HomeMy WebLinkAbout1980-217 Salter
50,002-1-1
RESOLUTION NO. 2Q-a 17
RESOLUTION OF THE MAYOR AND COMMON
COUNCIL OF THE CITY OF SAN BERNARDINO
FINDING THAT AN APPLICATION FOR
INDUSTRIAL DEVELOPMENT BOND FINANCING
HAS BEEN SUBMITTED PURSUANT TO THE
PROVISIONS OF ORDINANCE NO. 3815 OF
THE CITY BY DANIEL JAY SALTER, A
SINGLE MAN, DBA D. SALTER AND COMPANY;
FINDING THAT SAID APPLICATION COMPLIES
WITH THE PROVISIONS AND REQUIREMENTS
OF SAID ORDINANCE NO. 3815 ; PRELIMIN-
ARILY APPROVING SAID APPLICATION AND
THE PROJECT TO WHICH IT REFERS;
FIXING A TIME AND PLACE FOR THE
HOLDING OF A HEARING THEREON; ORDERING
THE PUBLICATION OF A NOTICE OF HEAPING
IN THE FORM AND MANNER PROVIDED BY
SAID ORDINANCE NO. 3815; AND MAKING
CERTAIN OTHER FINDINGS AND DETERA4INA-
TIONS IN CONNECTION THEREWITH
WHEREAS, the City of San Bernardino ( "City"
herein) , is a "home rule city" duly organized and existing
under and pursuant to a Charter adopted under the provisions
of the Constitution of the State of California; and
WHEREAS , pursuant to its home rule powers, the
City duly and regularly enacted Ordinance No. 3815
( "Ordinance" herein) to finance various types of projects ,
as defined in the Ordinance, and to issue its special
revenue bonds for the purpose of paying the cost of financ-
ing such projects ; and.
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50 ,002-1-1
WHEREAS, said Ordinance No. 3815 is intended to
finance the development of industry and commerce and to
thereby broaden the employment opportunities for residents
of the City and its tax and revenue base; and
WHEREAS, D. Salter and Company ( "Salter" herein) ,
has submitted its Application in the form and manner provided
in said Ordinance No. 3815 requesting the City to issue and
sell to Miller & Schroeder Municipals , Inc . ( "Underwriter"
herein) , its special revenue bonds as authorized by said
Ordinance for the purpose of financing for Salter a shopping
center which shall provide approximately 16 , 300 square feet
of rentable space, to be located at the northeast corner of
Adell Avenue and Inland Center Drive, in the City of San
Bernardino, including land, buildings, depreciable improve-
ments and financing costs , including interest during
construction, costs and expenses of issuing said bonds ,
including bond discount, if any, constitute a project
("Project" herein) as that term is used in said Ordinance
No. 3815; and
WHEREAS, the Coordinator (being the Redevelopment
Agency of the City) , City Attorney, Redevelopment Agency
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50,•002-1-1
Counsel, Bond Counsel, the Underwriter and staff of both
the City and the Coordinator have reviewed the Application
and have found that the Project is within and complies with
the spirit, intent and provisions of the Ordinance , and
that the City should proceed with the financing; and
WHEREAS , the City finds that it is in the public
interest to authorize an issue of its special revenue bonds ,
for the purpose of paying the cost of financing the Project
upon such terms and conditions as may then be agreed upon
by the City, Salter, its successors and assigns , and the
Underwriter;
NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED
AND ORDERED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO AS FOLLOWS :
Section 1. That the recitals set forth hereinabove
are true and correct in all respects .
Section 2 . That said Application as referred to
in the recitals hereof complies with the provisions and
requirements of said Ordinance No. 3815 .
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Section 3. That said Application and the Project be, and
the same are , hereby preliminarily approved.
Section 4 . That in accordance with the provisions of
Section ll (C) of said Ordinance No. 3815 , a public hearing shall
be held at the time and place and for the purpose set forth on
the "Notice of Hearing" form attached hereto as Exhibit A and
incorporated herein, which notice complies with the requirements
of said Ordinance.
