HomeMy WebLinkAboutR05-Redevelopment Agency
-
-
-
i RECYELOPIENT AOENCY.I()uEST FOR~ISSION/COUNCIL AOION
, From:. Glenda Saul, Executive Director
<"",'..'
Subject: INDUCEMENT RESOWTION - VLACH
APARTMENTS PARK PROJECT
'-- ,to Redevelopment Agency
Date: December 9, 1985
Synopsis of Previous Commission/Council action:
Ordinance 3815 providing for issuance of Industrial Development Bonds
Recommended motion:
(Mayor and Common Council)
..,._..
{
"-
That the inducement resolution presented herein for Vlach Apartments Park for
multifamily bonds not be approved at this time.
/~~A/
Signature
Contact person:
Glenda Saul
Supporting data attached:
YES
Phone: 383-5081
7
Ward:
FUNDING REQUIREMENTS:
Amount: $
N/A
None
Project:
December 16, 1985
Date:
No edverse Impact on City:
<::ncil Notes:
0913K/OJ
12/16/85
Agenda Item No,_R-$
c,oCI OF SAN BERNARDaCO - REQUUT FOR COUNCIL AcQON
.-
,.
'-
-
'-
c
75.0264
STAFF REPORT
Ordinance 3815 provides for industrial development bond financing, including
multifamily mortgage revenue bonds. The City has received a request for bond
financing from Leo J. and Agnes J. Vlach. Below is a recap of the application:
Principals:
Leo J. Vlach and Agnes J. Vlach
Amount of financing:
$1,308,000
Project:
Construction of a 40-unit multifamily complex on
1. 25 acres
Location:
3667 North "E" Street
Target date for financing:
Unknown
Construction schedule:
Start 3/86
Complete 10/86
Increase in jobs:
During construction only
Reserve and development fee:
1% of $1,308,000 - $13,080
Rent schedule:
27 units, 1 bedroom, $395/month
13 units, 2 bedroom, $495/month
Zoning:
R-3-1200, 1 unit/1,200 square feet
Note: Due to revisions in plans, Planning Department has continued approval of
project until revisions are complete.
Staff does not recommend approval of any further multifamily inducements for
calendar year 1985.
0913K/OJ
12/16/85
,----- j
"--.:- -1
.. {""
~--, r--" lon.nlht
. Ottatted ",lor"" I .cse
fOllllOre blur.th!
I IfUouU,nedIn ~
i ,1' "7.~-NATJONAL
I / r--
/LLL_jA:.. , ,
'-~-~. ", .
"'''7'~'- I. "
IJ .. ~".., __'~ .
~, I .-- ~ I
" ,'/ ",\ ..1, _ .: 1
", c.-J~--":', ,
," . ~ I '"l-'-T~~ _..___J;j:\
: ;. , _--n-." l.l r'- L. , " '
· ~l~" ,."-.....: ". ,''',!
.. '- \'~.J '...' I
~', II.' iA~ ~ -~. ': ..~'.., ". I ,
""''' "".'.( ~'=.r : ".., '!1;,~.
.,~, -- .i ~,J.ti'~':~~..;t L. ~
'0" '"", " , ..", .... ~ " ,;. j( '" '''ROJecr ,.
ql" """i'r-..,'. '" _.....""",,~., c, ..
J'\'" ,r')..'f"'oM ~ I!'~' ....." '''', ifi~.n" . ',' .. "" ,.. SITE. r~' . ~..__J.
. rl"'J> , ..,. ~ ~;m"""-"''''", '.. : ''"'~''
. " '. " '., "J .... .. .. l':"'i;~'._
" ,~ · V:; ',1!& ' , ., "':-''' " ; ~, )"fl';, ~;.:..::. , ',' "'" ;.~~~ ;'i
'~~ I' , i, ;;:"'...g,.......~. lL~. .. .....".. b!.:.;, "'~ _, ...... I~:~' '!'"
~'. /" ');~. \ '. . ''''. ii"~ I"'';'', L'-'- "', ... ;",
' ~ ~.. , , " ". ..... . - '" '-"""-
~~~ - , . - .... . " '.. ''"' "',' '" - "" "F
,'" ~ "'''';" , I' .. --'"'' "'~" . '.' "~..... '~'i:H _", ,
"!t-r~.., ~... ,'-~~, '" fi' ~t. ,~ I&.",~ I'fl .",:- '. ' ';.:
'C!cr< ~. .' "J .'_~.'~ : r';.:.t" ~IS:':"U ~',::.;' It;!;l!
