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Home My WebLink AboutR9- Economic Development ECONOMIC DEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO REQUEST FOR COMMISSION/COUNCIL ACTION From: Timothy C. Steinhaus Subject: MULTIFAMILY HOUSING Agency Administrator REVENUE BONDS - MOBILEHOME PARKS Date: December 13, 1995 ------------------------------------------------------------------------------- Synopsis of Previous Commission/JPA/Council/Committee Action(s): On November 20, 1995, the Community Development Commission, the Joint Powers Financing Authority and the Mayor and Common Council adopted various resolutions for the acquisition of several mobilehome parks. ------------------------------------------------------------------------------- Recommended Motion(s): (Mayor and Common Council) MOTION A: RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE OF THAT CERTAIN MULTIFAMILY HOUSING REVENUE NOTE BY THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO UNDER SECTION 147(f) OF THE INTERNAL REVENUE CODE. MOTION B: RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE OF THAT CERTAIN MULTIFAMILY HOUSING REVENUE NOTE BY THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO UNDER SECTION 147(f) OF THE INTERNAL REVENUE CODE. (Recommended Motion(s) Continued on Page 2) 9 l Admin Services Timot . Steinhaus Agency Administrator ------------------------------------------------------------------------------- Contact Person(s) : Barbara Lindseth/Tim Steinhaus Phone: 5081 Project Area(s) : None Ward(s) : 2 3 & 7 Supporting Data Attached: Staff Report; Resolutions Funding Requirements: Amount: $300,000 Source: HOME Funds Budget Authority: FY 1995-96 Budget ------------------------------------------------------------------------------- Commission/Council Notes: ------------------------------------------------------------------------------- TCS:b1:2124A COMMISSION MEETING AGENDA Meeting Date: 12/18/1995 .- Agenda Item Number: Recommended Motion(s) Continued: (Community Development Commission) MOTION C: RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF A NOT TO EXCEED $1,500,000 MULTIFAMILY HOUSING REVENUE NOTE (NINTH STREET MOBILEHOME PARK PROJECT) SERIES 1995A, APPROVING THE FORM OF LEGAL DOCUMENTS RELATED THERETO AND AUTHORIZING AND DIRECTING PREPARATION, EXECUTION AND DELIVERY OF THE FINAL FORM THEREOF. MOTION D: RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF A NOT TO EXCEED $875,000 MULTIFAMILY HOUSING REVENUE NOTE (ROYAL COACH MOBILE MANOR PROJECT) SERIES 1995A, APPROVING THE FORM OF LEGAL DOCUMENTS RELATED THERETO AND AUTHORIZING AND DIRECTING PREPARATION, EXECUTION AND DELIVERY OF THE FINAL FORM THEREOF. TCS:b1:2124A COMMISSION-MEETING-AGENDA Meeting Date: 12/18/1995 Agenda Item Number: I ECONOMIC DEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO STAFF REPORT Multifamily Housing Revenue Bonds - Mobilehome Parks Background Pursuant to the Mobilehome Conversion Program, Agency staff and consultants have completed or substantially completed due diligence on the following mobilehome parks ("Parks") : Ninth Street Mobile Home Park and Royal Coach Mobile Manor. On November 20, 1995, the Community Development Commission, the Mayor and Common Council and the Joint Powers Financing Authority held a public hearing and took action for the acquisition of and the use of HOME funds for several mobilehome parks, including Ninth Street and Royal Coach. The Joint Powers Financing Authority adopted a resolution of issuance for Royal Coach, but the resolution for Ninth Street was inadvertently excluded. However, it is now intended for action to be taken by the Mayor and Common Council and the Community Development Commission authorizing the issuance of multifamily housing revenue notes for both Royal Coach and Ninth Street. The financing structure contemplates that the Agency will acquire ownership of the Parks from the present owners through the issuance of tax-exempt notes. Such notes will provide the funds needed to pay the purchase price for such Parks and to pay certain costs associated with the purchase. Additional costs of acquisition will be funded by the provision of HOME funds from the City to the Agency. The bonds are being issued under certain provisions of the Internal Revenue Code to enable the Agency to transfer said Parks to a nonprofit corporation for operation and maintenance. The following represents the bonds to be issued and the estimated amount of HOME funds to be used: Royal Coach Mobile Manor - Issue of $875,000 2280 West Rialto Avenue - 45 spaces Estimated HOME funds - $150,000 Ninth Street Mobilehome Park - Issue of $1,500,000 780 East Ninth Street - 108 spaces Estimated HOME funds - $150,000 Based on the foregoing, staff recommends adoption of the form motions. Timothy C. Steinhaus, Agency Administrator ------------------------------------------------------------------------------- TCS:bl:2124A COMMISSION MEETING AGENDA Meeting Date: 12/18/1995 �r l,! Agenda Item Number: