HomeMy WebLinkAbout10-Redevelopment Agency
R&CcYELOPMENT AGENCY-.:.AuEST FOR -.bMMISSION/COUNCIL A~ION
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From: Glenda Saul, Executive Director
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,-"t: Redevelopment Agency
Subject:
TEFRA PUBLIC HEARING - NOBLE
PROPERTIES, INC. PROJECT
Date: October 14, 1985
Synopsis of Previous Commission/Council action:
9-23-85
Adopted Resolution 85-382, inducement resolution and setting TEFRA Public
Hearing
Recommended motion:
(MAYOR AND COMMON COUNCIL)
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF TIlE CITY OF SAN BERNARDINO, CALIFORNIA,
MAKING CERTAIN FINDINGS AND DETERMINATIONS IN CONNECTION WITH A PUBLIC HEARING ON THE
ISSUANCE OF APPROXIMATELY $15,920,000 PRINCIPAL AMOUNT OF MULTIFAMILY MORTGAGE
REVENUE BONDS (NOBLE PROPERTIES, INC. PROJECT)
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Signature
Contact person:
GLENDA SAUL
FUNDING REQUIREMENTS:
Amount: $
N/A
Phone: 383-5081
Ward: 1
Project: N/A
Date: October 21, 1985
Supporting data attached:
YES
No adverse Impact on City:
P'""'ncil Notes:
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Agenda Item No,
If)
CI~ OF SAN BERNARD~O - REQU~T FOR COUNCIL Acl10N
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75-0264
STAFF REPORT
Ordinance 3815 provides for the issuance of Multifamily Mortgage Revenue Bonds. Noble
Properties has submitted an application for finance.
The Resolution before you today is the TEFRA Public Hearing required under the Tax
Equity Fiscal Responsibility Act of 1984.
A recap of the project application follows:
APPLICANT:
Noble Properties, Inc.
AMOUNT OF FINANCING;
$15,920,000
PROJECT:
Construction of a 300 unit multifamily
rental housing development
LOCATION:
20.6 acre parcel of land located on
the north side of 6th Street between
Sterling Avenue and Lankershim Avenue.
TARGET DATE OF FINANCING:
December, 1985
CONSTRUCTION SCHEDULE:
As soon as possible after financing -
completed by February, 1987
RESERVE & DEVELOPMENT FEE:
1% x $15,920,000 - $159,200
INCREASE IN JOBS:
During Construction Only
RENT SCHEDULE:
2 Bedroom - $395.00/month
3 Bedroom - $425.00/month
4 Bedroom - $505.00/month
ZONING;
R-3-2000 - 21.78 units per acre
Project Total - 14.56 per acre
Bond Counsel will be present to answer any questions.
l451J/EB
10-21-85
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l,020-82/1030S/cmh
10/10/85
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RESOLUTION NO.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, MAKING
CERTAIN FINDINGS AND DETERMINATIONS IN CONNECTION
WITH A PUBLIC HEARING ON THE ISSUANCE OF
APPROXIMATELY $15,920.000 PRINCIPAL AMOUNT OF
MULTIFAMILY MORTGAGE REVENUE BONDS (NOBLE
PROPERTIES, INC. PROJECT)
WHEREAS, the City of San Bernardino, California (the
"City"). 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 (the "Ordinance"), to
finance various types of projects, as defined in the Ordinance, and
to issue its special revenue bonds for the purpose of enabling
various developers to finance the cost of such projects, and has
amended the same from time to time; and
WHEREAS. said Ordinance No. 3815, as amended, is intended
to finance the development of industry and commerce and to thereby
broaden
the
opportunities
increase
the
employment
and
to
availability of moderately priced rental units for residents of the
City and to broaden the tax and revenue base of the City without any
liability to the City whatsoever; and
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WHEREAS. there has been presented to the Mayor and Common
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Council of the City of San Bernardino. California (the "Mayor and
Common Council"). a certain Application by Noble Properties. Inc.. a
California
corporation.
or
its
successors
or
assigns
(the
"Applicant").
requesting the issuance of multifamily mortgage
revenue bonds in the principal amount not to exceed $15.920.000 for
the purpose of financing. on behalf of the Applicant. a certain
Project. to wit:
the acquisition of an approximately twenty and
six~tenths (20.6) acre parcel of land located on the north side of
6th Street between Sterling Avenue and Lankershim Avenue in the City
and the construction and operation thereon of a three hundred (300)
unit multifamily rental housing development and which Project shall
include an appropriate mix of two. three and four bedroom units.
on-site vehicle parking spaces. laundry and recreation rooms.