~'I ,~, .... '" -IJ..... '. \. . ...... t';.... , ~ !:i:'
"'4'" r ':.i:"':'~l ll'i~> ~ (il'y.' /"'; . ........"'="'~ . I,. n-r!~ i:i:oz.:: i i ~.. .~..;" =. :~
... .. .., ....f{".,.~;, '-: f ._~. ,~._.. '''''.." .::,,-:' , _;- ''''''. ~''Il.,'.
. , '''' " , '" '., ' -on,_" ""',,, .
' , "', ~, ' N- "" '.., "'" ',_...
" ".- , . ", '~. , "''''' ' , -:
... tt\' \ '\f":~'. ..::'! '" . :;.. '11:: !IU j ". L ,';i~d' ~ i;\H,
~.. 1,"1' '-.. ',I ~"" . ~~,. ., ',. ...... , .~ "~, .~.. ." '. " ,j!ro -"';
~, ", ~'" ", . , , " . '.. ~. , , ~, "
' , ", \- "-:, " ,,-. -. '" I";'. 1.....:;..1,: " "';:, ", ,t
~ .~~ jl~;' " ',' >,,: ''-"'t ,. , " . '. ~." '. ~~ ~l!, ,,' """~ :::'.. ,,,
1\. ":1 .. i " \"""""';"',,"~ ....';;T..,~~. 'II' '.-:I;. " '~, _ "~' . .
.., !.. . ,,, . ,.:~ ,,,. '. ;,..,~... ',.O!!" '" ...... f1~Jl''''':; 'i:.L;" '....11",..", ,"
': "."! '.. )1'" .~'~.\ '.. r-::.. "'. '" -::' ': ," !. i I~M .... ~'.:::'" 't~r'~":."~ +~...' 'i""':;~~
" ~ .. ~, ,';' ,,' ..... """~ .." -'."., "Cd I'" g ,
~... . I iSi';~'f2~ ":e..., .:, "';;;j! "'_It. ..~" ~. . "'- hfr_,
~ l '.' ", 'I..~ ....-. ,.r;;:....: 1ot3'...'. '.' ;"'", t I",..: 'l'!!",I' "J
".' - , " ", ,.- .. '.... .... ""'!. '--. , . ~"".,
+'. -' -,,~ .. '.. "'.u'~""" . ~ _ . __ '~"'-
\. ~~: : -'.. ~' ';'"k~, r"" '1-" ,~, !p:::~:::.- ". T." """.. ,;I.. ::~.." '-... _ : _"'~,. . 'IT""'''
',C". ! ,'1'-: I . '...:.....;, i ".,_""' ~,. .,' ',11 L.~ ! ".. 'I""" J.' 'il "":' I
' . -. - rr..' , ',~ . " '" ' H-,~~. '. '.._ (........,... ~ ;.
'j' ".~~~~., -" ~J::::::::UJJ:: !l' .(: ", 1i=',;:;':i1, .: ;:' .' ".,~:.uii '. ."~~;1'\'''li' ".:::""j..; ';. ,. .l, ,
'~I.r-",,_, ::::I. -to , ". '_'"
',' . .""",. .. ~ , ,,,,.. ~ . j,~. :," "'::" "" ,. C'
- ~ . i= r".. =" _ ~ 'fc-~ . ....... _. " " '"
,w, ... 0 I I \l - .;;;,;;. ,,:,', "'~,i~~:.. ~,:,~p~ ..e.:'I.~.j .+::' X; I" '1" n ;;::'L1::'~:'fW." . I ., ;.~:.." ':
' , - , " ''', ....." '''''1' .. .~ , , 1J " ''''.'..
t - I -'-:;'1'I:r'.. : ;.; ~.; ,?;.:r~:",'"J , ;':;.: ,", :1: I.', J. .. . .j '~": i '! "Cii.: ._
'!"';I,,, .. .1= ". ".. "1'" :'." . "'1'" II' ... .~,
llli:i!JLi:... ~q f.:;~,~~~11t", j~.,in 'm.:..:t !;:::' I';lj"~' lJ"U;U~,\t....;..~..::, ': :,;1 :. "lL;)
"\... ~' '" .t"'~f"~.-,}_,,~, "'f'I' i, I '...... j' ~: ..,,,' I., '!'.' ,J'i';';' .........
r.lIl.. 0 ',' "." ",...,.~.; t ,. . . 1;1' """2CJ'-r:-' II. .
