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HomeMy WebLinkAbout10- Economic Development DEVELOPMENT DEPARTMENT ECONOMIC DEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO REQUEST FOR COMMISSION/COUNCH,ACTION FROM: KENNETH J.HENDERSON SUBJECT: INLAND PLAZA REFINANCING- Executive Director PUBLIC HEARING DATE: April 13, 1994 -------—-----—-----........—'------------—----—----—--------------------—------—-----—----—----—----—------------------ Synoosis of Previous Commission/CoundUCommittee Action(s): On February 24,1994,the Redevelopment Cormnineerecommendedthat staff pursue,with the assistance of Miller& Schroeder,an Industrial Development Bond refinancing for Inland Plaza,which would no require a Redevelopment Agency loan guarantee. (Synopsis Continued to Neat Page...) Recommended Motion(s): OPEN PUBLIC HEARING CLOSE PUBLIC HEARING (Mayor and Common Council) MOTION A: RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO REGARDING THE HOLDING OF A PUBLIC HEARING IN CONNECTION WITH THE EXTENSION OF THE MATURITY OF THE$2,200,000 CITY OF SAN BERNARDINO,CALIFORNIA,INDUSTRIAL DEVELOPMENT REVENUE BONDS,SERIES 1983A(INLAND VALLEY PROJECT) (Motions Continued to Neat Page...) Adnhnistfator KENNETH J.HENDIERSON Executive Director ---------------------------------------------------------------------------------------------------------------------------------------- Contact Person(s): Kenneth J.Henderson/John Wood Phone: 5081 Project Area(s): Central City(CC) Ward(s): Three(3) Supporting Data Attached: Staff Report:Resolutions FUNDING REQUIREMENTS: Amount: N/A Source: N/A Budget Authority: N/A Commission/Council Notes: KJH:JMW:lag:04-02-01.cdc COMMISSION MEETING-A-G--E--N--D- GENDA MEETING DATE: 04/18/199}4 Agenda Item Number: —/ 0 0 REQUEST FOR COMMISSION/COUNCIL.ACTION Inland Plaza Refinancing-Public Hearing April 6, 1994 Page Number-2- Synopsis of Previous Commission/Council/Committee Acdon(s)Continued: On March 7,1994,the Mayor and Common Council held a public hearing to approve an IDB extension for Inland Plaza from October 15, 1993 to October 15, 1994; The Community Development Commission considered a$2.2 million loan guarantee request,but deferred action until Inland Plaza could muse the occupancy rate of the subject property to 85%. Recommended Motion(a)Continued: (Mayor and Common Council) MOTION B: RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO APPROVING THE EXTENSION OF THE MATURITY OF THE$2,200,000 CITY OF SAN BERNARDINO,CALIFORNIA,INDUSTRIAL DEVELOPMENT REVENUE BONDS,SERIES 1983A(INLAND VALLEY PROJECT) --------------------------------------------------------------------------------------------- ------------------ ICJH:]MW:Iag:04-02-01.cdc COMMISSION MEET I ING AGENDA MEETING DATE: 04/18/1994 Agenda Item Number: 1 6 DEVELOPMENT DEPARTMENT STAFF REPORT ------------------------------------------------------------------------------------------------------------------ Inland Plaza Refinancing-Public Hearing On March 7, 1994, the Mayor and Common Council approved an Industrial Development Bond (IDB) time extension for Inland Plaza from October 15, 1993 to October 15, 1994. On the same date, the Community Development Commission considered a request for a$2.2 million loan guarantee to facilitate the refinancing of the IDB. Because of the shopping center's low occupancy rate of 67%, the Commission deferred action on the loan guaranty request until the property owners could raise the occupancy rate to at least 85%. Due to continued recessionary conditions and weakness in the retail leasing market, the principals of Inland Plaza approached the Bank of California, holder of the IDB, to request an additional extension of time to improve the center's occupancy rate. The bank was amenable to an additional extension of the IDB due date to April 15, 1995. It is necessary and appropriate for the Mayor and Common Council to adopt a resolution regarding the holding of another public hearing for this additional time extension and adopt a second resolution approving said time extension to April 15, 1995 to "mirror" or coincide with the banks extension.. Staff recommends adoption of the attached and above-referenced resolutions. �La, KENNETH J. H NDERSON,Executive Director Development Department ------------------------------------------------------------------------------------------------------------------ KJH:JMW:Iag:04-02-01.cdc COMMISSION MEETING AGENDA MEETING DATE: 04/18/199941 Agenda Item Number: I V _ RESOLUTION NO. RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO REGARDING THE HOLDING OF A PUBLIC HEARING IN CONNECTION WITH THE EXTENSION OF THE MATURITY OF THE $2, 200, 000 CITY OF SAN BERNARDINO, CALIFORNIA, INDUSTRIAL DEVELOPMENT REVENUE BONDS, SERIES 1983A (INLAND VALLEY PROJECT) 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 City has caused the timely publication of notice regarding the holding of the public hearing in accordance with Section 147 (f) of the Internal Revenue Code of 1986, as amended (the "Code") , in connection with the proposed extension of the maturity of the $2, 200, 000 City of San Bernardino, California, Industrial Development Revenue Bonds, Series 1983A (Inland Valley Project) (the "Bonds") . NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, AS FOLLOWS: Section 1. Public Hearing, Testimony and Comments. The