HomeMy WebLinkAboutR18- Development Department DEV r; LOPMENT DEPARTMENT
OF THE CITY OF SAN BERNARDINO
MEMORANDUM
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TO: CHAIRMAN AND MEMBERS OF THE
COMMUNITY DEVELOPMENT COMMISSION
FROM: KENNETH J. HENDERSON
Executive Director'
SUBJECT: UNIVERSITY VILLAGE ASSISTANCE REQUEST
DATE: September 7, 1993
COPIES: Agency Administrator; Project Manager Hoeger; File
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Subsequent to publishing the agenda for the Community Development Commission meeting
of September 7, 1993, a special meeting of the Redevelopment Committee was held on,
September 2, 1993, to further review the University Village Assistance Request. At that
meeting, the Committee reviewed the staff report prepared for the Commission meeting and
heard additional information presented by staff and the developer.
Based upon discussions with the Committee, staff was asked to meet with the developer to
recommend a specific set of deal points along the general lines of a $650,000 grant plus a
$600,000 loan (similar to alternative III in the Commission staff report). After completing
discussions this morning with the developer, staff has developed the following suggested
criteria for use in drafting an Owner Participation Agreement that would provide assistance
for University Village: '
OFF SITE IMPROVEMENT WRITE-DOWN
The Agency would provide a reimbursement write-down of off site improvement costs as
follows:
• Maximum amount of $650,712 per a specified line item schedule with
reimbursements not to exceed the line item amount set forth for each line item.
• Reimbursements to be paid after acceptance of work by the City Engineer or
other appropriate City agency.
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DEVELOPMENT DEPAR.MENT MEMORANDUM
University Village Assistance Request
September 7, 1993
Page Number - 3 -
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RECOMMENDATION
Staff believes that the staff recommendations above are in conformance with past and present
Agency actions and guidelines. Based upon the discussion at the September 2, 1993 meeting
of the Redevelopment Committee, staff recommends adoption of the above staff
recommendations.
KENNETH J. HENDERSON, Executive Director Administrator
Development Department
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