I' ',;)I~..', " ~ (V , ' <.....::" , ',. : I':ojl.', '1": ~ ..
:~.~. IlIJL:'IIiJ.:..:"i.1 ~ Ihe. II ~
'~!~~""'if=t~~ ::11: .-....
~ I...,~,'._.~" ...
flmil\_ ..(T,'~~__
I
I
L_____,
-~
.....
~.
--.
,-
"
o
o
\
;
....... "'"
.;.:",...
.
.t;:
"QJ> ""'-
Arrowt-d .... L.
CO',y",
FOREST
,
,
r-
'-
c
-:,
-
-
c
o
~
o
SBE003-85/1288S/cb
12102185
RESOLUTION NO.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA. DECLARING ITS
INTENTION TO ISSUE ITS MULTIFAMILY MORTGAGE
REVENUE BONDS; DIRECTING THE PREPARATION OF
CERTAIN DOCUMENTS AND MAKING CERTAIN OTHER
FINDINGS AND DETERMINATIONS IN CONNECTION
THEREWITH (VLACH APARTMENTS PARK PROJECT)
WHEREAS, the City of San Bernardino, California (the
"City"), is a "home rule city" duly organized and existing under and
pursuant to a Charter adopted under the provisions of the
Constitution of the State of California; and
WHEREAS, pursuant to its home rule powers. the City duly
,- and regularly enacted Ordinance No.
~
c
3815,
as amended
(the
.Ordinance") to finance various types of projects, as defined in the
Ordinance, and to issue its special revenue bonds for the purpose of
enabling various developers to finance the cost of such projects,
and has amended the same from time to time; and
WHEREAS, said Ordinance is
intended to finance the
development of industry and commerce and to thereby broaden the
employment opportunities and to increase the availability of
moderately priced rental units for residents of the City and to
broaden the tax and revenue base of the City without any liability
to the City whatsoever; and
- 1 -
-
-
-
c
o
o
~
c
WHEREAS, the City is authorized and empowered to issue
multifamily mortgage revenue bonds pursuant to Health and Safety
Code Section 52000. et seq. (the "Act"); and
-
WHEREAS, there has been presented to the Mayor and Common
Council of the City of San Bernardino. California (the "Mayor and
Common Council"). an Application. attached hereto as Exhibit "A" and
incorporated herein by reference, by Leo J. Vlach and Agnes J.
Vlach, as individuals, or their successors or assigns (the
"Applicant"). requesting the issuance of multifamily mortgage
revenue bonds in the principal amount not to exceed $1.500,000 for
the purpose of financing, on behalf of the Applicant, a certain
Project, to wit: the acquisition of an approximately one and
C one-fourth (1.25). acre parcel of land located at 3667 North "E"
Street, in the City and the construction and operation thereon of a
thirty-six (36) unit multifamily rental housing development. The
Project shall include twenty-seven (27) one-bedroom and nine (9)
two-bedroom apartment units. laundry room, swimming
appurtenant landscaping and other improvements; and
pool.
WHEREAS, it is appropriate for the City to take certain
action at this time regarding the requests of the Applicant.
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO. CALIFORNIA. DO HEREBY FIND, RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
c
- 2 -
c
-
c
c
-
c
o
~
o
Section 1. That the recitals set forth hereinabove are
true and correct in all respects.
Section 2. The City is a municipal corporation duly
created. established and authorized to transact business and
exercise its powers, all under and pursuant to the Constitution and
laws of the State of California, and the City Charter of the City,
and the powers of the City include the power to issue bonds for any
of its corporate purposes.
Section 3. Pursuant to the Charter of the City, the
Ordinance and the Act, the City is legally authorized to issue
special revenue bonds for the construction and permanent financing
of the Project as more fully described in the recitals hereof.
