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Home My WebLink AboutR06-Redevelopment Agency - - REb.!VELOPMENT AGENCY.~UEST FOR~MMISSION/COUNCIL ACTION }::Iom: Glenda Saul, Executive Director \beI>t: Redevelopment Agency Subject: AMENDING APPLICATION FOR MULTI FAMILY MORTGAGE REVENUE BOND - SETTING PUBLIC HEARING (SOUTH POINTE IV) Date: October 14, 1985 Synopsis of Previous Commission/Council action: Ordinance 3815 providing for the issuance of Industrial Development Bonds. 12-5-83 12-5-83 7-9-84 Adopted Resolution 83-431 Adopted Resolution 83432 setting TEFRA Public Hearing Adopted Resolution 84-246 - TEFRA Public Hearing Recommended motion: (MAYOR AND COMMON COUNCIL) a) RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO FINDING THAT CERTAIN AMENDMENTS TO AN APPLICATION FOR INDUSTRIAL DEVELOPMENT BOND FINANCING HAVE BEEN SUBMITTED BY SOUTH POINTE IV, A CALIFORNIA GENERAL PARTNERSHIP; APPROVING SAID AMENDMENTS; AND AMENDING RESOLUTION NO. 83-431. '- b) RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AUTHORIZING THE CITY CLERK TO PUBLISH A NOTICE OF PUBLIC HEARING. .~M Signature Contact person: GLENDA SAUL Supporting data attached: YES Phone: 383.5081 3 Ward: FUNDING REQUIREMENTS: Amount: $ N/A Project: N/A No adverse Impact on City: Date: October 21, 1985 /.-- ncil Notes: '- ^^^,...,'r'O.... Agenda Item No. 6 ~ Clh OF SAN BERNARD....O - REQU~T FOR COUNCIL ACTION STAFF REPORT '- The Resolution before you today amends Resolution 83-431 adopted December 5, 1983 reflecting the change of developers from Colony Apartment Associates to South Pointe IV, a California general partnership. The name of the project will change from Colony to South Pointe. The new developer agrees to waive any density bonus. The second Resolution sets a TEFRA Public Hearing for November 18, 1985. A new TEFRA hearing was requested since a long period of time has elapsed since the last TEFRA hearing. A recap of the new application follows: PRINCIPALS : Scott Biddle Lonnie M. Dunn, Jr. ** PROJECT: Construction of 404 apartment units ** LOCATION: Near the intersection of Waterman Avenue and Barton Road. AMOUNT OF FINANCING: 519,500,000 TARGET DATE OF FINANCING: December 10, 1985 '-- CONSTRUCTION SCHEDULE: Approximately 18 months in two phases. RESERVE & DEVELOPMENT FEE: 19,500,000 x 1% - $195,000 RENT SCHEDULE: 1 bdrm. - $450/month bdrm./l bath - 5535/month 2 bdrm./2 bath - 5560/month The Bond Counsel and developer will be available to answer any questions you may have. ** The Project will be part of a total planned community that will include 300 single family homes, 250 high density detached homes, the 404 apartment units, 22 acres of light industrial and 21 acres of commercial 0006G/EB 10-21-85 development. '- 75-0264 ", l..- I "., ~ ," San Bernardino 60,009-53-1 '- RESOLUTION NO. RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO FINDING THAT CERTAIN AMENDMENTS TO AN APPLICATION FOR INDUSTRIAL DEVELOPMENT BOND FINANCING HAVE BEEN SUBMITTED BY SOUTH POINTE IV, A CALIFORNIA GENERAL PARTNERSHIP; APPROVING SAID AMENDMENTS; AND AMENDING RESOLUTION NO. 83-431. (SOUTH POINTE IV PROJECT) WHEREAS, the Mayor and Common Council on December 5, 1983, adopted the followinq Resolution: - f RESOLUTION NO. 83-431 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO FINDING THAT AN APPLICATION FOR INDUSTRIAL DEVELOPMENT BOND FINANCING HAS BEEN SUBMITTED PURSUANT TO THE PROVISIONS OF ORDINANCE NO. 3815 OF THE CITY FOR A CERTAIN PROJECT, FINDING THAT SAID APPLICATION COMPLIES WITH THE PROVISIONS AND REQUIREMENTS OF SAID ORDINANCE NO. 3815; APPROVING SAID APPLICATION AND THE PROJECT TO WHICH IT REFERS: DIRECTING THE PREPARATION OF A PROJECT AGREEMENT, A RESOLUTION OF ISSUANCE AND SUCH OTHER LEGAL DOCUMENTS AS MAY BE NECESSARY TO CARRY OUT SAID PROJECT AND PROVIDE FOR THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS THEREFOR: AND MAKING CERTAIN OTHER FINDINGS AND DETERMINATIONS IN CONNECTION THEREWITH '- (COLONY APARTMENTS PROJECT) WHEREAS, the Application for Industria1 Develop- ment Bond Financinq submitted and approved by said ......... -1- JWB 349:349.9 10/10/85 (JAS:bl) \ ...... " ,; San