<=: appurtenant landscaping and other improvements: and
WHEREAS. the certain amendments to Section 103 of the
Internal Revenue Code of 1954. as amended (the "Code"). as enacted
by Congress under the Tax Equity and Fiscal Responsibility Act of
1982 ("T.E.F.R.A."). req~ire that a pUblic hearing be held in
connection with tile authorization and issuance of any industrial
development bonds including such bonds issued for the purpose of
enabling various developers to finance the cost of mUltifamily
rental housing; and
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WHEREAS, pursuant to its Resolution No. 85-382. adopted
r-- September 23, 1985. said Mayor and Common Council declared its
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intent to issue multifamily mortgage revenue bonds in an aggregate
principal amount not to exceed $15.920.000 for the purpose of
financing the Project and set a pUblic hearing for October 21. 1985,
as required by Section 103(k) of the Code; and
WHEREAS. the City. pursuant to Resolution No. 85-382, has
authorized the pUblication of notice of said public hearing, which
notice has been duly published in The Sun; and
WHEREAS. the City must now approve the findings and
determinations to be made in connection with said pUblic hearing.
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NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF
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SAN BERNARDINO. CALIFORNIA, DO HEREBY FIND. RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
Section 1.
The recitals set forth hereinabove are true
and correct in all respects.
Section 2.
The City, after having conducted a pUblic
hearing. notice of which was duly published in a newspaper of
general circulation within the City as said pUblic hearing is
required pursuant to the requirements of Section 103(k) of the Code,
does hereby find and determine that the purposes and intent of the
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Ordinance. as amended. will be furthered by the issuance of
multifamily mortgage revenue bonds for the express purpose of
providing financing to assist the Applicant to develop the Project.
The total principal amount of the multifamily mortgage revenue bonds
which shall be issued to assist the Applicant to develop the Project
shall not exceed $15.920.000.
The multifamily mortgage revenue
bonds shall be issued upon such terms and conditions as shall be set
forth in one or more Project Agreements by and among the City and
the Applicant or such other documents prepared in connection with
the issuance and delivery of the multifamily mortgage revenue bonds.
and shall be issued solely for the Project but in any event said
Agreements shall clearly state that the funds of the City are not
liable. nor shall be pledged. for repayment of the multifamily
mortgage revenue bonds.
Section 3.
The Mayor and Common Council hereby finds
and determines that the public purposes and pUblic benefits as set
forth in the Ordinance. as amended. will be furthered by the
issuance of the multifamily mortgage revenue bonds; specifically.
that the multifamily mortgage revenue bonds will provide for
financing to assist the Applicant to develop an approximately three
hundred (300) unit apartment development on the property as
described in the recitals hereof. that such financing will thus make
the project a financially viable and productive project and thereby
increase the availability of moderately priced rental units for
residents of the City and provide employment opportunities within
the City.
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Section 4.
The Mayor of the City is hereby appointed as
the elected official to approve the issuance of the multifamily
mortgage revenue bonds pursuant to Section 103 (k) of the Code at
such time as the Mayor and Common Council shall have approved the
other appropriate mUltifamily mortgage revenue bond financing
documents as referenced in Section 2 of this Resolution.
Section 5.
The
bonds
shall
be
and
are
special
obligations of the City, and, SUbject to the right of the City to
apply moneys as provided in the applicable laws. are secured by such
revenues as are specified in the proceedings for the issuance of
such bonds and funds and accounts to be held by the trustee or
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 is 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,
mortgage loans, and funds and accounts as in this Resolution set
forth.
The bonds, do not constitute an indebtedness wi thin the
meaning of any constitutional or statutory debt limitation or
restriction.
