HomeMy WebLinkAboutR02-Redevelopment Agency
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REDEVELOPIENT AGENCY IF THE CITY IF SAIl BERNARDINO - REQUEST FOR AGENDA ITEM ACTION
DEPARTMENT: REOEVELOPIt:NT AGENCY
FROM: GLENDA SAUL, EXECUTIVE DIRECTOR
SUBJECT:
CONSIDER ADOPTION OF RESOLUTION OF INDUCEMENT
FOR MULTIFAMILY MORTGAGE REVENUE BOND FOR
MOUNTAIN GATE PROJECT
DATE: JANUARY 21, 1985
SYNOPSIS IF PREVIOUS COMMISSION/COUNCIL ACTION:
Ordinance 3815 providing for the Issuance of Multifamily Mortgage Revenue Bond.
RECOMIt:NDED IlOTION:
(MAYOR AND COMMOII COUNCIL)
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DECLARING ITS
INTENTION TO ISSUE ITS MULTIFAMILY MORTGAGE REVENUE BONDS; DIRECTING THE PREPARATION OF CERTAIN DOCUMENTS:
AND MAKING CERTAIN OTHER FINDINGS AND DETERMINATIONS IN CONNECTION THEREWITH (MOUNTAIN GATE PROJECT)
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GLENDA SAUL
Executive Director
CONTACT PERSON: Glenda Saul
PHONE: 5081
SUPPORTING DATA ATTACHED:
YES
lIARD :
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FUNDING REQUIREMENTS:
AMOUNT $
N/A
PROJECT:
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*110 ADVERSE III'ACT ON CITY:
COUNCIL NOTES:
AGENDA ITEM NO. R.:;z-.
DATE 1-28-85
720J
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REDEYELOPIENT AGENCY OF THE CITY OF SAN BERIIAIlDINO - REQUEST FOR AGENDA ITEM ACTION
STAFF REPORT
Below Is a recap of the Meyers Ranch application:
APPLICANT:
PRINCIPALS:
FINANCING:
PURPOSE:
LOCATION:
TARGET DATE OF FINANCING:
CONSTRUCTION SCHEDULE:
JOBS:
INCREASE IN TAX INCREII:NT:
RESERYE AND DEYELlFlI:NT FEE:
Bond Counsel will be present to answer any questions.
Block Group Developments, a California
Corporation
Block Group Developments
$1,200,000
Construction of a 22 unit multifamily
rental housing development.
West side of Kendall Drive approximately
one and one-half miles east of Little
Mountain Dr.
1986
As soon as possible after Issuance of the
bonds, and shall be COMpleted within six
IIOnths
During construction only.
$689,000 x 11 . $6,890
1,200,000 x l' . $12,000
720J
1-28-85
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PART I
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APPLI~'I'TC"II1 a: RTIY"Ir GlOlP IC'AT.TRlRNJA) E
!DB TNITI~T&T. 1lRI1RIW1R sam Jl'JHJINcrlr.
an ~ Sll6 RRIlNlIRTlTNn. O\LlmRNA
GmERAL JlNI) BUSINESS INRlRMATICIJ
'!be legal nmne of the ~icant is -Block Group Develqments (California)
INC. -
'!be ~icant is a California corporation wbich shall engage in the
devel"J:OU"lit, leasing, and ownership of awroximate1y 22 ar;artment
units located off of Kendall Drive in the City of san Bernardino,
California. '!be real pcoperty where the apartments will be
constructed is amed t:rf Block Bros. Industries (USA) Inc.
'!be lI8i1ing address of the ~icant is:
Block Group Developnents (California) Inc.
c/o Marlboro~ Developnent Corporation
2029 centUIy Park East .1550
IDs Angeles, Ol 90067
1.4. &np1oyer Tax I.D. No. - NA
1.2
1.3.
1.5 Mr. Dorian A. Johnson, A.I.A. is the principll contact for the
~icant.
1.6 '!be teleptOlle I1IIIIber for the ~icant is (213) 553-5131.
1.7 '!be ~icant is a California Corporation.
1.7.1 '!be ~icant shall CMl pcoperty and conduct b1siness in the
County of san Bernardino, state of California.
1.7.2 '!be ~icant is not related to any other legal entity.
1.8 Business ventures of the general partners of the ~icant:
A. Block Group Developnents (California) ,Inc. has extensive land
holdings in the state of California and includes the 600 acre master
plan developnent known as Shandin Hills located in the City of san
Bernardino. Block Bros. IndJstries (USA) Inc. is a wholly-owned
subsidaIy of Olympia & York, Inc.
1.9 &np1oyees
'!be ~icant currently has zero employees. However, construction
and oanpletion of the Project t:rf the ~icant will ult1mlltel.y pcOl7ide
IUIllerous empl~t opportunities in the City of san Bernardino. '!be
~icant plans to locate in San Bernardino County. '!be ~icant
currently has offices at c/o Marlboroucjl Developnent Corporation. 2029
CentUIy Park East, SUite 1550, Los Angeles, Ol 90067.
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1.10 Professional services will be p:O'Iided as follows:
10.1 Steres, Alpert (, Carne shall serve as the accountant for the
Aallicant and the contact perscn with said firm is Gary Carne,
teler;i1<ne nllllber 619/292-3200.
10.2 '1he law firm of Gresbam, Varner, savage, Nolan (, Tilden. 398
West Fourth street, San Berllll.rdino, C'. 92401. is the attorney
for the Aallicant.
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PART II
2.1
10.3 '1he law offices of ~ J. Saba sball serve as Bond Counsel
to the City with regard to the tax-exempt financing for the
project.
10.4 '1he principll. civil engineer sball be PsaDas/Harris (, Assoc.
3901 Lime St. Riverside, C'. 92501.
10.5 '1he principll. ardlitect shall be Dorian A. Johnson, A.I.A.
2029 CentUIy Park East, &lite 1550, IDs Angeles, C'. 90067.
'1he principal banking accounts of the Aallicant sball be at Security
Pacific National Bank, san Bernardino, and qlelled upon financing
beoaning available.
'1he source of funding for the Project is anticipited to be derived fran
a variety of sources including the private placement of a tax-exempt
bond or other obligation wiht a lender to be obtained hereafter.