Bernardino 60,009-53-1 ',-- Resolution No. 83-431, designated Colony Apartment Association, a proposed California partnership, as the developer; and WHEREAS, South Pointe rv, a California general partnership, is now the developer of the Project (the "Developer"); and WHEREAS, the Developer has submitted certain amendments, attached hereto as Exhibit A (the "Amendments") to said Application. \...... NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS: Section 1. The Amendments to the Application contained in the attached "Exhibit A" are hereby accepted and approved. Section 2. Resolution 83-431, adopted December 5, 1983, is hereby amended, .reflectinq the chanqe of developers from Colony Apartment As~ociates to South Pointe IV, a California general partnership. ..-- "- -2- JWB 349:349.9 10/10/85 (JAS:bl) \0........ ,- - -' San Bernardino 60,009-53-1 '--.- Section 3. The Project shall now be designated "South pointe IV Project". section 4. Prior to issuance of any Bonds pursuant to this Resolution, the Developer shall provide to the city of San Bernardino, for recording, a covenant running with the land in form approved by the city Attorney of the city of San Bernardino whereunder the Developer waives any entitlement under state law to a density bonus for the property on which the proposed Project is to be constructed. '-' 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 take any particular action toward granting any planning, zoning, or other approval relating to a plan of development. The Mayor and Common Council reserve their 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 _._~ '-' -3- JWB 349:349.9 10/10/85 (JAS:bl) , San Bernardino 60,009-53-~ \....., \.... .~ ,----",,' ......... approval as to any such matter, and the Developer is notified that normal planning processing shall be required, in accordance with the standard procedures of the city of San Bernardino, and that the Developer will be required to comply with all applicable laws and ordinances of the city, state and federal government. Section 6. Any bonds to be issued pursuant hereto shall be payable solely form the revenues provided for therein, and no funds of the City of San Bernardino shall be pledged or payable therefor, and the City's general fund shall not be liable therefor in any manner whatever. \.- Section 7. This Resolution shall take effect upon its adoption. .-- ~ -4- JWB 349:349.9 10/10/85 (JAS:b1) --- "- --- "- ,"-..-,- San Bernardino 60,009-53-1 '-. .'11 I HEREBY CERTIFY that the foregoing reso1ution was duly adopted by the Mayor and Common Council of the City of San Bernardino at a regular meeting thereof, held on the day of , 1985, by the following vote, to wit: AYES: Council Members NAYS: ABSENT: ABSTAIN: City Clerk The foregoing resolution is hereby approved this day of , 1985. Mayor of the City of San Bernardino, California Approved as to form: 4r-<~ ~ . C ty Atto -5- JWB 349:349.9 10/10/85 (JAS :bl) 0",,,,, , . . AMMENDED AP.~CATION fOR REVr~E BOND FINANCING UOU'l'H POINTE AP~S (fORMERLY COLONY VILLAGE APARTMENTS) F' ~art I General . Business Information 1.1 Leqal Name of Applicant South pointe IV, a California general partnership of which the general. partners are WSB IV Corp., a California corporation, which is managing general partner and Colony IV Corporation, a California corporation. (See itelll 4.7 regarding possible assignment of partners' interest and requested right of assignment to accomodate a limited equity partner.) 1.2 Line of Business Real estate development. 1.3 Mailing Address and Headquarters Address South Pointe IV c/o WSB IV Corp. 17671 Fitch Irvine, CA 92714 1.4 Emplover 10 Number for Manaqinq General Partner ;~ WSB IV Corp: 33-0098176 '-' 1.5 Name and Title of principal Contact W. Scott Biddle, President, WSB IV Corp. 1.6 Phone Number (714) 660-8905 1.7 Type of Organization A partnership 1.7.1 1.7.2 1.7.3 California May 1, 1985 Not Applicable ; 1.8 Constitution of Ownership 1.8.1 1.8.2 WSB IV Corp is wholly owned by W. Scott Biddle. Colony IV Corporation is wholly owned by Lonnie M. Dunn, Jr. p~'..