HomeMy WebLinkAboutR06-Redevelopment Agency
. REG".. OPENT AGENCY-I()KEST FOR ~ISSION/COUNCIL A~ION
. From:
Glenda Saul, Executive Director
Subject:
INDUCEMENT RESOLUTIONS -
COOPERATIVE AGREEMENT WITH
COUNTY - INTERNATIONAL
CHRISTIAN GRADUATE UNIVERSITY
\..-,it: Redevelopment Agency
Date: November 26, 1985
Synopsis of Previous Commission/Council action:
Ordinance 3815 providing for the issuance of Industrial Development Bonds
Recommended motion:
(Mayor and CoaDon Council)
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A. 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 NECESSARY TO CARRY OUT SAID PROJECT AND PROVIDE FOR THE
ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS THEREFORE; AND MAKING
CERTAIN OTHER FINDINGS AND DETERMINATIONS IN CONNECTION THEREWITH
B. RESOLUTION OF THE HAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO
FINDING THAT AN APPLICATION FOR INDUSTRIAL DEVELOPMENT BOND FINANCING HAS
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/ Signature
Contact person:
Glenda Saul
FUNDING REQUIREMENTS:
Amount: $
N/A
Phone: 383-5081
4
Ward:
P. N/A
rOJect :
Supporting data attached:
YES
No adverse Impact on City:
Date:
December 2, 1985
C'1Cil Notes:
0872K/EB
12/2/85
Agenda Item No. ~- 0
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~ 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 WIIICH IT REFERS;
DIRECTING THE PREPARATION OF A PROJECT AGREEMENT. A RESOLUTION OF
ISSUANCE AND SUCH OTHER LEGAL DOCUMENTS AS MAY BE NECESSARY TO CARRY
OUT SAID PROJECT AND PROVIDE FOR THE ISSUANCE OF INDUSTRIAL
DEVELOPMENT REVENUE BONDS THEREFORE; AND MAKING CERTAIN OTHER
FINDINGS AND DETERMINATIONS IN CONNECTION THEREWITH
C. A RESOLUTION ADOPTING A HOUSING FINANCE REVENUE BOND PROGRAM IN
COOPERATION WITH THE HOUSING AUTHORITY OF THE COUNTY OF SAN
BERNARDINO AND AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE FOR
AND ON BEHALF OF THE CITY All At.....,,""" COOPERATIVE AGREEMENT BETWEEN
THE HOUSING AUTHORITY OF THE COUNTY OF SAN BERNARDINO AND THE CITY
OF SAN BERNARDINO
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1212/85
CI'C OF SAN BERNARDO - REQULn FOR COUNCIL ACQ)N
STAFF REPORT
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The resolutions before you today are for three separate bonds for a
project for International Christian Graduate University. Included in the
project are requests for two separate industrial development bonds and a
cooperative agreement with the County of San Bernardino to issue a
multifamily mortgage revenue bond.
The developer has requested inducements for the industrial development
bonds at this time in order to have the inducement prior to the close of
1985. Pending action by the U. S. Congress may make this type of
financing very difficult to obtain after January 1, 1986. However,
projects which receive inducements prior to January 1, 1986, may be able
to fund in 1986.
Resolution A is for the acquisition and rehabilitation of facilities
currently owned by Campus Crusade. The facility will be bought by
International Christian Graduate University. The amount of the bond
isnot to exceed $15,000,000. The location of the project is Arrowhead
Springs Ranch. While this location is within the County, the City may
issue bonds for the project if a benefit to the city is determined. This
language is included in the resolution.
Resolution B is an inducement for construction of student/faculty housing
adjacent to the University. This will be an industrial development bond
in the amount not to exceed $15,000,000. Once again, the finding of
public benefit to the city is found in the resolution.
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Resolution C is a cooperative agreement with the County to issue a
multifamily mortgage revenue bond in an amount not to exceed $350,000,000
for the construction of 5,000 multifamily units of which approximately
1,000 will be within the city limits. The location of the project is
Arrowhead Springs Ranch, State Highway 18, and Old Waterman Canyon Road.
