HomeMy WebLinkAbout12-Redevelopment Agency
-- ~.
--
--
- .....
- -
. ...)
REDEVELOPMENT AGENCY.~ST FOR c6_ISSION/COUNCIL ACTION
p.<om: Glenda Saul, Executive Director
'lr.;pt: Redevelopment Agency
Subject:
RATIFYING PUBLICATION OF NOTICE OF
PUBLIC HEARING - WARM CREEK
PROJECT
- REINDUCING BOND FOR AGENCY ISSUE
Date: October 15, 1985
Synopsis of Previous Commission/Council ection:
10-15-84 Adopted Resolution 84-415 -- Inducement Resolution for Multifamily
Mortgage Revenue Bond
Recommended motion:
MAYOR AND COMMON COUNCIL
,,"->''-,
1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA,
"- RATIFYING THE PUBLICATION OF A NOTICE SETTING A PUBLIC HEARING (GREAT AMERICAN FIRST
SAVINGS BANK/THE OLYMPUS GROUP PROJECT)
COMMUNITY DEVELOPMENT COMMISSION
b) RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO
DECLARING ITS INTENT TO ISSUE MULTIFAMILY MORTGAGE REVENUE BONDS (GREAT AMERICAN
FIRST SAVINGS BANK/THE OLYMPUS GROUP PROJECT)
/54f~ k
/ Signature
Contact person:
GLENDA SAUL
FUNDING REOUIREMENTS:
Amount: $
N/A
Phone: 383-5081
Ward: 1
Project: N/A
Date: October 21, 1985
Supporting data attached:
YES
No adverse Impact on City:
--
"- Icil Notes:
An':mrl~ Itpm Nn
/,<..
'-'.'-
--
-
-
-
-
~
CIT-,,/ OF SAN BERNARDIU - REQUU FOR COUNCIL AC-hbN
STAFF REPORT
'-
Pursuant to Resolution 84-123 adopted on April 9, 1984, Bond Counsel requested the
publication of a Notice of the Public Hearing (TEFRA) for the Warm Creek Project. The
notice was published on October 17 and 24, announcing the Public Hearing which is set
for October 31, 1985, at 11:00 a.m.
The project is already under construction and the developer is ready to close the
financing and the bond.
Bond Counsel has also requested that this project be reinduced as an Agency Bond
issue. The state cap is reaching its volume limit. The Agency could issue the bond
exempt from this cap as the project is located adjacent to the project area.
Below is a recap of the project.
APPLICANT:
Warm Creek Associates
PRINCIPALS :
Olympus Group -- California Corporation
Miles Anderson, Olympus Group Corporate
Officer
FINANCING:
$12,000,000
PURPOSE:
Construction and operation of a 304 unit
multi-family rental housing development on a
14 acre site.
'-
LOCATION:
Southeast intersection of Waterman and Third
Street.
TARGET DATE OF FINANCING:
December, 1985
CONSTRUCTION SCHEDULE:
Currently under construction
JOBS:
During construction only.
PROJECT COST:
$11,400,000
1% x 12,000,000 - $120,000
RESERVE AND DEVELOPMENT FEE:
RENTAL SCHEDULE:
Number
Units
Rents
-
112
112
80
1 bedroom/l bath
2 bedroom/l bath
2 bedroom/l bath
$395
$465
$485
Bond Counsel will be present to answer any questions you may have.
0012G/EB
10-21-85
r--
'-
75-0264
-- -
-~---f
-
""",e'
'''-...
-
2,146-l/0085Smf
10/9/64
,if_'_
APPLICATION OF WARM CREEK ASSOCIATES
~. 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 "Warm Creek As'sociates."
1. 2 The Applicant is a California general partnership in the process of
formation which shall be engaged in the development, construction,
leasing and ownership of a three hundred and four (304) unit
multifamily rental housing development located near the southeast
corner of the intersection of Waterman Avenue and Third Street in the
City of San Bernardino, California (the "Project"). The Applicant
has opened an escrow to acquire the property necessary for the
proposed multifamily rental housing development (the "Project") from
its current owner, and shall develop said property and construct the
Project thereon.
