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Home My WebLink AboutR10- Economin Development ECONOMIC DEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO (WiPw REQUEST FOR COMMISSION/COUNCIL ACTION FROM: RONALD E.WINKLER SUBJECT: CREEKSIDE VILLAGE Development Director APARTMENTS - STEADFAST PROPERTIES, DATE: March 26, 1998 INC. ------------------------------------------------------------------------------------------------------------------------------------------- Synopsis of Previous Commission/Council/Committee Action(s): On March 23, 1998,the Redevelopment Committee recommended that this item be forwarded to the Mayor and Common Council for approval. ---_------------------------------------------------------------------------------------------------------------------------------------ Recommended Motion(s): (Mayor and Common Council) MOTION: That the Mayor and Common Council approved the attached Cooperative Agreement between the County and City for execution by the Mayor. ------------------------------------------------------------------------------------------------------------------------------------------- Contact Person(s): Ronald E.Winkler/ Phone: 5081 Project Area(s): N/A Ward(s): One(1) Supporting Data Attached:l] Staff Report❑ Resolution(s) 0 Agreement(s)/Contract(s) ❑ Map(s) ❑ Ltr/Memo FUNDING REQUIREMENTS: Amount: $ N/A Source: N/A Budget Authority: N/A SIGNATURE: /-Z"-Z� Adm or Ronald E.W nkler,Director Development --------------------------------------------------------------------------------------------------------------------------------------- Commission/Council Notes: ------------------------------------------------------------------------------------------------------------------ REW:lag:04-06-02.cdc COMMISSION MEETING AGENDA MEETING DATE:04/06/19/98 6 Agenda Item Number: 7 � ECONOMIC DEVELOPMENT AGENCY STAFF REPORT ------------------------------------------------------------------------------------------------------------------ Creekside Village Apartments - Steadfast Properties, Inc Creekside Village Apartments is a 304 unit multi-family rental housing development located at 495 East Third Street. The development is being purchased and renovated by Steadfast Properties, Inc., a Newport Beach base real estate investment company. Steadfast has recently acquired and renovated other rental developments in San Bernardino including Nova Park Heights, Autumnwood and Warm Creek Apartments. The owner of Steadfast Properties, Inc., is known to the Mayor and City Council from past work on mutual concerns regarding the Arden Guthrie area. The attached Cooperative Agreement between the County and City would allow the County to issue bonds to finance acquisition and rehabilitation costs. An executed copy of the Agreement is required as part of the County's application to the California Debt Limit Allocation Committee. It should be noted Steadfast Properties is requesting use of the County for the bond issue since they are working with the County to finance other acquisitions outside of the City. For that reason, Thus, certain economies of scale can be attained in insuring bonds. Execution of the Agreement creates no financial obligation on the part of the City or Agency. Also Steadfast has agreed to pay any direct costs incurred by the Agency in processing the Agreement. Finally, approval of the County's application by the State's Committee does not prohibit the City from submitting its own projects for bond financing should they materialize in the future. Considering the above, staff recommends adoption of the form motion. RONALD . WINKLER, Director Development Department ------------------------------------------------------------------------------------------------------------------ REW:Iag:04-06-02.cdc COMMISSION MEETING AGENDA MEETING DATE:04/06/199 Agenda Item Number: _� COOPERATION AGREEMENT BETWEEN THE COUNTY OF SAN BERNARDINO AND THE CITY OF SAN BERNARDINO THIS COOPERATIVE AGREEMENT ("Agreement"), made and entered into as of 1998, by and between the County of San Bernardino, a political subdivision of the State of California(the"County")and the City of San Bernardino, a political subdivision of the State of California (the"City"). WITNESSETH: WHEREAS, the County has determined pursuant to Chapter 7 (commencing with Section 52075) of Part 5 of Division 31 of Health and Safety Code of the State of California (the "Act")to provide financial assistance for the acquisition and rehabilitation of a 304-unit multifamily rental housing development, known as Creekside Village Apartments, located within the City and the County, and for the provision of capital improvements in connection therewith (the"Project"); and WHEREAS, the County, pursuant to the Act, has adopted Resolution 98- , on February 24, 1998, has determined to cooperate with the City pursuant to the Act in the exercise of its powers under the Act in issuing Bonds for the Project; WHEREAS, the City, pursuant to the Act, has adopted Resolution 98-_ and has determined to cooperate with the County pursuant to the Act in the exercise of the County's powers under the Act in issuing the Bonds as defined below; and WHEREAS, the County has determined, for the purpose of providing financial assistance for the Project, to issue County of San Bernardino Multifamily Housing Revenue Bonds (the `Bonds"), in one or more series to be determined at a later date, in an aggregate principal amount not to exceed $11,400,000 as authorized by the Act and the Internal Revenue Code of 1986 (the "Code"). NOW, THEREFORE, in consideration of the mutual covenants hereinafter provided, the parties hereto agree as follows: Section 1. The terms used in this Agreement shall, for all purposes of this Agreement, unless otherwise defined herein, have the meanings assigned to such terms in the Act. Section 2. The County agrees to provide financial assistance for the Project and issue Bonds therefor pursuant to the Act and the Code from time to time to the extent that the County receives allocations from the State. 1 Section 3. The City hereby agrees to cooperate with the County in the County's issuance of the Bonds pursuant to the Act and the Code in connection with the Project. Section 4. The City agrees to undertake such further proceedings or actions as may be necessary in order to carry out the terms and the intent of this Agreement. Nothing in this Agreement shall prevent the County from entering into one or more agreements with other political subdivisions within the County, if deemed necessary and advisable to do so by the County. Section 5. This Agreement may be amended by one or more supplemental agreements executed by the County and the City at any time, except that no such amendment or supplement shall be made which shall adversely affect the rights of the holders of the Bonds issued by the County, pursuant to the Act. Section 6. The term of this Agreement shall extend until the Bonds issued from the allocation assigned in Section 4 hereof are fully paid and retired, or shall terminate if Bonds are not issued for the Project. Section 7. This Agreement shall take effect from and after its adoption. 2 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and attested by their proper officers thereunder fully authorized, and their official seals to be hereunto affixed, all as of the day first above written. COUNTY OF SAN BERNARDINO By: Authorized Signatory ATTEST: APPROVED AS TO FORM Earlene Sproat, Clerk of the Board ALAN K. MARKS of Supervisors of San Bernardino County County Counsel By: By: Michelle D. Blakemore, Esq. Deputy County Counsel Title: Date: CITY OF SAN BERNARDINO By: Authorized Official ATTEST: By: City Clerk SBEO/0001/DOC/3319 3/25/98 1205 ct 3