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HomeMy WebLinkAbout1981-495 " RESOLUTION NO. ~ 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 APPLICA- TION 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 THEREFOR; AND MAKING CERTAIN OTHER FINDINGS AND DETERMINATIONS IN CONNECTION THEREWITH HERITAGE PROPERTIES, LTD WHEREAS, the City of San Bernardino ("City" herein), 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. 3815 ("Ordinance" herein) to finance various types of projects, as defined in the Ordinance, and to issue its special revenue bonds for the purpose of paying the cost of financing such projects, and has amended the same from time to time; and WHEREAS, said Ordinance No. 3815, as amended, is intended to finance the development of industry and commerce and to thereby broaden the employment opportunities for residents of the City and its tax and revenue base; and WHEREAS, there has been presented to the Mayor and Common Council an Application by HERITAGE PROPERTIES, LTD, a California Limited Partnership (the "Applicant"), re- questing the issuance of industrial development bonds in the principal amount of not to exceed $1,700,000 for the purpose of financing, on behalf of the Applicant, a certain Project, to wit: To return to functional use a building located at 440 West Court Street, San Bernardino, California, by remodeling and leasing of 17,158 sq. ft. for office useage, and the construction of approximately 2,584 sq. ft. of lease retail space to be located north and adjacent thereto, (455 West. 4th Street, San Bernardino). Development cost to include, without limitation, the acquisition of land and equipment therefor and off-street parking for motor vehicles and all off-site and on-site improvements necessary therefor and appurtenances and appurtenant work (the "Project"). NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED AND ORDERED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS: -2- . .. ~. I'b.t tbe I'Kltab ..t 'wUl "rel.. .u. are \nI. aDd ..n.rt .. .n n'pecU. ~. .... CU, .t 'an "nuti.., CaUlonah. a. . ~lel,.l ..rpor.tlon eul, .,.e.te'. ..tabJlabef aad a"thod..eI to tunuet .UdMU pel eaud.. '~a JOVen. ~l -'-I' ahd ~rnMt to the CouUtuUOD ahd leva .t 1M 'tate .f C.1Uomh. anel tk Clt, Charter .t 1M CU,. ahCI 1M ~n .f the Clt, beluele tbe poWI' to bne hnd. 'or P)' .f j t,a ..rpoute 'urpo.... 'ection ,. hUII.nt t.o tbe Darter ef tbe Clt)' and Ordin.nce .0. "l~, es ..ended, .f tbe Cit)'. the Clt, ia 1.g.11y luthoriaed t.o i..ue apeei.l revenue ~ds 'or the tera.nent lin.ncini .s 'escribed ln Ule recitals "reof. fection ~. !'his kd)' constitutes tbe IOvemini kdy .f the City and is leg.lly luthorhed to,rovi" for the la.uenee ., eucb epechl nVe",.e hDda ., tIae Cit)'. JecUon t. fte .roject pfened t.o in tbe pcitab "reof conaUtutes I ,roject which ")' .. fSnanced .)' the 'a.uMce .f ..ch .peci.l rev.nlle ..nets .)' tbe Clt, and loc.ted within tbe juri.dictlon ., tbe Clt,. . 11IZ(bs) '/1'/11 a ". . . .- . , . " 1t.ill2n-I. I'M "pUcaU. ..teu" to b .... reeitah ..reot ~Ue. with the ,rcwhiou ADd nl'llr...at.a .t ed' Or'ia&nCe 110. ..U, .. ...nd.', .... the 'l'ojKt ....1... la e\tell .,UcaUon a. "r., .'r.... .. ... tfOYlalou et IC"cUon C') .t I.cU. 10 .... 1...eU. ea) .r "cU. 11 .r eal' Or.inahCe 110. "15 ehaU -~ ..,1,. "l:'Uon ,. De cSt, ..r., .clare. it.a btenUon to und.. the .uthorltJ wererrect to ia ..cUon J "reor .y . a..ulng ~n4a .r the Cl~, ia ."cll .ount.. .. wUl h .de,,,,au to t.p1...nt the Clt., financiag or the 'roject.. feeUon .. !'he ~nlb allall h payable Iroe the wevenue. ..cribed In .aid Ordinance .0. J'l~. .. ..ended. ,eetion .. !'he ~ndl .lIall h aDd are .pecia1 .H,aUon. ot the City, and, ..j.ct. to tbe d,lIt .t t,be tit)' to _,lJ "De)'. .. provided b tbe appliCable leva, are "C1lred ., neb wevenuu .. an .peclflect In tbe proc..diDfI 'or tbe luuance .r e"cb ~nch and lunch and ~couat.a to h "ld ., tbe tn.tee .r Ihcal a,ent, and an payable .. to ,riDc:lpa1, wede.,Uon pdce, if aD)', and iDtere.t Ir. tbe 11'2(ba) '/U/.I . . I . ....au.. 