Section 5 . That the City Clerk is hereby directed to cause
said Notice of Hearing referred to in Section 4 hereof to be
published in a legal newspaper of the City in the time and manner
required by Section 6061 of the Government Code of the State of
i California.
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Mayor and Common Council of the City of San Ber-
nardino at a meeting thereof, held on the
day of 1980 , by the following vote, to-wit :
AYES : Councilmen
IL Ile-
NAYS :
ABSENT:
City Clerk
The foregoing resolution is hereby approved this day
of 1980 .
a o e City of n Bernardino
Approved as to form:
City A orney
Salter
50 ,002-1-1
CITY OF SAN BERNARDINO
NOTICE OF PUBLIC HEARING ON
APPLICATION FOR FINANCING OF A
PROJECT PURSUANT TO ORDINANCE
NO. 3815 OF THE CITY OF SAN
BERNARDINO FOR AND ON BEHALF OF
DANIEL JAY SALTER, A SINGLE MAN,
DBA D. SALTER AND COMPANY
NOTICE IS HEREBY GIVEN that the Mayor and Common
Council of the City of San Bernardino have accepted an
application from Daniel Jay Salter, a single man, dba D.
Salter and Company and have adopted its Resolution. entitled:
"Resolution No. 4a j7
"Resolution of the Mayor and Common
Council of the City of San Bernardino
Finding that an Application for
Industrial Development Bond Financing
Has Been Submitted Pursuant to the
Provisions of Ordinance No. 3815 of
the City by Daniel Jay Salter, a Single
Man, dba D. Salter and Company; Finding
that Said Application Complies with the
Provisions and Requirements of Said
Ordinance No. 3815; Preliminarily
Approving Said Application and the
Project to Which it Refers ; Fixing
• Time and Place for the Holding of
• Hearing Thereon; Ordering the
Publication of a Notice of Hearing
in the Form and Manner Provided by
Said Ordinance No. 3815 ; and Making
Certain Other Findings and Determina-
tions in Connection Therewith"
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all for the financing of a shopping center of approximately
16, 300 square feet in the aggregate , to be located at the
northeast corner of Adell Avenue and Inland Center Drive
in said City (the "Project") and to issue approximately
$1, 150, 000 of special revenue bonds therefor pursuant to
Ordinance No. 3815.
NOTICE IS FURTHER GIVEN that the Mayor and
Common Council will hold a public hearing on the Application
and the proposed Project and its financing as follows :
Date : June 2, 1980
Time: 2 :00 P .M.
Place : Council Chambers
City Hall
300 North "D" Street
San Bernardino, California 92418
on which date, time and place any and all persons interested
may appear and be heard.
GIVEN by order of the Mayor and Common Council of
the City of San Bernardino, California, May 19 , 1980 .
Shauna Clark, City Clerk of the
City of San Bernardino
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INDUSTRIAL DEVELOPMENT BOND
I herewith make application for $1 , 150 ,000 . 00 Industrial
Development Bond financing to construct a 16 , 300 square foot
(net rentable) shopping center on a . 85 acre CM zoned site at
the northeast corner of Adell Avenue and Inland Center Drive
in the city of San Bernardino , consistent with the following
application responses to the Industrial Development Bond
Application :
1 . 1 Legal name of applicant
Daniel Jay Salter , a single man
1 . 2 Line of Business
Owner of a real estate development and investment company ,
D. Salter and Company (DBA)
1 . 3 Mailing address for purposes of application liaison , and
address of headquarters .
1054 South Robertson Boulevard , Suite 202
Los Angeles , California 90035
1 . 4 Employer I . D . Number
Daniel Jay Salter - Social Security No . 556-80-7551
D. Salter and Company - I .D. No . 95-3233055
1 . 5 Name and title of principal contact .
Daniel Jay Salter
1 . 6 Phone number
(213) 659-7960
1 . 7 Type of business organization : Sole Proprietorship
1 . 7 . 1 Place of organization :
Los Angeles , California
1 . 7 . 2 Date of organization , and
November 1 , 1976
1 . 7 . 3 The nature of legal affiliation or relationship
with other entities (Parent - subsidiary , division ,
common ownership , etc . ) .
