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Home My WebLink AboutRS06-Redevelopment Agency RE~VELOPMENT AGENCY-_EST FOR Q_ISSlON/COUNCIL AiilON .~m: Glenda Saul, Executive Director ~t: Redevelopment Agency Subject: APPROVAL OF FINAL BOND DOCUMENTS - WARM CREEK PROJECT Date: October 28, 1985 Synopsis of Previous Commission/Council action: 10/16/84 Adopted Resolution 84-415 - Inducement Resolution for Multifamily Mortgage Revenue Bond 10/21/85 Adopted Resolution 85-416 - Ratifying the publication of the Notice of Public Hearing 10/21/85 Adopted Resolution 4812 - Reinducing the bond for Agency issue 11/1/85 TEFRA Public Hearing scheduled Recommended motion: (Mayor and Common Council) A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, '-' CALIFORNIA, APPROVING CERTAIN DOCUMENTS AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION WITH THE AUTHORIZATION, SALE AND ISSUANCE OF ITS CITY OF SAN BERNARDINO, CALIFORNIA, MULTIFAMILY HOUSING REVENUE BONDS (GREAT AMERICAN FIRST SAVINGS BANK/WARM CREEK APARTMENTS PROJECT) SERIES 1985, IN A PRINCIPAL AMOUNT NOT TO EXCEED $11,220,000 ,~4J Signature Contact person: GLENDA SAUL FUNDING REQUIREMENTS: Amount: $ N/A Phone: 383-5081 1 Ward: Project: N/A Date: November 4, 1985 Supporting data attached: YES No adverse Impact on City: C Icil Notes: Agenda Item No. -.B5~ CI'C. OF SAN BERNARDCD - REQUa FOR COUNCIL AC.~N STAFF REPORT - The Resolution before you today approves the final bond documents for the Warm Creek multifamily project. The project is nearing construction completion. The documents presented for your approval are: a. The Trust Indenture - Agreement between the City of San Bernardino and the Trustee - Seattle First National Bank b. The Loan Agreement - Agreement between the City of San Bernardino and Warm Creek Associates b. The Regulatory Agreement - Agreement between Warm Creek Associates and the City of San Bernardino d.Pre1iminary Official Statement The final amount of the bond is $11,220,000. The project has been scaled down from the original 304 units to 240 units, resulting in a density of 17 units per acre. The project received approval from the Design Review Committee and was permitted by right of the zone. Total Reserve and Development Fee will be $112,200.00 Warm Creek Associates recorded its financial agreements prior to September 21, 1985, --.. and, therefore, is exempt from the school impaction fees as set forth in the Ordinance. Below is a recap of the project: Applicant: Warm Creek Associates Principals: 01ympus Group--Ca1ifornia Corporation, Miles Anderson, 01ympus Group Corporate Officer Financing: $11,220,000 Purpose: Construction and operation of a 240 unit multifamily 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 -.. 75-0264 . CI.(;OF SAN BERNARD~O - REQ~~T FOR COUNCIL AC:ftON STAFF REPORT '- Reserve and Development Fee: 1% x $11,220,000 = $120,000 Rental Schedule: 1 bedroom, 1 bath - $395 2 bedroom, 1 bath - $465 2 bedroom, 1 bath - $485 Density: 17 units/acre Trustee: Seattle First National Bank Interest: Not yet determined - will be determined when the bonds are marketed Bond counsel will be present to answer any questions you may have. 07l9K/EB 11/4/85 "- --.. 75-0264 RV.' q .' ~'~\1' ;1 ;I" Lt.I~1l+ ~T .~. ., l\ )f : "-"I~ ST' 5 :;: ""","""lis! J .. ..' ,. I ;---.', , ,,~ . I "RIS .lr ~ ~ ~_:s'-r' m ( '< ~"'''I:<l -. ~ r ~ -2 ,0. I.. "'-rRAi.. teH"- AV.. :Tf~f'ERR if,- , > .';"o!.--:L ~~,'F-i- =-..' I. ~ J ST 1'0 ; J . ,- ST< ~ ~' ~, -7' '~"'r~- 1 ~':"~-.l;o-- ~ ["I-;~-:;~ ,L--., H""'" '" ;;~,;;;~[i- ~t:-e.;J" ~ ., T /' 1:1 I ~Ml Irl liN" r- ,1'1- l-fWrr-:=- :.'''' ~ 6T..L !!l ~ I "lIE Is' . I /- ~,~.,~, ' ~ I.. 7'1~ lffi.. 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',l'n !.I, Ip"nllPd I~i" P; a'l'nl'lI, ,'!!l1I11 ",,;,f ' ~m I r f'~' '/1'1 i1il I 'II; :r" t;i:J 1,1 I, ~. I It! 'mllJ If,.' ,i" Illijj c o ...., ..... ! ! ____ _0- ~ + - ._.__ ___ ~ . I' " I '-.::::.;:F-o:=.- '. ~l~" ! ~ ! t r -lcJ ' i !. ,. . \ I ~ i , ',t 'J r . 1! I , ! ! " ! . :N , ., I I I .- ! I! IV l :=Ji l/r~'~1 " I I '.... ..:\ ....., \ : ' , , " +, ; I I .. ,.--- .,,--1 \.--) i- // " I / I I , ! I ou __u____ (~I 1 . '. ~ i ''C -j I ! ,00 i < ~ .;. :) i i i i ~ I'" ~ 3" ~ 'II; ::! ~!i ~ d~~ ,~~ ;~I ~ ~., !!J ~ ~ ~ ~ f ..