'ar"tJl,e Cl", .. thel'.!D ...cd.... Wbe hrMb .. _t a tpt ar tale Ci"'. the 'uu ar Cauron1a ... M7 af 't. toUUca! .....idelona. ..., ..Uhel' ... Clt" De 'ute. . _I' M1 ar au toUUcal ..'idel.... a. Uabl. the"eoD. 110" .. M1 event .,..U ... kn4a .J ,aJabl. ..t af M7 fllDCb al' ,roperUe. ather Ulan aU al' .., ,art at ... W.Y.DU.., IIOl'tta.. loana. eD4 1un4- eft' accounu .. .. thit ".oluUon eet fort.b. I'be kn4a eo IlOt ..n.Utute .. andebullD... WUJaiD tile ..anlDg of eft)' "MtUuUeal or .ututo". "bt liaiuUoD or ....tdcUOI'l. ..'ther the ,.nOD. "rYiDg .. the ")'01' and CIl_C)n Co\lftcU 1101' eft)' penoM o..cuUDf tile knd5 .baU k liable penonaU)' aD the knds or .@ject to an)' penonal liabilit)' or acco\lfttabilitJ .)' ~...on of &be t..uance \hereof. ,eetlo" JO. She 4etall. or .ucb knds. tncluding \he ..tabli.hing ot \he .,gr.gat. 'ace ..ount of ouch obl1,atloDa, aball k authorl..d .)' tDdentur.. ....olutlon or ~..oluUona of t,be CI~J at. ...tlDg or ".UDg' to .. ..ld for ouch ,uzpo... De CltJ 'uff. IoDd Couue1. WD4er- wdten, the AiPplicanta and \he a,enta and ~epr..entaUY.s . or a... are "I'ab)' a..thod..' and dir.ct.d \0 ,repar. or .aue to .. ,repared the ..c....1')' le,.l 4Ioc\Iaenta. 'n- 11t2(bl) "Ulll . . I . .. ..- ...-. '. . -.. ..' .. .' ehtiDf Uae .'nj.et ..r....au. a..ohUou .t hhaDCe. aDd ~ other ~.nta .. .., .. a.c."U"J toO ellKt ..1. .njeet .. 1M b",ane. er 'Dlu.tdal "v.lopeeat ..eve..e IMIDe. IMnfor .. toO ,r...nt .... toO ..f. ..,.1" and ~~ cn ect&KU. I'M ..,or ef U.e eft, b "ro, ..u.od... ... tir.ete' toO eoor'inate u.. offort. of .U eoDCeme' ...leU.., toO 1M h"'&nee .. .ale or ..... ~, ., u.. eft, naff, eoM\lltanta, a.,al eo\&n..l toO U.a eft, p, .... eoun.et are "ro)' tjr.ete. toO tab ..cb .tep. .. 1lbe1l .. Ippropdat.e toO hFl...nt ..cb .at. pd .Uver)' .f tbe hnd. bel.'!.., _rUDI wiUl ,.nons Who ..r .cfJ\lin ...ted ri,hu .. the ....ult .f .ucb actions. ~etion 11. t'hb aeaohUon CODaUt.\ltea . ,roper ...rci.. of the pow.ra of thia Ra)'or pd Coaaon CO\lncil and conConas to 'Ute and local legal r.fJ\lbeaenu rehUDI to the i.auanee of auch .peeial revenue ~nds and oUl.r ~nds .r .bt ebli,aUons a.)' . charter eft)' b thb atate. feeUon U. It a. bt.nded t.bat t.bb ".ohUon .an OOMUtute hell -offidal .rtion- toward the a.auance .f &be kn4a wi thin the ..anila, of the lIni teeS 'tat.. ~naaur)' ..",hUona, tbe lInited 'tatea ~a. Lava. IlDd ..., ae,hhUon '1'2(ba) '/U/ll . , IlDW or IlIreaft,r pendfng tn ttlt Congress Of ttlt Unfted Sut.s .fltch -y NquJre offictal IcUon tn Ord,r for ttlt bonds to .. ,xlIlPt fN/llft FId,r.l tflCOIIlf UxaUon. "cUon I.!. At the closfng of the filll"ctng, tIIere ...." .. ,.fd to the City the fee let forth tn ResoluUon JIo, '1-108, IS .."dtd lIy Resolution JIo. '1-410, of the Mayor and ec.on CouflCil. adopted $tpttn>tr '., USI. I HEREBY CERTIFY that the for,gofng resolution ..s duly adopted by the Mayor and CoIIInon Council of the City of SIn IernarclfllO at a~ Meetfng thereof, held on the \O;:)~ day of (R~ . ltsl, by the following vote, to wit: AYES: ~;~:~~~~~~~~ ';~io~\ lAYS: ABSENT : "l\ "'" ~ ~. .~~ CIT K The foregofng Resolutfon is hereby approved thh L.y of (f)(~Ql>- . ltsl. Approved IS to fonn: ~~hJ' Application por Revenue Bond Pinancing PART I GENERAL ANn BUSINESS INFORMATION. 