None
Industrial Development Bond Application
Page Two
1. 8 Constitution of ownership of the company , including percent-
age of holding by general public .
D. Salter and Company - 100% ownership Daniel Jay Salter
1 . 9 Names and locations of key officials , including :
1 . 9 . 1 Principal officers ,
Daniel Jay Salter
1 . 9 . 2 Directors , and
Not Applicable
1 . 9 . 3 Principal Stockholders (over 10% ownership)
Not Applicable
1 . 10 Description of other business affiliations of principal
officers , directors , and principal stockholders .
Daniel Jay Salter :
Westwood Village Limited Partnership , Phase I - 1977 ,
General Partner
S and T Development Co . , General Partner
No . 304 White Sands Village , General Partner
1 . 11 Employees
1 . 11 . 1 Number of employees in California , and
Three
1 . 11 . 2 Locations in California : One
1054 South Robertson Boulevard, Suite 202
Los Angeles , California 90035
1. 12 Expert Services :
1 . 12 . 1 The applicant' s accountant and principal contact
at such firm,
Industrial Development Bond Application
Page Three
1 . 12 . 1 (Continued)
Nanas , Stern , Biers and Company
9454 Wilshire Boulevard , Suite 405
Beverly Hills , California 90210
Contact : Mr . Jack Neinstein (213) 273-2501
1 . 12 . 2 The applicant ' s attorney and principal contact at
such firm, and
Tom Byrne , Attorney -At Law
425 South Beverly Drive
Beverly Hills , California 90211
Contact : Mr . Tom Byrne (213) 553-8580
1 . 12 . 3 Any experts or firms of experts that will be involved
and the principal c6ntacts at each firm.
Miller and Schroeder Municipals , Inc .
505 Lomas Santa Fe Drive , Suite 200
Solana Beach California 92075
(714) .481-5844
Consultants and Bond Underwriters , City of San Bernardino
James Warren Beebe , Esq .
611 West 6th Street
Los Angeles , California 90017
(213) 680-1406
Bond Counselor , City of San Bernardino
1 . 13 Principal bank of account and name of officers handling
account .
Crocker National Bank
Beverly Hills Main Office
9570 Wilshire Boulevard
Beverly Hills , California 90212
(213) 350-2852
1. 14 The source of funding for the project .
Industrial Development Bonds issued by the City of
San Bernardino
1. 15 Describe the benefits that will accrue to the City and its
citizens as a result of the installation of this facility
and the use of this method of financing , vis-a-vis a con-
ventional method.
Industrial Development Bond Application
Page Four
1 . 16 In particular , the application should address the findings
the
in Section 1 of the Ordnn�hee�ityand
forshould
longstermtbusiness
applicant is locating
reasons and not merely because la should
ofanyfinancial outline ducement
offered by the Ordinance . APP
in the
program by which it etemployment its
ofclocalvresidents
City will increase long-term
and that the City will receive a substantial benefit that
exceeds any detriment
The development of- thCnrofrSanoBernardinol dThectly
benefit the city and itizes
development will supply approximately one full time new
job per each 500 square feet of rental space or approx-
imately 33 new jobs . It will establish a new real estate
tax base of approximately one million dollars and an in-
crease in local taxes from sales of goods and services .
With the development , the access street , advlicantnue will
be widened an additional ten feet . P.
responsible for all which include e
utilities . Asa second-
sidewalks and relocat P
be safer to travel over
ary thoroughfare , Adell Avenue will
and provide safe on street parking and pedestrian right of
way .
In particular , the new development will create a greater
draw for stores on Inland Center Drive and the Inland Center
Mal] . With a trade anta vdo additionalrshopping pin
from all over the county will
market area. With additional stores in the trade area , it
will encourage city residents to do more business in this
area rather than traveling elsewhere .
Without the use of Industrial Development Bonds ,
this pro-
ject would probably not be built in a timely manner .
Currently , institutfoTaledssuch have
astSaneBernatdinog
conventional funds projects ect to be built and
Plaza. These bonds enable the p ro
provide jobs for local building tradesman today . The
issues of employment and increased tax revenue also star
today .