1.3 The mailing address and the address of the Applicant is as follows:
-
Warm Creek Associates
clo The 01ympus Group
1720 East Garry Avenue
Sui te 203
Santa Ana, California 92705
1.4 Employer Tax I.D. No. has been applied for.
1.5 Mr. Miles Anderson is the principal contact for the Applicant.
1.6 Telephone Number (714) 261-0475.
1. 7 The Applicant is a California general partnership which is in the
process of formation.
1.7.1
The Applicant shall own property and conduct business in
the County of San Bernardino, State of California.
1.7.2
The general partnership organizational documents of the
Applicant shall be executed prior to the time when the
Applicant acquires legal title to said property which shall
be developed in connection with the Project.
1.8 The ownership interest of each of the general partners associated
with the Applicant shall be as follows:
Olympus Group, a California corporation - 501
Affordable Properties, a California corporation - 501
'-"
- 1 -
-
,
'.,-#"
'"<>-"'-',
'-.'
-./
1.9 Mr. Miles Anderson, one of the principals and corporate officers of
the Olympus Group, will have primary responsibility for conducting
the business of the Applicant.
~
1.10
Business ventures of the general partners of the Applicant.
1.l0 .l
1.10.2
1.11 Employees
1.11.1
1.ll.2
The Olympus Group commenced operations in early 1984 and
has interests in several other business ventures, including
real estate development projects in the City of Vista,
Canyon Country (Los Angeles County) and Phoeni~, Arizona.
Affordable Properties is engaged in general real estate
development.
The Applicant currently has seven (7) employees. Although
the principal objective of the Project is to provide
affordable rental housing to the citizens of the City of
San Bernardino, the construction and operation of the
Project will create certain employment opportunities within
the City.
The business offices of Applicant shall be located at 1720
East Garry Avenue, Suite 203, Santa Ana, California 92705.
1.12 Professional services will be provided by the following:
-
1.12.1
1.l2.2
1.l2.3
1.l2.4
1.12.5
,-
"-
Ernst & Whinney, CPA shall serve as the accountant for the
Applicant and the contact person with said firm is John
Coyne, 4000 MacArthur Boulevard, Suite 800, Newport Beach,
California 92660.
Jerry Bazar of the Law Firm of King & Bradey, Suite 900,
2 Century Plaza, 2049 Century Park East, Los Angeles,
California 90067, is the attorney for the Applicant. ,
The Law Offices of Timothy J. Sabo,
Corporation, shall serve as Bond Counsel
regard to the tax-exempt financing for the
a Professional
to the City wi th
Project.
Principal Civil Engineer Keith Engineering, 2900 B
Bristol, Costa Mesa, California 92626, (714) 250-0300.
Principal Architect - Paul Westberg, 15641 Chemical Lane,
Huntington Beach, California 92649, (714).898-5333.
- 2 -
"""'-'
,'-'"
'--
-
'-
,-....
\......
....
'-'"
--"'
1.l3 The principal banking accounts of the Applicant shall be held by City
National Bank, corporate office in Newport Beach.
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 - $8,396,000
2.1.2
Legal, printing and related fees - $114,000
2.1.3
Financing costs and fees - $415,000
2.1.4
Capitalized interest - $750,000
2.1.5
Other miscellaneous costs - $75,000
2.1.6
Land acquisition - $1,650,000
Total:
$ll,400 ,000
2.2
The estimated target date for the financing is presently anticipated
in the fourth quarter of 1984, with construction to commence as soon
as possible after the financing package is completed and to be
completed in one (1) construction phase which shall take between
twelve (12) and eighteen (18) months to complete.
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.
- 3 -
c
.,....~~-
o
"-
PART III FINANCIAL INFORMATION
3.1
'-'
The financial statements of the general partners of the Applicant are
included as Exhibit "A" hereto.
3.2 Upon its formation, the Applicant shall be a small business doing
business as a general partnership 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 land and the construction and operation of a three
hundred four (304) unit multifamily rental housing development on a
fourteen (14) acre site located approximately six hundred (600) feet
east of the intersection of Waterman Avenue and Third Street, on the
south side of Third Street in the City of San Bernardino. The
Project shall include one hundred twelve (ll2) one-bedroom/one-bath
units, one hundred twelve (ll2) two-bedroom/one-bath units, eighty
(80) two-bedroom/two-bath units, on-site vehicle parking spaces for
approximately six hundred eight (608) spaces, laundry and
recreational rooms, appurtenant landscaping and other improvements.