1.1 Legal name of the applicant. Heritage Properties, Ltd. a California Limited Partnership. 1.2 Line of business. Rehabilation and remodel of a historically desirable building as a part of the redevelopment of the downtown San Bernardino area. 1.3 Mailing address for purposes of application 11ason and address of headquarters. 2152 Dupont Drive, Suite 203, Irvine, Califorinia 92715. 1.4 Employer 1.0. '; 9~-3386336. 1.~ Name and Title of Principal Contact: Russ E. Hatle, President, C~munlty Consultants Corporation. 1.6 Phone Number. Area Code 714f752-62~2. 1.7.1 1.7 Type of business organization. Limited Partnership; Place of organization. San Bernardino, California. 1.7.2 1.7.3 Date of organization. May I, 1979. Nature of Legal Affiliation or Relation- ship with other entities. Russ E. Hatle and Fox Bros.,_ partnership, as Co-General Partners of Heritage Properties, Ltd. 1.8 Constitution of Ownershi of the Com an includin rcentar.e 0 Holdings by General Public. A. B. C. Russ E. Hatle - 25%. - 25~ Pox Bros. 1.9.1a. 1.9 Names and Locations of Key Officials; Limited Partners - 50~ 1.9.1b. 1.0.2 B:HPBOND HP:pt 1.0 Principle Officer Russ E. Hatle, President, C~unity Consultants Corp. Principle - Partners, Pox Brothers. Raymond Fox, 440 .. Court St. San Bernardino, CA. 92401 Sam Fox, 440 .. Court Street, San Bernardino, CA. 92401 Ryman Fox, 440 .. Court Street. San Bernardino, CA. 92401 Directors of Community Consultants Corp. and addresses; Russ E. and Lorraine Ratle, 421 Monarch Bay, Laguna Niguel, CA. 92677. Peggy A. Tickner, 8661 Midbury, Huntington Beach, CA. 92646. PART I continued... Page Two 1.0.3a. Community Consultants Corporation Principle stock holder - Russ E and Lorraine Aatle. 1.0.3b. Principle Partners of POI Brothers as set forth in 1.0.lb. i.iO Description of other business affiliations and principle officers. directors and principle stock liolders: 1.10.1 Community Consultants Corporation; A. General Partner of Rlvervlew Properties, Ltd. B. General Partner of Commerce Environments, a General Partnership. C. General Partner 01 Southwest Business Partners. Ltd. n. r~neTal Partner of Southwest Investment Partners, Ltd. E. General Partner of Remic Building Partners. 1.10.2 Fox Bros., a General Partnership. A. General Partner of Fontana Mini Storage, Ltd. B. General Partner of Foothill Business Park, Ltd. C. General Partner 01 Valley Business Park, Ltd. n. General Partner of Inland Com~ercenter. Ltd. E. General Partner of Haven Mill Storage, Ltd. F. General Partner of Heritage Properties, Ltd. 1.10.3 Russ E. Hatle; A. General Partner SCC, Ltd.; B. General Partner Hospitality Investors, Ltd. ; C. General Partner of Executive Office Park, Ltd. ; D. General Partner of Heritage Properties, Ltd. ; E. Sole stock holder of St. Lorraine Corporation, a Delaware Corporation; P. Principal stock holder Skyag Services, Inc. ; G. Sole stock holder of Community Consultants Corporation; B:HPBOND HP:pt 2.0 PART 1 continued.... 1.10.4 Pox Bros., - Sole OWnership; Page Three A. 480 Building B. Waterman Properties C. Lompoc Properties 1.11 Employees. 1.11.1 Number of Employees in California; Heritage Properties Ltd. employs none. Co~unlty Consultants Corporation employ four. Pox Bros. employs Done. 1.11.2 Locations in California; 2152 Dupont Drive, Suite 203, Irvine, California 92715. 440 West Court Street, Suite 21R, San Bernardino, California 92401. 1.12 Expert Services. 1.12.1 Principal Accountant - Robert Little, Little' Gray, 2152 Dupont Drive, Suite 101, Irvine, California 92715. 1.12.2 Principal Attorney - Robert Morrison, 550 Newport Center Drive. Suite 955, Newport Beach, California 92660. 