City has held a public hearing in accordance with the provisions of Section 147 (f) of the Code, and has considered all testimony and comments submitted in connection with the proposed extension of the maturity of the Bonds. - 1 - +F11 4 Section 2. Approval by City. The City, after consideration of comments received at the public hearing, hereby approves the extension of the maturity of the Bonds. Section 3. AAnproval by Elected Representative. It is the purpose and intent of the City that this Resolution constitute approval by the applicable elected representative in accordance with the terms of Section 147 (f) of the Code. 2 - ...,,. R OLUTION THE MAYOR COMMON CO CIL OF T CITY OF AN BE INO R DING THE OLDING OF PUBLIC FARING N CONN TION WIT THE EXTENSION F THE MAT TY OF THE 2,200, 00 CITY SAN BE DINO, CAL ORNIA, IND RIAL DE LOPMENT REVENUE ONDS, SERI 1983A (IN , VALLEY PRO ET) 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 Mayor and Common Council of the City of San Bernardino at a meeting thereof, held on the day of 1994, by the following vote, to wit: Council Members: AYES NAYS ABSTAIN ABSENT NEGRETE CURLIN HERNANDEZ _ OBERHELMAN _ DEVLIN _ POPE-LUDLAM _ MILLER City Clerk The foregoing resolution is hereby approved this day of , 1994 . Mayor of the City of San Bernardino Approved as to form and legal content: JAMES F. PENMAN City Attorney By: sse0\000ADDC\720 3 f" STATE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO ) ss CITY OF SAN BERNARDINO ) I, City Clerk of the City of San Bernardino, DO HEREBY CERTIFY that the foregoing and attached copy of Mayor and Common Council of the City of San Bernardino Resolution No. 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 Mayor and Common Council of the City of San Bernardino this day of 1994 . City Clerk City of San Bernardino 0 RESOLUTION NO. RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO APPROVING THE EXTENSION OF THE MATURITY OF THE $2 ,200, 000 CITY OF SAN BERNARDINO, CALIFORNIA, INDUSTRIAL DEVELOPMENT REVENUE BONDS, SERIES 1983A (INLAND VALLEY PROJECT) 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, in 1983, the City by resolution authorized the issuance of the $2, 200, 000 City of San Bernardino, California, E Industrial Development Revenue Bonds, Series 1983A (Inland Valley III Project) (the "Bonds") in order to finance a loan to Inland Plaza, Ltd. , a California general partnership ("Inland Plaza") ; and WHEREAS, it has been requested by Inland Plaza that the Agency agree to an extension of the maturity date of the Bonds until April 15, 1995 in order to permit Inland Plaza time to obtain additional financing to pay the Note securing the Bonds; and WHEREAS, the Bondholder, Bank of California, has agreed to such extension; and - 1 - WHEREAS, the City deems that an extension of the maturity of the Bonds and the Note would be beneficial to the City and in the best interests of the City. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, AS FOLLOWS: Section 1. Recitals. The Recitals contained herein are true and correct. Section 2. Extension of Bonds and Note. The City hereby agrees to extend the maturity of the Bonds and the Note until April 15, 1995, in order to permit Inland Plaza to obtain additional financing to pay the Bonds. Section 3 . Benefit to City. The City hereby finds and determines that an extension of the maturity of the Bonds and the Note will benefit the City in that Inland Plaza will not default on its note to the City (the "Note") , which Note secures the Bonds. Section 4. Approval of Documents. The Mayor and Common Council hereby approve the Extension Agreement currently on file with the City Clerk and direct that the Extension Agreement be converted to the final form of said document with any changes or modifications as may be approved by the Mayor and legal counsel. - 2 - l� 0 Section 5. Execution of Documents. The Mayor, Vice-Mayor, City Clerk, City Administrator and any other agent of the City so appointed by the Mayor or the Mayor and Common Council is hereby authorized to enter into and execute the Extension Agreement and any and all other documents in order to effectuate the extension of the maturity of the Bonds. 3 - l�� J RE UTION O THE MAYOR COMMON C CIL O THE TY O SAN BERN INO AP to THE ENSIGN THE TURIT OF HE $2, 200, 0 CITY SAN BE INO, IFO , IN TR DEVELOPMENT REVENUE BONDS, SERIES 1983A (INLAND VA LEY PROJECT) Section 6. 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 Mayor and Common Council of the City of San Bernardino at a meeting thereof, held on the day of 1994, by the following vote, to wit: Council Members: AYES NAYS ABSTAIN ABSENT NEGRETE CURLIN _ HERNANDEZ _ OBERHELMAN _ DEVLIN _ POPE-LUDLAM _ MILLER City Clerk The foregoing resolution is hereby approved this day of , 1994. Mayor of the City of San Bernardino Approved as to form and legal content: JAMES F. PENMAN City Attorney By: SBEO\oOOnDOano O 4 - i STATE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO ) ss CITY OF SAN BERNARDINO ) I, City Clerk of the City of San Bernardino, DO HEREBY CERTIFY that the foregoing and attached copy of Mayor and Common Council of the City of San Bernardino Resolution No. 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 Mayor and Common Council of the City of San Bernardino this day of , 1994 . City Clerk City of San Bernardino �7.