Nei ther the persons serving as the Mayor and Common
Council nor any persons executing the bonds shall be liable
personally on the bonds or subject to any personal liability or
accountability by reason of the issuance thereof.
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Section 6.
The Applicant
shall
provide
appropriate
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covenants in the tax-exempt financing documents as may hereinafter
be submitted to the City for consideration and approval in a form
acceptable to the City Attorney and Bond Counsel and to assure that
not less than twenty percent (20\) of the multifamily rental housing
units included in the project are to be occupied or reserved for
occupancy by the individuals of low and moderate income as provided
in the Code.
Section 7.
Prior to issuance of any bonds for the
Project as may hereafter be approved pursuant to an appropriate
resolution or resolutions of the City. the Applicant shall provide
for the recordation of a covenant running with the land in a form
approved by the City Attorney of the City whereunder the Applicant
~ waives any claim under state law to a density bonus. as defined by
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Government Code Sections 65915 and 65915.5. for the property on
which the project is to be constructed.
Section 8.
Adoption of this Resolution shall not be
construed as approval of the plans or concept of the proposed
development, nor as an indication that the Mayor and Common Council
will hereafter take any particular action toward granting any
planning,
zoning,
or other approval relating to a plan of
development.
The Mayor and Common Council reserves its right to
evaluate any future adminstrative procedures and appeals based
solely on the information available at the time of consideration,
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including any actions or recommendations by or appeals from the
C Development Review Committee and the Planning Commission. Nothing
herein shall be construed as advance commitment or approval as to
any such matter. and the Applicant is hereby notified that normal
planning processing shall be required. in accordance with the
standard procedures of the City and that Applicant will be required
to comply with all applicable laws and ordinances of the City. State
and federal government.
Section 9.
This Resolution shall take effect upon
adoption.
I HEREBY
adopted by the
San Bernardino at
day of
CERTIFY that the foregoing resolution was duly
Mayor and Common Council of the City of
a meeting thereof. held on the
. 1985. by the following vote. to wit:
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AYES:
Council Members
NAYS:
ABSENT:
City Clerk
of
The foregoing resolution is hereby approved this
. 1985.
day
Mayor of the City of
San Bernardino
Approved as to form:
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(City Attorney
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STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO) ss.
CITY OF SAN BERNARDINO )
I. SHAUNA CLARK. City Clerk in and for the City of San
Bernardino. DO HEREBY CERTIFY that the foregoing and attached copy
of San Bernardino City Resolution No. is a full. true and
correct copy of that now on file in this office.
IN WITNESS WHEREOF. I have hereunto set my hand and affixed
the official seal of the City of San Bernardino this day of
. 1985.
City Clerk
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EXHIBIT "A"
l,020-76/0952S/cmh
09/12/85
APPLICATION OF NOBLE PROPERTIES, INC., FOR
MULTIFAMILY MORTGAGE REVENUE BOND FINANCING
CITY OF SAN BERNARDINO, CALIFORNIA
PART I
GENERAL AND BUSINESS INFORMATION
1.1
The legal name of the Applicant is "Noble Properties, Inc."
1.2'
The Applicant is a California corporation which shall be engaged
in the development, construction, leasing and ownership of a
three hundred (300) unit multifamily rental housing development
on real property located on the north side of 6th Street between
Sterling Avenue and Lankershim Avenue in the City of San
Bernardino, California (the "Project"). The Applicant has an
option to acquire said property (the "Property") and shall
develop the Property and construct the Project thereon.
1.3 The mailing address and the address of the Applicant is as
follows:
Noble Properties, Inc.
1746 Spruce Street
Riverside, California 92507
1.4
Employer Tax I.D. No. has been applied for.
1.5 Ms. Deborah L. Pentkowski and Mr. Freeman A. Parsons are the
principal contacts for the Applicant.
1.6 Telephone Number (714) 788-5700.
1.7 The Applicant is a California corporation.
1.7.1 The Applicant shall conduct business in the
Riverside, California, County of Riverside,
California.