The Project shall be located on land more particularly described and
included as Exhibit "B" hereto.
4.1.1
The three hundred and four (304) unit multifamily rental
housing development shall have the following proposed rent
scheaule:
Unit Description
Proposed Rent/month
1 bedroom - 1 bath
2 bedroom - 1 bath
2 bedroom - 2 bath
$395
$465
$485
4.2 The components and the estimated total cost of the functional parts
of the Project are as follows:
-
"-
4.2.1
Land - $1,650,000
4.2.2
Building construction - $6,048,000
4.2.3
Site preparation - $608,000
4.2.4
Engineering and technical services - $80,000
4.2.5
City fees - $760,000
Total:
$9,146,000
- 4 -
I"~'''->
I.-
4.2.6
r'
'-
Miscellaneous items -
".'"
I
-
a.
b.
- c.
d.
e.
51 construction contingency - $375,000
Developer's overhead and profit - $263,000
Interest during construction - $750,000
Real estate brokerage commission - $50,000
Other miscellaneous costs - $212,000
Total: $10,796,000
4.3 The estimated construction period for the Project is as follows:
4.3.1
Construction of the Project would commence as soon as
possible after issuance of the tax-exempt obligations.
4.3.2
The planned construction shall occur in one (1) phase and
be completed within twelve (12) to eighteen (18) months
from the date of commencement.
4.4 The supervising civil engineer responsible for the design of the
Project on behalf of the Applicant shall be Mr. Mike Browning of
Keith Engineering.
4.5 The Project shall be known as "Warm Creek Apartments".
4.6
The Project is the development of a multifamily rental housing
development and is not an expansion or an al teration 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.
,","-
.--.
4.7 The property on which the Project is proposed to be located is
currently owned by H.M.S., Ltd., a California limited partnership,
and the Applicant has entered into an escrow to acquire said property
for a total consideration not to exceed $1,650,000.
4.8 The Project will provide three hundred four (304) units of affordable
rental housing to the citizens of the City of San Bernardino.
4.8.1
Attached as Exhibit "B" is an 8-1/2 x 11 inch map showing
the site location of the proposed Project.
4.8.2
A description of the plant process - not applicable.
4.9 A negative declaration pursuant to the provisions 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.
,--
--.
- 5 -
c
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 construction of
the Project has previously been obtained.
4.11 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 of San
Bernardino, 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 of San Bernardino 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 of San
Bernardino. 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
an extremely 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 of San
Bernardino.
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
approximately $9,000,000 to $10,000,000 of
valuation to the tax rolls of the City.
to add
assessed
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 permi t the Applicant to complete
the financing and construction of the Project within an
accelerated time frame. The method of 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.
- 6 -
c
5.2
--
/.
..,",
~I
'-'
'-"
The City will benefit, as can be demonstrated pursuant to Section 1
of Ordinance No. 3815, as amended, of the City of San Bernardino, 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 cOllllllunity.
There are no detriments that can be incurred by the Ci~y with regard
to this type of financing for this Project, and the City of San
Bernardino 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
andlor 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,
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 commits to cause andlor 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.
6.4 The Applicant will supply any additional information, agreements and
undertakings as the City may require as a result of conferences and
negotiations and copies of such additional information shall be
forwarded to the City by the Applicant and shall be deemed to be
supplements or amendments to this Application.
d_
"-
- 7 -
c
-
"......
V
:.J
/"
PART VII SIGNATURE
'--"
7.1
'-'
The undersigned as authorized principals of the Applicant as noted
below, hold the prime responsibility for the financing to be taken
for the proposed Project, and certify that the undersigned have 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 a'1so represent
by the execution of this Application familiarity with Ordinance No.
3815, as amended, of the City of San Bernardino.
PART VIII FEE SCHEDULE
8.1 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.
8.2 All fees of the City may be capitalized and included in the bond
issue as acceptable to the bond purchaser.
-
.'-
8.3
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.
8.4 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.
'-
"APPLICANT"
WARM CREEK ASSOCIATES,
a California general p
By:
, its general partner
By:
~~ ; 7%~;P
, its general partner
- 8 -
-,
o
I
,
~
~
Q..
