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Home My WebLink About11- Development Department DEVELOPMENT DEPARTMENT OF THE CITY OF SAN BERNARDINO ECONOMIC DEVELOPMENT AGENCY REQUEST FOR COMMISSION/COUNCIL ACTION M FROM: KENNETH J.HENDERSON SUBJECT: YEOMAN AND ASSOCIATES,INC. Executive Director DATE: August 31, 1994 --------------------------------------------------------------------------------------------------------------------------------------------- Synopsis of Previous Commission/Council/Committee Action(s): On July 5, 1994,the Community Development Commission denied(4-3)approval of an Owner Participation Agreement(OPA)between the Agency and Yeoman and Associates,Inc. -------------------------------------------------------------------------------------------------------------------------------------------- Recommended Motion(s): ' (Community Development Commission) (Councilwoman Pope-Ludlam's Recommendation) MOTION A: That the Community Development Commission take action to reconsider the development proposal submitted by Yeoman and Associates. MOTION B: That the Community Development Commission approve an Owner Participation Agreement(OPA) between the Agency and Yeoman and Associates,authorize utilization of$250,000 in low to moderate income housing funds in conjunction with the development of thirty-six(36)high quality homes and direct the Chairman and Executive Director to execute any documents necessary to effectuate this transaction. 4S WLLq _ AdmInistrator KENNE J.HE DERSON Executive Director ------------------------------------------------------------------------------------------------------------------------------------------- Contact Person(s): Kenneth J.Henderson/Robert J.Lemlgy Phone: 5081 Project Area(s): N/A Ward(s): One(1) Supporting Data Attached: Staff Report:Owner Participation A&eement(OPA) FUNDING REQUIREMENTS: Amount:$ 250.000 Source: Low/Mod Budget Authority: Requested ------------------------------------------------------------------------------------------------------------------------------------------- Commission/Council Notes: - --------------------------------------------------------------------------------------------------------------------- KJH:RJL:paw:yeoman.cdc COMMISSION MEETING AGENDA MEETING DATE: 09/06/94 Agenda Item Number: �_ DEVELOPMENT DEPARTMENT OF THE ECONOMIC DEVELOPMENT AGENCY STAFF REPORT ----------------------------------------------------------------------------------------------------------------------------------------------- YEOMAN & ASSOCIATES ALIFORNIA Background On July 5, 1994, the Community Development Commission considered an unsolicited development proposal submitted by Yeoman and Associates to effectuate construction of thirty- six high quality single family detached homes. The Housing Committee had previously voted 2-1 (Oberhelman)to recommend to the Community Development Commission approval of this project. Following extensive discussion regarding the construction of"new" single family homes within this community, the Commission denied execution of the Yeoman and Associate's Owner Participation Agreement (OPA). Based upon that information recently provided by the developer, Councilwoman Pope-Ludlam has requested reconsideration of the Yeoman and Associates development project Owner Participation Agreement (OPA). (Please see attached memorandum). Discussion i t On April 6, 1994, the Development Department Housing Division received a request for financial assistance from Yeoman and Associates, Inc., of Redlands, California to effectuate development of a proposed thirty-six (36) high quality single-family detached home sub-division. Yeoman and Associates, Inc., has an extensive background in successful real estate development throughout the Inland Empire. It was formed in 1970 as a building and civil engineering company. To date, the company has successfully developed residential sub-divisions, apartments, commercial buildings, auto service centers, medical buildings, restaurants and custom homes. The proposed development is located within Ward 1, one block west of Mountain View Avenue on Coulston Street (Please see attached site map). The developer has a significant interest in upgrading the housing stock within this community. Development of this property will also substantially improve the physical appearance of the adjacent area with much needed infrastructure in the form of full-width streets, curbs, gutters, sidewalks, and a sewer collection system that will serve the proposed development along with eighty-six (86) existing residences. The sub-division consists of thirty-six (36) high quality homes which include the following models: ----------------------------------------------------------------------------------------------------------------- KJH:RJL:paw:yeoman.cdc COMMISSION MEETING AGENDA MEETING DATE: 09/06/94 Agenda Item Number: � Development Department Staff Report Yeoman and Associates, Inc. August 31, 1994 Page- 2 - ------------------------------------------------------------------------------------------------------------------ • Eight (8) three bedrooms/two bathrooms, 1,206 square foot homes, priced at $112,990 • Fourteen (14) three bedrooms/two bathrooms, 1,460 square foot homes, priced at $124,990 • Fourteen (14) four bedrooms/two bathrooms, 1,669 square foot homes, priced at $129,990. The proposed sub-division will establish a new standard in the area for quality and pride of ownership with a variety of quality amenities as follows: • Tile Roofs • Vaulted Ceilings Ceramic Tile Counter Tops • Oak Cabinets • Skylights Side and Rear Yard Fencing • Front yard landscaping with automatic irrigation. The exterior elevations, interior amenities and overall appearance will establish this project as a standard for future development of the "Eastern Entrance" to the City. Yeoman and Associates is requesting $250,000 in Agency assistance to effectuate development of this thirty-six (36) home residential tract sub-division. This assistance would be utilized to finance required off-site street improvements (including curb, gutter and sidewalk) involving Coulston, Curtis, Elm and Rosena Avenue. When completed, these streets will be fully improved, thereby allowing vehicular traffic for the adjacent neighborhood between Coulston Street and Davidson. Funding for this project was previously authorized as part of the adopted FY 1994-95 Housing Division budget. It is important to note that this project will generate substantial monies directly to the City of San Bernardino, including development fees in excess of$290,000, excluding school impaction fees. When the project is completed and occupied, it will then generate approximately $68,000 annually in property tax revenues to the City. Finally, the developer's installation of the required sewer line potentially serving eighty-six (86) additional residences will entitle the City to sewer capacity fees estimated in excess of$320,000. ---------------------------------------------------------------------------------------------------------------- KJH:RJL:paw:yeoman.cdc COMMISSION MEETING AGENDA MEETING DATE: 09/06/94 Agenda Item Number: // C Development Department Staff Report Yeoman and Associates, Inc. August 31, 1994 Page- 3 - ------------------------------------------------------------------------------------------------------------------ Market Profiles, a professional residential market feasibility consulting firm, has analyzed the proposed development and has determined that this project would be extremely competitive and would generate an above average absorption rate. In addition, E. H. Wood and Associates has thoroughly analyzed the developer's proforma and financial capacity and has determined that Yeoman and Associates has the financial capability and banking relationships necessary to obtain construction financing on this project. Evidence of a recorded construction loan will however, be required prior to distribution of any Agency funds in conjunction with this project. Recommendation Based upon the foregoing, Councilwoman Pope-Ludlam recommends adoption of the form motions A and B". KEN ETH J. ENDERSON, Executive Director Development Department i ------------------------------------------------------------------------------------------------------- KJH:RJL:paw:yeoman.cdc COMMISSION MEETING AGENDA MEETING DATE: 09/06/94 Agenda Item Number: CITY OF SAN BERNARDINO INTEROFFICE MEMORANDUM TO: Tim Steinhaus, Administrator, Economic Development Agency FROM: Council Office SUBJECT: Agenda Item for Commission Meeting of September 6, 1994 DATE: August 30, 1994 COPIES: Request the following be placed on the Commission Agenda of September 6, 1994: Form Motion 1 - To reconsider the Yeoman & Assoc. Housing Project. Form Motion 2 - To approve the Yeoman & Assoc. Housing Project. VALERIE POPE-LUDLAM Councilwoman, Sixth Ward I VPL:sr S 9. I