAS, pursuant to Sections 52075 et sea. of the Health
6 and Safety Code of the State of California (the "Act") the City
7 of San Bernardino (the "City") intends to assist in the financing
8 of a certain multifamily housing project, to wit: a 404-unit
9 apartment complex located west of Waterman Avenue, north of
10 Barton Road and south of the Souther Pacific Railroad tracks in
11 the City of San Bernardino, together with facilities necessary
12 and convenient therefor and appurtenances and appurtenant work
13 (the "Project"), and pay the costs and expenses associated with
14 the issuance of the Bonds (as defined herein) without any
15 liability to the City whatever; and
16 WHEREAS, the City has taken proceedings leading toward the
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17 issuance and sale of its "City of San Bernardino, Multifamily
18 Housing Revenue Bonds, Series 1985 (South pointe IV Project)", in
19 an amount not to exceed $21,000,000 (the "Bonds"), to obtain
20 moneys to assist in financing the Project, all under and in
21 accordance with the Act and the laws of the State of California;
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23 WHEREAS, pursuant to the Tax Equity and Fiscal
24 Responsibility Act of 1982, the issuance of the Bonds must be
25 approved by an elected representative of the City after a public
26 hearing (the "Hearing"); and
27 WHEREAS, the City Clerk has caused notice of such Hearing to
28 be published once (giving at least fourteen days' notice) and has
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1 reported to the Mayor and Common Council that such notice has
2 been duly and regularly given; and
WHEREAS, the subject matter of the Hearing was the proposed
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4 assistance in the financing by the City of the Project in an
5 amount not to exceed $21,000,000; and
WHEREAS, on the date and at the time and place stated in
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7 said Notice, the financing of the Project was presented, and any
8 and all persons who so desired appeared and were heard, and the
9 Mayor and Common Council of the City of San Bernardino are fully
10 informed in the premises.
11 NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY
12 THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO,
13 CALIFORNIA, AS FOLLOWS:
14 SECTION 1. The above recitals are true and correct in all
15 respects. All actions heretofore taken by or at the direction of
16 the City and its officers directed toward the sale and issuance
17 of the Bonds are hereby approved and ratified.
18 SECTION 2. The issuance by the City of the Bonds in an
19 amount not to exceed $21,000,000 is hereby approved. The Mayor
20 is hereby authorized and directed to execute this Resolution
21 pursuant to said Tax Equity and Fiscal Responsibility Act of
22 1982.
23 SECTION 3. Adoption of this resolution shall not be
24 construed as approval of the plans or concept of the proposed
25 development, nor as an indication that the Mayor and Common
26 Council will take any particular action toward granting any
27 planning, zoning, or other approval relating to a plan of
28 development. The Mayor and Common Council reserve their right to
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evaluate I
] any
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2 solely on the
3 including any
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future administrative procedures and appeals based
information available at the time of consideration,
actions or recommendations by or appeals from the
4 Development Review Committee and the Planning Commission.
5 Nothing herein shall be construed as advance commitment or
6 approval as to any such matter, and the applicant is notified
j that normal planning processing shall be required, in accordance
8 with the standard procedures of the City of San Bernardino, and
9 that applicant will be required to comply with all applicable
]0 laws and ordinances of the city, state and federal government.
]] SECTION 4. All documents drafted in conjunction with this
]2 proposed bond issue shall contain language emphasizing that the
]3 general funds of the City shall not be liable for the payment of
]4 the bonds, but the bonds shall be payable solely from the
]5 revenues pledged therein.
]6 I HEREBY CERTIFY that the foregoing resolution was duly
]j adopted by the Mayor and Common Council of the City of San
]8 Bernardino at a
day of
]9
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meeting thereof, held on the
, 1985, by the following vote, to
AYES:
Council Members
NAYS:
ABSENT:
City Clerk
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I 1985.