Th project , though speculative in nature , will be
applicant on a long term basis . The app
ing other development pronet h City
he area onatl gong term basis .
and anticipates working 1 dino
By developing the San Beheaadditionaof�primec commercial
d
city will benefit from t improvement of
stores in the central business district , imp
vacant land, increased tax traven es , otherjobs and residents
to the City , and business
Industrial Development Bond Application
Page Five
1 . 15/1 . 16 (Continued)
This project will be an asset to the "All American City"
of San Bernardino .
PART II BOND ISSUE
2 . 1 Provide the estimated total amount of the financing with a
tabulation of proposed use of bond proceeds , including :
$1 , 150 ,000 . 00 - Total amount of Bond financing
2 . 1 . 1 Project cost ,
$1 , 181 , 180 . 00 - (Att Development
achedhereto -CExhibit A)v
2 . 1 . 2 Legal ,' printing and related fees ,
$ 11 , 150 . 00 - Legal
$ 20 ,000 . 00 - Printing and Related Fees
2 . 1 . 3 Financing costs and fees ,
$ 10 , 550 . 00 - City
ond Administration
ino
$ 46 , 500 . 00 - Bond Underwriting
2 . 1 .4 Capitalized interest , and
$ 138 ,000 . 00 - Construction Interest
$ 17 ,250 . 00 - Interest Reserves (For payment of
interest to Bond Holders during the
first eighteen months-l% Per Annum
Negative Carry)
2 . 1. 5 Other miscellaneous costs .
(Attached hereto - Exhibit A)
2. 2 . Estimated target date of financing.
September , 1980 for final underwriting of the $1 , 150 . 000 .00
bond issue . Construction begin
,There�islaneallowanceoofd
be completed within nine months
eighteen months of construction for initial lease-up and
carrying cost of the project .
Industrial Development Bond Application
Page Six
2 . 3 Estimated times of financing .
(See 2 . 2)
2 . 4 Type of bond sale (private placement , underwritten offering) .
Underwritten Offer
PART III FINANCIAL INFORMATION
3 . 1 statements following :
three
Balance Sheet
(Submitted to James Warren Beebe , Esq . and Miller
and Schroeder Municipals , Inc . )
3 . 1 . 2 Income (Profit and Loss) Statement , and
(Submitted to James Warren Beebe , Esq . and ?filler
and Schroeder Municipals , Inc . )
3 . 1 . 3 Analysis of sources and application of funds .
Source : City of San Bernardino Industrial
Development Bonds through Underwritten
Offering plus owner equity .
Application : Purchase of approximately . 85 acre of
CM zoned land in the City of San Ber-
nardino , known as Parcel 1 and Parcel
2 , as per map recorded in Book 3 , Page
54 of Parcel Maps in the Office of the
County Recorder of the County. of San
Bernardino , state of California and
construction of a 18 ,000 square foot
(gross space) or 16 , 300 (net rentable)
square foot shopping center , together
with financing fees and costs , bond un-
derwriting, engineering fees , leasing
fees and overhead costs .
3 . 2 Advise as to whether applicant is a small business , and a
description of the applicant ' s ranking and relative size
in its industry .
A small business unranked in its industry
No Small Business Administration loan funds or guarantees
are requested or will be issued in connection with this
bond underwriting.
Industrial Development Bond Application
Page Seven
PART IV PROJECT INFORMATION
of the purpose , objective and function
4 . 1 A short summary
of the proposed project .
San Bernardino Plaza will
Berriabuilt to serve the commesscdas-
needs of the City of San
trict . Being at the main entrcente�fprovidesa18 ,000tsquare
Shopping Mall , this shopping regional and
feet of new rental store space for national , re
local businesses .
Exposure at this locaiiht metaleexteriorwpanels , and ex-
glass store front , bright
visibility . As a quality
cellent freeway and highway
project , this
��development will oe an asset to the
"All
American City of San Ber
4. 2 . 1 through 4 . 2 . 5
(Statement attached hereto - Exhibit A)
4 . 3 Estimated construction period :
4. 3 . 1 Scheduled starting date , and
September , 1980
4 . 3 . 2 Scheduled completion date .