Section 4. This body constitutes the governing body of
the City and is legally authorized to provide for the issuance of
such special revenue bonds by the City.
Section 5. The Project referred to in the recitals
hereof constitutes a project which may be financed by the issuance
of such special revenue bonds by the City and located within the
juriSdiction of the City.
Section 6. The Mayor and Common Council hereby declare
their intention to issue multifamily mortgage revenue bonds of the
- 3 -
c
'-
c
c
c
o
o
o
City for the 'acquisition of land and the construction. equipping and
permanent financing thereon of the Project under and in accordance
with the Ordinance and the Act, in amounts sufficient to pay the
costs of financing the Project in one or more series of financings
and of paying the costs of issuance for the multifamily mortgage
revenue bonds and for the establishment of the necessary reserve
funds to provide for the financing of said Project. Said Project is
presently identified as the "Vlach Apartments Project". Any
agreement for such financing shall specify that the multifamiLy
mortgage revenue bonds which may hereafter be issued in connection
with the Project are a special obligation of the City and that they
shall not constitute a debt of the City and that the City's general
funds shall not be liable for repayment of such multifamily mortgage
revenue bonds.
Section 7. The City hereby declares its intention to
exercise the authority referred to in Section 3 hereof by issuing
multifamily mortgage revenue bonds of the City in such amounts as
will be adequate to implement the City financing of the Project.
Section 8. The bonds shall be payable from the revenues
described in the Ordinance and/or the Act.
Section 9. The bonds shall be and are special
obligations of the City, and, subject to the right of the City to
apply moneys as provided in the applicable laws. are secured by such
revenues as are specified in the proceedings for the issuance of
- 4 -
c
-
c
c
c
.:>
o
o
such bonds and funds and accounts to be held by the trustee or
fiscal agent, and are payable as to principal, redemption price, if
any. and interest from the revenues of the City as therein
described. The bonds are not a debt of the City, the State of
California or any of its political subdivisions. and neither the
City. the State, nor any of its political subdivisions is liable
thereon, nor in any event shall the bonds be payable out of the
funds or properties other than all or any part of the revenues,
mortgage loans, and funds and accounts as in this Resolution set
forth. The bonds do not constitute an indebtedness within the
meaning of any constitutional or statutory debt limitation or
restriction. Neither the persons serving as the Mayor and Common
Council nor any persons executing the bonds shall be liable
personally on the bonds or subject to any personal liability or
accountability by reason of the issuance thereof.
Section 10. The details of such bonds, including the
establishing of the aggregate face amount of such obligations, shall
be authorized by indenture, resolution or resolutions of the City at
a meeting or meetings to be held for such purpose. The City Staff,
Sabo & Gondek, a Professional Corporation, as Bond Counsel to the
Ci ty, the Underwriters, the Applicant and the agents and
representatives of same are hereby authorized and directed to
prepare or cause to be prepared the necessary legal documents,
including the Project Agreement, Resolution of Issuance, and such
other documents as may be necessary to effect said Project and the
issuance of industrial development revenue bonds therefor and to
- 5 -
c
-,
c
/
c
c
o
~
o
present same, to said Mayor and Common Counci 1. The Mayor of the
City is hereby authorized and directed to coordinate the efforts of
all concerned relating to the issuance and sale of the bonds, and
the City Staff. consultants, legal counsel to the City and Bond
Counsel as referenced above are hereby directed to take such steps
as shall be appropriate to implement such sale and delivery of the
bonds including working with persons who may acquire vested rights
as the result of such actions.
Section 11. The issuance of multifamily mortgage revenue
bonds may be authorized by appropriate resolution or resolutions of
the City at a meeting or meetings to be held for such purpose,
subject to the execution of appropriate agreements by the Applicant
and the City as ,requi red by the Ordinance and/or the Act and the
industrial development bond financing program of the City.
Section 12. It is intended that this Resolution shall
constitute such .official action" toward the issuance of the bonds
within the meaning of the United States Treasury Regulations, the
United States Tax Laws, and any legislation now or hereafter pending
in the Congress of the United States which may require official
action in order for the bonds to be exempt from federal income
taxation.