- I . c c "'"" '-..,I ~'" 2,205-14/1071S/kl 10/30/85 ,- '-, RESOLUTION NO. A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING CERTAIN DOCUMENTS AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION WITH THE AUTHORIZATION, SALE AND ISSUANCE OF ITS CITY OF SAN BERNARDINO, CALIFORNIA, MULTIFAMILY HOUSING REVENUE BONDS (GREAT AMERICAN FIRST SAVINGS BANK/WARM CREEK APARTMENTS PROJECT) SERIES 1985, IN A PRINCIPAL AMOUNT NOT TO EXCEED $11,220,OOO WHEREAS, the City of San Bernardino, California (the "Ci ty"), is authorized and empowered by the Health and Safety Code of California Section 52075, et ~. (the "Act"), to make construction loans and mortgage loans to finance the development of multifamily rental housing and to issue mortgage revenue bonds for the purpose of enabling various developers to finance the cost of ,- such projects; and '- WHEREAS, there is a shortage in the City of decent, safe and sanitary housing which is affordable at rental rates by persons and families in the lower end of the rental spectrum and there is a consequent need to encourage the construction or development of rental uni ts affordable by such persons and otherwise to increase the rental housing supply in the City for such persons; and WHEREAS, Warm Creek Associates, a California limited partnership (the "Company") has submitted its request for the financing of certain multifamily residential construction and land acquisition pursuant to and in accordance with the provisions of the r Act; and "-' - I - I "- t'>, /""" ; ''''"'' ..,..; --' "" WHEREAS, the City has, by the approval of the Mayor and "'"" Common Council after a duly noticed public hearing held on November 1, 1985, adopted its resolution and found and determined that the purposes and intent of the Act wi II be furthered by the issuance by the City of its multifamily mortgage revenue bonds to provide financing for the Project hereinafter described; and WHEREAS, the City has, by said approval of said resolution previously declared its intent to provide tax-exempt financing for the Project and to issue its multifamily mortgage revenue bonds to enable the Company to finance the construction and land acquisition and to enable the Company to provide for the payment of costs of financing for the Project (as hereinafter defined) pursuant to the Act; and - WHEREAS, pursuant to and in accordance with the provisions of the Act, the Company has undertaken the construction of a two hundred forty (240) unit multifamily rental housing development and related amenities (the "Project") on a parcel of land located within the City of San Bernardino, California (the "Project Site"); and WHEREAS, all acts, conditions and things required by the Act, and by all other laws of the State of California, to exist, to have happened and to have been performed precedent to and in connection with the issuance of the aforesaid multifamily mortgage revenue bonds exist, have happened, and have been performed in ,~-,.-. '-" regular and due time, form and manner as, required by law, and the - 2 - c r- --- ,-... ....,) ,) .',_..... Ci ty is now duly author ized and empowered, pursuant to each and ~ every requirement of law, to issue such multifamily mortgage revenue bonds for the purpose, in the manner and upon the terms herein provided and to approve the final financial terms with respect to the issuance and delivery of such bonds; and WHEREAS, said multifamily mortgage revenue bonds are to be issued hereunder in an aggregate principal amount not to exceed $11,220,000 for the purpose, among others, of providing moneys for the purpose of paying the costs of financing for the Project and are to be designated as the "City of San Bernardino, California, Multifamily Housing Revenue Bonds (Great American First Savings Bank/Warm Creek Apartments Project), Series 1985 (the "Bonds"). - "'"" NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE MAYOR, AND COMMON COUNCIL ,OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AS FOLLOWS: Section 1. The above recitals, and each of them, are true and correct. Section 2. The City hereby finds and determines that the pUblic purpose of increasing the supply of multifamily rental housing in the City of San Bernardino