~ I'i
.!~
~ I;~
~n~
~ '11
Q.;c
~,
~ :i,r
~ ~II~
~ 'I~
~ .I~
~ \:11
~
"
;~h1l !
\ L-Ji ~
I. ,'. J ~
r- '.!
, ' 1 It
,LrJI~ ,
-7"--_.1--~~--_h_t-__.- - u_
-<<
.
~'~J
I
it
'I'
I!~
'., I I ,I
.
!
.
!
f
.
~
. i
I __
~-,.-
/ '
I
I i
i /+-
.;..----- --.....
l')l.
I
i I i
. ___ ~ I
1/"
,,----,- ~
Q:
r-
/
,..
',~
"
,- t~
I,
t OIl:
, i
I
'-I
" i
______1"" __~
-
-
~-
0 :;)
ffll~ ~ I~i! i~lf
IlIilli
'J'
I .
I .1~1 U ~l'b:'
! I Blilj lllG~!I~1
'I.. 1..r,tW,~i1
Jli BIll, Ii! J' '1
I,i; lJ:illb~~.i~
~
i
.
,
4. Zl,
II
1./ .'
I, i
i '" i
- --^ .
,_/ : I
i i I: i
,
/
I
I
!
.
I
I I
r
.
"
i:
I
p,
II: ,
" '
II'
.1
I,:
dr,
Ii I
Iii
I::,
I,"
"
III
,
"
II
Ii
__ 1:
L
__ _____n I
i
, i
I,
i
I
~
~
~
I
e
\
"\
\
.' .
. I
-_..:.-
--
"'''''.l.n"Wa
r
~
~
Q.
~ni
~ ;!~
~H~
~ 'lD
~~~
~ :i~
t:: ~Il~
~ ~IC
~ '.ll
~
,I
;
~I~~
I
i I
i /-/~
_,/ I
I i
,
,
I
I
.
I
I
.
.
~
~
i
;'-~tJi J; !
I .,. J "t
i .' i' i
.-.... _ · ::;t_!_~ I
. .'. I; h_-t~--_--_.
CJ
-t
i_
.1 i I
"i.~-~r
1
I~
~
-,
1- ;
i
/
I I i
, -+
') ,~
\: "
I
.1',
(j,
ji
i.
! ..:
"
-.
, ,
:i
---i
l
-.- --
r'1
-
~
i
"
1- ..,__I ...'0-.
/--- 1,--
./
/ I
It
'-'-
1 I i
IL
/1.
i
i
, i
I,
i
I '
I
i i ..
~AJ'Wa
lIi.!j
lbil,
IJIO~I..
iJ~j
.~ Ilfll i~lf
iiWiI II".
I I, .1p'11~'
J I U ilJ' I"J'II!lfil
'1I"Ir;:ilJl~:t
'Iii Hi'!!' '" ,'/
llii It:illb~~;mj:
,
-h zIt
II
I
!
!
.
!
\
."
'\
\
. -:-
,
.-
.-u, '-I
~ - -
.. ...c: .. u: ;:: ;;; N :: ;; "-' I .. I ~ I lul J~ ..)9
.. .. .. .. N - mZ-r-
"
~ I I I I 0
" .
~ ..
"'
" 0
"' ~ > VI""....
.. .. ."" X
,-' ,- I " .. :I\D '"
"' ~ :I
n
, '" .. "' .. CDZ VI
" ftlO C
"' .... Z
.. ...... :I"
01 ;!' i ~ ! c ftI OI=-
CD ... ... ... ~ f CD n" ..
- ... . .. - > -01 ... ::
- ... "" 8 ftI ~ ~ = - - -.,
- - "" 01 1:.> .. - :I -
- .. ... .. ~ ~ ~ . = ftI ~ o -
:I - " ftI .. , . VI
.. 0 It 0 0 Ii ~ g = . ~ .. ..
:I .. ... .. IT n..
Z 01 C ftI .. .. . >CD
0 - - ... " .. .. :2 5 . ~ CD
. - c " r ~ f'o ~ ..
... :I IT - - .. ~ ~ \D
"" 01 ftI - -< ..... =- ~ N
00 -< - ftI ;!! ;J: :: ....
"" .. ... n .. 01 :;; r ;!! ..