BQlD ISQJE
'1he estimated total oost of the financing package and the proposed use
of bond proceeds is as follows:
2.1.1 Construction costs $689,000
2.1.2 Legal, printing and related fees 50,000
2.1.3 Financing oosts and fees 150,000
2.1.4 Capitalized interest 191,000
2.1. Ii Land a~uisition (has been a<X}uired)
Total
$1,080,000
2.2 '1he estimated target date for the financing is pcesently anticipated in
1986 with construction to c.....""'lOe as soon as possible after the
financing pickage is canplete and construction to be canpleted in 6
months.
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2.3 It is PLcposed that the finllncing be in the form of a constructicn loan
during the oonstructicn period which would have the traditiallll
oonstructicn 101111 pcovisicns in that drawdowns would be pcemitted as
oonstructicn proceeds upon subDissicn of requisiticns vouchers. Upon
oaapleticn of oonstructicn of the Project and certificaticn that all
imprOVEllllll1ts have been OCIlIp1.eted, the lender will then permit an
interest rate adjustment and a principal IlIIIOUI1t increase, as warranted,
and convert the oonstructicn 101111 to a peIllllUlellt finllncing.
2.4. 'DIe present proposal for the finllncing of the Project anticipates
that the tax exempt bends or other obligaticns will be sold to a
OCIIIIIercial. bank a: other such lender through a pcivate placement or that
there be a pIblic offering of said securities.
P1lRl' In FINANCIAL INFClRMATJ(IiJ
3.1 'DIe Applicant shall be a IIIllll.l business doing bJsiness as a CX)rporaticn
plrsuant to the laws of the state of California, and the Applicant would
be considered a snall business with regard to its relative size in
oanparison with other such businesses Indertaking pcojects of this type.
Although the Applicant is a snall business, no federal Inll business
loan guarantees were proposed in connecticn with the pcoposed financing
as contemplated ty this Applicaticn.
P1lRl' IV PInJECl' INroRI9.TICIl
4.1. 'DIe Project as pr:aposed ty the Applicant shall include the oonstructicn
of awroximately 22 apartment tnits in the fIlandin Bills area of San
Bernardino.
'DIe awroximate 22 units shall be constructed over a 6 IIIlXlth period.
'DIe anenities in the apartment pcoject sbal.l include a swinming pool,
recreaticn center, and barbeque areas. 'DIe proposed Project shall be
located upon land which is more particularly described in Exhibit -A-
attached hereto.
'DIe Project is a business venture that would increase the assessed
valuaticn of currently underutilized land and generate significant
emplt!fDlBl1t opportunities within the city.
4.2 'DIe canponents of the estimated total cost of the functiooal parts of the
Project are as follOil1s:
4.2.1 Land $ 132,000
4.2.2 Building constructicn 561,000
4.2.3 Engineering & technical services 50,000
4.2.4 Misc:e1laneous items
a. 5% oonstructicn conti.ngenc:y 28,000
b. Interest during constructicn 191,000
c. Real estate brokerage ocmnissicn -0-
d. other misc:e1laneous costs 50.000
Total $1,012,000
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4.3 '!be estimated oonstructien period for the Project is as follows:
4.3.1 Qlnstructien of the Project would oo....~ as soon as possible
after issuance of the tax-erempl: obligations.
4.3.2 '!he planned oonstructien sba11 be oanpleted within 6 IOOl'lths fran
the date of OCIIIIleIlCE!IIt.
4.4 '!be supervising civil engineer responsible for the design of the Project
en behalf of the ~icant shall be Psanas/Barris, 2901 Lime st.
Riverside, CA 92501.
4.5 '!be Project shall be known as -Mountain Gate-.
4.6 '!be Project site is the developnent of apartment lmits and is oot an
expansien or an alteratien of an existing facility. '!be necessary
infrastructure items and other public iq;>rovements must be installed en
the Project site and the ~icant desires to obtain a below lIIU:ket rate
tn...........~ oonstructien and peIIIIIUleIlt financing of the iDprovements to
be placed thereon fran a tnnhinatien of sources.
4.7 '!be pcoperty en wbich the Project is pcoposed to be located is OU'rently
owned ~ Block Bros. Incllstries (USA) Inc.
4.8 '!be Project will provide awroximately 22 rental units to be leased to
various tenants.
4.8.1 Attached as Exhibit -B- is an 8-1/2 x 11 inch DBP showing the
site locatien of the proposed Project.
4.8.2 A descriptien of the plant pcocess-not: applicable.
4.9 A negative declaratien pursuant to the provisions of the California
&1viranental Quality Act of 1970, as anended, would in all probebility
be satisfactoxy for the Project as pcoposed ~ the ~icant. However ,
the Project sba11 oanply with all applicable pcovisions of said Act.
4.10 '1bere are no pemdts, water quality enforcement orders, air pollutien
pemdts or variances or other evidence of actions necessary in oonnectien
with this Project.
4.11 '1bere are no local, state or federal pollutien control agencies which
impose regulations, standards or requirements wiht regard to the opera-
tions of the proposed Project to be mdertaken ~ the ~icant.
4.12 '!be proposed Project shall oanply with all applicable City of San
Bernardino, County of San Bernardino, and other regic:nal, county or basin
plans to which this Project sball oonfoEIII and the a(.propriate waste water
and air quality requirements wbich shall be in oonformity with all of the
above jurisdictions.
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4.13 It is p:esently anticip.ted that the p:o'j?Csed Project will not p:oduce any
byprO<hcts or residles which would involve the ultimate di~-] or the
need for II. plan to a~l ish _. Recycling or salvage will not be a
functien of the proposed Project mr will there be any IIIIlrket cg;ortuni-
ties generated with regard to 1IlIIIIe.
4.14 '!he Project shall consist of AR;lroximately twenty two (22) aparbnent
units in four (4) two-story buildings located en an awroxiately oneIl)
acre site en the North side of Kendall Drive, awroxiately one and cne
half (1 1/2) miles East of Little It>untain ("'!he Project-). '!he
Project shall include awroxiately 44 cn-site vehicle parking spaces,
one (1) pool, landscaping and recreatien areas. '!here shall be twenty
two (22) two bedroan, two bath lnits renting for AR;lroximately $520
per IIIOOth.