will be furthered hereby, and this Resolution is being adopted pursuant to the powers granted by the Act. The City hereby acknowledges and approves the change of ,"'.".'" "- - 3 - c ,'-" ,"" '- -- , ) '-. the name of the Project from the "Warm Creek Apartments Project" to - "Great American First Savings Bank/Warm Creek Apartments P,roject". Section 3. The Executive Director of the Redevelopment Agency of the City of San Bernardino, or such other person as the Council may from time-to-time designate, is hereby designated to administer the Program as shall be undertaken by the Company. Section 4. The Trust Indenture dated as of November 1, 1985, by and between the City and Seattle-First National Bank, as Trustee (the "Trust Indenture"), as presented to the City at this meeting and on file with the City Clerk is hereby approved; and the Mayor and the City Clerk are hereby authorized and directed, for and ,......... ....... in the name of the City, to execute such Trust Indenture. Said Trust Indenture shall be executed in substantially the form hereby approved, with such changes therein as the officers executing the same may approve prior to the issuance and delivery of the Bonds with the approval by Bond Counsel and the City Attorney of any changes, amendments or modifications, and such approval to be conclusively evidenced by the execution and delivery thereof. Section 5. The Loan Agreement dated as of November I, 1985, by and between the City and the Company (the "Agreement") as presented to the City at this meeting and on file with the Ci ty Clerk is hereby approved; and the Mayor and the City Clerk are hereby authorized and directed, for and in the name of the City, to '~ - 4 - c c o ~) r- ""- execute such Agreement with the Company. Said Agreement shall be executed in substantially the form hereby approved, with such changes therein as the officers executing the same may approve prior to the issuance and delivery of the Bonds with the approval by ,Bond Counsel and the City Attorney of any changes, amendments or modifications, and such approval to be conclusively evidenced by the execution and delivery thereof. Section 6. The Preliminary Official Statement relating to the Bonds presented at this meeting and on file with the City Clerk is hereby approved in substantially the form presented at this meeting and on file with the City Clerk with such changes thereto as r- '- may be approved by the Executive Director of the Redevelopment Agency of the City of San Bernardino, the Ci ty Attorney and Bond Counsel; and the distribution of such preliminary Official Statement is hereby authorized, an~such Preliminary Offici~l Statement may be converted to a Fina I Officia 1 Statement together wi th such changes or modifications as deemed desirable by Bond Counsel, the City Attorney and the Executive Director of the Redevelopment Agency of the City of San Bernardino. The Mayor or the Executive Director of the Redevelopment Agency of the City of San Bernardino are hereby authorized to execute and deliver said Final Official Statement, and the execution thereof shall be deemed to be the final approval of same by the City. - L- Section 7. The proposed form of the Regulatory Agreement dated as of November I, 1985, by and among the City, the Trustee and - 5 - c c o ,...../ - the Company (the "Regulatory Agreement") presented to the City at "- this meeting and on file with the City Clerk is hereby approved; and the Mayor and the City Clerk are hereby authorized and directed for and in the name and on behalf of the City to execute such Agreement in said form with such changes therein as the officers executing the same may approve with the approval by Bond Counsel and the City Attorney of any changes, amendments or modifications, and such approval to be conclusively evidenced by the execution and delivery thereof. Section 8. Pursuant to the Act, the Bonds shall be sold and issued as hereinafter provided in such aggregate principal amount, not to exceed $11,220,000, as may be specified in the Bond r~ '- Purchase Agreement hereinafter mentioned. The purposes for which the proceeds of the Bonds shall be expended are for the deposit of the Bond proceeds with the Trustee for the establishment of the necessary Funds and Accounts for the payment of Project Costs and Costs of Issuance and for such other purposes as are set forth in the Trust Indenture and the Loan Agreement presented at this meeting and on file with the City Clerk. Section 9. Seattle-First National Bank, Seattle, WaShington, is hereby appointed and designated to serve as Trustee for the City and the owners of the Bonds, with the duties and powers of such Trustee as set forth in the Indenture and the City shall enter into such agreement with the Trustee for the payment of fees !""