~ "'- /"""', '>) ,I..,..., 1.9' Names and Locations of ~ Officials 1.9.1 '- 1.9.2 1.9.3 ......,r W. Scott Biddle, President Kay Eggers, Secretary WSB IV Corp. 17671 Fitch Irvine, CA 92714 Lonnie M. Dunn, Jr., President Colony IV Corporation 1600 Dove Street, Suite 100 Newport Beach, CA 92660 Both corporations are whOlly owned by the respective officer/presidents stated in 1.9.1 and 1.9.2 1.10 Description of Other Business Affiliations of Principal Officers, Directors, and Principal Stockholders 1.10.1 1.10.2 - '- W. Scott Biddle is also the President of Biddle Development, Inc., a wholly owned corporation, and serves as Vice Chairman of the Board of Directors of Pacific National Bank, Newport Beach, California. (See enclosed Exhibit -C- resume for further interests.) Lonnie M. Dunn, Jr. is President of Dunn Delaware Corp. which is wholly owned by Staghorn Corporation, which is a personal corporation wholly owned by Lonnie M. Dunn, Jr. and his family. Mr. Dunn, through Staghorn Corporation is an approximate 20t shareholder in Landmark Savings and Loan (in organization) and a SOt shareholder in Dunoco Development Corporation. 1.11 Employees The partnership has no full time employees but contracts for' services with Biddle Development, Inc. for construction supervision and management and with Diversified Developers' Services for project accounting and data processing. - 1.11.1 1.11.2 WSB IV Corp. has no employees. Colony IV Corporation has no employees. 1.12 Expert Services . 1.12.1 '- ~he applicant's accountant and principal contact at such firm is: Mr. Gerald Higashi Sterman, Higashi, , Herter 1651 E 4th Street, Suite 150 Santa Ana, CA 92701 ,C 1.12.2 The applicant.f"""lttorney and pr~pal contact at such firm i'lw-' '-' '-. ~ '- Mr. Thomas J. Skane, Jr. 606 E. Chapman, Suite 201 Orange, CA 92666 1.12.3 The applicant's architect and principal contact at such firm is: Edward D. Lohrbach MLA Architects 31866 Camino Capistrano San Juan Capistrano, CA 92675 1.13 Principal Bank Accounts and Name of Officer Handling AcCounts: Lawrence Lucky, Executive Vice President Pacific National Bank 4665 MacArthur Court Newport Beach, CA 92660 Barbara Moore First Interstate Bank 5000 Birch Street Newport Beach, CA 92660 ,;- ~.14 The Source of Fundinq for the Proiect: Loan applications are pending with several institutions for both construction and takeout loan commitments. The project has received a preliminary commitment from FNMA Which would guarantee the permanent loan in connection with a tax exempt bond financing. '--' A3.1 such applications are being handled by: Tom Rossi and Associates 14181 Yorba Street, Suite 204 Tustin, CA 92680 , , "- pac II 2.1 /-- '- r- "- -- ......... - Bond- Issue c 0 Provide the Estimated Total Amount of the Financing with a Tabulation of Proposed Use of Bond Proceeds 2.1.1 Loan Amount Calculation Rental Income Less: 5' Vacancy Effective Gross Income Project Expenses (31') Net Operating Income Debt Service at 1.05 Mortgage Amount 1,517.143 .1031 1) , J $ 2,434,600 120,200 2,314,400 721,400 1,593,000 ._s_____. 1.517,143 $ 14,715.000 1) Represents a 9.75 percent interest rate, 30 year amortization, due in 12 years. 2.1.2 Use of Loan Proceeds Land Improvement Building Cost -Garages and Carports Landscaping Indirect COsts Architectural and Engineering Contingencies Builder's Fee Construction Loan Interest BUD Land Loan Interest Loan Origination Fees Legal, Marketing and Title Expenses Bond Council Fee Developer Profit Absorption Expense Land Cost Total project Cost 2.2 Estimated Target Date of Financing December 10, 1985 2.3 Estimated Term of Financing ~ 30 year amortization with 12 year maturity.. 2.4 TYPe of Bond Sale Private or pUblic offering, underwritten. 1,093,090 7.864,999 113,120 223,580 275,000 110,000 164,520 768,000 860,800 349,200 1.265,300 200,000 50.000 413,000 599,400 5.091.500 19,441,509 --- ---- .,....--....,... p~ 111,- Financing Information <:; 3.1 General .- '-' :) ,..,-~~, Confidential financial information on W. Scott Biddle will be submitted under seperate cover. Attached as Exhibit .C. is a resume of Mr. Biddle, the managing general partner. ~ A resume on Lonnie Dunn, Jr. is on file, having been sublllitted with the original application for the project. r '- ". ."