HomeMy WebLinkAbout1980-251 vanir
60,009-13-1
RESOLUTION NO.
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 WORLD SAVINGS PLAZA, A
LIMITED PARTNERSHIP, 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
A TIME AND PLACE FOR THE HOLDING OF
A 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 DETER-
MINATIONS 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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60,009-13-1
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, World Savings Plaza, a limited partnership,
("Applicant" 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
acquisition and construction of a commercial shopping center
to be located at East Highland Avenue and Del Rosa Street
in the City of San Bernardino, which buildings comprising
such shopping center, including the land necessary therefor
and for the providing of parking spaces for the use and
convenience of the tenants of and visitors to said buildings ,
and the financing of same, 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
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WHEREAS, the Coordinator (being the Redevelopment
Agency of the City) , City Attorney, Redevelopment Agency
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, Applicant, their 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 11 (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 require-
ments 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
California.
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Mayor and Common Council of the City of San Ber-
nar a meeting thereof held on the /Z day
of 1980 , by the following vote, to-wit:
i
AYES : Coucilmen
NAYS :
ABSENT: ��,� i✓ ��/
City Clerk
Th foregoing resolution is hereby approved this day
of 1980 .
a or of he ty of San ernardino
Approved as to form:
��G�yGGG�
City Attorney
60,Ot79-13-1
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
WORLD SAVINGS PLAZA, A LIMITED
PARTNERSHIP
NOTICE IS HEREBY GIVEN that the Mayor and
Common Council of the City of San Bernardino have accepted
an application from World Savings Plaza, a limited partnership,
and have adopted its Resolution entitled:
"Resolution No. - �
"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 World Savings Plaza, a
limited partnership; 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
a Time and Place for the Holding
of a 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 Deter-
minations in Connection Therewith"
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60,009-13-1
all for the financing of a shopping center to be located
at East highland Avenue and Del Rosa Street in said City
(the "Project") and to issue not to exceed $5,000,000 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 : July 7 , 1980
Time : 4 . 00 P .M.
Place : Council Chambers
City Hall
300 North "D" Street
Sari 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, June 16 , 1980.
Shauna Clark, City Clerk of the
City of San Bernardino
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D1669'
VANIR RESEARCH COMPANY
COMMERCIAL/INDUSTRIAL DEVELOPERS • REAL ESTATE BROKERS
P O BOX 300• VANIR TOWER . CITY HALL PLAZA • SAN BERNARDINO.CA 92402 • 774/884.9477
June 12, 1980
Mr. Ralph E. Shadwell, Jr.
Executive Director
Redevelopment Agency of the City of San Bernardino
P.O. Drawer 392
San Bernardino, California 92401
Re: Shopping Center Highland and Del Rosa
IDB Application
Dear Mr. Shadwell :
Enclosed is an application for Industrial Development Bond financing to be
submitted to the Mayor and Common Counsel of the City of San Bernardino for
their review and if approved, issuance of a resolution of intent to authorize
an Industrial Development Bond issue in support of this application.
Very truly yours,
VANIR RESEARCH COMPANY
K DOMINGUEZ
HFD/dlf
Enclosure: Application for Revenue Bond Financing
APPLICATION FOR
REVENUE BOND FINANCING
PART I GENERAL AND BUSINESS INFORMATION
1.1 Legal name of the Applicant:
World Savings Plaza, a limited partnership
1.2 Line of Business:
Shopping Center
1.3 Mailing Address and Headquarters Address:
P.O. Box 310, San Bernardino, California 92402
Vanir Tower, City Hall Plaza
290 North "D" Street, Suite 900
San Bernardino, California 92401
1.4 Employer I.D. Number:
Applied for
1.5 Name and Title of General Contact:
H. Frank Dominguez - Partner
1.6 Phone Number of 1.5:
(714) 884-9477
1.7 Type of Business Organization: Partnership
1.7.1 Place of Organization: San Bernardino, California
1.7.2 Date of Organization: June 1980
1.7.3 Nature of Legal Affiliation or Relationship: Partnership
1.8 Constitution of Ownership of the Company:
H. Frank Dominguez and David D. Miller
1.9 Name and Location of Key Officials:
1.9. 1 Principal Officials:
H. Frank Dominguez and David D. Miller
Vanir Tower, City Hall Plaza
290 North "D" Street, Suite 900
San Bernardino, California 92401
1.9.2 Directors: N/A
1.9,3 Principal stockholders: N/A
1.10 Description of Other Business Affiliations of Principals:
