HomeMy WebLinkAbout1990-5268
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12/12/90 320
RESOLUTION NO. 5268
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, AUTHORIZING THE UNDERTAKING OF
CERTAIN TRANSACTIONS IN CONNECTION WITH THE
ACQUISITION OF CERTAIN PROPERTY AND MAKING
CERTAIN FINDINGS AND DETERMINATIONS AS TO THE
BENEFIT TO THE SOUTHEAST INDUSTRIAL PARK
REDEVELOPMENT PROJECT AREA OF UNDERTAKING SUCH
TRANSACTIONS
WHEREAS, the city of San Bernardino, California (the
"City"), is a municipal corporation and a charter city duly created
and existing pursuant to the Constitution and the laws of the State
of California; and
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WHEREAS, the Community Development Commission of the city
of San Bernardino (the "commission") on behalf of the Redevelopment
Agency of the ci ty of San Bernardino (the "Agency"), is a
redevelopment agency, a public body, corporate and politic of the
State of California, organized and existing pursuant to the
community Redevelopment Law (Part 1 of Division 24) commencing with
section 33000 of the Health and Safety Code of the State of
California (the "Act"); and
WHEREAS, pursuant to section 33445 of the Act, the Agency
may, with the consent of the Mayor and Common Council of the City
(the "council"), pay all or part of the costs of installation and
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construction of any building, facility, structure or other
improvement which is publicly owned either within or without the
boundaries of a redevelopment project area if the Council
determines:
(1) that such buildings, facilities, structures or
other improvements are of benefit to the redevelopment project area
or the immediate neighborhood in which the proj ect is located,
regardless of whether such improvements are within another project
area, or in the case of a project area in which substantially all
of the land is publicly owned, that the improvements are of benefit
to the adjacent project area of the Agency, and (2) that no other
reasonable means of financing such buildings,
facilities,
structures or other improvements is available to the community, and
such determination by the Agency and the Council shall be final and
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conclusive; and
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WHEREAS, the ci ty and the Commission have previously
approved and adopted a Redevelopment Plan for the Southeast
Industrial Park Redevelopment Project (the "Redevelopment Plan");
and
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WHEREAS, the Agency deems it desirable to cause the
acquisition of certain property currently owned by the City and
previously dedicated for use by the city's Board of Water
Commissioners (the "Property") as legally described in Exhibit "A"
attached hereto and incorporated herein by this reference, which
Property is generally located at the intersection of Arrowhead
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Avenue and Orange Show Road within the Central City South
Redevelopment Project Area; and
WHEREAS, the San Bernardino Joint Powers Financing
Authority (the "Authority") has previously caused the issuance of
its $5,700,000 Joint Powers Financing Authority, Tax Allocation
Bonds, 1990 Series F (Southeast Industrial Park Redevelopment
Project Area) (the "1990 Bonds") for the purposes of enabling the
Agency to undertake redevelopment projects both within the
Southeast Industrial Park Redevelopment Project Area and outside of
such Project Area to the extent such redevelopment projects are of
benefit to such Project Area; and
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WHEREAS, the Agency deems it desirable to use proceeds of
the 1990 Bonds for the purposes of causing the acquisition of the
Property and paying the purchase price for the Property in an
amount equal to the City's costs of the Property, plus interest,
which price is currently estimated to be equal to Five Million One
Hundred sixty Seven Thousand Dollars and Sixty Nine Cents
($5,167,000.69) (the "Purchase Price") and which Purchase Price is
at least equal to the fair market value for the Property; and
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WHEREAS, the Agency deems it desirable to acquire the
Property from the City in order that the Agency may hold the
Property for public use until such time as the redevelopment of the
Property for either private or governmental uses is deemed
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necessary and appropriate in connection with the implementation of
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the Redevelopment Plan for the Central City South Redevelopment
Project Area; and
WHEREAS, the Agency has previously entered into a certain
Loan Agreement with the Authority (the "Loan Agreement"), a copy of
which is attached hereto as Exhibit "B" and incorporated herein by
this reference, whereby the Agency loaned to the Authority an
amount equal to $4,965,000 (the "Agency Loan"); and
WHEREAS, in connection with the execution of the Loan
Agreement, the Authority used the proceeds of the Loan Agreement to
loan monies (the "Authority Loan") to the city and the Board of
Water Commissioners which Authority Loan was secured by a
promissory note (the "Note") and deed of trust (the Deed of
Trust"); and
WHEREAS, the City and the Board of Water Commissioners
intend to repay the Note to the Authority which in turn shall repay
its obligations under the Loan Agreement, and the Agency, at this
time, deems it appropriate to accept and acknowledge repaYment of
the Agency Loan from the Authority and to cause the Agency Loan
repaYment monies to be placed in the accounts of the Agency and to
be redesignated as tax increment revenues attributable to the
Southeast Industrial Park Redevelopment project Area; and
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WHEREAS, the Agency further deems it desirable to
authorize the paYment of an amount equal to $407,047.57 of tax
increment revenues available from the Southeast Industrial Park
Redevelopment Project Area (the "SEIP Tax Increment Amount") to the
Board of Water Commissioners in connection with the paYment of