- .......... .. c ""'" "- , -~ -, '....,i Part -IV - Project Information ~ 4.1 Summary of PurpOse, Objective and Function of the PropOsed Project -- "- ,..- "- The purpose of the project is to provide 404 apartment units for rental housing for the San Bernardino community. The Project will be part of a total planned community that will include 300 single family homes, 250 high density detached homes, the 404 apartment units, 22 acres of light industrial and 21 acres of commercial development. The entire project will have a New England architectural theme, and will be developed over the next 24 months. This project will be a very high-grade apartment complex that will provide sorely needed affordable rental housing. According to most marketing sources, there is only a 1.5' vacancy factor in this market area, which is a very low level and indicates a need for additional units. 4.2 DescriPtion of CompOnents and Estimated Total Cost of Functional Parts of the proiect See Item 2.1.2 for a detail of Project Costs. Source of Funds Funds from Bond Issue BUD Deferment and Subordination Deferment of Builders's Pee (partial) Deferment of Developer's Pee (Partial) Equity Contribution-New Limited Partner 'l'otal $ 14,715,000 2,909,900 686,100 330,400 800,109 $ 19,441,509 ----- 4.3 Estimated Construction Period 4.3.1 4.3.2 4.3.3 Scheduled Start Offsites Scheduled Start Construction Scheduled Completion - Phase 1 of 224 Units Scheduled Completion - Phase 2 of 180 Units December- 15, 1985 January 5, 1986 November 5, 1986 4.3.4. July 15, 1987 - - - - - - '~4.4' /"--"'. Name and Location of A ~cant's Su ervis Responsible for Design of the Proiect Contractor '.- .'Y ""_...,, W. Scott Biddle Presley W. Carter Biddle Development, Inc. Contractor's License Number 17671 Fitch Irvine, CA 92714 B28661.4 '- 4.5 Location of Proposed Project Project is located near the intersection of Waterman Avenue and Barton Road. The location is west of Waterman, north of Barton and south of the Southern Pacific tracks. 4.6 Advise as to Whether the project Site is a New Location New location. -- 4.7 Name of Leqal Owner of Location The property is currently held in the name of Dunn Delaware Corporation. It is presently the intent of the general partners to transfer title to the new joint venture partnership, South Pointe IV, at such time as the construction loan or bond financing is placed. Such a transfer in contemplated in and in accordance with the Second Forbearance Agreement (see Exhibit B, -Memorandum Regarding Second Forbearance Agreement-). For purposes of this application, it is requested that the applicant be acknowledged to be South Point IV or any successor partnership as may be necessary to the admission of a new limited equity partner. Xn any such assignment of the existing general partners' interest, it is assumed that those partners would remain in at least a fifty (50) percent ownership position. i..- For purposes of notice and contact, South feint XV will remain the party of record. -- 4.8 A Descri~tion of the Operations that are or are to be Conducted at the Location of the Proposed Proiect The project will be operated as a rental apartment project. An 8 1/2" x 11- picture of the project area , along with an elevation of the proposed project, were prevlously submitted. .--- '- ~- \..... ,,'" " /"-....., 4.9 '-' -...i List the Environmental Quality Restrictions, Standards or Requirements Which Are to be Met Within this Project An Environmental Impact Report has already been prepared for this project and all suggested measures have been implemented by the developer. '- 4.10 A List and Copies of all permits, Water Enforcement Orders, Air Pollution Permits and Variances or Evidence of Other Actions EVidencing Need for Installation of this Project On September 20, 1980, the City Council approved Tentative Tract Map 11414, Zone Change No. 1153 and General Plan Amendment No. 32. Then on July 20, 1981, the City Council approved Tentative Tracts No. 11759-11766, 11773-11778, 11783, 11784, 11787, 11819-11821, 11823, 11885, 11786, 11834, Conditional Development Permits No 1139 and 1140 and Minor Subdivisions No. 658 and 659. All of the above approvals deal with these environmental issues. The subject property is included in the above approvals. 