HomeMy WebLinkAbout1985-286 RESOLUTION NO. e-5--e a
1
RESOLUTION OF THE CITY OF SAN BERNARDINO AUTHORIZING AND
2 DIRECTING THE MAYOR TO EXECUTE AND SUBMIT AN APPLICATION TO THE
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FOR AN URBAN
3 DEVELOPMENT ACTION GRANT FOR THE PROPOSED PLASTIC FABRICATING
FACILITY TO BE DEVELOPED IN STATE COLLEGE BUSINESS PARR.
4
BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY
5 OF SAN BERNARDINO AS FOLLOWS:
6 SECTION 1. The Mayor of the City of San Bernardino is
7
authorized and directed to execute and submit an application to
8
the Department of Housing and Urban Development for an Urban
9
Development Action Grant for the proposed plastic fabricating
10
facility to be developed in the State College Business Park , and
11
the Mayor is authorized to execute all understandings and
12
assurances contained in or required for such application. The
13
proposed development is to take place on sites 50 and 51 of the
14
State College Business Park Development , and is situated in the
15
State College Redevelopment Project Area of the City of San
16
Bernardino. A copy of the application is on file and available
17
for public inspection in the Office of the Executive Director of
18
the Redevelopment Agency of the City of San Bernardino.
19
SECTION 2. The Mayor of the City of San Bernardino is
20
authorized to act as the City's official representative in
21
connection with the Urban Development Action Grant application.
22
I HEREBY CERTIFY that the foregoing resolution was duly
23
adopted by the Mayor and Common Council of the City of San
24
Bernardino at a � � meeting thereof, held on the
25
_ day of �' 1985, by the following vote, to
26
wit:
27
PROPOSED JAPANESE COMPANY UDAG
DEVELOPERS A Japanese plastics manufacturer
PROJECT Construction of a 130,000 sq. ft.
plastics manufacturing facility.
LOCATION 12.74 Acres in the State College
Industrial Park in the Northwest
section of San Bernardino.
TOTAL ESTIMATED DEVELOPMENT COST $14,000,000
COST BREAKDOWN
A. Construction Costs $ 3,900,000
B. Machinery & Equipment $ 7,500,000
C. Land Value $ 1,200,000
D. Financing Costs $ 700,000
E. Total Development $14,000,000
FUNDING SOURCES
Land Acquisition (UDAG) $ 700,000
Land Write-down from RDA $ 200,000
Cash Equity of Developer $ 5,000,000
IRB $ 8,100,000
Total $12,000,000
PURPOSE OF UDAG BY CITY OF SAN BERNARDINO
UDAG funds of $700,000 will be loaned to the developer to assist in the
acquisition of land. Loan will be for 5 years at an interest rate
identical to the IDB rate. Developer will advance acquisition costs to the
project and then be reimbursed by UDAG funds.
Proposed Japanese Company UDAG
Page 2
July 22, 1985
JOBS CREATED BY PUBLIC INVESTMENT
120 full time positions
Cost per job $5,833 ($700,000 - 120 full time position = $5,833 Cost Per Job
LEVERAGE
$13,300,000 - $700,000 = $19.00
($19.00 of private money for every $1.00 of public money.)
OJ:Jmh:1247J