I 0 01 =- :I 01 :. -
V1 .. .. .. - ... ... ~
.. =- - .. 0 ~ ~ ~ p !'
00 It 0 0 N .. .. "'
- .. :I :I 0 .... ftI ~ ~ ~. ..
, ftI It ... I! >. c:
!ii, ..
V1 01 a: ... ~ ~ ~ ~
... - - - ;;e ~ n::D ...
.. :I .. n 0
ftI .. =- ftI - < ::j -m c:
~ ~ ~ "' ~o ~c :II
.. ftI 0 ~ ~ ~ 0
, .. .. a: :I .. ..
.. =- - ;::- CD ~ ~ .;. .. z~ 0 ~ :I:
- It .. ... !1i l;
0 =- ~ :i II ... CD -m
:I IT 01 "' !ll~(I)r- m
~ ..
.' - .. 01 ....
- ~ - ~ ~ t ; to ...~F ~~ 0
"'
. - IT i :II
- - ~ ftI . ~ ~ ;. ~~8a1!1: 0
00 :I n
.. .g ~ ~ T ;- m
j . ~ ~ Z mm ;:0"
. ~ . ~ mPZ::D~ ......
.. ftI ~
.. - ~ - ~~~!l; :II
- .. ..
- 0 =- ~ ~ ~
:I ... CD ..
... ftI ... ! _odcm m
.. ~ <:
01 =- g ~:zz Z
'" :I ftI ~ $~'p~
-< S ~ IC Ii>
I ~mn9. :II
m
=1 I 1 1 l-n+h I ;'!l ~ ...
0
~ I ,. -!f :II
.... ~ i :n. ....
0 g-
~ r !j'"
....
....
1-;- m
'"
~
0,. !'.'
~ ~
, !B i
,
I I I I I IS ...
I
I I I I " ,.
, ~ ~
I I i I
, i!j
I I
.
, I ~ ~ n i , ." 0 :II
% ~ ,>
~ 1; ii 0
~o!4~ ~>o c: I!' P. ~ '';I f
-oc: !! ~ ~
ocn~~ 2ril'" ~ ~ - g; ~.... ~
>:.r: Cf) >0 !j 8 ~i~~ -
iil ';j - m "'" '" .. Z
'TIz m C i: ~ c: ~ ......
cn(')<o mOrn ~ o n-i - .0
rilOO...." z", C3 z -
~C 0 I - ,
o1ic:~ !!l>z Q -< ~
:;; r-' > (') r- C i !!l 0 0 .e ,
-m:Dc. r-I: '" m c or ollIo
S-4mcn -aJ ~ :!.
~ m _ Zm iii ..
~ ~~ ~'" I S ~ - c.n
~ 0 .... ...
'" ~- ~ -~ i ..
m ~~ ~l 0 ' r~ ollIo
;g ::D ~ sn c
.. I i~ "
a I
,
-,-.
(....
, '
~' "',
.......
'...,"'......'
-_...'
1--.
2,205-5/1036S/cmb
10/11/85
EXHIBIT -A-
NOTIC! OF PUBLIC HEARING BY THE MAYOR AND COMMdN
COUNCIL OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, FOR' A CERTAIN MULTIFAliIIILY MORTGAGE
REVENUE BOND FINANCING AND THE ISSUANCE BY THE
REDEVELOPMENT AGENCY OP THE CITY OF
SAN BERNARDINO OF MULTIFAMILY MORTGAGE REVENUE
REVENUE BONDS IN CONNECTION THEREWITH (GREAT
AMERICAN FIRST SAVINGS BANK/THE OLYMPUS GROUP
PROJECT) .
NOTICE IS HEREBY GIVEN that a public hearing shall be
conducted by the Mayor and Common Council of the City of San
Bernardino, California (the "Mayor and Common Council.) on Thunday,
October 31, 1985, at the hour of 11:00 A,M., in the Council
C Chambers, City Ha 11 , 300 North "D" Street, San Bernardino,
California 92418, for the purpose a. hereinafter set forth.
.