1.12.3 'Principal Architect - Gary Rierson, Professional Design Concepts. Inc., 145 West First Street, Tustin. California 92680. Principal Engineer - Noel Christianson, e.G. Engineering, 2627 South Waterman Avenue, Suite E, San Bernardino, California 92408. 1.12.3 Principal Soils Engineer - David Turner Pioneer Consultants, 251 TEnnessee Street Redlands, California 92373 Principal Contractor - Jimmie L. Jackson Jackson Construction Company, 3640 Hermosa Place, Fullerton, California 92635. 1.13 Prinel 41 Bank Account for Herita e Pro erties td. 1s Lloyds ok, 1622 N. Main Street, Santa Ana, California 02701. Principle Officer handling the account is Bob Grensted - Vice President. 1.14 Source of Funding for the Project. is as follows; 1. Equity Capital contributed by Limited Partners. 2. Debt funding provided by Imperial Bank. B:HPBOND RP:pt 3.0 PART II BOND ISSUE. Page Pour 2.1 The estimat~d total amount of the financin. 1s I, 0 ,000.00 with the following breakdown; 2.1.1 PROJECT COST $ 715.383. 2.1.2 LEGAL, PRINTING AND RELATED FEES ~ 110,743. 2.1.3 FINANCING COSTS . PEEn $ 275,213. 2.1.4 CAPITALIZED INTEREST . -0- 2.1.5 OTHER MISC. COSTS (ENGINEER, ARCHITECT, . MISC.) $ 128,661. TOTAL $1,200,000. 2.2 Esti~ated target date of financing. is October 31st, 1981. 2.3 Estimated times of financing; Construction loans recorded November 26, 1979 and January 15, 1981. Permanent financing to be recorded October 31, 1981. 2.4 Type of Sale. private placement. PART II I FINANCIAL INFORMATIOIl 3.1 Financial statement including balance sheet. income state~ent and analysis of sources and application of funds submitted under separate cover. 3.2 Applicant 1s a small business and is considered small within its industry. No small business loan 1s involved and no federal guarantee 1s to be used. PART IV PROJECT INFORMATION 4.1 The project is being undertaken to return to functional use a classic baroque type building of 23,460 square feet. 17,158 net leasable square feet will be divided into offices for lease to professional people 1n the downtown San Bernardino area. One of the first leases negotiated was with Paine, Weber, Jackson' Curtis, marking the return of this prestigious firm to the San Bernardino area. Located in the Civic Center Redevelopment area the remodeling of this project will coincide with the rejuvenation program of other downtown structures or their demolition and replacement with parking areas. Additionally, 2,584 square feet of retail shops have been constructed north of and adjacent to, the "Heritage Hall". This restores the historic "Mercantile Court Mall" which existed on the property since the early 1920's. B:HPBOND HP:pt 4.0 PART IV continued... Page Pi ve 4.2 A description of the components and the estimated total cost of the functional parts of the project folIo. : ".2.2 ".2.3 4.2.4 4.2.5 BUILDINGS I!QUIPIIENT ENGINEERING . TECHNICAL SERVICES OTHER . IIISCELLANEOUS A. LEGAL, PRINTING RELATED FEES B. PINANCING COSTS . PEES C. CAPITALIZED INTEREST D. IIISC. COSTS TOTAL 4.3 Estl~ated construction: S 935,383. S ...0- S 76,518. $ 80,743. $ 410,302. S ...0- S 128,661. $1,631,607 . 4.3.2 Starting date .as Septemher 10, 1979. Notice of completion recorded on Building shell items lIarch 20, 1981. Interior and improvements wll1 be c~pleted in phases. 4.3.1 4.4 Supervising engineer - Gary Rierson, Bill Handley _ Professional Design Concepts, 145 W. First Street, Tustin, California 92680. 4.5 Project location is called Heritage Building 440 West Court Street, San Bernardino, California 92401. Retail shops, 455 .. 4th Street, San Bernardino, California 92401. 