PART V IUBLIC ~~'.u:;
5.1 '!he City of san Bernardim will reoeive significant benefits by the
initiatien of this Project as p:oposed by the AJ;plicant and particularly
through the utilitizatien of the financing method as is available Inder
Ordinance No. 3815, as amended, of the City of san Bernardino. Due to
the fact that conventimal. interest rates for oonstructien and permanent
financing for the type of Project contEmplated by the AJ;plicant are at
such an extreme level. en conventionally borrowed fundls, if available at
all, neither the AJ;plicant mr any other persons or legal entities are
able to prOVide the type of JOOdem and attractive ~t buildings
needed within the City of san Bernardino, Jldd1timally, the City of san
Bernardino, its inhabitants and the Redevelopnent Agenc:y of the City of
san Bernardim will benefit fran the increased ~9"E'Bsed vllluatien of the
property within the Redevelopnent Project Area. said increased
assellllllEllt will occur as the result of the oanpletien of the Project.
'!his increase in the as8E'IIW valuatien of the property included in the
Project will assure that the Redevelopnent Iqency of the City of san
Bernardim will have a more viable means of Indertaking its redevelop-
ment activities within said Project Area. 'lhe City likewise would
benefit by obtaining quality housing for the citizens of san Bemardim.
other businesses will be encouraged to locate or relocate within the
City of san Bernardim and thus create an upward spirllling effect en the
eoonany of the City as a result of the Project.
5.1.1 Project will provide leng term EII1p1oyment opportunities
for the inhabitants of the City of san Bernardim. When fully
constructed leased the Project will provide 8IIp1oyment oppor-
tunities for a Blbstantial I1I.IIlber of persons. 'lhe category
jobs to be p:ovided in the Project after its oanpletien
include managerial, skilled, semi-skilled, and IZl8killed. '!he
wages to be pdd in the various job categories meet local
and regimal. standards and will sustain a satisfactory level
of financial stability.
5.1.2 Construction of the Project is anticip.ted to add agll'oximately
$1,000,000 assessed valuatien to the tax rolls of the City.
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5.1.3.
'!be useful method of financing pcovided for in Ordinance NO.
3815 of the City vis-a-vis the use of the conventional method
will pexmit the Applicant to canpl.ete the financing and
oonstruction of the Project within an aocelerated time frllll1e.
'!be method of financing pcovided in Ordinance NO. 3815 will
provide IIIE!W sources of financing to the Applicant and such
financing will be made at lower tax-exsnpl: interest rates.
5.2 '!be City will benefit, as am be demonstrated pu:suant to section 1 of
Ordinance 3815, as lIIIeIlded, of the City of san Bernardino, in that
eap1.~t qlpOrtunities will be generated by the pcoposed Project
both during the construction IiIase and after said Project is constructed
and leased. '!be Applicant is mt att-""Ipting to construct said pcoposed
Project merely for the financial inOIl.."'EII\t that is offered pu:suant to
the Ordinance, bIt rather cl1e to the long-texm business reasons that are
significant due to the location of the ptoposed Project and the real
eoonanic benefits available to the tnmlIm.ty.
'!bere are no detriments that can be incurred by the City with regard to
this type of financing for this Project, and the City of san Bernardino
and the Redeve10pnent Agency of the City of san Bernardino will receive
substantial benefits through increases inasse88ed valuation of property
within a tedevelopnent Project area, plus the increased long-texm
eap1.~t qlpOrtunities that will be available to the local residents of
the City.
PART VI <DIa'DEm'S
6.1 '!be Applicant by the subnission of this Application agrees to canpl.y and/
or to assist the City in canpl.ying with all state and federal laws in the
issuance of the bonds or other such tax-....y obligations to finance
the Project, including, without limitation, making of any r:equired
application to a govemnental department, for authorization, qualifi-
cation or registration of the offer, issuance or sale of the bonds or
other tax-exsnpl: obligations, and any adnendnents thereto, and any
permit or other authorization of such govemnental dept.rtment:, pcior to
the delivery by the City of such bonds or other tax-exempt: obligations.
6.2 '!be Applicant further ooomits to cause and/or to assist the City in
causing to be printed any prospectus or other written or pcinted 0CIIIIIUll-
ication pcoposed to be pililisbed in oonnection with issuance, offer or
sale of bonds or other tax-exempt: obligations, pcior to the deliveIy by
the City of such bonds or other tax-....y obligations, and, to the extent
deemed necessaIy by the City, following deliveIy of such bonds or other
tax-exempt: obligations.
6.3 '!be Applicant also ooomits to pay all expenses in connection with the
issuance, offer or sale of the bonds or other tax-exsnpl: obligations,
whether or not such bonds or other tax-exsnpl: obligations are finally
issued, and to hold the City harmless fran any and all expenses related
thereto, to pay itens on an ongoing basis so that neither the City, nor
its advisors, attorneys, anployees and the like will aCC1.lllulate any
claims against the City.
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6.4 'nle Applicant will SUR?lY 1!IrIIJ additional information, agreements, and
undertakings as the City may require as the result of conferences and
negotiations will be reproduced and supplied to the City and shall be
de-toil as supplBDents or aoendnents to this Applicatim.
PART VII SIGNMtlRE
7.1 'nle undersigned as authorized principll.s of the Applicant as mted belOlf,
hold the prime resp<nsibility for the financing to be taken for the
propcsed Project, and certify that the undersigned have the authority
to bind the Applicant to contract terms, that this Applicatim to the
best knowledge or belief of the undersigned, ocntsins m false or
incorrect informatim or data, and this Applicatim , including exhibits
and attadlllents hereto, is truly descriptive of the propcsed Project.
'nle lmdersigned also represent ~ the execution of this Aa1licatim
flllliliarity with Ordinance No. 3815, as llIIIeI'1ded, of the City of San
Bernardino.
PART VIII PEE ~""'II1..E
8.1 '!be Applicant ackn.owledges that the City requires a rxn-refundable
aJ;Plicatim fee of $50.00 for each Project to be considered for
eligibility to be paid when the basic ~ments are requested. With
the sul:mittal of the Application, $500.00 is payable to the City. If
this Applicatim is accepted, an additional fee of $10,000 is psyable
for Jldninistrative oosts. '!be Applicant ac:knOlfledges that the ccmnit:ments
in Part VI above are in aa:1itim to these fixed lIIIOUIl.ts. ibus, in the
event that m closing occurs, the City shall be reiniJursed for its process-
oosts.