The foregoing resolution is hereby approved this
day
of
4 Approved as to form:
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t1Z</-/)/II:-Z~
City Att'orney
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Mayor of the City of San Bernardino
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AMMl ED Al,",",ICATION FOR REVl..__E
BONDI FINANCING - SOU'1'II POINTE APAR'DIENTS
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(FORMERLY COLONY VILLAGE APAR'DIENTS)
Part I General & Business Information
1.1 Leqal Name of IAPP Ii cant
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South Pointe IV, a California general partnership of which the
general partners are WSB IV Corp., a California corporation,
which is managing general partner and Colony IV Corporation,
a California corporation. (See item 4.7 regarding possible
assignment of partners' interest and requested right of
assignment to'accomodate a limited equity partner.)
1.2 Line of Business
Real estate development.
1.3 Mailing Address and Headquarters Address
South pointe IV
c/o WSB IV Corp.
17671 Fitch
Irvine, CA 92714
1.4 Employer ID Number for Manaqinq General Partner
WSB IV Corp:
33-0098176
1.5 Name and Title of Principal Contact
W. Scott Biddle, President, WSB IV Corp.
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1.6 Phone Number
(714) 660-8905
1.7 Type of Orqanization
A partnership
1. 7.1
1. 7.2
1. 7.3
California
May I, 1985
Not Applicable
1.8 Constitution of Ownership
1.8.1
1.8.2
WSB IV Corp is wholly owned by W. Scott Biddle.
Colony IV Corporation is wholly owned by Lonnie M.
Dunn, Jr.
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1.9 Names and Locations of Key Officials
1.9.1
1.9.2
1.9.3
W. Scott Biddle, President
Kai Eggers, Secretary
WSB IV Corp.
17671 Fitch
Irvine, CA 92714
Lonnie M. Dunn, Jr., President
Colony IV Corporation
1600 Dove Street, Suite 100
NewPort Beach, CA 92660
Both corporations are wholly owned by the respective
officer/Presidents stated in 1.9.1 and 1.9.2
1.10 Description of Other Business Affiliations of Principal
Officers, Directors, and Principal Stockholders
1.10.1
1.10.2
1.11 Employees
W. Scott Biddle is also the President of Biddle
Development, Inc., a wholly owned corporation, and
serves as Vice Chairman of the Board of Directors of
Pacific National Bank, Newport Beach, California.
(See enclosed Exhibit "Cn resume for further interests.)
Lonnie M. Dunn, Jr. is President of Dunn Delaware
Corp. which is wholly owned by Staghorn Corporation,
which is a personal corporation wholly owned by
Lonnie M. Dunn, Jr. and his family. Mr. Dunn,
through Staghorn Corporation is an approximate 20%
shareholder in Landmark Savings and Loan (in
organization) and a 50% shareholder in Dunoco
Development Corporation.
The partnership has no full time employees but contracts for
services with Biddle Development, Inc. for construction
supervision and management and with Diversified Developers'
Services for project accounting and data processing.
1.11.1
1.11.2
WSB IV Corp. has no employees.
1.12 Expert Services
Colony IV Corporation has no employees.
1.12.1
The applicant's accountant and principal contact
at such firm is:
Mr. Gerald Higashi
Sterman, Higashi, , Herter
1651 E 4th Street, Suite 150
Santa Ana, CA 92701
1.12.2
The applicant'~"'attorney and prl...:ipal contact
at such firm is:
Hr. Thomas J. Skane, Jr.
606 E. Chapman, Suite 201
Orange, CA 92666
1.12.3
Thel applicant's architect and principal contact
at such firm is:
Edward D. Lohrbach
HLA Architects
31866 Camino Capistrano
San Juan Capistrano, CA 92675
1.13 Principal Bank Accounts and Name of Officer Handlinq Accounts:
Lawrence Lucky, Executive Vice President
Pacific National Bank
4665 MacArthur Court
Newport Beach', CA 92660
Barbara Hoore
First Interstate Bank
5000 Birch Street
Newport Beach, CA 92660
1.14 The Source of Fundinq for the pro;ect:
Loan applications are pending with several institutions for
both construction and takeout loan commitments. The project
has received a preliminary commitment from FNMA which would
guarantee the1permanent loan in connection with a tax exempt
bond financing.