4.6 Project site is a ne. location for Community Consultants Corporation, Fox Realty, Paine, Weber, Jackson' Curtis and Gillette' Jackson, Attorneys at La.. Additional leases will be negotiated. 4.7 Legal owner of location 1s Heritage Properties, Ltd. a California limited partnership, Russ E. RatIe. and Fox Bros., Co-General Partners. ...8 Project will provide leaseable office space in various increments for legal and professional people doing business 1n the downtown San Bernardino area. 4.8.1 8-1/2 by 11 map shOWing site location attached as next page. B:HPBOND HP:pt 5.0 . \ '.' i:' - _ ;;;-~~ '\ ~ ._-~=4.'J~--. f'L..,: !i " . I I ~ .-, >< . '" :. .. -~.. +t+1r'-~, . 1: .l=:=. - 'f<iF;:-:_.I'. \ \ ,I l '=....-;" _ .;:.",., '. ~(~j ~f..~ !~.~7!1~' fl\l.....e...f.-.t.>...t: \ ~ I ., 1,,-., - r;;;;.. 1,~f.!'J~1 'T~l I 'j ~".". ,. . 1')" ~ ~~_. ":-H"" ,. ,._~. +-. .. i ~.~~'.", . . ~I . ~'t~~"f"Z"f.' ,.. I~. 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P&ge Bix 4.0 The only known environmental quality regulation to be met within the project are the requirements of the City of Ban Bernardino Environmental Review Committee. 4.10 No water quality enforcement order., air pollution permits or variances are known to be Deeded for installation of this project. 4.11 No known pollution control agencies (local, State and Federal) have applicable regulations or requirements for the operations described. No known regional county or basin plan 1s established with which the proposed project must conform. 4.12 4.13 No products or residues result from the proposed operation. PART V PUBLIC BENEFITS. 5.1 The benefits that will accrue to the city and its citizens as a result of the 1nstallation of this project and the use of tax exempt financing vis a vis conventional method include the followlng; 5.1.1 The project will provide long term employment for a section of the locally unemployed. Presently. 20 persons are employed by the three companies occupying the project. When fully leased and operational the complex will provide jobs tor approximately 60 persons. According to the San Bernardino Chamber of Commerce these jobs are estimated to create within the community; 215 more residents 60 more households 2 more retail establishments $137,200 more in bank deposits $426,000 more in personal annual income $198,400 more in retail sales per year The category of jobs to be provided include managerial, skilled, semi- skilled and unskilled. The wages to be paid 1n the various job categories meet local and regional standards and will aubstaln a satisfactory level financial stability. The facility has been newly constructed in accordance with all applicable federal. state and local laws and regulations, hence working conditions are satisfactory. 5.1.2 The city's involvement in the planning and development of project will assist the city in attracting the types of businesses most deserved by the city, permit a greater amount of imput for each of the jobs to be created. B:HPBOND HP:pt 6.0 PART V continued... 5.1.3. 5.1.4 5.1.5 Page Seven Additional benefits anticipated to be realized by the reduction of unemploy- ment and the under-employment attributable to the installation of the project and the general economic revitalization resulting therefrom In~ clude the reduction of public assistance expenditures because the project 9111 be self supporting at no unreimbursed cost to the city. Construction of the project is anticipated to add approximately $1.730,000. of assessed valuation to the tax rolls of the city. In addition it is anticipated that the project will generate additional sales tax and business license revenues for the city. The