No later than March , 1981
4 . 4
Name and location of the applicant' s supervising or ect .
consulting engineer responsible for design of the p ro�
Albert/Wurzburger and Associates , A . I .A.
5979 West 3rd Street , Suite 206
Los Angeles , California 90036
(213) 935-5002
The location of the proposed project . If duplicate installa-
4. 5
tions in several locations , list addresses of al
(Attached hereto - Exhibit B)
4. 6 Advise as to whether project ortalterations location .
be made .
not , describe what expansion
The project site is the first CiandofcBansition Bernardino develop-
ment by the applicant in the Y
Currently the site is undeveloped.
Industrial Development Bond Application
Page Eight
4, 7 Name and legal owner of location :
4 . 7 . 1 The applicant is in escrow to purchase the site from
the legal owners , Levitz Furniture Company of the
Pacific , Inc . The purchase price is $128 ,000 . 00 baid
plus title insurance and clEscrowcistdueo to e close
by the applicant (buyer) .
August 10 , 1980 -
4 , 7 . 2 If there is or legal
locationshdescribeen
the applicant an
the relationship .
None
4 . 8 A description of the operations protect, and athe tscope , magnie
at the location of the prop( project ,proposed project ,
tude and process relationships of the P
including:
nclu 1/2" X 11" map showing plant site and location
An 8
of the project , and
(Attached hereto - Exhibit C)
4 , 8. 2 A description of the p lant P rocess .
The project is being built as a speculative develop-
ment , to be leased and
completion. has the flexibility
retail store space . The project
ight tenents as an easily divisible
of serving one to e
building,. An active leasing program is underway and
pre-leasing prior to completion of construction should
be easily obtained.
List the environmental quality regulations , standards or re-
4. 9 project .
re-
quirements which are to be met within this p J
The City of San Bernardino Planning applicable a
negative declaration for the P
environmental quality standards and regulations will be ad-
hered to .
4. 10 A list and copies of all permits , water quality enforcement
orders , air pollution permits and variances or evidence of
other actions evidencing need for installation of this pro-
ject .
(See 4. 9)
Industrial Development Bond Application
Page Nine , state
4. 11 List pollution control agenulationscastandardsaor require)
imposing the applicable g
ments for operations or disposal .
South Coast Air Quality MagofeCal BforniaSDepartmenteofral
Water Quality Acts and State
Health .
4 . 12 Describe the regional candtthermanner in plan
which which
willthis
project is to conform,
provide conformance-.
The development is con dsestablished uses Cfor s
the property .
dino' s master plan and
of the project , and
4 . 13 Describe the by-products or re
where and how ultimate disposal will be accomplished . If
recycling or salvage is to be
market opportunities .
Sewage hook-up is availabarewnot withinaanylcapaci1tysrange .