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All such applications are being handled by:
Tom Rossi and Associates
14181 Yorba Street, Suite 204
Tustin, CA 92680
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Part II - Bond Issue
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2.1 Provide the Estimated Total Amount of the Financinq with a
Tabulation of Proposed Use of Bond Proceeds
2.1.1
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Loan Amount Calculation
Rental Income
Less: 5' Vacancy
Eff'ective Gross Income
Project Expenses (31'>
Net Operating Income
Debt Service at 1.05
Mortgage Amount 1,517,143
.1031 1)
$ 2,434,600
120,200
2,314 ,400
721,400
1,593,000
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1,517,143
$ 14,715,000
1) Represents a 9.75 percent interest rate, 30
year amortization, due in 12 years.
2.1.2
Use of Loan Proceeds
Land Improvement
Building Cost
Garages and Carports
Landscaping
Indirect Costs
Architectural and Engineering
Contingencies
Builder's Fee
Construction Loan Interest
HOD' Land Loan Interest
Loan Origination Fees
Legal, Marketing and Title Expenses
Bond Council Fee
Developer Profi t
Absorption Expense
Land Cost
Total Project Cost
2.2 Estimated Target Date of Financing
December 10, 1985
2.3 Estimated Term of Financinq
30 year amortization with 12 year maturity.
2.4 Type of Bond Sale
Private or public offering, underwritten.
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1,093,090
7,864,999
113,120
223,580
275,000
110,000
164,520
768,000
860,800
349,200
1,265,300
200,000
50,000
413,000
599,400
5,091,500
19,441,509
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Part III - Financing Information
3.1 General
Confidential financial information on W. Scott Biddle will be
submitted under seperate cover. Attached as Exhibit .C. is a
resume of Mr. IBiddle, the managing general partner.
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A resume on Lonnie Dunn, Jr. is on file, having been submitted
with the original application for the project.
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Part IV - Project Information
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4.1 Summary of Purpose, Objective and Function of the Proposed
Project
The purpose of the project is to provide 404 apartment units
for rental housing for the San Bernardino community. The
Project will be part of a total planned community that will
include 300 single family homes, 250 high density detached
homes, the 404 apartment units, 22 acres of light industrial
and 21 acres 'of commercial development. The entire project
will have a New England architectural theme, and will be
developed over the next 24 months.
This project 'will be a very high-grade apartment complex
that will pr~vide sorely needed affordable rental housing.
According to:most marketing sources, there is only a 1.5\
vacancy factor in this market area, which is a very low
level and indicates a need for additional units.
4.2 Description of Components and Estimated Total Cost of
Functional Parts of the Project
See Item 2.1.2 for a detail of Project Costs.
Source of Funds
Funds from Bond Issue
BUD Deferment and Subordination
Deferment of Builders's Fee (Partial)
Deferment of Developer's Fee (Partial)
Equity Contribution-New Limited Partner
Total
$ 14,715,000
2,909,900
686,100
330,400
800,109
$ 19,441,509
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4.3 Estimated Construction Period
4.3.1 Scheduled Start Offsites December 15, 1985
4.3.2 Scheduled Start Construction January 5, 1986
4.3.3 Scheduled Completion - Phase 1
of 224 Units November 5, 1986
4.3.4. Scheduled Completion - Phase 2
of 180 Units July 15, 1987
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4.4
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Name and Location of ApplIcant's Supervisinq Contractor
Responsible for Design of the Project
4.5
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W. Scott Biddle
Presley W. Carter
Biddle Development, Inc.
Contractor's License Number
17671 Fitch '
Irvine, CA 92714
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Location of Proposed Project
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located near the intersection of Waterman Avenue
Road. The location is west of Waterman, north of
south of the Southern Pacific tracks.
B286614
Project is
and Barton
Barton and
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4.6 Advise as to Whether the Project Site is a New Location
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New location.
4.7 Name of Legal Owner of Location
The property is currently held in the name of Dunn Delaware
Corporation. It is presently the intent of the general partners
to transfer title to the new joint venture partnership, South
pointe IV, at such time as the construction loan or bond financing
is placed. Such a transfer in contemplated in and in accordance
with the Second Forbearance Agreement (see Exhibit B, "Memorandum
Regarding Second Forbearance Agreement"). For purposes of this
application, it is requested that the applicant be acknowledged
to be South Point IV or any successor partnership as may be
necessary to the admission of a new limited equity partner. In
any such assignment of the existing general partners' interest,
it is assumed that those partners would remain in at least a
fifty (50) percent ownership position.