8.2 All Fees of the City may be captalized and included in the bald issue
as acceptable to the bond plrcilaser.
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8.3 'DIe AwJ.icant ac:lcnowledges that the City derives its entire ~W'rt fran
the fees for its services. '!be total functim of the City is conducted
m a self-8U);llOrting basis, and involves no state general revenues or
expenditures fran taxes fran the state or q of its political sub-
divisiCllS. No indebte&less or taxing power of the City is involved.
Project revenues are the sole security for bonds of the City. '!be
federal guarlll1tees, if q, enhance these revenues and incane and the
security of the bonds.
8.4 Pursuant to Resolutim No. 81-108 of the City, as amended ~ Resolutim
No. 81-410 of the City, me percent (1\) of the principll. anount of the
bond issue lIball be deposited in the City Treasury in the Industrial
Revenue Bend Reserve and DeYel.cpnent Fund, which shall be used in such
manner as the Mayor and Ca1mcn Council IIIlly direct fran time to time.
APPLIC\NT
BUlQ{ GKlJP DIW!UlPMI!N.l'S (CAL~),INC.
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XEROX TEL.ECOPIER 295: 1-25-85; 1:35 PM:
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1,020-27/0350S/jv&
01/25/1'
USOLUTIOIl MO.
USOLU'l'ION OF THI: MAYOR AIm COIOlO)J COtnrCIL OP THE
CITY OP 8M 8DNARJ)IMO, CALIFORNIA, D!CLUID 1'1'8
IlI"xU'l'IOH '1'0 I88tJ! ITS MULTIFAMILY 1IOR'1'GA8!
IBYDIUB BONDS; DIUC'l'UtG THE PREPAllATIOIl or
CDTAIIf DOCOMIN'1'S; AIm MAKIMG CD'I'AIx 0'1'H!R
FIJlDUJU AIm DftDMIlfATIOHS 1M CONKIC'rIOH
'1'H!UWI'1'H (JIIOTm'l'AIIlf GATE PROJECT)
IIHDBAS, the City of San Bernardino, California ("City"),
18 a "hOllle rule city" duly organhed and alldog Wlder anc:l puuuant
to . Charter adopted under the providons of the Constitution of the
State of California; and
WHERBAs, punuant to its home rule poweu, the City duly
and r89\ilar1y enacted Ordinance Mo. 3815 (the "Ordinance") to
finance various types of projects, as defined in the Ordinance, and
to i..ue its special revenue bonds for the purpose of paying the
COlt of financinq such projects, and ha. amended the same from time
to time; and
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IIHEREAS, said Ordinance Mo. 3815, al amended, 1s intended
to finance the development of indultry and commerce and to thereby
broaden tbe employment opportunities and to increa.e the
availability of moderately priced rental units for residents of the
City and to broaden the tax and revenue base of the City; and
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~ TE~COP I ER 296:
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MHERJ:A8, there has been pre.ented to the byor anel CCGIIlon
C9uncil an Application, attached hereto a. Exhibit "A" and
incorporated herein by reference by Block Group Development.
(California), Inc., a California corporation (the "Applicant"), and
it. succesaora or ..ligns requesting the issuance of multifamily
mortgage revenue bonds in the principal amount not to exceed
$1,200,000 for the purpo.e of financing, on behalf of the Applicant,
a certain Project, to wit: the construction and financing in one or
more ph.... of a twenty-two (22) unit lIlUlt1tamily r.ntal houdnq
development which sball be Con.tructed on an approxilll&tely one (1)
acre parcel located on the north side of Xendall Drive approximately
one and one half miles east of Little Mountain Drive anel a. more
fully d.scribed in the Application. The Project .ball con.ist of
approximately twenty-two (22) tWO-bedroom, two-bath rental unit..
on-.ite vehicle parkin; .pac.., laundry and r.creationa1 rooms,
appurt.nant land.capine; and other improvements.
NON, nIDEFORE, IT IS HEREBY RESOLVED, DETERMINED AND
OItDERED BY' '1'HE MAYOR ANI) COMMON COUNCIL 0' '1'HE CI'l'Y 01' SAN
BERNARDINO, CALIPOINIA, AS FOLLOWS:
Section 1. That the reci tale .et forth hereinabove are
true and correct in all re.pects.
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Section 2. The City of San Bernardino, California, is a
municipal corporation duly created, estab1hh.d and author bed to
trans.ct busine.s and exercis. itl power.. all under and pur.uant to
the Conltitution and law. of the State of Californh, and the City
Charter of the City, and the powera of the City include the power to
iSlue bondl for any of its corporate purpo....
Section 3. Pursuant to the Charter of the city and
Ordinanoe .0. Jill, :lCl QIllonclod, ef tlse City, the CiL;r l. l....alll"
authorized to illue special r.venue bonds for the construction and
permanent financing of the Project a. more fUlly delcribed in the
recitals hereof.
Section" . 'th1l body conlU tutel the 90vernin9 body of
the City and 11 l89ally author bed to provide for the illuance of
luch lpeeial revenue bonds by the City.
S.ction 5. 'the Project referred to in the recitals
hereof con.titutes a proj.ct whieh llIay be financ.d by the issuanc.
of such spechl revenue bonds by the City and located within the
juri.diction of the City.
Seotion 6. Th. Council do.. hereby declare its
intention to hlu. multifamily mortgage revenue bonds of the City
for the aoquilition of land and the oonstruction, equippinc; and
permanent finanoinq of the proj.ot under and in accordance with the
Ordinance, in amounts .ufficient to pay the COlts of financing' the
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Project in one or more .eries of financings and of paying the costs
ot i.suance for the multifamily mortgage revenue bonds and for the
establhhment of the nec.nary res.rve funds to provide for the
tinancinq of said Project. Said Project is presently identified as
the Mountain Gate Project.
Section 7. The City hereby declares its intention to
exerci... the authority referred to in section 3 hereof by issuinq
bond. of the City in such amountl .. will be adequate to Impl..nt
the City financing of the Project.
