HomeMy WebLinkAbout1993-5357
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RESOLUTION NO. 5357
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, APPROVING A LOAN TO HERITAGE
OFFICE BUILDING, LTD., AND A CERTAIN OWNER
PARTICIPATION AGREEMENT BY AND BETWEEN THE
REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO AND HERITAGE OFFICE BUILDING,
LTD.
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
WHEREAS, the Community Development Commission of the
City of San Bernardino (the "Commission") on behalf of the
Redevelopment Agency
of the City 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, the City and the Commission have previously
approved and adopted the Redevelopment Plan for the Central City
North Redevelopment Project Area (the "Redevelopment Plan"); and
WHEREAS, in connection with the implementation of the
Redevelopment Plan, the Agency has received a request from
Heritage Office Building, Ltd. (the "Participating Owner") to
assist in the financing, development and renovation of a certain
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building (the "Project") located at 440 West Court street,
San Bernardino, California, which shall be used for the operation
of a restaurant (which may include entertainment such as
billiards, darts, pinball machines and other equipment) within
the Project Area subject to the Redevelopment Plan; and
WHEREAS, the Agency deems it desirable to assist the
Participating Owner in the renovation and financing of the
Project to the extent that the Agency shall provide (i) a
guarantee of a loan obtained by the Participating Owner for the
costs of financing and renovation of the Project (the
"Guarantee"), and (ii) a loan (the "Loan") evidenced by a note
(the "Note") executed by the Participating Owner in the amount of
$25,000 for the payment of an extension fee on the financing; and
.,
WHEREAS, the Guarantee of the Agency shall be in an
amount not to exceed $1,188,000; and
WHEREAS, the Agency at this time deems it desirable to
approve that certain Owner Participation Agreement by and between
the Agency and the Participating Owner and the Note, copies of
which are attached hereto as Exhibits "A" and "B", respectively.
III
III
III
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1 NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION OF
2 THE CITY OF SAN BERNARDINO, CALIFORNIA, DOES HEREBY FIND,
3 RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
4
5 section 1. The Commission hereby approves the Owner
6 Participation Agreement, a copy of which is attached hereto as
7 Exhibit "A" and incorporated herein by this reference.
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9 section 2. The Commission hereby approves the Loan
10 to the Participating Owner as evidenced by the Note, a copy of
11 which is attached hereto as Exhibit "B" and incorporated herein
12 by this reference.
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14 section 3. The Commission hereby authorizes the
15 Chairman and Secretary and any other officer or representative so
16 authorized on behalf of the Commission, to execute the Owner
17 Participation Agreement and any and all documents related thereto
18 and authorize the delivery of the Loan and execution of the Note
19 and any and all documents related thereto, on behalf of the
20 Agency in substantially the same form as attached hereto with any
21 such changes as may be approved by the Executive Director of the
22 Agency and Agency Counsel.
23 III
24 III
25 III
26 III
27 III
28 III
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1 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, APPROVING A LOAN TO HERITAGE OFFICE
2 BUILDING, LTD. AND A CERTAIN OWNER PARTICIPATION AGREEMENT BY AND
BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
3 AND HERITAGE OFFICE BUILDING, LTD.
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Section 4.
This Resolution shall take effect upon
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
Joint Regular
meeting
thereof, held on the
22
day of
March
1993, by the following vote, to wit:
commission Members:
NAYS
ABSTAIN
ABSENT
AYES
14
ESTRADA
15 REILLY
HERNANDEZ
16 MAUDSLEY
MINOR
17 POPE- LUDLAM
MILLER
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x
X-
X-
X-
x
x
x
day of
22
Approved as to
form and legal content:
By:
Agency Counsel
SBEO\OOO8\DOC\6
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STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO )
CITY OF SAN BERNARDINO )
ss
3 I, Kenneth J. Henderson Secretary of the Community
Development Commission of the City of San Bernardino, DO HEREBY
4 CERTIFY that the foregoing and attached copy of community
Development Commission of the City of San Bernardino Resolution
5 No. 5357 is a full, true and correct copy of that now on
file in this office.
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IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the Community Development Commission
of the ci ty of San Bernardino this 22 day of
March , 1993.
sec~~e
Community Deve opment Commission
of the City of San Bernardino