4.11 List Pollution Control Agencies Imposing the Application Regulations, Standards or Requirements for Operations or Disposal ,- On September 20, 1980, the City Council approved Tentative Tract Map 11414, Zone Change No. 1153 and General Plan Amendment No. 32. Then on July 20, 1981, the City Council approved Tentative Tracts No. 11759-11766, 11773-11778, 11783, 11784, 11787, 11819-11821, 11823, 11885, 11786, 11834, Conditional Development Permits No 1139 and 1140 and Minor Subdivisions No. 658 and 659. All of the above approvals deal with these environmental issues. The-SUbject property is included in the above approvals. '-' 4.12 Describe the Regional, County or Basin Plan to Which this Project is to Conform and the Manner in Which it will Provide Conformance On September 20, 1980, the City Council approved Tentative Tract Map 11414, Zone Change No. 1153 and General Plan Amendment No. 32. Then on July 20, 1981, the City Council approved Tentative Tracts No. 11759-11766, 11773-11778, 11783, 11784, 11787, 11819-11821, 11823, 11885, 11786, 11834, Conditional Development Permits No 1139 and 1140 and Minor Subdivisions No. 658 and 659. All of the above approvals deal with these environmental issues. The SUbject property is included in the above approvals. , ~ ""'"'" - - -~4.i3 Describe the By-products~ Residues of th~roiect and Where and How Ultimate Disposal Will be Accomplished ~~'~ On September 20, 1980, the City Council approved Tentative Tract Hap 11414, Zone Change No. 1153 and General Plan Amendment No. 32. Then on July 20, 1981, the City Council approved Tentative Tracts No. 11759-11766, 11773-11778, 11783, 11784, 11787, 11819-11821. 11823, 11885, 11786, 11834, Conditional Development Permits No 1139 and 1140 and Hinor Subdivisions No. 658 and 659. All of the above approvalS deal with these environmental issues. The subject property is included in the above approvals. '- Weekly trash piCk-Up will be provided. Sewage disposal through the City sewage syst_ shall be utilized. ;..;.- ........ , , ,- "- - --"\ ,...) l.. -Pa~t V - Public Benefits ../'~.'. --- r- '-' I"""'~' ~ - -- - - '-' --- ". , --"" -...) 5.1 Describe the Benefits that Will Accrue to the City and its Citizens The project will provide much needed rental housing for the City and its citizens. The rental units will be moderately priced. People who work in the City will now be able to live in close proximity to their jobs and will be able to spend more time and, therefore, money in the community. 5.2 Address the Findings in Section 1 of the Ordinance The project is anticipated to have a significant impact~n the City without imposing a financial burden on the City. The project will not produce detrimental effects on, or conflict with, or otherwise restrain State efforts to solve problems of ligitimate State concern. The applicant has legitimate, long-term business reasons for construction and operation of this project including the long- term profit potential from operations of this project. The financing of this project under the method provided by Ordinance Nos. 3 and 15 will provide additional financing sources to the applicants at lower tax-exempt rates and will enable the time schedule for construction of said project to be accelerated. The City will only provide a method of financing the project and will only be paid certain fees to reimbursement City for costs incurred by the City in connection with the financing of said project. The City will not realize a profit in such a manner as to compete with or rival private firms and the applicant is not requesting the City to take any more action than is necessary to consumate the financing. The City will receive a substantial benefit from construction of this project that exceeds any detriment incurred by the City~ The project will be absolutely self-supporting. Ordinance No. 3815 and the doCUlllents pursuant to which any bonds issued by the City to