Section 13. At the closing of the financing there shall
be paid to the City the fee set forth in Resolution No. 81-108 of
the Mayor and Common Council, adopted March 13, 1981. as amended by
- 6 -
c
-,
c
c
-'-
c
o
o
:>
Resolution No. 81-410, of the Mayor and Common Counci 1, adopted
September 24, 1981.
Section 14. The Applicant shall provide appropriate
covenants in the tax-exempt financing documents as may hereinafter
be submitted to the City for consideration and approval in a form
acceptable to the City Attorney and Bond Counsel and to assure that
not less than twenty percent (20%) of the multifamily rental housing
uni ts included in the Project are to be occupied or reserved for
occupancy by the individuals of low and moderate income as provided
in the Code.
Section 15. Prior to issuance of any bonds for the
Project as may hereafter be approved pursuant to the appropriate
resolution or resolutions of the City, the Applicant shall provide
for the recordation of a covenant running with the land in a form
approved by the City Attorney of the City whereunder the Applicant
waives any claim under State law to a density bonus, as defined by
Government Code Sections 65915 and 65915.5, for the property on
which the Project is to be constructed.
Section 16. The approval as herein granted and the final
approval of the Project and the financing thereof are specifically
conditioned upon the Mayor and Common Council approving the final
environmental assessments and other environmental documents prepared
or to be prepared pursuant to the provisions of the California
Environmental Quality Act of 1970. as amended. with respect to any
- 7 -
c
-,
c
c
'~
c
:>
o
o
and all envi,ronmental conditions with regard to the operations of
the Project as proposed by the Applicant in the Application.
-
Adoption of this Resolution shall not be construed as approval of
the plans or concept of the proposed development, nor as an
indication that the Mayor and Common Council will hereafter take any
particular action toward granting any planning, zoning. or other
approval relating to a plan of development.
The Mayor and Common
Council reserves its right to evaluate any future administrative
procedures and appeals based solely on the information available ~t
the time of consideration, including any actions or recommendations
by or appeals from the Development Review Committee and the Planning
Commission. Nothing herein shall be construed as advance commitment
or approval as to any such matter, and the Applicant is hereby
notified that nqrmal planning processing shall be required, in
accordance with the standard procedures of the Ci ty and that the
Applicant will be required to comply with all applicable laws and
ordinances of the City, State and federal government.
- B -
c
-
c
c
-,
\,.,
Section 17.
adoption.
I HEREBY
adopted by the
San Bernardino at
the day of
wit:
AYES:
NAYS:
ABSENT:
c
o
~
This
Resolution
shall
take
effect
upon
CERTIFY
Mayor
a
that the foregoing resolution was duly
and Common Council of the City of
meeting thereof. held on
, 1985, by the following vote. to
Council Members
City Clerk
of
The foregoing resolution is hereby approved this
. 1985.
day
Approved as to form:
Mayor of the City of
San Bernardino
City Attorney
- 9 -
c
-:,
c
c
-
-
-....... -
-
c
o
o
o
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO )
CITY OF SAN BERNARDINO )
ss.
I, SHAUNA CLARK, 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 WHEREOF, I have hereunto set my hand and affixed
the official seal of the City of San Bernardino this day of
, 1985.
City Clerk
- 10 -
-
-
-0
CITY OF SAN BERNADINO 0
....... TI -FAI'lIL Y PIIlRT8A6E REYENJE BOND
Oate. Nov.-ber
UtAtRB) N"PLICATION
25, 1985
Page. 1
o
c
PART 1
BENERAl. AND BUSINESS INFDRl'tATION
1.1 ~al Na8e af Applicant.. Leo J. Vlach and Agnes J. Vlach
1.2 Line af Bu.in..s. Apartment Development/"anagement
(30 EX1sting Units)
1.3
ttai I ing Add,.....
210 E. 19th Street, Apt. No. 2
San Bernadino, California 92404
tta.I! Add,.....
10292 o.erhill Drive
Santa Ana, California 92705
1.4 IRS 10 No.. 33-0090237
1.5 ~ and Title af Principal eant~tl Leo J. Vlach - Owner
1.6 Office Phone. (714) 883-2619
tta.I! Phone.
