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~'iTY OF SAN BERt. \RDINO - REQUEST ~,,)R COUNCIL ACTION
From:
Kenneth J. Herrlerson, Director
Subject:
~ P!mBE II CJI'
0RAH3E'i0)D ESTATES PR:l1ECT
Dept:
Catm.mi.ty Develc::pnent
Date:
October 24, 1989
Synopsis of Previous Council action:
On March 20, 1989, the Mayor am Camron Ca.lJ'x:il authorized staff to issue the
Oran:;Jewood Estates Request for Proposals for developnent of seventy-six (76)
sinJle family hatvas.
On October 2, 1989, the Mayor am CcIlm:ln Ca.lJ'x:il selected I)]kes-I)]kes am
Associates to c:x:III>lete Rlase II of the OI'an;Jewood Estates project.
Recommended motion:
a::HroNITY DEVEIDPMEm' CXHfiSSION
'!HAT '!HE cx:JvHJNI'I'Y DEVEI.DfMENI' CXM-fiSSICN APFR:>PRIATE APm:>XIMATELY $1,600,000
m 'IWENlY PERCENI' (20%) SEl'-ASIDE FUNI:S AND APIroVE '!HE USE OF 'lHESE FUNOO FOR
mASE II OF '!HE 0RANGEl'r0D ESTA'l'ES ~.
~~l; ~ \]. ~c.~
' Ignatur
Ken HerrlersonjEdward Flores
Contact person:
Phone:
5065
Supporting data attached:
staff Report
Ward:
6
FUNDING REQUIREMENTS:
Amount:
$1,600,000 (apprcx.)
Source: (Acct. No.) N/A
(Acct. DescriPtion) I.cMjModerate Incane HousinJ F\m:l
Finance:
Council Notes:
75.0262
Agenda Item No.
9
,:;ITY OF SAN BERr \RDINO - REQUEST 1)R COUNCIL ACTION
STAFF REPORT
On October 2, 1989, the Mayor an:i CaIm:ln Cc::mlcil selected D.lkes-D.lkes an:i
Associates to CClI'plete Phase II of the Oran;Jewood Estates project. '1hi.s
project involves the 1::ui.ldout of the remai.nin;J seventy-six (76) hcmas of a
two-hun:h"ed (200) lot sulxlivision on the lNeSt side of San Ben'lardi.no.
At the October 2, 1989, there was a great deal of discussion surroon::lin;J
project financin;; an:i the offers sutmittErl by each of the c:x:IIpetin;;
developers. 'Ihe rli~sion dealt specifically with the annmt of m:>ney
necessa1:Y to retire the boIrled in:iebtedness an:i the aIlDJI'lt necessa1:Y to
rei.ml:x.1rse the City's General F\.1rrl for advarx::es made to keep borrlholders
whole an:i to protect the City's credit rati.n:J. '!he sum of these two (2)
figures is approximately $1.600.000.
In order to canplete this project as quickly as possible at J'X) further cost
to the City, the Camrmlity Develq:ment Camnission cculd ca1Sider len:iirg
D.lkes-D.lkes an:i Associates 1.6 million dollars fran the 1>qercy' s 'IWenty
Percent (20%) Set-Aside Housi.n:J F\.1rrl. '1hese fi.1ms wa.tld be used to payoff
the borx:led in:iebtedness am rei.nbn:'se the City's General Furxi. D.lkes-D.lkes
an:i Associates wa.tld repay the ~ercy cut of con.stnlction or t:ake-a1t loan
proceeds, whid1ever scenario was nnst advantageous to the City. If this
fi.narx:i.n:J alternative is awroved by the Cnnmi!:;.sion, it is anticipated the
project wa.tld camnence in the imnecliate future.
I recc::rnmerrl adoption of the form notion.
-~4 ~1-
=r ~f Catmmity rlevelcpnent
KJIJIlab/3494
October 24, 1989
75-0264