The purpose of .aid public hearing is to consider a
proposal by Warm Creek AssocIates, a California general partnership,
or its successors or assigns (the "Company.), in accordance with
Section 103(k) of the Internal Revenue Code of 1954, as amended, for
the Redevelopment Agency of the CIty of San Bernardino (the
"Agency.) to provide certain industria 1 development revenue bond
financing by the Issuance of multifamily mortgage revenue bonds for
the "Warm Creek Apartments Project" whiCh shall consist of the
aCQuhition of land and the construction and financing of a three
....,. hundred four (304) unit multifamily ren!:al housing development on a
'I...,..
fourteen (14) acre site located approximately lix hundred (600) feet
east of the intersection of Waterman Avenue and Third Street, on the
-----. ..-
"-'
-"",';
'\
,../
~
,.r"....
'-
southside ot Third Street in the City of Ssn Bernardino, California
(the .City.) Said Project is also located in the redevelopment
project area of the Agency known as the .Central City aedevelopment
Project..
The Agency intends to issue its multitamily mortgage
revenue revenue bonda pursuant to the Community aedevelopment Law
(Health and Satety Code Section 33000, et seq.) (the .Law.) for said
Project. The total cost ot the Project is currently estimated to be
approximately' $11,400,000 and the financing tor this Project shall
be derived from the issuance of taz-ezempt bonds in a mazimum
principal smount presently estimated not to exceed Twelve Million
Dollars ($12,000,000).
c:; Project are estimated
Land acquisition costs associated with the
to be approximately $1,650,000, site
improvement and building construction costs are estimated to be
.
approximately
$8,396,000,
architectural,
engineering,
tunded
interest during construction, tinancing, legal and miscellaneous
expenses and contingencies are estimated to be approximately
$1,354,000. The Agency intends to hsue its bonds pursuant to the
Law in an amOunt presently estimated not to ezceed $12,000,000 for
the financing thereof without any liability to the City or the
Agency whatsoever,
All persons interested in the subject matter and the public
purpo.e. and public benefits and the issuance, by the Agency, of its
~ multifamily mortgage revenue revenue bonds in an estimated principal
'-
- 2 -
l..
,........
'-'
,,1''''''',
:)
>....-I
2,205-7/1043S/krl
10/ll/85
.......,
RESOLUTION NO.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, RATIFYING THE
PUBLICATION OF A NOTICE SETTING A PUBLIC HEARING
(GREAT AMERICAN FIRST SAVINGS BANK/THE OLYMPUS
GROUP PROJECT)
WHEREAS, the Community Development Commission of the City
of San Bernardino (the "Commission"), as the Redevelopment Agency of
the City of San Bernardino (the "Agency"), is authorized by the
Community Redevelopment Law of the State of California, constituting
Part 1 of Division 24 of the California Health and Safety Code (the
"Community Redevelopment Law"), to issue and sell its multifamily
mortgage revenue bonds for the purpose of enabling various
,..-..
l.... developers to finance the cost of the development of mUltifamily
rental housing located adjacent to or within survey areas and
redevelopment project areas of the Agency; and
WHEREAS. Warm Creek Associates. a California general
partnership, or its successors or assigns (the "Developer"). has
previously submitted a certain appl ication (the "Application") to
the Mayor and Common Council of the City of San Bernardino (the
"Mayor and Common Counci 1"). for tax-exempt financing for a certain
multifamily rental housing development pursuant to Ordinance No.
3815, as amended, and the Developer has requested the Agency to
issue and sell its multifamily mortgage revenue bonds for the
.~-
........
- 1 -
I~A
\.""......
/,e-..,
'-'
./-""
V
~)
'-
construction by the Developer of a multifamily rental housing
development as more fully described in said Application (the
.project"). pursuant to the Community Redevelopment Law, without any
liability to the City or Authority whatsoever; and
WHEREAS,
the
Project
is
located
adjacent
to
the
redevelopment project area of the Agency known as the Central City -
East Redevelopment Project; and
WHEREAS, the Agency desires to induce the Developer to
construct and develop the Proj ect adj acent to said redevelopment
project area; and
,"'--
WHEREAS. pursuant to Resolution No. 84-415 of the Mayor and
"-
Common Council. adopted on October 18, 1984, said Mayor and Common
Council has previously declared its intent to issue multifamily
mortgage revenue bonds in an aggregate principal amount not to
exceed $12,000.000 for the purpose of financing the Project; and
WHEREAS, it is the intent of the Commission that the
above-referenced Resolution No. 84-415 of the Council shall remain
effective as of the date of adoption thereof and that this
Resolution of the Commission shall not be deemed to alter, amend or
modify the effective date of said Resolution No. 84-415 in any
manner whatsoever; and
"""''''.
