HomeMy WebLinkAboutR12-Redevelopment Agency
. R~VELOPIENT AGENCY.&.ST FOR a......./COUNCIL ABION
~.
"'t:
Glenda Saul, Executive Director
Redevelopment Agency
Subject:
INDUCEMENT RESOLUTION -
MULTIFAMILY MORTGAGE REVENUE BOND
- SUNPOINTE VILLAGE APARTMENT
PROJECT
Date: August 12, 1985
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Synopsis of Previous Commission/Council ection:
Ordinance 3815 providing for the issuance of Industrial Development Bonds
Recommended motion:
(MAYOR AND COMMON COUNCIL)
o
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 (SUNPOINTE VILLAGE APARTMENTS PROJECT)
FUNDING REQUIREMENTS:
Amount: $
~4~/
Signature
Phone: 383-5081
Ward: 2
N/A Proj~: N/A
Date: August, 19, 1985
Contact person:
GLENDA SAUL
Supporting data attached:
YES
No edverse Impact on City:
OCil Notes:
Agenda Item NO&//?
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-
1-
ClR OF SAN BERNARD. - REQU.tr FOR COUNCIL AcRoN
o
STAFF REPORT
Ordinance 3815 provides for the issuance of Industrial Development Bonds. The
applicant is seeking this type of financing for a multifamily residential project.
Below is a recap of the project.
APPLICANT:
Landtech, Inc. , a California Corporation
PRINCIPAL:
Mr. Arnold J. Darin!, President
PROJECT:
Construction of a 72 unit multifamily rental
housing development
LOCATION:
2.5 acre site located on the North side of
Wabash Ave. between Pepper Tree Avenue and
Parks ide Avenue
AMOUNT OF FINANCING:
$3,000,000
TARGET DATE OF FINANCING:
December, 1985
CONSTRUCTION SCHEDULE:
As soon as possible after financing package
completed - 1 phase, 8-9 months to complete
o RESERVE & DEVELOPMENT FEE:
JOBS:
1% x $3,000,000 - $30,000
During construction only
RENTAL SCHEDULE:
48 - one bedroom, one bath - $410
24 - two bedroom, two bath - $500
The parcel is zoned R3 1200. The density of the project is 28.8 units per acre which
does fall within the density for this zoning.
0082T/EB
8-19-85
o
75.0264