finance the project provide or will provide that such bonds are limited obligations of the City, payable only from revenues generated by the project and that all fees and expenses incurred by the City in connection with the project will be required to be paid by the applicant. Indirect benefits such as the increase in the property tax base and increases i~other taxes and user fees are anticiated to exceed any indirect detriments to the City such as increases in costs of police, fire and other municipal services. The applicant will not take any action that will result in violation of any applicable State standards relating to sewage disposal of any anticipated wastes. ,\.- ,....,. '"-" .....""" ~ -"' Part VI - Commitments 6.1 The applicant hereby agrees and commits to comply, and/or to '~ assist the City in complying,- with all State and Federal laws in the issuance of the Bonds, 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, and any amendments thereto. and any permit or delivery by the City of the Bonds. 6.2 The applicant hereby agrees and commits to cause and/or 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 and sale of Bonds prior to the delivery by the City of the Bonds, and, if deemed necessary by the City, following the delivery of the Bonds. 6.3 The applicant hereby warrants and covenants to pay all expenses in connection with its commitments set forth above and with the issuance, offer and sale of the BondS, whether or not they are finally issued, to hold the City harmless from any and all expense. related thereto and to pay items on an on-going 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 agrees that any additional information, agreements, and undertakings as the City may require as a result of various conferences and negotiations shall be reproduced in writing, printed or other tangible form, shall be supplied in as many copies as the City prescribes and shall be deemed supplements to this application. . , ---- ~- P~<=:VII.- Signature ~ ~ 7.1 This application is signed below by the senior officials of the agent for the applicant with prime responsibility for the financing, who, by their signatures below, represent and certify that they bave authority to bind the applicant to contract terms: that their application, to the best of their knowledge or belief, contains no false or incorrect information or data, and this application, including exhibits and attachments, is truly descriptive of the project, and that the applicant is familiar with Ordinance No 3815. ...,....; 1 '-- September 30, 1985 - '- . .,.- "- . ",-.,:.",--.. -- ----- -.0" L c ?""'- .",.) :J -- SOUTH POIN'l'B IV APARTMENTS EXHIBIT 'A' SCHEDULE- OF PROPOSED RENTS . -- ......... PROPERTY INCOME AND EXPENSE I\NALYSIS -L- APRIL 5. 1985 BIDDLE/l)tlNN (COLONY VILLAGE) SOUTHPOINTE APARnlENTS WATERMAN AVE. AT COMMERCIAL. SAN BElINARDINO CO. APARnIENT UNITS .-.wsb...........................................................--..........-.................... IM'!BER UNITS ROOM SQ. FT. COUNT PER UNIT , .OTHER AMENITIES - RENT PER _ IlONTIILY ADJUSTED . SQ. FT. REN'1'S RENTS '1'OTAL M. RENT ANNUl. IlENT -------------------------------------------------------- 216 1/1 126 53.47 0.72 e50.00 36 2/1 796 8.91 0.17 535.00 e8 2/1 819 11.88 0.63 535.00 10C 2/2 955 25.7. 0.&3 560.00 --------- -------------------- e04 30250. 100.00TOTAL LIVING UNITS 0.66 520.00 97200 19260 25680 58:l40 111640 23110 30820 69UO o 200400 2e04&0 --------------------------------------- SECURITY DEPOSITS '1\ OF GROSS, JlENTS ------------------------------------------------------- LAUNJ)RY INCOME , $3.00/UNIT PER MONTH 2500 300e ------------------------------------------------------------- OTHER INCOME , $5.00/UNIT PER MONTH ------------------------------------------------- GROSS OPERATING INCOME 520.00 o 20~900 2U4iC --wss-........................--..............................-......................---.-........ .