Name of Developer:
Arrowhead Springs Ranch, a partnership
Principals:
Steven Douglas, Campus Crusade for Christ
International
Warner Hodgdon, Project Manager
Project:
Approximately 1,900 acres - construction of
5,000 apartment units
Construction schedule:
Start - January 1987
Complete - December 1990
Rental schedule:
Studio, 500 units, $325/month
1 bedroom, 1 bath, 1,250 units, $450/month
2 bedroom 2 bath, 2,750 units, $550/month
3 bedroom, 2 bath, 500 units, $600/month
<::: Developer will be available to answer any questions you may have.
0872K/EB
75-0264 12/2/85
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THE COMMON COUNCIL OF THE CITY OF SAN BERNARDINO
RESOLUTION NO.
A RESOLUTION ADOPTING A HOUSING FINANCE
REVENUE BOND PROGRAM IN COOPERATION WITH
THE HOUSING AUTHORITY OF THE COUNTY OF
SAN BERNARDINO AND AUTHORIZING THE MAYOR
AND CITY CLERK TO EXECUTE FOR AND ON
BEHALF OF THE CITY A COOPERATIVE
AGREEMENT BETWEEN THE HOUSING AUTHORITY OF
THE COUNTY OF SAN BERNARDINO AND THE
CITY OF SAN BERNARDINO
WHEREAS, there is a shortage in the County of San
Bernardino (the "County") and in the City of San Bernardino (the
"City") of decent, safe and sanitary housing, particulary of housing
affordable by persons in the lower end of the purchasing spectrun,
and a consequent need to encourage the construction of homes,
affordable by such persons and othewise to increase the housing
supply in the County and in the City for such persons;
WHEREAS, the Board of Commissioners of the Housing
Authority of the County of San Bernardino (the "Authority") has
adopted its resolution declaring its intent to engage in a housing
finance revenue bond program (the "Program") pursuant to Chapter 1,
Part 2 of Division 24 of the California Health and safety Code of
the State of California (the "Act") and to issue bonds pursuant to
the Act to provide funds for the Program; and
WHEREAS, the Board of Supervisors of the County has adopted
its resolution approving the financing of certain multifamily
housing projects by means of the issuance of mUltifamily housing
revenue bonds by the Housing Authority of the County of San
Bernardino; and
WHEREAS, this Council adopted Resolution No. 85-185 on May
22, 1985, which found and determined that it was in the best
interest of the City to adopt the Program and to consent to the
operation of the Program by the Authority within the geographic
boundaries of the City pursuant to the Act.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City
of San Bernardino as follows:
Section 1. The Cooperative Agreement between the Authority
and the City (the "Agreement"), a copy of which is attached, is
hereby approved, and the Mayor and City Clerk are hereby authorized
and directed to execute and deliver said Agreement, for and in the
name and on behalf of the City. The Mayor, with the advise and
consent of the City Attorney, is authorized to approve any additions
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to or changes in the form of said Agreement which they deem
necessary or advisable, their approval of such additions or changes
to be conclusively evidenced by the execution by the Mayor of said
Agreement as so added to or changed. The Mayor, with the advice and
consent of the City Attorney, is further authorized to enter into
such additional agreement with the Authority, execute such other
documents and take such other actions as they may deem necessary or
appropriate to carry out the purpose and intent of the Agreement or
to cooperate in the implementation of the Program.
APPROVED AND ADOPTED by the City Council of City of San
Bernardino, California, at its regular meeting held on the day
of , 1985, by the following vote of the Council:
AYES:
NOES:
ABSENT:
Mayor of the City of
San Bernardino, California
day of
The foregoing resolution is hereby approved this
, 1985.
ATTEST:
City Clerk of the City of
San Bernardino, California
APPROVED AS TO FORM:
CITY ATTORNEY
By:
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STATE OF CALIFORNIA
COUNTY OF SAN BERNARDINO
CITY OF SAN BERNARDINO
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I, , City Clerk in and for the City of
San Bernardino, DO HEREBY CERTIFY that the foregoing and attached
copy of San Bernardino City Resolution No. is a full, true and
correct copy of that now on file in this office.
IN WITNESS
the offical seal of
of
I have hereunto set my hand and affixed
of San Bernardino this day
WHEREOF,
the City
, 19B5.
