HomeMy WebLinkAbout1985-295 i
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RESOLUTION NO. Rli-?ql
1 RESOLUTION OF THE CITY OF SAN BERNARDINO AUTHORIZING AND
2 DIRECTING THE EXECUTION OF AN AGREEMENT AMONG THE CITY OF SAN
BERNARDINO, THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
3 SAN BERNARDINO, BELCO DEVELOPMENT COMPANY, WILLIAM F . COLLAZO,
CAROL N. COLLAZO, ABE E. BELTRAN AND JOA T. BELTRAN, RELATING TO
4 THE PROPERTY AT MT. VERNON AVENUE AND VINE STREET, AND AT MT.
VERNON AND SPRUCE STREET.
5 BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY
6 OF SAN BERNARDINO AS FOLLOWS:
7 SECTION 1 . The Mayor and Common Council of the City of San
8 Bernardino are hereby authorized and directed to execute on
9 behalf of said City an Agreement among the City of San
10 Bernardino, the Community Development Commission of the City of
11 San Bernardino and Belco Development Company, William F . Collazo
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and Carol N. Collazo , Abe E . Beltran and Joa T. Beltran, relating
13 to the property at Mt . Vernon Avenue and Vine Street , and at Mt .
14 Vernon Avenue and Spruce Street , a copy of which agreement is
15 attached hereto as Exhibit "1" and incorporated herein by
16 reference as though fully set forth at length.
17 I HEREBY CERTIFY that the foregoing resolution was duly
18 adopted by the Mayor and Common Council of the City of San
19 Bernardino at a jZegj,lar _ meeting thereof, held on the
20 litr day of Angnmot , 1985, by the following vote, to
21 wit:
22 AYES: Council Members Estrada ., HnrnanClnz, f4arkC
23 n1lir'1 . Fra7lnry
24 NAYS. Cnunn-i i Mnmlhnr Ctrl ckl nr
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26 ABSENT: Cni,rn i 1 Mnmhpr RP-111;z
27 CITY CLERK
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The foregoing resolution is hereby approved this 7th day
ay of August , 1985.2
Mayor of th Cit of Sin Bernardino
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5 Approved as to form:
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City Attorney
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AGREEMENT AMONG THE CITY OF SAN BERNARDINO, THE COMMUNITY
DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO AND BELCO
DEVELOPMENT COMPANY, WILLIAM F. COLLAZO AND CAROL N. COLLAZO
AND ABE E. BELTRAN AND JOA T. BELTRAN, RELATING TO PROPERTY AT
MT. VERNON AVENUE AND VINE STREET AND AT MT. VERNON AVENUE AND
SPRUCE STREET
THIS AGREEMENT, made and executed as of the
day of -�L1 1985 , evidences the agreement by and
among the City of San Bernardino, a municipal corporation,
hereinafter "City" , the Community Development Commission of
the City of San Bernardino , California, a public body
corporate , hereinafter "Commission" and the Belco Development
A.
f Company, William F . Collazo, Carol W. Collazo, Abe E. Beltran
and Joa T. Beltran , collectively, hereinafter referred to as
the "Redeveloper . "
Sectioon 1 . Recitals .
The parties hereto acknowledge:
A. Commission and Redeveloper are parties to a certain
Disposition and Joint Development Agreement recorded in the
Official Records of San Bernardino County, California,
September 15, 1983 as Document No. 83-214867, relating to the
property at hit. Vernon Avenue and Vine Street, sold for
$77,000. Commission and Redeveloper are parties _ to a certain
Disposition and Joint Development Agreement recorded in the
Official Records of San Bernardino County, California
September 15, 1983 as Document No . 83-214864, relating to the
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property at Mt . Vernon Avenue and Spruce Street , sold for
$63 ,000.
B. Pursuant to the Disposition and Joint Development
Agreements , Commission, acting as City's administrator of
Community Development Block Grant funds , has advanced to
Redeveloper three separate loans , as follows:
1 . A loan of $63 ,000, evidenced by promissory note
and deed of trust , which deed of trust is recorded in Official
Records of San Bernardino County, California, on October 20 ,
1983 , as Document No. 83-246311 .
2. A loan of $77 ,000, which loan is evidenced by a
promissory note and a deed of trust which deed of trust is
recorded in the Official Records of San Bernardino County,
California, as of October 20, 1983 , as Document No. 83-246313 .
3 . A loan of $25,000, evidenced by a promissory
note and deed of trust , which deed of trust was recorded in
the official records of San Bernardino County, California, on
October 20, 1983 , as Document No. 83-246312 .
C. Of the three loans referred to in Subsection B above,
the $63 ,000 loan and the $77,000 loan were each made for
purchase of certain property by Redeveloper for this project,
and represented the acquisition price for such property. No
part of those funds was intended for or used for actual
construction on the premises .
D. The $25,000 loan was for soil testing , architectural
work , and preliminary engineering, and no part of that $25,000
loan was for actual construction of the project .
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E. All of the funds advanced on these loans were
advanced by the Commission as agent for the City in the
distribution of Community Development Block Grant funds
provided by the United States of America under its Community
Development Block Grant program.
F . The parties now desire to substitute this agreement
and a substitute note and trust deed in place of the
Disposition and Joint Development Agreements hereinabove
referred to , and the three promissory notes and deeds of trust
referred to above.
Section 2. Implementation .
The parties therefore agree:
A. Redeveloper shall execute and deliver to the City a
k promissory note and deed of trust in form approved by the City
Attorney of the City, which promissory note shall be in the
sum of $187 ,458.34, representing the principal amount
outstanding with interest computed through June 30, 1985, and
the note shall bear interest from July 1, 1985 at the rate of
7% per annum. The note shall provide for monthly payments at
a rate to amortize the loan over a period of thirty (30)
years, but shall provide for full payment of the loan within
fifteen (15) years, and earlier payment in the event the
property is sold, or pro rata if either complex is sold
separately. Payments shall commence November 1, 1985, and the
monthly payment shall be increased two (2%) percent on the
first payment anniversary date , so that the monthly payments
due commencing November 1, 1986 will be two (2%) percent
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greater than the payment due November 1, 1985, and the payment
due November 1, 1987 shall be two (2%) percent greater than
the payment due November 1, 1986. Similar adjustment shall be
provided for as to each successive anniversary date.
B. Upon execution and delivery of the promissory note
and deed of trust provided for hereinabove, the Executive
Director/Secretary of the Community Development Commission is
authorized and directed to execute a deed of reconveyance
setting aside the three deeds of trust presently in existence,
and is authorized to execute and deliver a certificate of
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ompletion evidencing the cancellation and termination of all
further obligations of Redeveloper under each of those certain
Disposition and Joint Development Agreements recorded as
Document No. 83-214864 and as Document No. 83-214867 in the
Official Records of San Bernardino County, California.
C. The parties recognize that all funds repaid are
Community Development Block Grant funds, and shall be
recognized as such by the City upon such payment .
IN WITNESS WHEREOF , the parties hereto have executed this
agreement effective as of the date and year first set forth
above.
CITY OF SAN BERNARDINO COMMUNITY DEVELOPMENT COMMISSION
OF TH CITY OF S N BERNARDINO
By BY `
ayor Chairman
ATTEST:
By
Secretary
City Clerk
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Approved as to form: Approved as to form:
AGENCY COUNSEL
By - '�:.� By
City attorney Allen R. Brig
BELCO DEVELOPMENT COMPANY
WILLIAM F . COLAZZO
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Its t 4. C t �c.,,x �.
CAROL ,N. COLAZ ZO
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ABE E. ,BELTRAN
JOA T. BELTRAN
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