--.. - - - ~ -- \,,, 0 0 . -- - -- d' :> San Bernar 1no 60,009-53-1 ~ RESOLUTION NO. RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AUTHORIZING THE CITY CLERK TO PUBLISH A NOTICE OF PUBLIC HEARING (SOUTH POINTE IV PROJECT) WHEREAS, the Mayor and Common Council of the City of San Bernardino (the "City") have taken actions to assist in the financing of a 404-unit multifamily housing Project (the "Project") to be developed by South pointe IV, a California general partnership; and ,- .......... WHEREAS,-the Tax Equity and Fiscal Responsibility Act of 1982 requires that the city conduct a Public Hearing in connection with assisting the Project. BE IT RESOLVED, DETERMINED AND ORDERED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS: Section 1. Pursuant to the Tax Equity and Fiscal Responsibility Act of 1982, the Mayor and Common Council of . the city will hold a public hearing on the Project on: Date: November 18, 1985 Time: 11:00 A.M. -- '- Place: Council Chambers City Hall 300 North "D" Street San Bernardino, California 92401 -1- JWB349:349.11 10-1 O-A" (.TA~ ,hl \ ~ - - .... -- - - ,..., -"""\ -.....,I San Bernardinc:~ 60,009-53-J. \. " '-' '- Section 2. The City CJ.erk is hereby authorized and directed to publish the attached Notice of PubJ.ic Hearing in a newspaper of general circulation once at least fourteen (J.4) days prior to November J.8, J.985. Section 3. This Resolution shalJ. take effect immediateJ.y upon its adoption. 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 , J.985, by the following vote, to the day of r- '- wit: AYES: Council Members: NAYS: ABSENT: this City Clerk The foregoing resolution is hereby approved day of , J.985. Mayor of the City of San Bernardino, California Approved as to form: C ~~~~ ...J..~. City Attorney -2- JWB349:349.J.J. J.0-J.0-85 (JAS:bl) - -- _# "- -- '- r '- - -- -- ~ '" I""., -- -..J "",", San Bernardino~ 60,009-53-1 CITY OF SAN BERNARDINO NOTICE OF PUBLIC HEARING ON PROPOSED BOND ISSUE TO ASSIST IN THE FINANCING OF A CERTAIN MULTIFAMILY HOUSING PROJECT LOCATED IN THE CITY OF SAN BERNARDINO, PURSUANT TO THE TAX EQUITY AND FISCAL RESPONSIBILITY ACT OF 1982 (TEFRA) (SOUTH POINTE IV PROJECT) NOTICE IS HEREBY GIVEN that the Mayor and Common Council of the City of San Bernardino (the "city"), pursuant to the Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA"), will hold a public hearing (the "Hearing") on: Date: November 18, 1985 Time: 11:00 A.M. Place: Council Chambers City Hall 300 North "D" Street San Bernardino, California 92401 The subject matter of the Hearing will be the proposed assistance by the City pursuant to Ordinance No. 3815 (the "ordinance"), of the financing of a 404-unit apartment complex located w~st of Waterman Avenue, north of Barton Road and south of the Southern Pacific Railroad tracks, in the City of San Bernardino (the "Project"). The initial owner, operator or manager of the Project is South Pointe IV, a California general partnership. -1- JWB349:349.10 10-10-85 (JAS:bl) - - \.,-.( , - -- '........ "',...,.,. '- - - c o San Bernardino,) 60,009-53-1 The city intends to issue its bonds, initially designated "City of San Bernardino, Multifamily Housing Revenue Bonds, Series 1985 (South Pointe IV Project), in a principal amount not to exceed $21,000,000 (the "Bonds"), to assist in financing the Project. The details of the issue may be changed from those set forth above as the result of the hearing noticed hereby. At the time and place above stated, -the financing will be presented and any and all persons may appear and be heard. Given by order of the Mayor and Common Council of the city of San Bernardino. /s/Shanna Clark City Clerk of the City of San Bernardino -2- JWB349:349.10 10-10-85 (JAS:bl) - . I" -::r"~'" .J,\~~~" .': -, "-..!..1::I..~,.. ;1: "''''',,: 1.~~~~it@I''',j[~;~''''''-;/ ",~",:";",':.::~.;.r;:-W1""r"'llliii'-'-""'!i- l-:!'l~~ "\.J!!i W" . ~ffi-<>'~ . 9.~. ~o~;;.;~ ;::15' - .' .' ~. '='.-:' " Ill, :", ", " "! l'[! ",.. ,I., ,. I '''''" .. . " ,,!! '~-'::'" Del Rou ',_, ' . -,~ - . " , . . . , , , " . -" . ,,- - " - ~ ,,,.,, I' 0, ",,- , . "".. .;y - ) = \, ; . ~ 2 ,." I' p"'~/ '; ~;: l ,,,. .1'.,1" .""lO I=: i1~ ,t. ;..: ~:f'1 ~,:"r":..~ J:l }i I~; ~ It. "I _! . ~ n~, . ".. " '"" ",.- .... ~"! --. : n'd . ".. ..' ; f. ,,~ ~ ~'~ ~ .~ ;; . 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