City Clerk
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COOPERATIVE AGREEMENT BETWEEN
THE HOUSING AUTHORITY OF THE COUNTY OF SAN BERNARDINO
AND THE CITY OF SAN BERNARDINO
THIS COOPERATIVE AGREMENT (This "Cooperative Agreement") is
hereby made and entered into as of , 1985, by and
between the HOUSING AUTHORITY OF THE COUNTY OF SAN BERNARDINO, a
pUblic corporation and body politic of the State of California, (the
"Authority") and the CITY OF SAN BERNARDINO, a municipal corporation
located in the County of San Bernardino (the "City").
WITNESSETH
WHEREAS, the Authority has determined to engage in a
multifamily rental housing mortgage finance program (the "Program")
pursuant to Chapter 1 of Part 2 of Division 24 of the Health and
Safety Code of the State of California (the "Act") to finance
construction or mortgage loans for the development of multifamily
rental hOUSing projects in the County of San Bernardino, all as
provided for in the act; and
WHEREAS, The Authority has determined to borrow money to
finance the Program by the issuance of revenue bonds (the "Bonds")
as authorized by the Act; and
WHEREAS, the City is willing to cooperate with the
Authority pursuant to its implementation of the Program within the
corporate boundaries of the City, provided that (1) such cooperation
and implementation shall in no way limit the City's ability to
exercise its own powers and develop its own similar program on other
sites; and (2) the City shall retain all normal planning and
building approval processes and authority over the Authority program
within the City's corporate limits;
NOW, THEREFORE, in consideration of the mutual covenants
hereinafter provided, the parties hereto agree as follows:
Section 1. The words and phrases of this Cooperative
Agreement shall, for all purposes hereof unless otherwise defined,
have the meaning assigned to such words and phrases in the Act.
Section 2. The Authority agrees to use its best efforts to
undertake the Program and to issue the Bonds therefore as soon as
the Authority determines the same to be necessary and advisable.
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Section 3. The City represents that: (I) The City has
heretofore adopted a General Plan for the City which it believes to
be in conformance with the provisions of the Planning and Zoning Law
of the State of California (Government Code Section 65000 et seq.);
(II) said General Plan includes a Land Use Element and a Housing
Element as required by Government Code Section 65302; and (III) the
Program and Program Site do comply with said Land Use Element and
Housing Element.
Section 4. The City agrees that the Authority may make a
mUltifamily rental housing mortgage under the program, and that the
Authority may exercise any and all of its powers for the purpose of
financing a multifamily rental housing mortgage pursuant to the act
with respect to the following projects:
DEVELOPER
PROJECT
LOCATION
Arrowhead Springs
Ranch, a California
Limited
partnership
Arrowhead
Springs Ranch
State Highway 18
and Old Waterman
Canyon Road
Section 5. The City agrees to undertake such further
proceedings or actions as may be necessary in order to carry out the
terms and the intent of this Cooperative Agreement; and the City
further agrees to refrain from taking any action which would, to its
knowledge, tend to adversely affect the rating on the Bonds to be
issued by the Authority pursuant hereto; provided that nothing in
this Cooperative Agreement shall in any way or manner be construed
to restrain, or in any way limit, the exercise by the City of its
planning, Land Use, Building Permit, or other authority, over any
aspect of the Program herein proposed.
Section 6. Nothing in this Cooperative Agreement shall
prevent the Authority or the City from entering into one or more
agreements with other political subdivisions within their respective
boundaries, if deemed necessary and advisable to do so by the
Authority or the City, nor shall anything in this Cooperative
Agreement be construed as limiting the exercise by the Authority or
the City of any of their respective applicable powers or authorities.
Section 7. The Authority agrees that it will impose upon
the developer, and arrange for transmittal to the City after close
of bond sale, the City's 1% fee for bond issuance, and will further
require of each developer, as a condition precedent to closing of
the bond sale, that each developer execute and deliver to City in
form suitable for recording the City's customary Covenant Running
with the Land, waiving any claim or right to density bonus as to the
property affected.