City
State
of
of
1.7.2 The Applicant was incorporated on June 21, 1985.
1.8 The Applicant is a wholly-owned subsidiary of Greyhawk, Ltd., a
Nevada corporation ("Greyhawk, Ltd.").
1.9 The principal officers and directors of both the Applicant and
Greyhawk, Ltd., are Dean O. Bradley and Donald E. Morgenstern,
C.P.A. William A. Zambonie is a principal officer and director of
the Applicant. Said officers and directors may be contacted at
the above-listed address of the Applicant.
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The principal officers and directors of the Applicant and
Greyhawk, Ltd., are also the principal officers and directors of:
1.11.1
1.ll.2
1.12.1
1.12.2
1.12.3
1.12.4
Noble Capital Corporation, a California corporation;
American Dualwide Homes, a Nevada corporation;
Pacific Living Systems, a Nevada corporation;
Pacific Living Systems, a California corporation; and
Noble Mortgage Corporation, a California corporation.
1.11 Employees
'The Applicant currently has eight (8) permanent office
employees. Although the principal objective of the
Project is to provide affordable rental housing to the
citizens of the City, the construction and operation of
the Project will create certain employment
opportunities within the City. The Applicant is
engaged in real estate development and has projects in
San Bernardino and Riverside Counties. Noble Capital
Corporation is engaged in real estate development and
has projects in San Bernardino and Riverside Counties.
American Dualwide Homes is engaged in the production of
manufactured housing and has a manufacturing facility
in the City of Riverside, California. Pacific Living
Systems (Nevada) is engaged in the export of
manufactured housing and has a business office in the
City of Reno, Nevada. Pacific Living Systems
(California) is engaged in the production of
manufactured housing and has a manufacturing facility
in the City of Riverside, California. Noble Mortgage
Corporation is a mortgage originator and servicer has
an office in the City of Riverside, California.
The sole business office of the Applicant is located at
the above-listed address.
1.12 Professional services will be provided by the following:
The accountant for the Applicant is Leo Giroir, C.P.A.,
and he is located at 7177 Brockton Avenue, Suite 216,
Riverside, California 92506.
The attorney for the Applicant is George Gillette,
Esq., and he is located at 335 Centennial Way, Tustin,
California 92680.
The law offices of Sabo & Gondek, a Professional
Corporation, shall serve as Bond Counsel to the City
with regard to the tax-exempt financing for the Project.
The principal architect and civil engineer. for the
Project is L. A. Wainscott & Associates, and they are
located at 22400 Barton Road, Suite 200, Grand Terrace,
California 92324; Larry Vesely shall be the principal
contact.
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1.12.5
The financial consultant for the
Financial Services, North Fif th
California 92373; the principal
Jeff Stoffel.
Applicant
Street,
contact
is J & K
Redlands,
shall be
1.13 The principal banking accounts of the Applicant shall be held by
Rancho Bank, 530 West Bonita Avenue, San Dimas, California 91773;
the principal contact shall be Jerry Burgh.
1.14 The source of funding for the Project is anticipated to be
derived from a variety of sources including the private placement
of a tax-exempt bond or other obligation with a lender to be
obtained hereafter.
PART II BOND ISSUE
2.1 The estimated total amount of the financing package and the
proposed use of bond proceeds is as follows:
2.1.1
Project cost - $11,000,000
Legal, printing and related fees - $160,000
2.1.2
2.1.3
Financing costs and fees - $1,600,000
2.1.4
Capitalized interest - $360,000
2.1.5
Other miscellaneous costs - $1,000,000
2.1.6
Land acquisition - $1,800,000
Total:
$15,920,000
2.2 The estimated target date for the financing is presently
anticipated in December of 1985, with construction to commence as
soon as possible after the financing package is completed and to
be completed by February of 1987.
2.3 It is proposed that the financing be in the form of a
construction loan during the construction period which would have
the traditional construction loan provisions in that drawdowns
would be permitted as construction proceeds upon submission of
requisition vouchers. Upon the completion of construction of the
Project and the certification that all improvements have been
completed, the lender will then permit an interest rate
adjustment and a principal amount increase, as warranted, and
convert the construction loan to a permanent financing.