certain administrative, architectural and engineering costs and
expenses, previously incurred by the Board of Water Commissioners
in connection with its abandonment of operations on the current
maintenance yard site and its proposed relocation to the Property;
and
WHEREAS, the City's Board of Water Commission has, on
December 10, 1990, taken official action to approve the transaction
as contemplated hereinabove as it relates to the Board of Water
Commissioners; and
WHEREAS, the acquisition of the Property by the Agency
will be of benefit to the Southeast Industrial Park Redevelopment
Project Area to the extent that the Agency, through the acquisition
of the Property, shall cause to be repaid the Agency Loan thereby
creating a source of revenues within the Southeast Industrial Park
Redevelopment Project Area that may then be used by the Agency to
undertake its redevelopment projects in accordance with the terms
and provisions of the Redevelopment Plan and its redevelopment
objectives; and
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WHEREAS, the use of the SEIP Tax Increment Amount is
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necessary to facilitate the above described transactions, and
therefore its expenditure shall also benefit the Southeast
Industrial Park Redevelopment Project Area to the extent that it
shall cause to be made available certain tax increment revenues for
uses consistent with the Redevelopment Plan for the Southeast
Industrial Park Redevelopment Project Areaj and
WHEREAS, because of the proximity of the Property and the
Central City South Redevelopment proj ect Area to the Southeast
Industrial Park Redevelopment Project Area,
the Agency's
acquisition of the Property and its ability to control the use of
the Property in a manner consistent with the goals and objectives
of the Agency, will provide a benefit to the Southeast Industrial
Park Redevelopment Project Areaj and
WHEREAS, because of the interaction between the various
redevelopment proj ect areas of the Agency, the ability of the
Agency to create a source of funds in one project area by
undertaking redevelopment activities in another project area will
be of benefit to all project areas of the Agencyj and
WHEREAS, it is appropriate for the Agency at this time to
make certain findings and determinations and take certain action
with respect to the proposed transactions contemplated herein.
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NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION
ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
section 1. The Recitals hereinabove are true and
correct and are incorporated herein by this reference.
section 2. The Commission consents to the payment by
the Agency of the costs of acquiring the Property and the
expenditure of the SEIP Tax Increment Amounts for the reasons set
forth in the Recitals hereinabove.
section 3. The Commission further finds and
determines that no other reasonable means of financing the
acquisition of the Property other than through use of revenues
available from the 1990 Bond proceeds is presently available to the
City or the Agency and that the City and the Agency require the use
of the revenues from the Bond proceeds in order to fund the
acquisition of the Property. The acquisition of the Property will
be of benefit to the Southeast Industrial Park Redevelopment
Project Area to the extent that it shall cause to be made available
certain otherwise encumbered tax increment revenues which now may
be used to undertake redevelopment projects and help improve the
economic viability and growth potential of said Project Area which
will in turn help eliminate blight and will provide benefit to such
Project Area.
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section 4.
The Commission hereby approves the
acquisition of the Property by the Agency for the Purchase Price
which Purchase Price is at least equal to the fair market value of
the Property, as well as the use of the 1990 Bond proceeds to cause
the acquisition of the Property.
section 5.
The Commission hereby accepts repayment
proceeds of the Agency Loan from the Authority and deems that such
Agency Loan repayment proceeds shall be designated as tax increment
revenues
attributable
to
the
Southeast
Industrial
Park
Redevelopment Project Area.
section 6.
The Commission hereby authorizes the
payment to the Board of Water Commissioners of an amount equal to
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$407,047.57 in order to pay the administrative and expense costs of
the Board of Water Commissioners associated with the abandonment of
its previous site in connection with the city's prior purchase of
the Property.
section 7.
The findings and determinations of the
Agency as set forth herein shall be final and conclusive.
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RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, AUTHORIZING THE UNDERTAKING OF
CERTAIN TRANSACTIONS IN CONNECTION WITH THE ACQUISITION OF CERTAIN
PROPERTY AND MAKING CERTAIN FINDINGS AND DETERMINATIONS AS TO THE
BENEFIT TO THE SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA
OF UNDERTAKING SUCH TRANSACTIONS
Section 8.
This Resolution shall take effect upon the
date of its adoption.
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Community Development Commission of the city of San
Bernardino at a Requ1ar meeting thereof, held on the
17th day of December , 1990, by the following vote, to
wit:
commission Members: AYES NAYS ABSTAIN
ESTRADA
REILLY
FLORES
MAUDSLEY
MINOR
POPE-LUDLAM
MILLER
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day of
The foregoing resolution is hereby approv
December , 1990.
17th
Chairman
pment Commission
San Bernardino
Approved as to
form and legal content:
B~
A ency Q sel
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STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss
CITY OF SAN BERNARDINO )
I, Kenneth J. Henderson Secretary of the Communi ty
Development Commission of the city of San Bernardino, DO HEREBY
CERTIFY that the foregoing and attached copy of Community
Development Commission of the city of San Bernardino Resolution No.