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Section 8. The Cooperative Agreement may be amended by one
or more supplemental agreements executed by the Authority and the
City at any time, except that no such amendment or supplement shall
be made which shall adversely affect the rights of the holders of
the Bonds issued by the Authority in connection with the Program.
Section 9. The term of ths Cooperative Agreement shall
commence on the date first above written and terminate at the end of
the origination period for mortgage loans under the loan for the
program.
IN WITNESS WHEREOF, the parties hereto have caused this
Cooperative Agreement to be executed and attested by their proper
officers thereunto duly authorized, and their Official Seals to be
hereto affixed, all as of the date first above written..
HOUSING AUTHORITY OF THE
COUNTY OF SAN BERNARDINO
CITY OF SAN BERNARDINO
By:
By:
ATTEST:
ATTEST:
By:
By:
Clerk
City Clerk
APPROVED AS TO LEGAL FORM:
By:
City Attorney
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1.9 Names and Locations of Key Officials.
1.10
1.11
1.12
-1.13
1.9.1. Principal officers
William R. Bright, President
John S. Butler, Secretary
1. 9.2
1. 9.3
Directors, and
Principal stockholders (over 10% ownership).
None
Description of other Business Affiliations and
Principal Officers, Directors and Principal Stock
Holders.
Not Applicable
Employees
(If operations are conducted in states other than
California, please describe relative nature of
intrastate and national activities) including:
1.11.1
1.11.2
Number of Employees in California l\~
Locations in California.
Arrowhead Springs, San Bernardino County,
California
Expert Services:
1. 12 .1
The applicant's accountant and principal
contact at such firm,
Ken Heckman
1.12.2
The applicant's attorneys and principal
contact at such firm, and
McKittrick, JaCkson, DeMarco' Peckenpaugh,
4041 MacArthur Boulevard, Newport Beach,
California 92660. Principal contact: Steven
J. Dzida
1.12.3
Any experts or firms of experts that will be
involved and the principal contacts at each
firm.
Principal bank of account and name of officers handling
account.
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1.14
The source of funding for the project.
SOl(c)(3) Exempt Facility, Industrial Development
Bonds
PART II. BOND ISSUE
..".2.1 Provide the estimated total amount of the financing
with a tabulation of proposed use of bond proceeds, inClUding:
2.1. 1 project cost,
2.1. 2 Legal, printing and related fees,
2.1.3 Financing costs and fees,
2.1. 4 Capitalized interest, and
2.1.5 Other miscellaneous costs.
2.2 Estimated target date of financing.
December 15, 1985
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2.3
Estimated times of financing.
One
2.4 Type of bond sale (private placement, underwritten
offering) .
Private Placement
PART III. FINANCIAL INFORMATION
3.1 Financial statements certified or prepared by a CPA,
from three most recent fiscal years, including the
fallowing:
(NOTE: If any information or data is confidential,
please confer with City staff before making this
submission. )
3.1.1
Balance Sheet,
3.1. 2
Income (Profit and Loss) Statement, and
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3.1.3
AnalYSis of sources and application of funds.
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If the City issues bonds to finance the project
the applicant will be required to furnish its
annual audited financial report, or, if
registered with the SEC, a copy of its lOK
repo rt.
3.2 Advice as to whether applicant is a small business, and
a description of the applicant's ranking and relative
size (small, medium, large) in its industry. If a small
business loan is involved, please give details, and if a
federal guarantee is to be used, a certificate of
financial disadvantage should be provided by the
qualified sponsor.
PART IV. PROJECT INFORMATION
4.1 A short summary of the purpose, objective and function
of the proposed project.
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Acquisition of existing university facilities and
rehabilitation of same
A description of the components and the estimated total
cost of the functional parts of the project, including:
4.2.1
4.2.2
4.2.3
4.2.4
Land,
Buildings,
Tabulation of equipment,
Engineering and technical services, and
4.2.5 Other or miscellaneous items (describe and
tabulate) .
NOTE:
~4.3
The regulations of the Internal Revenue Service
define eligible facilities, and formulate their
nonproductive values. They should be consulted
for its definitions.
Estimated construction period:
4.3.1
4.3.2
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Scheduled starting date, and
Scheduled completion date.