Current treatment plants the City of San
Non-recyclable collected by Y
Bernardino Refuse
PART V PUBLIC BENEFITS
(See Section 1 . 15 and 1 . 16)
PART VI COMMITMENTS
6 . 1 through 6 . 4
The applicant herby agrees to comply with and/or assist
the city in complying with and to provide staff additional
information and supplemental schedules , plans and documents
o
of whatever nature so as required by the city in order and
comply with all provisions of
6 . 4 of the Industr ial
Industrial Development Bond Application
Page Ten
PART VII SIGNATURE
7 1 This application is submitted by Daniel Jay Salter , a
single man , who is responsible for the financing as
presented in this application and to the best of my
knowledge and belief it contains no false or inaccurate
information or data and is totally descriptive of the
project . I have beeof counsled
tydofnSanmBernardinowith
Ordinance No . 38 1
May 9 1980
Date
Daniel Jay Salter
'Exhibit A'
May 1 , 1980
DEVELOPMENT COST STIMARY
PROJECT : SAN BERNARDINO PLAZA
18,000 Gross Square Feet
16 , 300 Net Rentable Square Feet
Project Cost $ 130 , 000
A. Land
B. Construction Cost
1 . Building Shell
(HVAC , Storefront , Finished Electrical . $ 537 ,900
Plumbing , A/C Paving)
2 . Tenent Improvements
(Interior Partition , Ceiling , Lighting 83 , 350
and Ducts) 59 , 430
3 . Site Improvements (Per Statement) 5 ,000 685 ,680
4. Landscape (Allowance) 17 , 500
C . Contingency
D. Fees and Services
1 . Architecture/Engineering $ 30 ,000 2 , 500
2 . Civil Engineering
3 . Landscape Architecture (With D-1 . ) -0-
4. Soils Testing/Surveys 1 , 000
5 . Plan Check/Permits 1 , 500
6 . City Fees 5 , 200
7 . Insurance/Bonds (Allowance) 4 ,000
8 . Project Legal (Allowance) 2 ,000
9 . Development Management (By Owner) -0-
10 . Bond Legal 11 , 500
11 . Bond/Printing/Miscellaneous (Allowance) 20 ,000 79 , 700
12 . Blueprint Reproduction/Miscellaneous 2 ,000
E. Sales $ 25 ,000
1 . Leasing Commissions 3 , 500
2 . Advertising/Brochures
3 . Interest Reserves 17 , 250 45 , 750
(18 Month Negative Carry/Bond Holders)
F. Financing 138 ,000
1 . Construction Interest $ 23 ,000
2 . Construction Loan Fees (2 Points)
3 . Bond Administration 10 , 550
(City of San Bernardino) 46 ,000
4. Bond Underwriting Fees (4 Points) 1 , 500
5 . Taxes (Real Estate) 3 ,500 222 , 550
6 . Escrow/Title Insurance
TOTAL PROJECT COST $1 , 181 , 180
(BOND AMOUNT $1 , 150 ,000)
SAN BERNARDINO PLAZA
PROFORMA OPERATING STATEMENT
TOTAL INCOME - NNN(1) $ 176 , 040
16 , 300 Square Feet @ $10 . 80/PSF
( 8 , 802)
LESS : 5011� Vacancy Factor
EFFECTIVE GROSS INCOME -
NNN $ 167 , 238
LESS : OPERATING EXPENSES $ 5 ,017
Management (3%) ( 5 ,995)
Reserveg ($ • 06/PSF) 978
$ 161 , 243
PRE-DEBT OPERATING INCOME
LESS : Debt Service (Available for Debt) ( 128 ,994)
(1 . 25 Debt Service Ratio)
$ 32 ,249
NET ANNUAL OPERATING INCOME
LOAN SUPPORT RATIO: 128 ,994
Cash available for Debt Service
Divided by Loan Constant . 1098
(10 . 50%/30 Year AmortizanLevel $1 ,174,809
Equals Minimum Loan Support
All Leases are on a
complete triple net , insurance ,
(l) a their pro rata share of taxes ,
tenents Pay
total common area maintenance .
SAN BERNARDINO PLAZA
OFFSITE IMPROVEMENTS
(1) Paving (Means Cost Estimator) $ 1 , 300 . 00
333 . 33 Square Yards @ $3 . 90/PSF
(2) Curbs abd Gutters (Means Cost Estimator) 2 , 800 . 00
300 . 00 Feet @ $9 . 25 Per Foot
(3) Sidewalks (Means Cost s
Estimator) 1 ,700 . 00
1 , 200 Square Feet @ $
(4) Edison (Electricity) (Estimated)
Move Poles and Wiring to Transformer/New System 30 ,000 . 00
(5) General Telephone Company (Estimated) 2 , 500 . 00
Move Poles and Wiring
Southern California Gas Co . (Estimated) 14 ,000 .00
Remove Existing Meters
(7) City of San Bernardino Water District (Water) 2 , 630 .00
(Actual Cost) New Meter Installed (1 ) 1 , 500 -00
(8) Demolition (Allowance)
(9) Civil Engineering (Actual Cost) 1 , 500 . 00
Street Improvement Plan
(10) Improvement Bonds (Estimated)
1 , 500 . 00
Total $ 591430 . 00
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