HomeMy WebLinkAbout- Economic Development Agency ECONOMIC DEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
REQUEST FO1RC9MMISSION/COUN_CIL-ACT-10-N
FROM: TIMOTHY C. STEINHAUS SUBJECT: SAN BERNARDINO INTERNATIONAL
Agency Administrator AIRPORT AUTHORITY FINANCING
DATE: March 27, 1996
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�ynopsis of Previous Commission/Council/Comm_e Action(s):
On March 25, 1996,the Mayor and Common Council consented to the issuance of tax-exempt notes by the San
Bernardino International Airport Authority in the principal amount not to exceed$2,810,000.
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(Mayor—and-Common Council)
MOTION A: RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO,CALIFORNIA,MAKING FINDINGS AND DETERMINATIONS AS
TO THE BENEFIT OF CERTAIN IMPROVEMENTS IN THE INLAND VALLEY
DEVELOPMENT AGENCY PROJECT AREA.
(-C_ominunity4eyftment Commission)
MOTION B: RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO,CALIFORNIA, MAKING FINDINGS AND
DETERMINATIONS AS TO THE BENEFIT OF C IN IMPROVEMENTS IN
THE INLAND VALLEY DEVELOPMENT AGEN P OJECT AREA.
TIMO . STEINHAUS
Agency A "nistrator
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Contact Person(s): Timothy C._-SJeinhaus - Phone: ___5.0S1 -_ _
Project Area(s): I_V__DA Ward(s): _WA __-
Supporting Data Attached: Staff_RepM_Resohutions ___
FUNDING REQUIREMENTS: Amount: $ Source:
Budget Authority:
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C_ommission/Council Notes:
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TCS:Imp:airport.cdc COMMISSION MEETING AGENDA
MEETING DATE: 04/01/1996+i
Agenda Item Number:, �,
ECONOMIC DEVELOPMENT AGENCY
STAFF REPORT
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San_Bernarslino.International Airport Authority Financing
At the adjourned regular meeting of the Mayor and Common Council of the City of San
Bernardino (the "Council") on March 25, 1996, the Council adopted Resolution No. 96-73
consenting to the issuance of tax-exempt notes by the San Bernardino International Airport
Authority ("SBIAA") in the principal amount not to exceed $2,810,000 (the "Notes"). The
proceeds of the Notes will be used for the purpose of financing public improvement projects to
gain better vehicular access to the aviation portions of the former Norton Air Force Base (the
"SBD Airport") and upgrade the aviation facilities located at the SBD Airport (the
"Improvements"). The Resolution further acknowledges the obligations incurred by the City of
San Bernardino to commit to the repayment of the indebtedness evidenced by the Notes to be
issued by the SBIAA.
During the Council meeting of March 25, 1996, it was requested by several Councilmembers and
the Mayor that at the April 1, 1996, regular meeting the Economic Development Agency agreed
to pay any and all obligations of the City as may be incurred by reason of the adoption of
Resolution No. 96-73. The Council and Commission benefit resolutions are presented for
consideration by both the Council and the Commission as a means of implementing this request.
Pursuant to the foregoing Resolution adopted by the Council, the attached Resolution for the
Community Development Commission of the City of San Bernardino makes certain findings in
accordance with California Health and Safety Code Section 33445 as to the benefit of the
Improvements which will be undertaken at the San Bernardino International Airport proceeds of
the Notes and authorizes use of the proceeds of the Notes to finance the Improvements.
Based the foregoing, staff recommends adoption of the form resolutions.
TIMOTIlee. STEINHAUS
Agency Administrator
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TCS:1mp:airport.cdc COMMISSION MEETING AGENDA
MEETING DATE: 04/01/199/6
Agenda Item Number: 1 0