HomeMy WebLinkAboutCDC/2010-28
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RESOLUTION NO. CDC/2010-28
RESOLUTION OF THE COMMUNITY DEVELOPMENT, COMMISSION OF
THE CITY OF SAN BERNARDINO APPROVING AND AUTHORIZING
THE INTERIM EXECUTIVE DIRECTOR OF THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN BERNARDINO ("AGENCY") TO
EXECUTE A DEVELOPMENT FINANCING AND PARTICIPATION
AGREEMENT BY AND BETWEEN THE SAN BERNARDINO AUTO
CENTER ASSOCIA TION AND THE AGENCY AND APPROVE AN
ASSIGNMENT OF DEPOSIT FOR A CERTAIN READER BOARD SIGN
(SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA)
WHEREAS, the Redevelopment Agency of the City of San Bernardino (the "Agency") has
9 the authority to undertake redevelopment activities in the South East Industrial Park Redevelopment
10 Project Area (the "Project Area") pursuant to the duly adopted redevelopment plan for the Project;
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12 WHEREAS, the Agency has engaged the San Bernardino Auto Center Association
13 ("Association") to revitalize the San Bernardino Auto Center and to retain and enhance vehicle sales
14 in the City, a source of general fund revenue to the City; and
15 WHEREAS, the Agency proposes to enter into a certain transaction as further described in
16 the Development Financing and Participation Agreement (the "Agreement"), as attached hereto as
17 Exhibit "A" together with an $850,000 Assignment of Deposit ("Deposit") in the form as attached
18 to the Agreement in furtherance of the redevelopment powers of the Agency within the Project
19 Area; and
20 WHEREAS, the Agency intends to utilize the Deposit as a loan guaranty for a Citizens
21 Business Bank loan to the Association in an amount equal to $850,000 for the purchase and
22 installation of a new freeway reader board sign to replace the current non-functional reader board
23 sign; and
24 WHEREAS, it is in the best interests and in furtherance of the redevelopment goals of the
25 Agency within the Project Area for this Commission to approve the documents as attached to this
26 Resolution and the transactions as contemplated therein.
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CDC/2010-28
1 NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION OF THE
2 CITY OF SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER, AS
3 FOLLOWS:
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Section 1.
The Commission hereby finds and determines that the recitals to this
5 Resolution as set forth above are true and correct in all respects.
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Section 2.
The Commission hereby authorizes the Interim Executive Director of the
7 Agency, or such other designated representative of the Agency, to do any and all things and take
8 any and all actions as may be deemed necessary or advisable to effectuate the purposes of the
9 Agreement together with the Deposit, including making non-substantive modifications to the
10 Agreement together with the Deposit for the Association's purchase and installation of the freeway
11 reader board sign. The Commission further authorizes the deposit of fund equal to $850,000 subject
12 to the Assignment of Deposit as set forth in the Agreement.
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Section 3.
This Resolution shall take effect from and after its date of adoption by this
14 Commission.
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CDC/2010-28
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF
THE CITY OF SAN BERNARDINO APPROVING AND AUTHORIZING
THE INTERIM EXECUTIVE DIRECTOR OF THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN BERNARDINO ("AGENCY") TO
EXECUTE A DEVELOPMENT FINANCING AND P ARTICIP A TION
AGREEMENT BY AND BETWEEN THE SAN BERNARDINO AUTO
CENTER ASSOCIA TION AND THE AGENCY AND APPROVE AN
ASSIGNMENT OF DEPOSIT FOR A CERTAIN READER BOARD SIGN
(SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA)
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Community
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Development Commission of the City of San Bernardino at a j oint regular
9 thereof, held on the 17th day of May
10 Commission Members: Ayes Nays
11 MARQUEZ X
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12 DESJARDINS X
13 BRINKER X
14 SHORETT X
15 KELLEY X
16 JOHNSON
17 MC CAMMACK
The foregoing Resolution is hereby approved this /tJ7H- day of May
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meeting
, 2010, by the following vote to wit:
Abstain
Absent
X
X
1t-~
Secretary
,2010.
atri lrperson
Co unity Development Commission
of the City of San Bernardino
25 Approved as to Form:
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27 By: ~
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P:\Agendas\Resolutions\Resolutions\20] 0\05-17-1 0 SB Auto Center ~ Development Financing & Participation Agreement CDC Reso.doc
CDC/2010-28
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EXHIBIT" A"
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DEVELOPMENT FINANCING AND P ARTICIP A TION AGREEMENT
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