Vanir Development Company - Principal Stockholder and Officer
Vanir Tower Company - Principal Stockholder and Officer
Vanir Construction Company - Principal Stockholder and Officer
Vanir Properties - Principal Stockholder and Officer
Colton Development Company - Principal Stockholder and Officer
Pail of Chicken Company - Principal Stockholder and Officer
Buena Vista Telecommunications Company - Principal Stockholder and Officer
Hub Distributing Company - Principal Stockholder and Officer
Woodhaven Developers - Principal Stockholder and Officer
1.11 Employees:
1.11.1 Number of Employees in California: None
1.11.2 Locations in California: One
1.12 Expert Services:
1.12.1 Applicant's Accountant:
Herb Hinkle
Vanir Tower
290 North "D" Street
Suite 900
San Bernardino, California 92401
1.12.2 Applicant's Attorney:
D. David Stringer
Vanir Tower
290 North "D" Street
Suite 900
San Bernardino, California 92401
1.12.3 Architect:
N/A
General Contractor:
N/A
1.13 Principal Banks of Account and Name of Officers Handling Account:
Security Pacific National Bank - Richard Bissell
Crocker National Bank - Rick Koon
PART II BOND ISSUE
2.1 Provide The Estimated Total Amount Of The Financing With A
Tabulation of Proposed Use Of Bond Proceeds, Including:
2.1.1 Project Cost - $3,000.000.00
2.1.2 Underwriting, legal, printing
and related fees - 87,000.00
2.1.3 Financing costs and fees (included in 2.1.2)
2.1.4 Capitalized interest (included in 2.1.2)
2.1.5 Miscellaneous .Costs (included in 2.1.2)
2.2 Estimated Target Date of Financing:
July 1, 1980
2.3 Estimated Time of Financing:
30 years
2.4 Type of Bond Sale:
Private Placement, underwritten offering
PART III FINANCIAL INFORMATION:
3.1 Financial Statements:
Financial information provided to the Redevelopment Agency Bond
Counsel for inclusion in loan package.
3.2 Income (Profit $ Loss) Statement:
Same as 3.1
3.3 Analysis of Sources and Application of Funds:
Source - Bond Issue
Application - Construction of project
PART IV PROJECT INFORMATION
4.1 Description of Components and Estimated Total Cost of Functional
Parts of Project:
4.2.1 Land - N/A
4.2.2.1 Building - N/A
Purchase Price $3,000,000.00
Total Project Cost $3,000,000.00
4.2 Estimated Construction Period:
N/A
4.3 Name and Location of Supervising or Consulting Engineer Who
Designed Project:
N/A
4.4 Location of Proposed Project:
1555 East Highland Avenue
San Bernardino, California
4�5 Advise As To Whether Project Site is a New Location:
New Location
4.6 Name Of Legal Owner Of Location:
World Savings $ Loan Association, a California Corporation
4. 6.1 Terms and Nature of Occupancy: Long term land lease
of 84 years, 6 months and 15 days. With option to purchase for $181,000
4.6.2 Is There Or Will There Be A Legal Relationship Between
Applicant And Owner Of Location And Nature of Relationship:
Lessor - Lessee relationship
4.7 Description of Operation to be Conducted at Project:
Commercial banking facility, commercial retail stores
4.7.1 8h x 11 Map showing site: Attached
4.7.2 Description of Plant Process: N/A
4.8 List of Environmental Quality Regulations, Standards or Requirements
To Be Met Within Project:
Not applicable at this time.
4.9 List and Copies of all Permits, W.-ter Quality Enforcement Orders,
Air Pollution Permits and VarianccS or Evidence of Other Actions
Evidencing Need for Project:
N/A
4.10 Pollution Control Agencies Imposing A licable Regulations, Standards
Or Requirements for Operations or Disposal:
N/A
4.11 Regional County or Basin Plan to Which This Project is to Conform:
N/A
4.12 By Products or Residues of Project:
N/A
PART V PUBLIC BENEFITS
5.1 The benefits that will accrue to the City and its citizens as a result
of the installation of the project and the use of tax exempt financing
vis-a-vis a conventional method include the following:
(1) The project provides long-term employment for a substantial
section of the locally unemployed, When construction on the project
site has been completed and facilities on the site are operational,
it is estimated that an average of approximately 200 jobs will be
created. The categories of jobs to be provided are anticipated to
include managerial, skilled, and office-professional. The wages
to be paid by the enterprises locating in subject Project for the
employees in various job categories are anticipated to meet local
and regional standards and to sustain a satisfactory level of
financial stability. Working conditions in the facilities (all of
which will be newly constructed and are anticipated to be constructed
in accordance with all applicable federal, state and local laws
and regulations) are anticipated to be satisfactory.
(2) Additional benefits anticipated to be attributable to the said
Project and the general economic revitalization resulting therefrom
in the financial district of the City of San Bernardino, include the
reduction of public assistance expenditures, all because this Project
will be self supporting at no unreimbursed cost to the City.