RAntinn8. The bonds shall ba ~.yable from tho 2QYAaUAR
described in sa1d Ordinance No. 3815, a. amended.
section 9. The bonds shall be and are special
Obl1qations of the City, and. subject to the riqht of the City to
apply moneys as provided in the applicable laws, are secured by such
revenues as are specified in the proceedinws for the issuance of
''wlqh ~QR~I AD'" f\m~1I 1Ul" nr.nnllntn tn hp h.l" hy tha trnrtnn nr
fiscal agent, and are payable as to principal. redemption price, if
any, and interest from the revenues of the City as therein
described. The bonds are not a debt of the City. the State of
California or any of its political subdivisions, and neither the
City, the State, nor any of its political subdivisions 11 liable
thereon, nor in any event shall the bonds be payable out of the
funds or properties other than all or any part of the revenues,
mortgago8 loans, and funds and accounts as in this aesolution ..t
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forth. The bonds do not oonstitute an indebtedne.. within the
meaninq of any constitutional or statutory debt limitation or
restriction. Reither the penons servinq as tM Rayor and COIllIlIon
Council nor any persons executinq the bonds shall b. liable
penonally on the bonds or subject to any penonal l1ability or
accountability by reason of the issuance thereof.
Section 10.
'rhe detaUs of such bonds, including the
ftAtIlhH shtnCJ of the aqqrQ9ate faoo amount: of luch obl1f.t1o~lit, .b.ll
be authorized by indenture, resolution or resolutionl of the City at
a meeting or meetings to be held for luch purpose. The City Staff,
Timothy J. Saba, a Profess lanaI corporation, as Bond Coun.el to the
City, Underwriters, the Applicant and the agent. and representatives
of .ame are hereby authorized and directed to prepare or oause to be
prepared the nece.lary leq~l documents, includinv the Project
Agreement, aesolution of I.luance, and such other c!OCUIlI8ntl .s may
be necessary to effect uid Project anc! the ilsuance of industrial
development revenue bonds therefor and to present same to .aid Rayor
and Common Council. The Mayor of the City is hereby authorized and
directed to coordinate the efforts of all concerned relating to the
issuance and sale of the bonds. and the City Staff, conlul tanu,
legal counsel to the City and Bond Counsel a. referenced above are
hereby directed to take such steps as shall be appropriate to
implement such sale and delivery of the bonds inClUding working with
persons who may acquire vested rights as the result of such actions.
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Section 11. The i..uanee of multifamily mortqaqe revenue
bonds may be authorized by appropriate re.olution or resolutions of
the City at a lIIeeUnq or lIleeUnq. to be held for such purpo.e,
subject to the execution of appropriate agreement. by the Applicant
and the City as required by tbe Ordinance and the indultrial
development bond financinq proqram Of the City.
Secdon 12. It 18 intended that this Relolution ahall
constitute such "official acdon" toward the i..uanoe of the bonds
within the lIl.aninq of the united State. Treasury bcJulaUons, the
United State. Tax LawI, and any leqi.lation now or hereafter pendinq
in the Conqre.s of the United States which may r8llUire offioial
action in order for the bonds to be exlillllpt from Federal ineollle
taxation.
Section 1~. At the closin9 of the financinq there shall
be paid to the City the fee .et forth in Resolution Ho. 81-108 of
the Xayor and Common Council, adopted Xarch 13, 1'81, a. amended by
Resolution No. 81-410, of the Mayor and COIlIIIon Council, adopte",
September 2', 1981.
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Section U.
Thh Itesolution _hall take elleat upon
adoption.
I fI1P.1IBBY CERTIFY that the foreqoing re.oluUon wa. dUly
adopted by the Mayor and Common Council of the City of San
Bernardino at a meeUnq thereof, held on the
day of , 1915, by the following vote, to wit:
AYES: Council Members
HAYS:
ABSEN'I' :
city Clerk
of
The foreqoinq re.olution 1_ hereby approved this day
, 1985.
Miyor of the C1ty of
San Bernard1no
Approved a. to form:
City Attorney
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S'l'Ai'E OF CALII'OINIA )
COOtI'l'Y OP SAN .~nlO) SS
CITY OF SAN IDNAltDrNO )
I, BHAUNA CLARK. City Cleric in and for the City of Ian
Bernardino, no ffftlP,l'Y CERTIFY that the for8qoinq and attached ClOpy
of Ban Bernardino City ae.o1ution No. h a full, true and
correct copy of tbat now on file 1n this offic..
IN WITNESS NHBaEoF, I have hereunto .et my hand
the ofUcia1 18a1 of the City of Ban Bernardino this
, 1985.
anc1 .ffixed
day of
City C1.rk
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PART I
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APPr.T~'I'I1"N ~ ltTlY'IL' t:rn11) ((M..ll'CHNIA) 1m:
ICB TNrn_TaJ'. ---- Bl1ID ...............,
.a%lC ~ _ A--...rm.r.. ~UIlr'tll\1A
camw. JH) BUSINmS ~
')he legal rBIle of the Applicant is "Bloclt Group De\TelOJ.-aIts (California)
INC. ·
'!he AHl1icant is a California mrporation which all engage in the
den1cpnent, leasing, lUld ownersbip of awroldmately 22 apartment
..uta located off of Irendal1 Drive in the Cit;y of san Bernardino,
Califomia. 'Jhe real pcoperty where the apartments will be
ocnstructed i8 owned ~ Bloclt Bros. Industries (OSP.) Inc.
'!he miling address of the Applicant is:
Bloclt Group De\Tel0J.-a1ts (California) Inc.
c/o llarlboroucjl De\Tel0J.-ad. Corporation
2029 CentUIy Park Bast .1550
Los Angeles, 0. 90067
l.4. BDplt!{er 'nix I.D. No. - Nil.
1.3.
1.5 Mr. Dorian A. Johnson, A.I.A. is the pdncipal. contact for the
Applicant.
1.6 '!he tele(ilcne IUIIber for the Applicant is (213) 553-5131.
l.7 '!he Applicant is a California Corporation.
1.7.1 '!he ARiLicant shall own pcoperty lUld COIIIl1ct b1s1ness in the
Count;y of san Bernardino, State of California.
1.7.2 '!he AHl1icant is not related tD any other legal tntity.
1.8 Business venturss of the general partners of the Applicant:
A. Bloclt Group De\Tel~",,1ts (California) ,Inc. bas extensive llUld
holdings in the State of California lUld includes the 600 acre master
plan develOJ.-ait known as Sbandin Bills located in the City of san
Bernardino. Bloclt Bros. Incbltries (OSP.) Inc. i8 a wbolly-owned
subsidaJ:y of Olympia , York, Inc.