2.4
The present proposal for the financing of the Project anticipates
that the tax-exempt bonds or other obligations will be sold to a
commercial bank or other such lender through a private placement
or that there be a public offering of such securities.
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PART III FINANCIAL INFORMATION
3.1 The financial statements of the Applicant are included as
Exhibit "A" hereto.
3.2 The Applicant is a small business doing business as a California
corporation pursuant to the laws of the State of California and
the Applicant would be considered a small business with regard to
its relative size in comparison with other such businesses
undertaking projects of this type. Although the Applicant is a
small business, no federal small business loan guarantees are
proposed in connection with the proposed financing as
contemplated by this Application.
PART IV PROJECT INFORMATION
4.1
The Project as proposed by the Applicant shall include the
acquisition of an approximately twenty and six-tenths (20.6) acre
parcel of land located on the north side of 6th Street between
Sterling Avenue and Lankershim Avenue in the City, and the
construction and operation thereon of a three hundred (300) unit
multifamily rental housing development. The Project shall
include an appropriate mix of two, three and four bedroom units,
on-site vehicle parking spaces, laundry and recreation rooms,
appurtenant landscaping and other improvements. The Project
shall be located on land more particularly described and included
as Exhibit "B" hereto.
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4.1.1
The three hundred (300) unit multifamily rental housing
development shall have the following proposed rent
schedule:
Unit Description
2 bedroom
3 bedroom
4 bedroom
Proposed Rent/month
$395.00
$425.00
$505.00
4.2 The components and the estimated total cost of the functional
parts of the Project are as follows:
4.2.1
Land - $1,800,000
4.2.2
Building construction - $10,000,000
4.2.3
Site preparation, engineering and technical services
and City fees - $1,000,000
Total:
$12,800,000
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4.2.4
Miscellaneous items -
a. 31 construction contingency - $300,000
b. Developer's overhead and profit - $1,638,000
c. Interest during construction - $1,000,000
d. Real estate brokerage commission - $182,000
Total: $15,920,000
4.3 The estimated construction period for the Project is as follows:
4.3.1
Construction of the Project would cOllllllence as soon as
possible after issuance of the tax-exempt obligations.
4.3.2
The planned construction shall be completed by February
of 1987.
4.4 The supervising civil engineer responsible for the design of the
Project on behalf of the Applicant shall be Larry Vesely of
L. A. Wainscott & Associates.
4.5 The Project shall be known as the "Noble Apartments".
4.6
The Project is the development of a new multifamily rental
housing development and is not an expansion or an alteration of
an existing facility. The necessary infrastructure items and
other public improvements must be installed on the Project site
and the Applicant desires to obtain a below market rate
tax-exempt construction and permanent financing of the
improvements to be placed thereon from a combination of sources.
The Project shall utilize conventional construction methods and
for all purposes under the applicable federal tax laws and the
laws of the State of California providing for or permitting the
issuance of mortgage revenue bonds for the Project
4.7 The Applicant owns an option to acquire the Property on which the
Project is proposed to be located. Any escrow to acquire the
Property shall not exceed $1,800,000.
4.8 The Project will provide three hundred (300) units of affordable
rental housing to the citizens of the City of San Bernardino.
4.8.1
Attached as Exhibit "c" is an 8-1/2 x II inch map
showing the site location of the proposed Project.
4.9 A negative declaration pursuant to the prov1s1ons of the
California Environmental Quality Act of 1970, as amended, would
in all probability be satisfactory for the Project as proposed by
the Applicant. However, the Project shall comply with all
applicable provisions of said Act.
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4.10
There are no permits, water quality enforcement orders, air
pollution permits or variances or other evidence of actions
necessary in connection with this Project. A sewer permit for
the service of three hundred (300) apartments is now available
and will be obtained prior to construction.
4.ll There are no local, state or federal pollution control agencies
which impose regulations, standards or requirements with regard
to the operations of the proposed Project to be undertaken by the
Applicant.
4.12 The proposed Project shall comply with all applicable City,
County of San Bernardino, and other regional, county or basin
plans to which this Project shall conform and the appropriate
waste water and air quality requirements which shall be in
conformity with all of the above jurisdictions.
