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Home My WebLink AboutRS1-Economic Development ECONOMIC DEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO REQUEST FOR COMMISSION/COUNCIL ACTION FROM TIMOTHY C.STEINI TAUS SUBJECT: SAN BERNARDINO COUNTY Agency Administrator LAW LIBRARY RETENTION DATE: April 14, 1994 Synopsis of Previous Commission/Council/Committee Action(s): The Commission previously approved in closed session the punccase of the old Security Bank building at 402 North 'D" Street as the new quarters for the County Law Library ------------------------------------------------------------------------------------------------------------------------------------------- Recommended Motion(s): (Community Development Commission) MOTION A: That the Community Development Commission authorize the Executive Director to execute an Agreement of Purchase and Sale and Joint Escrow Instructions between Bank of America National Trust and Savings Association and the Redevelopment Agency. Motions Continued to Next Pace... TIIVIO C.S EINHAUS Ageucy Administrator ------------------------------------------------------------------------------------------------------------------------------------------ Contact Person(s): Kenneth J.Henderson/John Wood Phone: 5081 Project Area(s): Central City North(CCN) Ward(s): One(1) Supporting Data Attached: StafRenort: FUNDING REQUIREMENTS: Amount: Source: Bond Proceeds Budget Authority: Previously Approved ------------------------------------------------------------------------------------------------------------------------------------ Commission/Council Notes: __________________________________________________________________________________________________________________ KJH:JMW:Iag:04-02.03.cdc COMMISSION MEETING AGENDA MEETING DATE: 04/18/1994 Agenda Item Number: P-S-1 REQUEST FOR COMMISSION/COUNCIL.ACTION San Bernardino County Law Library Retention April 14, 1994 Page Number-2- -------------------------------------------------------------------------------------------------------------------------------------- Recommended Motion(g) Continued: MOTION B: That the Community Development Commission authorize the Executive Director to execute an Agreement of Purchase and Sale and Joint Escrow Instructions between the Redevelopment Agency and the San Bernardino County Law Library Board of Trustees. MOTION C: That the Community Development Commission authorize the Executive Director to execute a Disposition and Development Agreement between the Redevelopment Agency and the San Bernardino County Law Library Board of Trustees. MOTION D: That the Community Development Commission authorize the Executive Director to execute a Parking Easement between the Redevelopment Agency and the San Bernardino County Law Library Board of Trustees. MOTION E: That the Community Development Commission authorize the Executive Director to execute an Assignment and Assumption Agreement (pertaining to an asbestos removal contract)between the Redevelopment Agency and Bank of America National Trust and Savings Association. (Mayor and Common Council) (Community Development Commission) MOTION F: That the Mayor and Common Council and Community Development Commission set a joint public hearing for May 2, 1994, to consider approval of a Disposition and Development Agreement between the Redevelopment Agency and the San Bernardino County Law Library Board of Trustees. ------------------------------------------------------------------------------------------------------------------ KJH:JMW:lag:04-02-03.cdc COMMISSION MEETING AGENDA MEETING DATE: 04/18/1994 Agenda Item Number: �s—I ECONOMIC DEVELOPMENT AGENCY STAFF REPORT ------------------------------------------------------------------------------------------------------------------ San Bernardino County Law Library Retention Staff has been assisting the County Law Library("Library")in its search for larger quarters in the downtown area. The old Security Pacific Bank Building at 402 North "D" Street has been selected as the best alternative for the library's expansion needs, allowing it to approximately double its current building area. The Community Development Commission previously approved the purchase of 402 North "D" Street from Bank of America in closed session. The purchase price is $1 million, with $600,000 coming from the Library and $400,000 from the Redevelopment Agency. Upon escrow closing, the Library would hold title to the building, the land underneath it and the land necessary for a 5,000 square foot building expansion. The Agency would hold title to the balance of the property. A lot merger is currently being processed to split the property accordingly. There will be two concurrent escrows for this transaction. One will be between Bank of America and the Agency. The other will be between the Agency and the Library. The terms of the escrow instructions will be substantially the same so that, in the event the Library needs to cancel its transaction(due, say, to inability to remove an important contingency), The Agency can in turn cancel its transaction with the bank. There will, therefore,be two sets of escrow instructions which the Agency must execute. One of the stipulations of our agreement with Bank of America is that the Bank will enter into a contract on the removal of asbestos which has been found in 402 North"D" Street. The Bank will leave the amount of the total contract in the purchase escrow and assign the contract to the Agency to administer. With some understood exceptions, all asbestos must be removed from the building before the Library will take occupancy of it. Since the building ownership will technically be passing through the Agency during the escrow process, there is a necessity for both a Disposition and Development Agreement ("DDA") and a joint public hearing under Health and Safety Code Section 33433. A final agreement will be necessary in order to complete this transaction. A parking easement will give the Library the right to use the existing parking surrounding the building(the area which will pass into the Agency's ownership upon escrow closing). There will be a stipulation that, should the existing parking area be needed for some other use associated with the Superblock project, the Agency will be obligated to provide suitable replacement parking (most likely in a future multi-level structure). ------------------------------------------------------------------------------------------------------------------ f KJH:JAM:1ag:04-02-03.cdc COMMISSION MEETING AGENDA MEETING DATE: 04/18/1994 Agenda Item Number: '05_t ECONOMIC DEVELOPMENT AGENCY STAFF REPORT San Bernardino County Law Library Retention April 14, 1994 Page Number-2- In summary, this transaction will secure the retention of the San Bernardino County Law Library as a downtown institution for many years to come. In the process, a large, vacant building will be reoccupied and put to productive use. Staff recommends adoption of form motions "A", 'B", "C", "D", "E" and "F". r . TIMOTHY C. STEINHAUS,Administrator Economic Development Agency ------------------------------------------------------------------------------------------------------------------ KJ1TJMWJag:04-02-03.cdc _ COMMISSION MEETING AGENDA MEETING DATE: 04/18/1994 Agenda Item Number: V-`�A