For purposes of notice and contact, South Point IV will remain the
party of record.
4.8 A Description of the Operations that are or are to be Conducted
at the Location of the Proposed Project
The project will be operated as a rental apartment project. An
8 1/2" x 11" picture of the project area, along with an elevation
of the proposed project, were previously submitted.
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4.9 List the Environmental .Qua1ity Restrictions, Standards or
Requirements Which Are to be Met Within this Project
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An Environmental Impact Report has already been prepared for this
project and all suggested measures have been implemented by the
developer.
4.10 A List and Copies of all Permits, Water Enforcement Orders,
Air Po11utionl Permits and Variances or Evidence of Other Actions
Evidencing Need for Installation of this Project
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On September 20, 1980, the City Council approved Tentative Tract
Map 11414, Zone Change No. 1153 and General plan Amendment No. 32.
Then on July 20, 1981, the City Council approved Tentative Tracts
No. 11759-11766, 11773-11778, 11783, 11784, 11787, 11819-11821,
11823, 11885,111786, 11834, Conditional Development Permits No 1139
and 1140 and Minor Subdivisions No. 658 and 659. All of the above
approvals deal with these environmental issues. The subject
property is included in the above approvals.
4.11 List Pollution Control Agencies Imposing the Application
Regulations, Standards or Requirements for Operations or
Disposal
On September 20, 1980, the City Council approved Tentative Tract
Map 11414, Zone Change No. 1153 and General Plan Amendment No. 32.
Then on July 20, 1981, the City Council approved Tentative Tracts
No. 11759-11766, 11773-11778, 11783, 11784, 11787, 11819-11821,
11823, 11885, 11786, 11834, Conditional Development Permits No 1139
and 1140 and Minor Subdivisions No. 658 and 659. All of the above
approvals deal with these environmental issues. The subject
property is included in the above approvals.
4.12 Describe the Regional, County or Basin Plan to Which this Project
is to Conform' and the Manner in Which it Will Provide Conformance
On September 20, 1980, the City Council approved Tentative Tract
Map 11414, Zone Change No. 1153 and General Plan Amendment No. 32.
Then on July 20, 1981, the City Council approved Tentative Tracts
No. 11759-11766, 11773-11778, 11783, 11784, 11787, 11819-11821,
11823, 11885, 11786, 11834, Conditional Development Permits No 1139
and 1140 and Minor SUbdivisions No. 658 and 659. All of the above
approvals deal with these environmental issues. The subject
property is included in the above approvals.
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4.13 Describe the Bv-products\_< Residues of th~.~roiect and Where
and How Ultimate Disposal Will be Accomplished
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On September 20, 1980, the City Council approved Tentative Tract
Map 11414, Zone Change No. i153 and General Plan Amendment No. 32.
Then on July 20, 1981, the City Council approved Tentative Tracts
No. 11759-11766, 11773-11778, 11783, 11784, 11787, 11819-11821,
11823, 11885,111786, 11834, Conditional Development Permits No 1139
and 1140 and Minor Subdivisions No. 658 and 659. All of the above
approvals deal with these environmental issues. The subject
property is included in the above approvals.
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Weekly trash pick-up will be provided. Sewage disposal through
the City sewage system shall be utilized.
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Part V - Public Benefits
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5.1 Describe the Benefits that Will Accrue to the City and its
Ci tizens
The project will provide much needed rental housing for the
City and its citizens. The rental units will be moderately
priced. People who work in the City will now be able to live
in close proximity to their jobs and will be able to spend more
time and, therefore, money in the community.
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5.2 Address the Findings in Section 1 of the Ordinance
The project i's anticipated to have a significant impact on the
City without imposing a financial burden on the City. The project
will not produce detrimental effects on, or conflict with, or
otherwise res'train State efforts to solve problems of ligitimate
State concern.
The applicant has legitimate, long-term business reasons for
construction and operation of this project including the long-
term profit potential from operations of this project. The
financing of this project under the method provided by Ordinance
Nos. 3 and 15 will provide additional financing sources to the
applicants at lower tax-exempt rates and will enable the time
schedule for construction of said project to be accelerated.