4.13 It is presently anticipated that the proposed Project will not
produce any by-products or residues which would involve the
ultimate disposal or the need for a plan to accomplish same.
Recycling or salvage will not be a function of the proposed
Project nor will there be any market opportunities generated with
regard to same.
PART V PUBLIC BENEFITS
5.1
The City will receive significant benefits by the initiation of
this Project as proposed by the Applicant and particularly
through the utilization of the financing method as is available
under Ordinance No. 3815, as amended, of the City. Due to the
fact that conventional interest rates for construction and
permanent financing for the type of multifamily rental housing
construction contemplated by the Applicant are at such a high
level on conventionally borrowed funds, if available at all,
neither the Applicant nor any other persons or legal entities are
able to provide the type of modern and attractive affordable
rental housing that is needed within the City.
5.1.1
The Project will provide long-term affordable rental
housing opportunities for the inhabitants of the City
of San Bernardino.
5.1.2
Construction of the Project is anticipated to add
approximately $12,000,000 of assessed valuation to the
tax rolls of the City.
5.1.3
The useful method of financing provided for in
Ordinance No. 3815 of the City vis-a-vis the use of the
conventional method will permit the Applicant to
complete the financing and construction of the Project
within an accelerated time frame. The method of
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financing provided in Ordinance No. 3815 will provide
new sources of financing to the Applicant and such
financing will be made available at lower tax-exempt
interest rates.
5.2
The City will benefit, as can be demonstrated pursuant to
Section 1 of Ordinance No. 3815, as amended, of the City, in that
affordable rental housing opportunities will be generated by the
proposed Project. The Applicant is not attempting to construct
said proposed Project merely for the financial inducement that is
offered pursuant to the Ordinance, but rather due to the
long-term business reasons that are significant due to the
location of the proposed Project and the real economic benefits
available to the community.
There are no detriments that can be incurred by the City with
regard to this type of financing for this Project, and the City
will receive substantial benefits through increases in assessed
valuation of property, plus the increased long-term affordable
housing opportunities that will be available to the local
residents of the City.
PART VI COMMITMENTS
6.1
The Applicant by the submission of this Application agrees to
comply and/or to assist the City in complying with all state and
federal laws in the issuance of the bonds or other such
tax-exempt obligations to finance the Project, 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 or other
tax-exempt obligations, and any amendments thereto, and any
permit or other authorization of such governmental department,
prior to the delivery by the City of such bonds or other
tax-exempt Obligations.
6.2 The Applicant further cOllllllits to cause and lor 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 or sale of bonds or other tax-exempt
obligations, prior to the delivery by the City of such bonds or
other tax-exempt obligations, and, to the extent deemed necessary
by the City, following delivery of such bonds or other tax-exempt
obligations.
6.3
The Applicant also commits to pay all expenses in connection with
the issuance, offer or sale of the bonds or other tax-exempt
obligations, whether or not such bonds or other tax-exempt
obligations are finally issued, and to hold the City harmless
from any and all expenses related thereto, 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.
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6.4
The Applicant will supply any additional information, agreements
and undertakings as the City may require as a result of
conferences and negotiations will be reproduced and supplied to
the City and shall be deemed as supplements or amendments to this
Application.
6.5 The Applicant shall provide appropriate covenants in the
tax-exempt financing documents as may hereinafter be submitted to
the City for consideration and approval in a form acceptable to
the City Attorney and Bond Counsel and to assure that not less
than twenty percent (201) of the multifamily rental housing units
included in the Project are to be occupied or reserved for
occupancy by the individuals of low and moderate income as
provided in the Internal Revenue Code of 1954, as amended (the
"Code").
6.6 Prior to issuance of any bonds for the Project as may hereafter
be approved pursuant to the appropriate resolution or resolutions
of the City, the Applicant shall provide for the recordation of a
covenant running with the land in a form approved by the City
Attorney of the City whereunder the Applicant waives any claim
under state law to a density bonus, as defined by Government Code
Sections 65915 and 65915.5, for the property on which the Project
is to be constructed.