1.9 BDplt!{ees
'!he AHl1icant currently bas zero emp1.t!{ees. Bowe'Ier, ocnstructim
lUld CXIIIpletion of the Project ~ the ARiLicant will ul.tiJately pcovide
I1\IIIerOUS emp1.t!{IIlII1t opportlmities in the City of san Bernardino. '!he
ARiLicant plans to locate in san Bernardino County. '!he ARiLicant
currently bas offices at c/o IlarlborOUC#1 De\Telcpnent Corporation. 2029
CentUIy Park Bast, ante 1550, Los Angeles, 0. 90067.
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1.10 Professional services will be ~orided as follows:
lO.l steres, Alpert , Came sbal.1 serve as the ~tant for the
Applicant and the contact per8Cll with said fiEIII is GIUy Carne,
tel~e IUllber 619/292-3200. '
10.2 b law fiEIII of GresbIIn, \Tamer, Slav......., Holan ,Tilden. 398
West Fourth Street, SIn Bernardino, 0. 92401. is the attorney
for the Applicant.
10.3 b lIIr offices of ~ J. BIlbo sbal.1 serve as Bond CoIZ1Se1
to the City with negard to the tax-.-apl: finBncing for the
project.
lO.4 b pdncipel civil engineer shall be P8aDas/Barris , Assoc.
3901 Lime st. Riverside, 0. 925Ol.
10.5 b pdncipel architect sbal.1 be Dorian A. Jobnson, A.I.A.
2029 Century Park Bast, &1ite 1550, IDS Angeles, 0. 90067.
l.ll b pdncipel banking accounts of the Applicant sbal.1 be at Security
Pacific Rational BlInk, SIn Bernardino, and cpned upon financing
beccIIling available.
l.12 b source of funding for the Project is anticipated to be derived fran
a variety of sources including the private pl ~t of a tax~l
bond or other obligation wiht a lender to be c:btained hereafter.
PART II BCHl ISSJE
2.1 b estimated total cost of the financing package and the proposed use
of bond proceeds is as follows:
2.1.1 Qlnstruction costs $689,000
2.1.2 Legal, printing and related fees 50,000
2.1.3 Financing costs and fees 150,000
2.1.4 Capitalized interest 191,000
2.1.5 Land aCIJuisition (has been acquired)
'1btal
$1,080,000
2.2 b estimated target date for the finBncing is ~esently anticipated in
1986 with CXlI1struction to (u......a as 80011 as possible after the
financing package is CXIIIp1.ete and construction to be CXIIIp1.etec1 in 6
IIIOI1ths.
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2.3 It is plopcsBd that the finlncing be In the fom of a amstruct:iCll loan
cl1ring the COIl8tructiCll period which would lave the traditiCllal.
COIl8tructiCll loan ~CI18 In that cke..do.ms would be pc.ntted as
COIl8tructiCll pcocniJs ~ ....tae1C1l of nquisitiCl18 vouc:bers. ~
CCII;llet1C1l of COIl8tructiCll of the Project lIDd certificatiCll that all
iqltovements lave been CCII;lleted, the lender will then pemdt an
interest rate adjustment lIDd a pc1nc11ti -.aunt increase, as warranted,
lIDd oonvert the COIl8tructiCll loan to a peJ:lllllnlll1t finlncing.
2.4. b pnsent pcopo"" for the f1nanc1ng of the Project anticipates
that the tax w-.v bends or otber ob1igaticns will be sold to a
lYWmIOI!rcial blink ClI: otber suc:h lender through a pcivate pl"'Wlent or that
there be a pJblic offering of said BeCUrities.
PART III PDUlNCIAL ~
3.1 b ~icant sbal.1 be a BDall business doing blsinus .. a Q)rporatiCll
PJ,tsuant to the lIMI of the State of California, lIDd the ~icant would
be considered a BDall bls1ness with regard to its relative size In
lY1lpriscn with other suc:h businesses Imdert:aking pcojects of this type.
Alt:hcll.9l the ~icant is a BDall business, no federal ..u business
loan guarantees were pr~sBd In CDlMCtiCll with the pccIpCaed f1nBnc1ng
as CXlI1t:snplated ~ this ~icatiCll.
PART 'N Hn1BC1' INroRMM'Im
4.1. b Project as pcoposed ~ the ~icant sball inc1ude the COIl8tructiCll
of awroximately 22 apartment II1its In the fbmd1n Bills Eea of San
Bernardino.
'!be awroximate 22 units sbal.1 be COIl8tructed ewer a 6 IIICI\th period.
'!be ...uties In the apartment pcoject Bbal1 inc1ude. _iIming pool,
recreatiCll center, lIDd barbllque areu. '!be pcoposed Project eball be
located upon land which is more particularly described In RIrtI,hit .A.
attached bereto.
'!he Project is a business VIIlture that would 1ncreaa the assessed
valuatiCll of currently 1mderutilized IllDd lIDd generate significant
employment ClppOrtunities within the city.
4.2 'lhe ..,..p.>Olellts of the estimted total cost of the funct1C11al. parts of the
Project Ee as follows:
4.2.1 Land $ 132,000
4.2.2 Building ccnstructiCll 561,000
4.2.3 Engineering , t:ec:hn1cal. services 50,000
4.2.4 Miscellaneous ittms
a. 5t COIl8tructiCll CXlI1tingency 28,000
b. Interest cl1ring ccnstructiCll 191,000
c. Real estate mokerage CCIIIIdssiCll -0-
d. Other miscellaneous costs so. 000
'1'otal $1,012,000
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4.3 '!be est:iIIIlted mnstruc:tien period for the Project is as follows:
4.3.1 Olnstruc:tien of the Project would "-"-ICe as 8Xln as possible
after lnuance of the t:.D---....'1t. Clbli9lltions.
4.3.2 '!be pllUllled construc:tien Ilbllll be cxmp1eted within 6 months fran
the date of ~-._.Al~lt.
4.4 '!be supervising civil engineer responsible for the design of the Project
en bebalf of the ~icant IIball be P8anas!Barr1s, 2901 Lime st. .
Riverside, 0. 92501.
4.5 '!be Project Ilbllll be known as -Mountain Gate-.