useful method of financing provided for in Ordinance No. 3815 of the city vis a vis the use of the conventional method will permit the applicant to complete the financing and construction of the project w1thin an accelerated time frame. As the city 1s well aware, conventional interest rates are at historically high levels and many sources of conventional financing do not currently have funds available to loan at any interest rate. The method of financing provided in Ordinance No. 3815 will provide new sources of financing to the applicant and such financing will be made available at lower tax exempt interest rates. 5.2 The applicant believes that the installation of the project and the financing thereof pursuant to OTdiance No. 3815 of the city are in conformance with the findings setforth in Section 1 of Ordiance No. 3815. In particular; 5.2.1 5.2.2 5.2.3 B:HPBOND HP:pt 7.0 The project is anticipated to have a beneficial inpact on the unemployment problem in the city without imposing a financial burden or adverse effects on areas outside the boundaries of the eity or on transient residents of the state. The project will not produce detrimental effects on or conflict with or otherwise restrain state efforts to solve problems of legitimate state eoncern. The applicant has legitimate long term business reasons for constructing the project including the long term profit potential. labor pool access aDd other economic factors in comparison to which the financing of the project is not as important. However, as described in 5.1 the financing of the project under the method provided by Ordinance No. 3815 will provide additional financing to the applicant at lower tax exempt rates and will enable the time schedule for installation of the project to be aceelerated. PART V continued... &.2.4 5.2.5 5.2.6 5.2.7 PART VI COIIMITTIIENTS. Page Eight The city will only provide a method of financing the project and will only be paid certain fees to reimburse the city for costs incurred by the city in connection with the financing of the project. The city will not realize a profit in Buch a manner as to compete with or rival private firms and the applicant is not requesting the city take any moTe aetion than 1s neccessary to consummate the tinancing. As described in part 5.1 certain incidental benefits wl11 of course accrue to the city as a result of the installation of the project. In part 5.1 the applicant has outlined the programs by which it is expected that the applicants activity in the city will increase long term employment of local residents. The city will receive a substantial benefit (as described in paragraph 5.1) from installation of the project that exceeds any detriment incurred by the city. The project will be 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 to finance the project payable only frorn revenues generated by the project and that all fees and expenses incurred by the city in connection with the project wlll 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 anticipated to exceed any indirect detriment to the city such as increases 1n cost of police, other municipal services. The applicant will not take any action that will result in a violation of any applicable state standards relating to aewage disposal. 6.1 By execution hereof the applicant does hereby commit itself to comply with and to assist the City in complying with all State and Federal Laws in the issuance of Bond Financing 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 and permit or other authorization of such Govern- mental Department prior to the delivery by the City of such bonds. 