5268 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 Community Development Commission
of the City of San Bernardino this 17th day of December
1990.
~rJfAG,~
Secretary of the
Communi ty Development Commission
of the City of San Bernardino
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EXHIBIT "A"
THAT PORTION OF LOTS 44 AND 45, BLOCK 54, RANCHO SAN BERNARDINO,
IN THE CITY OF SAN BERNARDINO, COtJN'l'Y OP SAN BERNARDINO, STATE OP
CALIPORNIA, AS PIR PLAT RECORDID IN' BOOK 7, _OF !lAPS, PAGI 2,
RECORDS OP SAID COtJH'l'Y, JlOREPARTICtJLARLy DISCRIBED AS POLLOWS I
COHMEHCING AT THE SOO'l'HEAST CORNIR OP SAID LOT 45, THENCE SOUTH
89 DBG. 54' 30- WEST ALONG THE SOOTH LiNE OP SAID LOT 45, 400.00
Pi:I'l' '1'0 A POINT KIRlIN REPERRED TO AS POINT. -A-, THENCE NOR'l'II 0
DEG. 01' 51- WEST (RECORD ODEG. OS' 45-), 191.06 PEET TO THE
TRUB POINT 01' BEGINNING, THENCE NORTH 0 DEG. 06' 51- WEST (RECORD
o DEG. OS' 45.), 743~17 PElT TO '1'HB SOtrJ.'HEAST CORNER 01' TRACT NO.
S907,RECORDID IN BOOK 79 or MAPS, PAGISSl AND 52, RECORDS or
SAID COUNTY, THENCE SOUTH 89 DEG. 53' 39- WEST (RECORD 89 DEG.
53' ~O.), 200 PEET ALONG" THE SOOTH LINE or SAID. TRACT NO. 5907;
- THlNCE SOUTH o DIG. 06' 51- BAS'!' (RECORD OPBG. OS' 45-), 100
PEET, THENCE SOOTH 89 DEG. 53' 39- WEST (RECORD 89DBG. 53' 50-),
100 I'EE'!', THENCE NORTH 0 DEC.;' 06' 51- WEST (RECORD 0 DIG. 05'
45.), 100 FIET TO ~ POINT ON THE SOOTH LINE OF SAID TRACT NO.
5907, THENCB SOOTH 89 DIG. 53' 39- WEST. (QCORD 89 PIG. 53' 50-),
593.11 (RECORD 593.45) PEET ALONG '!'HI SOOTH. LINE OP SAID ,TRACT
NO. 5907 AND ITS PROLONGATION TO THE BAST LINE 01' ARROWHEAD
AVENUE, 82. 5 PIET IN WIDTH; THENCI SOUTH 0 DIG. 09' 00 - WEST
(RECORD 0 DEG. ,09' 30-), 752.88, FIET, PAftAU,EL WI~ UD 41.25
FEET EASTERLY OF THE CENTIR LINE. OF SAID ARROWHEAD AVENUI; THENCE
NORTH 89 DEG. 16' 20- EAST, 896.86 FEET TO THE TRUE PC'INT OF
BEGINNING.
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"Exhibit B"
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LOAN AGREEMENT
(AGENCY TO AUTHORITY)
THIS ,AG~EEMENT is entered into as of this ~~
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day of \:L~ ' 1990, by and between the SAN BERNARDINO
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JOINT POWE~~ FINANCING AUTHORITY (the "Authority") and the
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COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO
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(the "Agency").
R Eel TAL S
A. WHEREAS, the Community Redevelopment Law (Health &
Safety Code, Section 33603) authorizes redevelopment agencies to
invest any money held in reserves or sinking funds, or any money
not required for immediate disbursement, in property or
securities; and
B.
WHEREAS, there are presently available to the Agency
funds generated by the South East Industrial Park Redevelopment
Project (the "Project"), which may be invested; and
C. WHEREAS, the Authority desires to borrow funds from
the Agency;
NOW THEREFORE, the Authority and the Agency agree as
follows:
1. The Agency agrees to loan Four Million, Nine Hundred
Sixty-Five Thousand Dollars ($4,965,000.00) to the Authority on
June 18, 1990.
The Authority shall, in consideration of such
loan, be obligated to pay to the Agency the amount of Four
Million, Nine Hundred Sixty-Five Thousand Dollars
($4,965,000.00) (the "Loan Amount"), plus interest accruing at
the lesser of (i) eight and one quarter percent (8.25%) or (ii)
DAB/ses/Loan.agr
June 7, 1990
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"Exhibit B"
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the maximum interest rate that may lawfully be paid by an
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4 of the Agency said loan may be extended for successive one year
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2.
This Agreement shall be effective as of the day and
7 date first above shown.
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8 SAN BERNARDINO JOINT
FINANCI AUTHORITY
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ATTEST:
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" Secretary
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Approved as to form
and legal content:
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rity Counsel
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COMMUNITY DEVELOPME
OF THE CITY OF
ATTEST:
By: ~~~
Secretary
Approved as to form
and legal content:
B~~. )
Agenc Counsel -
DAB/ses/Loan.agr
June 7, 1990
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