(714) 838-7815
1.7 Type af Busin..s Organizatiorll Private Enterprise
e 1.7.1 Pl~e of organization. Vi 11age Apartments
210 E. 19th Street
San Bernadino, CA 92404
1.7.2 Oate of Organization. "ay 1977
1.7.3 Nature of ~al Affiliation. N/A
1.8 ean.titution of ONnershipl Community Property. 100%
1.9 Na8es and Location. of key Officials, including.
1'. 9. 1
Principal Officer(.). N/A
1.9.2
Oirectar(.): N/A
1.9.3
Principal Stockholder(.): N/A
1.10
1.11
Description af ather business affiliations af principal
officers, directors, and principal stockholde. "
'\. C' 1 ,t Glf, "
&ploy_: N/A I'r;j l[[[n::;,:C!",,%\
i-- -., .
;e .. t:'
I w !'"Ir-r C.
:-~ "" - 3 1('-" :;;
\ S,. ....~. i
~, s~ .
\~ ";,;~> '" I
"~I
c
-
,...cITY OF SAN BERNADINO '"" __~Datez NovlMber 25, 1985 "'"\
~TI-FAt1ILY I'IORTBASE REYIl.oUE BOND (..."""'" APPLICATION Pagez 2 ~
1.12 Expert Servic..z
c
1.12.1 Accauntant(s)z N/A
1.12.2 Attarney(s)z ?
1.12.3 Other(s)z N/A
1.13 Principal Bank af Accauntz ?
1.14 Project Funding Saurcez "ulti-Family Mort. Revenue 8ond5
PART II - BOND ISSlE
2.1 Esti..ted Tatal A.aunt of Financingz
2.1.1
Project Cast z
2.1.1.1
Basic eanstl"UCtioru
. 850,000
2.1.1.2
Lot LDAn (~ining) z
30,000
2.1.1.3
On 6i te I...~tsz
60,000
2.1.1.4
Off 6i te I... rov--.tsz
32,000
c
2. 1. 1.5
ea.pletian Bandz
15,000
2.1.1.6 Architectural F...z 12,500
2.1.1.7 Engin..ring. Brading Plansz 12,500
2.1.1.8 City Building Pe~itsz 61,200
2.1.1.9 City Water I SeMer F..sz 32,000
2.1.1.10 City Schaol F...z 48,700
2.1.2
Legal and Other Feesz
15,000
.
2.1.3
Financing Castsz
40,000
2.1.4
Capitalized Interestz
?
2.1.5
Otherz
100,000
2.1.6
Tatal A.aunt of Financingz
. 1,308,000
2.2 Esti.ated Target Data af Financingz ?
-.# ~ .
2.3 Esti.ated Ti... of Financingz ?
~
'-
2.4
Type af Band Placement z ?
-
, - .
QI TV. OF SAN IlER>IIHD 11<<1 ("")
I'U... TI -FAI"\IL V PIORTSABE REYME: BOND
{'1oat.: Novftlb.r 25, 1985 0
(~ APPLICATION Page: 3
PART I I I - FINANCIAL INFORI1ATlON
c
3.1
Financial Stat..-nt.: See Attachments
3.2.1
3.2 Bu.in... Size and RAnk: Small Busin.... Small
3.2.2
....11 Bu.i,.... LOAn: N/A
Federal 6uArant_: N/A
PART IV - PRO.JECT INFORI1ATlON
4.1 Project Objective: The propo.ed project in ~uestion
("The Project") is a forty (40) unit apArtment complex.
The apartments are to be rented to law-to-medium income
famili.s. The apartment. will be managed by the
Applicant, who for the la.t eight year. has .uccessfully
managed two additional .imilar projects totaling 30 units,
which Are located at 210 and 223 E. 19th Street, San
Bernadino. California.
4.2 Description and E.ti..ted Cost Df Th. Project.. Functional
eo.ponentsl
4.2.1
c
4.2.2
.
4.2.3
4.2.4
4.2.5
c
Land: The land an which The Project is to be
con.tructed i. located at 3667 North E Street, San
8ernadino. California. The land is comprised of
two .eparAte but adjAcent parc.ls which total to
1.25 acre.. The esti.ated total cast of this land
is $250,000; encumbered by a .mall outstanding
residual lOAn of only $30,000.