6.2 By execution hereof the undersigned does hereby com- mit to cause and/or assist the City in causing to be printed any prospectus or other written or printed communication proposed to be published in connection B:HPBOND HP:pt 8.0 PART VI continued... Page 111 ne 8.2 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. 8.3 By execution hereof the undersigned does hereby commit to pay all expenses 1n connection w1th the issuance, offer or 8a1e 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 1ts' advisors, attorneys. employees and the like will accumulate any claims against the City. 6.4 The undersigned hereby agrees that any additional information, agreements and undertakings &s the City may require as a result of various conferences and negotiations shall be reproduced 1n written, printed or other tangible form, shall be supplied 1n as many copies as the City prescribes and shall be deemed Buppllments or amendments to this application. PART VI I SIGNATURE. 7.1 The applicant by executing this document certifies that he has authority to bind the partnership 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 the exhibits and attachments is truly descriptive of the project. The undersigned further represents that the undersigned is familiar with Ordinance number 3815. -~ BY' 'Russ . at neral '* ptu>CJ.0 JQ..l.e.- /YU.-AIr ~ ic?.; .xJ~_',Jh()n R, r#"(;'" AJrI...J ~ ~(;IL ~~ DATED: 9,~O-SI HERITAGE PROPERTIES, LTD. Partner BY: POX BROS., a general partnership BY: B:HPBOND HP:pt 0.0 .ART VIII ~E 'CHEDULE '.1 the City requires a non-r.fun~.bl. application fee of $50 for each project to be consi~ere~ for eligibility, to be pai~ when the basic documents ere request.~. With the aubmittal of the application form, $500 ia payable to the City. If the application ie accepted, an e~~itional fee of UO,OOO h payable for admin1atutiv" coata. .1..... note, however, that th.. cOllll1litmenh in .ar.: VI above are in add it ion to theee fixed amounta. 'ftl"a, in the event that no closing occura, the City ahall ~ r.imbura.d for ita proceaaing coete. '.2 All f.... of the City _y be capitalhed and included in the bond iaaue, aa acc.ptabl. to the bon~ purchaaer. '.3 'ftle City derivea ita antire eupport from the feea for its aervicea. The total function of the City ia conducted On a eelf-aupporting basis, and involves no atate general revenues Or expenditures from taxes from the .tate or any of its politjcaJ aubdiyjsions. No in~btedness or taxing power of the City is involved. Project revenues are the IOle seclM'ity for Its bonds. The federal IUArantees, if any. enhance these revenues .-.d income and the seclM'ity of the bonds. ... PlM'suanl to Resolution 11-101, as amended by Resolution 11-'10, one per~nl 0...) of the bond issue shall be deposited in lhe City Treasury in the- Indust,jaJ Revenup aond Reserve and Development FlI'Id, which shall be used in such manner as the Mayor and Common Council may direct from time to tjme. u: "'- ~,..L ~ ,.;.'!W ~ IIJ....J~ ~o.L, ~jOb~4^-- tr-~ L . \ If ~ . I ~ ~ i I ! , ~ i '" OIl ill I I ~ . ~ I i . I I I R ',,' j jr" f , . T" ...""'?J ~ ~ ,..~ ~..........._-- October 5, 1981 Glenda Saul Redevelopment AQency 330 No. "0" Street San Bernardino, Ca. 92401 Dear Ms. Saul: Enclosed please find our application for Industrial Revenue Bond FinancinQ for HeritaQe Properties, Ltd. We would like to request that Attorney Jim Sabo act as bond counsel for the City of San Bernardino on this application. Thank you for your cooperation and courtesy 1n this matter. dw< Her. Qe Properties, Ltd. Ray nd Fox, A General Partner ;:..(., .~-..~..~. -.. __- , "9.'>c. '--t-~.'.._~ -"1...''''.....__: .;:: '"