4.6 'DIe Project site is the deve1Clp1l111t of lIpartment ..uts III1d is not an
ezpans1en or 11I1 alteratien of 11I1 existing facUity. !!be necessary
infrastructure it811S III1d other PJblic .0II8IB1t8 IIIUSt: be 1nsta1led en
the Project site III1d the Applicant desires to abt:a1n a below arket rate
tu---.'t( construc:tien III1d perDlllllellt finlncing of the !Dpronments to
be placed thereon fran a lY'IIIIhinatien of eources.
4.7 '1be pcoperty en wbich the Project is prq>csed to be located is au:rently
owned ~ Block Bros. IncbItries (USA) Inc.
4.8 'DIe Project wUl provide awroximlltely 22 rental ..uts to be leased to
various tenants.
4.8.1 Attac::hed as Rlrhihit -8- is an 8-1/2 x 11 inch mp showing the
site locatien of the pcoposed Project.
4.8.2 A descriptien of the plant pcocese-not ~icable.
4.9 A negative dec1.aratien purSUllllt to the pcovisions of the California
Em7ircaent:.aJ. Quality Act of 1970, as 1IIIeI1ded, would in all pcobllbility
be atisfactory for the Project as pcoposed ~ the ~icant. BoweIrer,
the Project sball cxmp1y with all ~icable pcovisions of said JIct.
4.10 '1bere are no permits, water quality enforcement orders, air pollutien
permits or variances or other evidence of actions necessary in ccnnectien
with this Project.
4.11 '1bere are no local, state or federal po11utien ccntrol agencies which
i"P'8l' regulations, standards or requirements wiht regard to the opera-
tions of the pcoposed Project to be 1.ndertaken ~ the ~icant.
4,12 'DIe proposed Project sball cxmp1y with all ~icable City of san
Bernardino, Cbmty of san Bernardino, III1d other regicnal., CXQlty or basin
plans to which this Project sball ccnfotlll III1d the ag,lCop:iat.e waste water
III1d air quality requir8llel1ts which sball be in CXXlformity with all of the
above jurisdictions.
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4.13 It is lEesently lII1ticipated that the ~apoaed Project will not lEoduce aqy
~0li1cts oe ruiciJes wbid1 would involve the ult:Ulate diV-l or the
need foe a plan to AlYYWllJ?1 i8h _. Recycling or alvage will not be a
flmCtien of the pl'Opcsed Project nor will there be aqy IBrket qlpOrt\ni-
ties generated with EegIlrd to 8Ile.
4.14 '!he Project IIball ccnsist of approzillllltely twenty bIo (22) apartment
\nits in four (4) bIo-story 1:iu11d1ngs located en an AHlCoximately oneIl)
acre site en the Rorth aide of KandIl1 Drive, AHlCoximately one and me
bal.f (1 l/2) lIIiles list of Little IbImtaln ("'J:he Project-). '!he
Project IIball include approximately '" an-site whic:le parking spaces,
one (1) pool, landIc::ap1ng and recreatien areas. '1bere IIball be twenty
bIo (22) bIo bedroan, bIo bath \nits renting for AHlCoximately $520
per IIICI1th.
PART V Rl3LIC Bllun'JJ;;
5.1 'J!)e City of San Bernardino will readve significant benefits by the
1n1tiatien of tbis Project as ~op:8Id by the Applicant and partic:ularly
thraugb the ut1lit1zatien of the financing -.tbod as is ..I "'~e W1der
Ordinance Ro. 3815, as 1II8lded, of the City of San BerIard1no. n. to
the fact that COINentimaJ. interest rates foe ccnstruct1en and pumanent
financing for the type of Project CXlI1t:eap1ated by the Applicant are at
8Ud1 en extr... level. en COINenticnaJ.ly borrClll8d funds, if available at
all, neither the Applicant nor aqy other per8CCl8 or legalll1tities are
able to ~ovide the type of IKldem and attrac:t1ve apartment 1:iu11d1ngs
needed within the City of San Bernardino. IldditicnaJ.ly, the City of San
Bernardino, its 1nbabit.ants and the Rec>>velClpllll1t Jgency of the City of
San Bernardino wUl benefit frQII the increased .1l'~8'" valuatien of the
~operty within the Reden1Clp1l111t Project Area. Said 1ncreued
......,~t will occur as the result of the CUIp1etien of the Project.
'lbis increase in the "---Ted va1.uatien of the ~rty included in the
Project will assure that the RIldlwe1___d. Jgency of the City of San
Bernardino will have a more viable means of Imdertaking its redevelop-
II81t activities within 8Il1d Project Area. '!he City llUri8e would
benefit by obtaining quality bou8ing foe the citizens of San 8ernardino.
Other busir--- will be encouraged to locate or relocate within the
City of San Bernardino and thus create an .ard spira1.ing effect en the
~ of the City as a result of the Project.
5.1.1 Project will ~ovide lcng term lIIlp10yment qlpOrbmities
for the 1nbabit.ants of the City of San Bernardino. When fully
ccnstructed leased the Project wUl ~ovide 8IIp1Cly1Blt qlpOr-
bmi ties for . aJbetantia1. ".......r of per8CCl8. '!he category
jolJs to be ~orided in the Project lifter its CXlIlp1etien
include IIIIIIllgerial, 8k111ed, BBDi-sWled, and WUJk1l1ed. 'D1e
wages to be paid in the various job categories Met local
and reg!ma1. standards and wUl IIU8tA1n . atillfactory level
of financial BtabUity.
5.1.2 COnstruct1en of the Project is anticipated to lIdd AHlCoximately
$1,000,000 assessed va1.uatien to the tax rolls of the City.
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5.1.3.
'!be useful. D8tbod of f1nanc1ng (ll'ovided for in Ordinance No.
3815 of the City vis-a-vis the U88 of the ClDIlV8I'kUcaal. method
will pemit the ltpplicant: to CllDPlete the f1nanc1ng and
constructiCl\ of t:b8 Project within an aocelerat:ed time frlllle.
'DIe D8tbod of f1nanc1ng (ll'ovided in Ordinance No. 3815 wUl
(ll'OV'ide new 8OIIrC188 of f1nanc1ng to the ltpplicant: and such
f1nanc1ng will be IIIde at lOller t:ax--...,...t. interest rates.