Building.: The Proj.ct is comprised of four (4)
three-story buildings. joined together under one
roof, with covered balconies and decking. The
walls are to be off-white .tucco, topped off with
red Spanish tile facade. There will be twenty-
.even (27) one-bedroom. and thirteen (13) two-
bedroom apartment units. There will be an
elevator. a swimming pool. A large laundry room.
The one-bedroom unit. will have one bathroom. The
two-bedroom units will have two bathrooms and a
dishwasher. All apartments will be individually
metered, and will have central heating and air
conditioning.
E~uip.."t: ?
Engin_ring and Technical Servic_: ?
~ "
Oth.r "isc:e11aneaus It_51 ?
CITV OF SAN IlERNADINO Dat.. Nav....r 25, 1985
C.....TI~""ILV !CIRTeASE REYQE BOND (HF""O N"PLICATION Pas.. 4:)
4.3 Esti..ted Construction Pwriad.
c
4.3;1
Start Dat.. March, 198~
4.3.2
co.pletion Date. October, 198~
4.4 ~ of Supervisins Architect. Michael J. Murphy. Assoc.
2601 N. Del ROSA Ave. _ 220
San Bernadino, CA 92404
4.5 Location of Proposed Project. 3667 North E Btreet
4.6 HeM Location? Yes
Ban Bernadino, California
4.7
~ of Lesal ONner of Location:
Leo J. . Agnes J. Vlach
4.7.1 N/A
4.7.2 N/A
4.8 Description of The Project's Operations. Apartment Rental
c
4.8.1
...... of The Project Site and Location.
Attached MAp
See
4.8.2
Description of the Plant Process. N/A
4.9 Enviran-.ntal Quality Regulations: N/A
4.10
4.11
4.12
4.13
Project Installation Pwnaits. See Attached Permits
Pollution Control Asencies. N/A
Regional Basin Plan. ?
Project Operational Residue. Household Trash, City pickup
.
PART V - PUIlLIC BaEFITS
5.1
c
Accrued Benefits for the City. The Project will provide
the citizens of the resident community with cleAn, well
.Anaged living quarters at the going market rental rate.
The city itself will benefit from MFMRB financing of The
Project because such projects have proven to be
financially feasible and capable of a relatively risk-free
rAte of.return on investment. For this reason, financing
with MFMR8s will help promote both industrial and non-
industriAl public Awareness of the San BernAdino
Commun i ty.
-
CITY OF SAN BERNADINO DAte: Nov-mer
CI.LTI-FAl'tILY ttDRT6ABE REyOE BOND (11FI1RQ APPLICATION
5.2 Lang-te,.. Benefits:
c
5. 2~ 1
5.2.2
5.2.3
c
PART VI
C09IITI'ENTS
25, 1985
Page: 5
:>
The ApplicAnts, Leo And Agne. Vlach, Are A local
private bu.ine.s team which has operated Apartment
rentAl. in San Bernadino for the pa.t eight (B)
yeArs. The thirty (30) unit. they currently own
And manAge Are the pride of the neighborhood.
They Are clean And secure, And CAter mo.tly to low
income (Social Security), elderly, And disabled
<Section B) tenant., AS well AS yaung families
wi th children.
The Project hAS been in the plAnning stAge for
aver three (3) yeAr.. It will be the final
segment of An inve.tment plan con.idered e..ential
by the Applicant. far their retirement needs. The
ApplicAnts do not Anticipate the need to sell The
Project for retirement benefit., rAther, such
benefit. will tAke the farm of CAsh flaws
generAted from the continued owner.hip And
mAnagement of The Project.
The operAtion of The Project will require an in-
hou.e mAnagement couple, a. well a. A four (4)
person maintenance crew. All supplies and
additional .ervice. required far continued
maintenance will be sought far locally.
6.1 Basic Commitment SUppl..-nt: See Attachment(s)
6.2 Printing and Publishing Commitment(.): See AttAchment<.)
6.3 Band Issuance F.. Commitment: Agree
6.4 Additianal Inforaatian Commitment: Agree
.
c
c
c
c
-
c
November 25, 1985
Page 6
:>
o Date:
APPLICATIOf\
CITY OF SAN BERNARDINO 0
MULTI-FAMILY MORTGAGE REVENUE BOND (MFMRB)
SBE003-89(I020)/1298S/rg
12/02/85
PART VI
COMMITMENTS
6.1 The Applicant by the submission of this Application agrees to comply
and/or to assist the City in complying with all state and federal
laws in the issuance of the bonds or other such tax-exempt
obligations to finance the Project, 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 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 City of such
bonds or other tax-exempt obligations.