-
- 2 -
c
I"""
'-'
o
:)
WHEREAS, the Project consists of the construction and
financing of a three hundred four (304) unit multifamily rental
'-'
housing
development
on
a
fourteen
(14)
acre
site
located
approximately six hundred (600) feet east of the intersection of
Waterman Avenue and Third Street. on the southside of Third Street
in the City as more fully described in the Application and shall
consist of one hundred twelve (112) one-bedroom. one-bath rental
units, one hundred twelve (112) two-bedroom, one-bath rental units
and eighty (80) two-bedroom, two-bath rental units, on-site vehicle
parking for approximately six hundred eight (60B) spaces. laundry
and
recreational
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
19B2 ("T.E.F.R.A."), require that a public hearing be held in
connection with the 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
WHEREAS, the City has been requested by the Commission and
the Developer to hold a public hearing pursuant to the Code, as
amended by T.E.F.R.A., for the issuance and sale of multifamily
mortgage revenue bonds by the Agency as permitted by the Community
./-..
Redevelopment Law and if not so permitted. by the City, to provide
'- funds for the making of a permanent mortgage loan for the financing
of the Project to be located within the City; and
- 3 -
","".... - r,\ :J
'- '-' ...,.,;
WHEREAS, it is appropriate for the City to take certain
'-
action at this time regarding the requests of the Commission and the
Developer.
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
Section 1.
That the recitals set forth hereinabove are
true and correct in all respects.
Section 2.
Pursuant
to
the
requirements
of
Code
,-
'-
Section 103(k), the Mayor and Common Council hereby ratifies the
publication of notice of the public hearing by the City Clerk in
connection with the Project referred to in the recitals hereof to be
held in accordance with said Code Section 103(k) on October 31,
1985, at the hour of 11:00 A.M., in the Council Chambers, San
Bernardino City Hall, for the purpose of considering the public
benefi ts and public purposes to be furthered by the financing or
financings contemplated by the action of the City pursuant to this
Resolution for the issuance of multifamily mortgage revenue bonds by
the Agency or City for the Project pursuant to the Community
Redevelopment Law or Ordinance No. 3815, as amended, as applicable.
A public hearing shall be held at the hour and on the date herein
provided for the Project.
The Mayor and Common Council hereby
(,.",,,
'- ratifies the action of the City Clerk.
which City Clerk
- 4 -
-
,
\.....
'-'
'-./
:J
caused to be published by at least two (2) insertions, one of which
r" was not less than fourteen (14) days prior to said hearing, in The
"-
Sun a notice of public hearing substantially in the form of the
notice attached hereto as Exhibit MAM and incorporated herein by
reference and made a part hereof for the Project referred to in the
recitals hereof.
Section 3.
The Developer
shall
provide
appropriate
covenants in the tax-exempt financing documents as may hereinafter
be submitted to the Agency or the City for consideration and
approval in a form acceptable to the City Attorney, Counsel to the
Commission 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 4.
Prior to issuance of any bonds for the
Project as may hereafter be approved pursuant to the appropriate
resolution or resolutions of the Agency or the City, the Developer
shall provide for the recordation of a covenant running with the
land in a form approved by the Counsel to the Commission and the
City Attorney of the City whereunder the Developer 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.
.----"
'.........
- 5 -
-
c
,....,
o
.:)
'-"
Section 5.
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 Counci 1 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. Nothing
herein shall be construed as advance commitment or approval as to
any such matter, and the Developer is hereby notified that normal
planning processing shall be required, in accordance with the
standard procedures of the City and that the Developer will be
/~,.....,
required to comply with all applicable laws and ordinances of the
'-
City, State and federal government.
Section 6.
This
Resolution shall take effect upon
adoption.
--
:1
"-
- 6 -
c
..-
'-
"",,\,
-....I
....''''"',
J
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Mayor and Common Council of the City of
--..
San Bernardino at a meeting thereof, held on
the day of , 1985, by the following vote, to
wit:
AYES:
Council Members
NAYS:
ABSENT:
City Clerk
The foregoing resolution is hereby approved this day
-
'-
of
, 1985.