*""'" '- - 6 - c c /' ;" v / ,"'...... which fees shall only be payable from amounts so available pursuant '-' to the Trust Indenture and not any other assets or funds of the City. Section 10. The form of the Bonds as set forth in the Trust Indenture (as the Trust Indenture may be modified as hereinbefore provided) is hereby approved. The Mayor and the City Clerk are hereby authorized and directed to execute, in the name and on behalf of the City and under its seal, such Bonds in the aggregate not to exceed the principal amount set forth hereinabove in accordance with the Trust Indenture. Section 11. The proposed form of the Bond Purchase Agreement (the "Bond Purchase Agreement") as shall be provided prior -..-. to the date of issuance and delivery of the Bonds and the sale of "- the Bonds pursuant thereto to Bancroft, O' Connor, Chi I ton & Lavell (the "Underwriter") are hereby approved. The Bonds shall be sold to the Underwriter at the price specified in the Bond Purchase Agreement, provided that the Underwriter's discount of the Bonds shall not exceed three percent (3%) of the original principal amount of the Bonds and that the rate or rates of interest thereon shall not exceed twelve percent (12%) per annum. The City hereby accepts and approves the terms of the Bonds as set forth in the Indenture and the Bond Purchase Agreement, of which such terms are a part and the Mayor or the Executive Director of the Redevelopment Agency of the City of San Bernardino are hereby authorized and directed to evidence the City's acceptance of the offer made by said Bond ,-'- .--... Purchase Agreement by executing and delivering said Bond Purchase - 7 - c c ..."" ~ J ".- Agreement in said form with such changes therein as the officers '-- executing the same may approve with the approval by Bond Counsel and the Ci ty Attorney of any changes, amendments or modi fications, such approval to be conclusively evidenced by the execution and delivery thereof. Section 12. The Executive Director of the Redevelopment Agency of the City of San Bernardino or other City official are hereby authorized and directed to execute one or more requisitions authori~ing the Trustee under the aforesaid Trust Indenture to pay the Costs of Issuance for the Bonds from the Funds and Accounts established under and pursuant to the Trust Indenture. -, '-' Section 13. The officers of the City are hereby authorized and directed, jointly and severally, to do any and all things to execute and deliver any and all documents, including the Bonds, which they may deem necessary or advisable in order to consummate the issuance, sale and delivery of the Bonds, and otherwise to effectuate the purposes of this Resolution; and any such actions as previoUSly taken by such officers in furtherance of the issuance and delivery of the Bonds are hereby ratified and confirmed. ~> "- - 8 - c r" \",...- ,--, >....I .,/ ,- I HEREBY CERTIFY that the foregoing resolution was duly ....... adopted by the Mayor and Common Council of the Ci ty of San Bernardino at a meeting thereof, held o~ the day of , 1985, by the following vote, to.wit: AYES: Council Members NAYS: ABSENT: City Clerk "--' day 0 f The foregoing resolution is hereby approved this , 1985. Mayor of the City of San Bernardino Approved as to form: },Wci~ef?~ "-- - 9 - f~ '- c c c c STATE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO) ss. CITY OF SAN BERNARDINO ) I, SHAUNA CLARK, City Clerk Bernardino, DO HEREBY CERTIFY that the of San Bernardino City Resolution No. correct copy of that now on file in this o , -,.,; in and for the City of San foregoing and attached copy is a full, true and 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 - 10 -