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. REICc:VELOPMENT AGENCV.-'4uEST FOR OMMISSION/COUNCIL A~ION
. From:
Glenda Saul, Executive Director
Subject:
TEFRA PUBLIC HEARING - SIMA
PARTNERSHIP NUMBER II
~t: Redevelopment Agency
Date: October 15, 1985
Synopsis of Previous Commission/Council action:
Ordinance MC-468 establishing the City of San Bernardino Industrial Development
Authority
9-9-85
Approved IDA Resolution 85-7 accepting the application.
9-9-85
Approved IDA Resolution 85-8 authorizing execution of agreement with
Brown, Wood, Ivey, Mitchell and Patty to act as bond counsel.
9-23-85
9-23-85
Approved IDA Resolution 85-11 approving the application.
Approved Resolution 85-383 approving the application and setting a TEFRA
Public Hearing
Recommended motion:
MAYOR AND COMMON COUNCIL
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Continue Public Hearing to November 4, 1985.
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&~~d
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Signature
Contact person:
GLENDA SAUL
Phone:
383.5081
1
Supporting data attached:
YES
Ward:
FUNDING REQUIREMENTS:
Amount: $
N/A
Project :
CCS
No adverse Impact on City:
Date:
October 21, 1985
,.-- 'lcil Notes:
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Agenda Item No.
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001 OG/F.lI
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. CI\-( OF SAN BERNARD~O - REQU.Qr FOR COUNCIL ACtiON
STAFF REPORT
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On July 29, 1985 Ordinance MC-468 established the City of San Bernardino Industrial
Development authority for the issuance of industrial development bonds for industrial
projects. An application for IDB Financing has been received from SIMA Partnership.
A Public Hearing (TEFRA) was set for today, however, bond counsel has requested a
continuance pending a determination by CIDFAC as to whether or not the project
qualifies as industrial.
Below is a recap of the application.
APPLICANT:
SIMA Partnership Number Two
PRINCIPAL:
Allan Fainbarg
Steven Fainbarg
Michael Wimbush
Irving M. Chase
PROJECT:
Acquisition and construction of 8.3 acres.
Nineteen buildings, approximately 100,000 sq.
ft. of owner-user and leasable for industrial
and/or research purposes.
~ LOCATION:
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Northeast corner of Mill & "G" Streets excluding
corner.
AMOUNT OF FINANCING;
Not to exceed $6,000,000
CONSTRUCTION SCHEDULE:
Fourth quarter of 1985 to begin.
INCREASE IN TAX INCREMENT:
1% x 3,477,000 - $34,770
1/4 of 1% x $6,000,000 = $15,000
RESERVE & DEVELOPMENT FEE:
JOBS:
Estimated 125 full-time jobs
The application was submitted to CIDFAC on September 30, 1985. The Zoning for the
proposed project is heavy industrial.
The Developer will be present to answer any questions you may have.
OOlOG/EB
10-21-85
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75-0264