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4.4
Name and location of the applicant's supervising or
consulting engineer responsible for design of the
project.
- 4.5
The location of proposed project. If duplicate
installations in several locations, list addresses
of all.
Arrowhead Springs, San Bernardino County,
California
4.6 Advise as to whether project site is a new location.
If not, describe what expansion or alteration will be
made.
Existing location - existing facilities will be
rehabilitated
4.7 Name of legal owner of location:
Campus Crusade for Christ International
4.7.1
If not owned by applicant, advise terms and
nature of occupancy, and
4.7.Z
If there is or will be a legal relationship
between the applicant and owner of the
location, describe the relationship.
None
-4.8
A description of the operations that are or are to be
conducted at the location of the proposed project, and
the scope, magnitude and process relationships of the
proposed project, including:
4.8.1
An 8-l/Z. x 11. map showing plant site and
location of the project, and
4.8.Z
A description of the plant process.
4.9
List the environmental quality regulations, standards
or requirements which are to be met within this project
4.10
A list and copies of all permits, water quality enforce-
ments orders, air pollution permits and variences or
evidence of other actions evidencing need for
installation of this project.
List pollution control agencies (local, state and
federal) imposing the applicable regulations, standards
or requirements for operations or disposal.
4.11
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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.
4.13 Describe the by-products or residues of the project, and
where and how ultimate disposal will be accomplished.
If recycling or salvage is to be a function, advise as
to market opportunities.
PART V. PUBLIC BENIFITS
5.1 Describe the benefits that will accrue to the City and
its citizens as a result of the installation of this
facility and the use of this method of financing,
vis-a-vis a conventional method.
5.2
In particular, the application should address the find-
ings in Section 1 of the Ordinance, and should show that
the applicant is locating in the City for long-term
business reasons and not merely because of any financial
inducement offere4 by the Ordinance. Applicant should
outline the program by which it is expected that its
activity in the City will increase long-term employment
of local residents and that the City will receive a
substantial benefit that exceeds any detriment incurred.
PART VI.
COMMITMENTS
6.1
The application shall be supplemented with a commitment
by the applicant 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 any required 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
other authorization of such governmental department
prior to the delivery by the City of such bonds.
The applicant hereby commits to comply and/or to
assist the County and City in complying, with all
state and federal laws in the issuance of the
bonds, including, without limitation, the making
of any required application to a governmental
department, for authorization, qualification or
registration of the offer, issuance or sale of the
bonds, and any admendments thereto, and any
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permit or other authorization of
department prior to the delivery
City of such bonds.
6.2 The application shall be supplemented with (i) a com-
mitment by the applicant 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 or
sale of bonds, prior to the delivery by the City of
such bonds, and, if deemed necessary by the City,
following the delivery of such bonds.
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6.3
6.4
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such governmental
by the County and
The applicant hereby commits to cause and/or to
assist the County and City in causing to be
printed any prospectus or other written or printed
communication proposed to be published in
connection with the issuance, offer or sale of
bonds, prior to the delivery by the County and
City of such bonds, and, if deemed necessary by
the County and City, following the delivery of
such bonds.
All commitments by the applicant shall specifically
provide for the applicant to pay all expenses in
connection with the issuance, offer or 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 ongoing basis so that
neither the City, nor its advisors, attorneys, employees
and the like will accumulate any claims against the
City.
The applicant hereby commits to pay all expenses
in connection with the issuance, offer or sale of
the bonds, whether or not they are finally issued,
to hold the County and City harmless from any and
all expenses related thereto and to pay items on
an ongoing basis so that neither the County and
City, nor its advisors, attorneys, employees and
the like will accumulate any claims against the
County and City.
Any additional information, agreements and undertakings
as the City may require as a result of various
conferences and negotiations shall be reproduced in
written, printed or other tangible form, shall be
supplied in as many copies as the City prescribes and
shall be deemed supplements or amendments to the
application.
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The applicant hereby agrees to provide any
additional information, agreements and
undertakings as the County and City may require as
a result of various conferences and negotiations,
and will reproduce said materials in written,
printed or other tangible form, and shall supply
as many copies as the County and City prescribes,
and such materials shall be deemed supplements or
amendments to the application.