5.2 '!be City will benefit, as can be dlmcnst:rated pu:suant to 8ectiCl\ 1 of
Ordinance 3815, as ..xIed, of the City of San Bernardino, in that
lIIll1~t apportuniti_ wUl be generated ~ the pl'opcsed Project
both ci1ring the construct.iCl\ p.se and after aid Project is constructed
and l-....., 'DIe Applicant: is not att-.....,...in9 to construct aid pl'optaea
Project mreJ.y for the financ1al lM.<...........t that is offered pu:suant to
the Ordinance, b1t rather ciJe to the lCl\!l'"'te1m business reasons that are
.i9Uficant: ciJe to the locatiCl\ of the pcop~88d Project IIld the Eeal.
econauic benefits available to the ~-uty.
'lbere are no detriDents that can be incurred ~ the City with regard to
tbis type of f1nanc1ng for tbis Project, and the City of San Bernardino
and the RIde.te1.qment Agency of the City of San IlernIlrd1no will receive
slDtantial benefits through increases in .88.sed valuatiCl\ of pcoperty
within a redI!l'Iel........it Project area, plus the increased lCl\!l'"'te1m
1IIll1~ apportun1ti_ that wUl be available to the local residents of
the City.
PART VI <DIII'DIIn'S
6.1 '!be Applicant: ~ the ..hniIUljCl\ of this ApplicatiCl\ agre. to CllDPlY and/
or to assist the City in CllDPlying with all state and federal ~ in the
issuanCIe of the bands or other such tu...........,,4. obligatiC118 to finance
the Project, including, without l1m1tatiCl\, IBk1ng of q required
app1icatiCl\ to a ~""'_ital department, for autborizatiCl\, quallfi-
catiCl\ or regiat:ratiCl\ of the offer, issuanoe or BIlle of the bands or
otber tu---....t. obligatiCl\8, and IIIW' IIlhenciDents thereto, and IIIW'
pemit or other autbor1zat1C1\ of such governDental department, (ll'ior to
the delivery ~ the City of such bands or other tu--""'1.t. obligatlCl\8.
6.2 '!be Applicant: further CCIIIIIits to caU88 and/or to assist the City in
causing to be (ll'inted IIIW' (ll'oepect.us or other written or (ll'inted tnmII"l-
icatiCl\ plOi'.:.sea to be pJblisbed in CXlIII18Ct:iCl\ with iSllUllllCe, offer or
Bale of bonds or otber tu~ obligatiCl\8, (ll'ior to the delivery ~
the C1 ty of such bonds or other tu-"-"l.t. obligatiCll8, and, to the extent
~ nacessary ~ the City, following delivery of such bonds or other
tu--v- obligatiCl\8.
6.3 'J.he Applicant also CCIIIIIits to pay all apenses in condectiCl\ with the
issuance, offer or BIlle of the bands or other ~....~ obligatiCl\8,
whether or not such bonds or other t:u-..e..-~ obligatlC1\8 are finally
issued, and to bold the City baxmless frQII IIIW' and all apenses related
thereto, to pay it8Ds CI\ an cmgoing basis so that neither the City, nor
its adV'isors, attorneys, emp1.~ees and the like wUl aCCl.lllulate IIIW'
c:1a1ms against the City.
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6.4 'lhe Applicant wUl SUWlY III\Y additiCllllll infomation, agreements, and
W1dertakings as the City my ncJuire as the nsult of ccnferences and
negotiations wW be npr""'...... 8Dd SUWlied to the City 8Dd Eball be
de -~ as llJHll-ts or ..a.nts to this Applicaticn.
PART VII smNMtlRE
7.1 'lhe II1dersigned as authorized pdnciplls of the Applicant as mted below,
bold the pdme respCllls1b11ity for the finllncing to be take'l for the
pl'cptsed Project, and certify that the W1dersigned bllve the authority
to bind the Applicant to CXlIlt:ract t:ems, that this Applicaticn to the
best knowledge or belief of the Ia1dersigned, ccnta1ns IX) false or
incorrect ilIfClalllticn Q[ data, and this Applicaticn , including .....ihits
and att-'-'.ts berete, is truly descriptive of the pt~.ea Project.
'lhe II1dersigned also repnsent ~ the aacuticn of tb1s Applicat1cn
fllll1liarity with 0rdiJIIInce Ro. 3815, as 8111nded, of the City of Slm
Bernardino.
PART VIII PEE A1""'IIJ..E
8.1 'lhe Applicant acknowledges that the City ncJuires a ncn-refundable
applicat1cn fee of $50.00 for each Project to be ccnsidered for
eligibility to be paid when the buic ~ments are ncJuested. With
tile 811bnittal of the Applicaticn, $500.00 18 p.yable to the City. If
this Applicaticn 18 accepted, an additiCllllll fee of $10,000 18 payable
for MD1nistrative CCl8t:s. 'lhe Applicant acknowledges that the ClClIIIIIit:ments
in Part VI above are in additicn to tbeIIe fixed IBlUI1ts. ~, in the
event that IX) closing occurs, the City shall be re1Dtlur1lBd for its process-
CCl8t:s.
8.2 All Fees of the City my be ""lTa'ized and incluaed in the bend i88Ue
as acoeptabJ.e to the bend puc:haser.
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8.3 'BIe Jlpplicant acIcnowledges that the City derives its ent1Ee support fran
the fees foe its _rviees. 'BIe total. fw1ct1en of the City 18 CXlnduct:ed
en . self-flUHlOrting basis, and involves no state general revenues or
~..d1tures fran tues fran the state or aqy of its political. sub-
divisicns. Ro ~ or t:u1ng power of the City is involved.
Project: I8VerIUe& are the 80le security for bands of the City. 'BIe
federal guarantees, if aqy, enbanoe these EeVenUeS and 1ncane and the
security of the bands.
8.4 Pursuant to aesoJ.utien Ro. 81-108 of the City, as IIIIl!rIded ~ Resolution
Ro. 81-410 of the City, one percent (It) of the pdnciPl1 -.aunt of the
bend issue Ibal.1 be deposited in the City TreuuIy in the InllIst:rial
Revenue Bond Beaerve and Develq:ment Pund, whieb IIball be UBed in sueb
IIllUlIIer as the Mayor and o.....yt 00Inc1l illy direct: fran t1me to t1me.
APPLICANT
BUlat GlOJP ~ (aLIRRm.),INC.
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