Mayor of the City of
San Bernardino
Approved as to form:
City Attorney
,-
'-
- 7 -
~._,
'-"
'-....""
, )
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO) 55.
CITY OF SAN BERNARDINO )
.........
I, SHAUNA CLARK, Ci ty 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
'-'
."''''''''
........
- 8 -
~
o
,r -...
,)
v
--
2,205-5/1043S/krl
10/ll/85
EXHIBIT "A"
NOTICE OF PUBLIC HEARING BY THE MAYOR AND COMMON
COUNCIL OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, FOR A CERTAIN MULTIFAMILY MORTGAOE
REVENUE BOND FINANCING AND THE ISSUANCE BY THE
REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO OR THE CITY OF SAN BERNARDINO,
CALIFORNIA, OF MULTIFAMILY MORTGAGE REVENUE
REVENUE BONDS IN CONNECTION THEREWITH (GREAT
AMERICAN FIRST SAVINGS BANK/THE OLYMPUS GROUP
PROJECT)
NOTICE IS HEREBY GIVEN that a public hearing shall be
conducted by the Mayor and Common Council of the City of San
Bernardino, California (the "Mayor and Common Council") on Thursday,
October 31, 1985, at the hour of 11:00 A.M., in the Council
t'~_."'"
,
Chambers,
City Hall,
300 North "0"
Street,
San Bernardino,
"-
California 92418. for the purpose as hereinafter set forth.
The purpose of said pUblic hearing is to consider a
proposal by Warm Creek Associates, a California general partnership,
or its successors or assigns (the "Company"), in accordance with
Section 103(k) of the Internal Revenue Code of 1954. as amended. for
the Redevelopment Agency of the City of San Bernardino (the
"Agency") or the City of San Bernardino. California (the "City"), to
provide certain industrial development revenue bond financing by the
issuance of multi f ami ly mortgage revenue bonds for the "Warm Creek
Apartments Project" which shall consist of the acquisition of land
and the construction and financing of a three hundred four (304)
"-'
unit multifamily rental housing development on a fourteen (14) acre
site located approximately six hundred (600) feet east of the
intersection of Waterman Avenue and Third
- 1 -
Street,
on
the
./~-
I....
,.....,
'-
....',
J
'-"
....~ southside of Third Street in the City of San Bernardino, California
"-
(the "City").
Said Project is also located adjacent to the
redevelopment project area of the Agency known as the "Central City-
East Redevelopment Project".
The Agency intends to issue its multifamily mortgage
revenue revenue bonds pursuant to the Community Redevelopment Law
(Health and Safety Code Section 33000, et seq.) (the "Law") for said
Project.
If the Agency does not issue such bonds, the City intends
to issue its multifamily mortgage revenue bonds pursuant to
Ordinance No. 3815, as amended.
The total cost of the Proj ect is
currently estimated to
be
approximately $11,400,000 and the
financing for this Project shall be derived from the issuance of
'-'
tax-exempt bonds in a maximum principal amount presently estimated
not
to
exceed
Twelve
Million
Dollars
($12.000,000).
Land
acquisition costs associated with the Project are estimated to be
approximately $1,650,000, site improvement and building construction
costs are estimated to be approximately $8.396,000, architectural.
engineering, funded interest during construction, financing, legal
and miscellaneous expenses and contingencies are estimated to be
approximately $1,354,000.
The Agency, or the City, respectively.
intends to issue its respective bonds pursuant to the Law or
Ordinance No. 3815,
as amended. as applicable,
in an amount
presently estimated not to exceed $12,000,000 for the financing
thereof without any liability to the City or the Agency whatsoever.
'-
- 2 -
, '
~
r".....
'-
,-';'--
"-
~
o
-,
'...."
:)
All persons interested in the sUbject matter and the public
purposes and public benefits and the issuance, by the Agency or the
City, of their respective multifamily mortgage revenue revenue bonds
in an estimated principal amount not to exceed $12.000,000 in
connection with the Project may attend such hearing and/or file
their written comments thereto.
NOTICE GIVEN as of this
day of
1985.
City Clerk
of the City of
San Bernardino, California
To be published in The Sun on 10/16/85 and 10/23/85
- 3 -