HomeMy WebLinkAbout1994-5394
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RESOLUTION NO. 5394
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, APPROVING A CERTAIN OWNER
PARTICIPATION AGREEMENT BY AND BETWEEN THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO AND STANDARD MORTGAGE CO., INC.
WHEREAS, 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 of San Bernardino and the Agency have
previously approved and adopted the Redevelopment Plan (the
"Redevelopment Plan") for the Agency's Central City North
Redevelopment Project Area (the "Project Area"); and
WHEREAS, in connection with the implementation of the
Redevelopment Plan, the Agency has received a request from
Standard Mortgage Co., Inc. (the "Participating Owner") to
provide a guarantee (the "Guarantee") to a certain loan in order
that the Participating Owner may continue its operations within
the City of San Bernardino; and
WHEREAS, the Agency deems it desirable to assist the
Participating Owner by providing said Guarantee; and
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WHEREAS, the amount of the Agency assistance shall be
in an amount not to exceed $1,700,000 and shall be repaid upon
the terms and conditions as provided in a certain Owner
Participation Agreement (the "Agreement"); and
WHEREAS, the assistance to the Participating Owner will
contribute to (i) retaining jobs, (ii) maintaining economic
growth from the continued provision of mortgage loans by the
Participating Owner, and (iii) prevent the spread of blight which
would be caused by additioI'\al closures of the Participating
Owner's locations within the City of San Bernardino; and
WHEREAS, the Agency at this time deems it desirable to
approve the Guarantee and that certain Agreement by and between
the Agency and the Participating Owner, a copy of which is
attached hereto as Exhibit "A" and incorporated herein by this
reference which sets forth the terms of the Agency's assistance.
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 Agency hereby finds and determines
that the provision of the Guarantee will assist redevelopment
within the Project Area.
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section 2. The Agency hereby approves the Guarantee
and the Agreement in substantially the form attached hereto, with
any changes as may be authorized by the Executive Director upon
recommendation of Agency Counsel.
Section 3. The Agency hereby authorizes the
Chairman, Secretary, Executive Director and/or Project Manager to
execute the Agreement, the Guarantee and any and all related
documents necessary to carry out the transaction contemplated
thereby on behalf of the Agency with any such changes as may be
approved by the Executi ve Director of the Agency and Agency
Counsel.
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RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, APPROVING A CERTAIN OWNER
PARTICIPATION AGREEMENT BY AND BETWEEN THE REDEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO AND STANDARD MORTGAGE CO., INC.
Section 4.
The findings and determinations herein
shall be final and conclusive. 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
Regular
meeting
San Bernardino at a
day of Apri 1
thereof, held on the
4
,
1994, by the following vote, to wit:
Commission Members:
AYES
NAYS
ABSTAIN
ABSENT
NEGRETE
CURLIN
HERNANDEZ
OBERHELMAN
DEVLIN
POPE-LUDLAM
MILLER
-L
x
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X
X
x
-U~Lqp,
secretal~ 1
Kenneth J. Henderson
The foregoing resolution is hereby approved this
April , 1994 .-~/'2/1
/'?7Pt ~/tttl~
Tom Minor, Cha~rman
Community Development
commission of the
City of San Bernardino
4
day of
Approved as to
form and legal content:
By:
Agency Counsel
SBEO\OOOl \DOC\7SS
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STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO) ss
. CITY OF SAN BERNARDINO )
I, Kenneth J. Henderson Secretary of the Community
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. ~194 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 4 day of
April , 1994.
Secretary of the
community Development Commission
of the City of San Bernardino