(3) The operation of the Project on this site, is anticipated to add
buildings whose approximate market value will be to the city tax rolls.
(4) The use of the method of financing provided for in Ordinance
#3815 of the City vis-a-vis the use of a conventional method will
permit the applicant to move forward with the financing and
construction of the Project within an accelerated time frame.
As the City is well aware, conventional interest rates are at
historical high levels and many sources of conventional financing
do not currently have funds available to loan at any interest rate.
The method of financing provided in Ordinance #3815 will provide
new sources of financing to the applicant and such financing will
be available at lower tax-exempt interest rates.
5.2 The applicant believes that the acquisition and operation of this
Project and the financing thereof pursuant to Ordinance #3815 of the
City are in conformance with the findings set forth in Section 1 of
Ordinance #3815. In particular:
(1) The project is anticipated to have a significant impact on the
unemployment problem of the City without imposing a financial
burden on the City.
(2) The Project will not produce detrimental effects on, or conflict
with, or otherwise restrain State efforts to solve problems of
legitimate State concern.
(3) The applicant has legitimate, long-term business reasons for
acquisition and operation of said Project including the long-
term profit potential from said operation. The financing of
said Project under the method provided by Ordinance #3815 will
provide additional financing sources to the applicants at lower
tax-exempt rates.
(4) The City will only provide a method of financing the Project
and will only be paid certain fees to reimburse the City for costs
incurred by the City in connection with the financing of said
Project. The City will not realize a profit in such a manner
as to compete with or rival private firms and the applicant is
not requesting the City to take any more action than is necessary
to consummate the financing. As described in Part 5.1, certain
incidental benefits will, of course, accrue to the City as a result
of said Project.
(5) The City will receive a substantial benefit from said Project that
exceeds any detriment incurred by the City. The Project will be
absolutely self-supporting. Ordinance #3815 and the documents
pursuant to which any bonds issued by the City to finance the Project
provide or will provide that such bonds are limited obligations of
the City, payable only from revenues generated by the Project and
that all fees and expenses incurred by the City in connection with
the Project will be required to be paid by the applicant. Indirect
benefits such as the increase in the property tax base and increases
in other taxes and user fees are anticipated to exceed any indirect
detriments' to the City such as increases in costs of police, fire
and other municipal services.
(6) The applicant will not take any action that will result in a
violation of any applicable State standards relating to sewage
disposal and will provide the City with a satisfactory plan for
the disposal of any anticipated wastes.
PART VI COMMMITMENTS
6.1 The Applicant hereby agrees and commits to comply,
the City in complying, with all state and fedeal laws/in the issuance of the Bonds, including, without limitation, the making of any required
application to a governmental department, for authorization, qualification
or registration of the offer, issuance or sale of the Bonds, and any
amendments thereto, any permit or other authorization of such governmental
department, prior to the delivery by the City of the Bonds.
. 6.2 The Applicant hereby agrees and commits to cause and/or to assist the
City in causing to be printed any prospectus or other written or
printed communication proposed to be published in connection with the
issuance, offer and sale of Bonds, prior to the delivery by the City of
the Bonds, and, if deemed necessary by the City, following the delivery
of the Bonds.
6.3 The Applicant hereby warrants and covenants to pay all expenses in
connection with its commitments set forth above and with the issuance,
offer and sale of the bonds, whether or not they are finally issued, to
hold the City harmless from any and all expenses related thereto and to
pay items on an ongoing basis so that neither the City, nor its advisors,
attorneys, employees and the like will accumulate any claims against the
City.
6.4 The Applicant agrees that any additional information, agreements -nd
undertakings as the City may require as a result of various conferences
and negotiations shall be reproduced in written, printed or other tangible
form, shall be supplied in as many copies as the City prescribes and
shall be deemed supplements or amendments to this Application.
E
PART VII SIGNATURE
7.1 This Application is signed below by the Applicant with prime responsibility
for the financing, who, by his signature below, represents and certifies
that he has authority to bind the Applicant to contract terms; that
his Application, to the best of his knowledge or belief, contains no
false or incorrect information or data, and this application, including
exhibits and attachments, is truly descriptive of the Project, and that
the Applicant is familiar with Ordinance #3815,
PART VIII FEE SCHEDULE
8.1 The Applicant agrees that, for the Project to be considered for
eligibility, a non-refundable application fee of $50 will be
paid to the City when the basic documents are requested. With
the submittal of this Application form, there is enclosed $500
payable to the City. If this Application is accepted, Applicant
agrees that it will pay the City an additional fee of $10,000
for administrative costs, Applicant agrees that its commitments
in Part VI above are in addition to these fixed amounts. Thus,
in the event that no closing occurs, Applicant agrees that the City
shall be reimbursed for its processing costs.
1. LD INGS LAZA BY
FRANK DOMINGUEZ
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