PART VI I .
SIGNATURE
7.1
The application must be signed by the senior official
of the applicant with prime responsibility for the
financing, who must certify that he has authority to
bind the applicant to contract terms; that the
application to the best of his knowledge or belief,
contains no false or incorrect information or data, and
the application, including exhibits and attachments, is
truly descriptive of the project. There must also
be a representation that the applicant is familiar
with Ordinance No. 3815.
This application is hereby submitted on behalf of
the International Christian Graduate University
(the .University"). The undersigned is the senior
official of the University with prime
responsibility for the financing of the Project,
and I hereby certify that I have the authority to
bind the University to contract terms; that the
application, to the best of my knowledge and
belief, contains no false or incorrect information
or data, and the application, including exhibits
and attachments, is truly descriptive of the
project. Further, I hereby represent that I have
reviewed and am familiar with Ordinance No. 3815,
of the City of San Bernardino.
PART VIII. FEE SCHEDULE - The following fees apply to the first
time applicant and for each refunded
issue:
8.1
The City requires a non-profitable 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 the application form, a $500
non-refundable fee is payable to the RDA. If the
application is accepted prior to the public hearing,
an additional fee of $10,000 is payable for administra-
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tive costs. Applicant agrees 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 may be capitalized and included in
the bond issue, as acceptable to the bond purchaser.
8.3 The City derives its entire support from the fees for
its services. The total function of the City is
conducted on a self-supporting basis, and involves no
state general revenues or expenditures from taxes from
the state or any of its political subdivisions. No
indebtedness or taxing power of the City is involved.
Project revenues are the sole security for its bonds.
The federal guarantees, if any, enhance these revenues
and income and the security of
8.4
Pursuant to Resolution 81-108, as amended by Resolution
81-410, and as amended by motion on November 21, 1983,
one percent (1\> of the bond issue shall be deposited
by applicant regardless of adoption date, at the time
of bond closing in the City Treasury in the Industrial
Revenue Bond Reserve and Development Fund, which shall
be used in such manner as the Mayer and Common Council
may direct from time to time.
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PART IX. ADDITIONAL INFORMATION
9.1 In addition to issuing bonds, the staff of the City
actively consults with lenders, investors, securities
underwriters and federal agencies in developing and
packaging programs for smaller companies. The City
desires to encourage credit worthy smaller businesses
to apply and take advantage of any such programs that
can be developed.
DATED:
INTERNATIONAL CHRISTIAN GRADUATE UNIVERSITY
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SAN BERNARDIND COUNTY MULTIFAMILY
INDUCEMENT APPLICATION
PART A: DEVELOPER INFORMATION
1. Name of Developer:
Arrowhead Springs Ranch
2. Address of Developer:Arrowhead Springs, San Bernardino, CA
Corpora t ion
Partnershipxx
Other
3. Legal Status of Developer: Individual
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4. Contact Person: Phone:
Steve Douglas, V.P., Administration (714) 886-5224
Calrpus Crusade for Olrist International
Warner W. Hodgdon, Project Manager
PART B: PROJECT INFORMATION (Use separate form for each project)
1. Project Name: Arrowhead Springs Ranch
2. Project Addres,s: Arrowhead springs
3. Parcel Number: See attached legal Census Tract:
4. No. Acres 1900 Approx. Sq. Ft.Approximately 1000 of 1900 acres
5. Status of Land: ..lQL Owned (Since 1960 )
Optioned (Expiration Date )
6. Value of Land $ Information to follow
7. Number of Total Units
5,000
Number of Affordable Units 1,000
C 8. Type of construcHon Information to follow
Number of stories 2
Density
du/ac.
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11. Timing: Anticipated Construction Start January
Anticipated Completion
December
12. Estimated Loan Amount: $ Not to exceed $350,000
1987
1990
-
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Per Unit: $~roxirnately 60,000 over 5 year construction wild out
Net Operating Income
(Lines A-B:<:C-D)
$
Debt Service $
(Loan Amt. $ )
(Rate 9.5 %) Estimated
(Term 30 yrs.)
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