The City will only provide a method of financing the project and
will only be paid certain fees to reimbursement City for costs
incurred by the City in connection with the financing of said
project. The City will not realize a profit in such a manner
as to compete with or rival private firms and the applicant is
not requesting the City to take any more action than is necessary
to consumate the financing.
The City will receive a substantial benefit from construction of
this project that exceeds any detriment incurred by the City.
The project will be absolutely self-supporting. Ordinance No.
3815 and the documents pursuant to which any bonds issued by the
City to finance the project provide or will provide that such bonds
are limited obligations of the City, payable only from revenues
generated by the project and that all fees and expenses incurred by
the City in connection with the project will be required to be paid
by the applicant. Indirect benefits such as the increase in the
property tax base and increases in other taxes and user fees are
anticiated to exceed any indirect detriments to the City such as
increases in costs of police, fire and other municipal services.
The applicant will not take any action that will result in
violation of any applicable State standards relating to sewage
disposal of any anticipated wastes.
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Part VI -
6.4
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6.1
Commitments
The applicant I hereby agrees and commits to comply, and/or to
assist the City in complying, with all State and Federal laws
in the issuance of the Bonds, including, without limitation, the
making of anylrequired application to a governmental department,
for authorization, qualification or registration of the offer,
issuance or sale of the Bonds, and any amendments thereto, and any
permit or delivery by the City of the Bonds.
6.2
The applicant I hereby agrees and commits to cause and/or to assist
the City in causing to be printed any prospectus or other written
or printed communication proposed to be published in connection
with the issuance offer and sale of Bonds prior to the delivery by
the City of the Bonds, and, if deemed necessary by the City,
following theldelivery of the Bonds.
6.3
The applicant hereby warrants and covenants to pay all expenses in
connection with its commitments set forth above and with the
issuance, offer and sale of the Bonds, whether or not they are
finally issued, to hold the City harmless from any and all expenses
related thereto and to pay items on an on-going basis so that
neither the City, nor its advisors, attorneys, employees and the
like will accumulate any claims against the City.
The applicant agrees that any additional information, agreements,
and undertakings as the City may require as a result of various
conferences and negotiations shall be reproduced in writing,
printed or other tangible form, shall be supplied in as many copies
as the City prescribes and shall be deemed supplements to this
application.
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Part VII - Signature
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7.1 This application is signed below by the senior officials of the
agent for the applicant with prime responsibility for the
financing, who, by their signatures below, represent and certify
that they have authority to bind the applicant to contract terms;
that their application, to the best of their knowledge or belief,
contains no false or incorrect information or data, and this
application, I including exhibits and attachments, is truly
descriptive of the project, and that the applicant is familiar with
Ordinance No'38l5.
September 3D, 1985
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General Partnership
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. Scott Biddle, Presl en
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SOUTH POINTE IV APARnoIENTS
EXHIBIT 'A'
SCHEDULE OF PROPOSED RENTS
PROPERTr INCOME AND EXPENSE ANALYSIS
"L"
APRIL 6. 1985
BIDDLE/DUNN
lCOLOm' VILLIIGE)
SOU'nlPOINTE APARTMENTS
WATERMAN AVE. AT CllHMI!:RCIAL. SAN BERHARDINO
404 APARTMENT UNITS
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WUMBER
UNITS
ROOM SO. P'T .
COUNT PER UNIT
,
OTHER MENITIES
Rl!:NTPER
SQ. P'T.
MONTIILY ADJUSTED
RENTS RENTS
TOTAL
M. RENT
ANNUAL
RENTS
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216
36
48
104
III
2/1
2/1
2/2
626
796
819
955
53.47
8.91
11.88
25.74
0.72
0.67
0.63
0.63
450.00
535.00
535.00
560.00
97200
19260
25680
58240
1166400
231100
308200
698900
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404
302504
100.00TOTAL LIVING UNITS
0.66
520.00
o
200400
2404600
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SECURITr DEPOSITS '1' OF GROSS RENTS
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LAUNDRY INCOME
, $3.00/UNIT PER MONTH
2500
30000
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OTHER INCOME
, $5.00/UNIT PER MONTH
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GROSS OPERATING INCOME
520.00
o
202900
2434600
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