6.7
The Applicant acknowledges and recognizes that acceptance of
this application shall not be construed as approval of the plans
or concept of the proposed development, nor as an indication that
the Mayor and Common Council of the City of San Bernardino,
California (the "Mayor and CODlllOn Council"), will hereafter take
any particular action toward granting any planning, zoning, or
other approval relating to a plan of development. The Applicant
acknowledges and recognizes that the Mayor and COllllllon Council
reserves its right to evaluate any future administrative
procedures and appeals based solely on the information available
at the time of consideration, including any actions or
recommendations by or appeals from the Development Review
Committee and the Planning Commission. The Applicant
acknowledges and recognizes that nothing herein shall be
construed as advance commitment or approval as to any such
matter, and the Applicant hereby acknowledges and recognizes that
normal planning processing shall be required, in accordance with
the standard procedures of the City and that Applicant will be
required to comply with all applicable laws and ordinances of the
City, State and federal government.
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PART VII FEE SCHEDULE
7.1 The Applicant acknowledges that the City requires a
non-refundable application fee of $50 for each Project to be
considered for eligibility, to be paid when the basic documents
are requested. With the submittal of this Application, $500 is
payable to the City. If this Application is accepted, an
additional fee of $10,000 is payable for administrative costs.
The Applicant acknowledges that the commitments in Part VI above
are in addition to these fixed amounts. Thus, in the event that
no closing occurs, the City shall be reimbursed for its
processing costs:
7.2 All fees of the City may be capitalized and included in the bond
issue as acceptable to the bond purchaser.
7.3 The Applicant acknowledges that the City derives its entire
support from the fees for its services. The total function of
the City is conducted on a self-supporting basis, and involves no
state general revenues or expenditures from taxes from the state
or any of its political subdivisions. No indebtedness or taxing
power of the City is involved. Project revenues are the sole
security for bonds of the City. The federal guarantees, if any,
enhance these revenues and income and the security of the bonds.
7.4
Pursuant to Resolution No. 81-108 of the City, as amended by
Resolution No. 81-410 of the City, one percent (11) of the
principal amount of the bond issue shall be deposited in the City
Treasury in the Industrial Revenue Bond Reserve and Development
Fund, which shall be used in such manner as the Mayor and Common
Council may direct from time to time.
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PART VIII SIGNATURE
8.1
The undersigned, as the authorized principal of the Applicant as
noted below, holds the prime responsibility for the financing to
be taken for the proposed Project, and certifies that the
undersigned has the authority to bind the Applicant to contract
terms; that this Application to the best knowledge or belief of
the undersigned, contains no false or incorrect information or
data, and this Application, including exhibits and attachments
hereto, is truly descriptive of the proposed Project. The
undersigned also represents by the execution of this Application
familiarity with Ordinance No. 3815, as amended, of the City of
San Bernardino.
"APPLICANT"
a Calif
By:
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GOARAN'1'IlE AGREEMENT
EXHIBIT "A"
Property Description
Parcel No.2:
That portion of the West ~ of the Lot 3, Block 62, Rancho San Bernardino,
as per plat recorded in Book 7 of Maps, Page 2, Records of said County, '
lying Northerly of the center line of Sixth Street, (formerly known
as Rathburn Street), as described in the Deed to the County of San
Bernardino, recorded June 25, 1926 in Book 1100, Page 351, of Official
Records.
Except therefrom an undivided ~ interest in and to that certain well
site and in and to the well; and in and to the pipe line running South
therefrom, which said well site is. more particularly described as follows.
Beginning at the point of intersection of the center line of Sixth
Street and the East line of the West ~ of said Lot 3, Block 62, Thence
North along the said East line of the said West ~ of said Lot 3, North
0016' West 620 feet for the true point of beginning, Thence West parallel
with the center line of Sixth Street, 25 feet to a point, Thence North
parallel to the East line of the West ~ of said Lot 3. a distance of
40 feet, Thence East 25 feet to a point in the East line of the West
~ of said Lot 3, a distance of 40 feet to the Point of Beginning.
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