6.2 The Applicant further cODlDits to cause and/or to assist the City in
causing to be printed any prospectus or other written or printed
cOlllDUOication 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.
6.3 The Applicant also commits 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 harmless from any and all expenses
related thereto, 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.
6.4 The Applicant will supply any additional information, agreements and
undertakings as the City may require as a result of conferences and
negotiations will be reproduced and supplied to the City and shall be
deemed as supplements or amendments to this Application.
6.S The 4pplicant shall provide appropriate covenants in the tax-exempt
financing documents as may hereinafter be submitted to the City for
consideration and approval in a form acceptable to the City Attorney
and Bond Counsel and to assure that not less than twenty percent
(20%) of the multifamily rental housing units included in the Project
are to be occupied or reserved for occupancy by the individuals of
low and moderate income as provided in the Internal Revenue Code of
1954, as amended (the "Code").
..7.0"
~ ...
c
CITY OF SAN BERNARDINO
MULTI-FAMILY MORTGAGE REVENUE BOND (MFMRB)
o
o
Date:
APPLICATIOti
November 25, 1985
Page 7
:.)
C 6.6 Prior to issuance of any bonds for the Project as may hereafter be
approved pursuant to the appropriate resolution or resolutions of the
City, the Applicant shall provide for the recordation of a covenant
running with the land in a form approved by the City Attorney of the
City whereunder the Applicant waives any claim under state law to a
density bonus, as defined by Government Code Sections 65915 and
65915.5, for the property on which the Project is to be constructed.
c
6.7 The Applicant acknowledges and recognizes that acceptance of this
application shall not be construed as approval of the plans or
concept of the proposed development, nor as an indication that the
Mayor and Common Council of the City of San Bernardino, California
(the "Mayor and CODlDon Council"), will hereafter take any particular
action toward granting any planning, zoning, or other approval
relating to a plan of development. The Applicant acknowledges and
recognizes that the Mayor and Coamon Council reserves its right to
evaluate any future administrative procedures and appeals based
solely on the information available at the time of consideration,
including any actions or recommendations by or appeals from the
Development Review CODllittee and the Planning CODlDission. The
Applicant acknowledges and recognizes that nothing herein shall be
construed as advance cODlllitment or approval as to any such matter,
and the Applicant hereby acknowledges and recognizes that normal
planning processing shall be required, in accordance with the
standard procedures of the City and that Applicant will be required
to comply with all applicable laws and ordinances of the City, State
and federal government.
PART VII FEE SCHEDULE
7.1 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 the 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.
7.2 All fees of the City may be capitalized and included in the bond
issue as acceptable to the bond purchaser.
c
7.3 The Applicant acknowledges that 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 bonds of the
City. The federal guarantees, if any, enhance these revenues and
income and the security of the bonds.
r
'-
c
c
c
o Date:
APPLICATIOK
o
November 25, 1985
Page 8
CITY OF SAN BERNARDINO
MULTI-FAMILY MORTGAGE REVENUE BOND (MFMRB)
7.4 Pursuant to Resolution No. 81-108 of the City, as amended by
Resolution No. 81-410 of the City, one percent (IX) 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 CODl1\On Council may direct
from time to time.
.
~.4.'
:>
c
November 25, 1985
Page 9
.:)
o Date:
APPLICATION
o
CITY OF SAN BERNARDINO
MULTI-FAMILY MORTGAGE REVENUE BOND (MFMRB)
C PART VIII SIGNATURE
8.1 The undersigned, as the 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 undersigned have
the authority to bind the Applicant to contract terms; that this
Application to the best knowledge or belief of the undersigned,
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 represents
by the execution of this Application familiarity with Ordinance No.
3815, as amended, of the City of San Bernardino.
c
c
"APPLICANT"
LEO J. VLACH AND AGNES J. VLACH
By:
By: ~~.~~