HomeMy WebLinkAboutR3- City Administrator CITY OF SAN BERNARDINO - REQUEST FOR COUNCIL ACTION
)m: FRED WILSON Subject: Set public hearing -- March 20 ,
Assistant City Administrator 1995 -- 10 : 00 a.m. -- approval
Dept: of sale of property by the
Redevelopment Agency to the San
Date: February 28 , 1995 Bernardino Unified School District.
Synopsis of Previous Council action:
Recommended motion:
That a public hearing be set for March 20 , 1995 , at 10 : 00 a.m. for
consideration of the sale of property by the Redevelopment Agency
i to the San Bernardino City Unified School District, pursuant to
the Community Facilities District #995 Mutual Release and
Settlement Agreement executed on August 29 , 1994 .
Signature
Contact person: Fred Wilson Phone: 5122
Supporting data attached: yes Ward:
FUNDING REQUIREMENTS: Amount:
Source: (Acct. No.)
(Acct. Description)
Finance:
council Notes:
CITY OF SAN BERNARDINO - REQUEST FOR COUNCIL ACTION
STAFF REPORT
On August 1, 1994, the Mayor and Common Council approved the
restructuring of the Verdemont Community Facilities District
(CFD) No. 995. A Mutual Release and Settlement Agreement was
executed as part of this restructuring which outlined all the
settlement terms and conditions to which all parties (City, School
District and Developers) agreed.
One of the major conditions of the settlement Agreement was the
City transferring title of an approximate 20 acre parcel of land as
outlined in Exhibit "A" to the School District in exchange for the
District releasing to the City $1, 000, 000 from an escrow account
held in the original Community Facilities District bond issue. The
release of the $1, 000, 000 from the escrow account permitted the
City to restructure the Community Facilities District this past
August.
Since the Water Department actually purchased this parcel of land
(through the City) , a reimbursement agreement has been developed
between the City and the Water Department to ensure that the Water
Department will be reimbursed for $1, 000, 000 which is the appraised
value of the property. Under the terms of the Settlement
Agreement, the landowners within the boundaries of the CFD, will be
responsible for reimbursing the Water Department for the
$1, 000, 000. Payment of this amount will occur at the time
development occurs.
The purpose of the public hearing is to effectuate the transfer of
this parcel of land to the School District through the
Redevelopment Agency.
75-0264
.w
IL
EXHIBIT "A"
The East one-half of Block 76, according to the Map of the Town of Irvington
and Lands of Irvington Land and Water Company, as per map thereof
recorded in Book 3 of Maps, Page 9, and Book of Record of Surveys, Page 3,
in the office of the County Recorder of San Bernardino County, State of
California, and the vacated Southerly 20.00 feet of Belmont Avenue lying
adjacent to said East one-half of Block 76 and the vacated Northerly 10.00
feet of Irvington Avenue lying adjacent to said East one-half of Block 76, as
said streets were reduced in width by the Board of Supervisors of San
Bernardino County on February 21, 1910.
EXCEPTING THEREFROM, those portions dedicated for street and highway
purposes as set forth in City of San Bernardino Resolution No. 91-485,
recorded as Document No. 91-474266, Official Records of said County.
ASSESSOR'S PARCEL NUMBER: 151-291-01
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