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HomeMy WebLinkAboutR10-Redevelopment Agency RECVELOPMENT AGENCY' -UuEST FOR UMMISSION/COUNCIL AC'l'1ON From: Glenda Saul, Executive Director Subject: TEFRA PUBLIC HEARING - S.P. COMMERCIAL DEVELOPMENT PROJECT ,,--,t: Redevelopment Agency Date: October 29, 1985, 1985 Synopsis of Previous Commission/Council action: Ordinance 3815 providing for the issuance of Industrial Development Bonds 10/7 /85 Adopted Resolution 85-390 - inducement resolution and setting TEFRA Public Hearing Recommended motion: (Mayor and Common Council) Continue Public Hearing to November 18, 1985 "- Ad~,~/ Signature Contact person: GLENDA SAUL FUNDING REQUIREMENTS: Amount: $ N/A Phone: 383-5081 3 Ward: SV Project: Date: November 4, 1985 Supporting data attached: YES No adverse Impact on City: ~ncil Notes: - 0723K/EB Agenda Item No.12 -/0 CI-ft OF SAN BERNARD~O - REQU~T FOR COUNCIL ACTION '- .-- '- .-;,p., '- 75-0264 STAFF REPORT The developer has requested a continuance of the TEFRA Public Hearing to November 18, 1985. The developer is currently working on securing financing commitments for the project and believes those commitments will be finalized by November 18, 1985. Below is a recap of the project: Applicant: S.P. Commercial Development, a California Limited Partnership Princ ipals: Merv Simchowitz - 50% Pearson Land Ltd. - 50% Amount of Financing: $1.4 Million Project: Construction of 62,000 sq. ft. public storage facility Location: 3 acre site located at 155 W. Caroline Street Target Date of Financing: Final Quarter, 1985 Construction Schedule: 1 phase completed within 4-6 months from date of commencement Increase in Tax Increment: $1,025,000 x 1% = $10,250 $1,400,000 x 1% = $14,000 Reserve and Development Fee: Jobs: 6, after construction The developer is proposing a public storage facility for this site because of its location on an earthquake fault. The developer believes the only projects suited for the site would be a storage facility or a parking lot. 0723K/EB 11/4/85 . "':=' -. \.nb'"' ,,;~: ~ '-1':'----, .~' ~ ~ :1 , " ~~::~:\:I iF I.: :.::...'....l,- :1 I, 'c.. . .,... ", 'I'I:.' '-.L..., r . . jC ..:< . "''' .. 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