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HomeMy WebLinkAboutR09-Redevelopment Agency - - , R~YELOPMENT AGENCY.~ST FOR o..lSSION/COUNCIL A;}.ION t" From: Ct: Glenda Saul, Executive Director Subject: TEFRA PUBLIC HEARING - S.P. COMMERCIAL DEVELOPMENT Redevelopment Agency Date: November 22, 1985 Synopsis of Previous Commission/Council ection: Ordinance 3815 providing for the issuance of Industrial Development Bonds 10/7/85 Adopted Resolution 85-390 - inducement resolution 11/4/85 Continued to 11/18/85 11/18/85 Continued to 12/2/85 Recommended motion: (Mayor and COIIIBOn Council) Move to continue to December 16, 1985 c ;' ~~ Signature Contact person: Gll.nd8 EatSl Phone: 383-5081 Supporting data attached: FUNDING REQUIREMENTS: YE& Amount: $ Ward: J Nt... Project: sv No adverse Impact on City: Date: B~~~~~L 2, 1985 Cncil Notes: 0859K/EB g 9 12/2/8~genda Item No, - - , CI" OF SAN BERNARD~ - REQU~T FOR COUNCIL AC~ON c c c 75.0264 STAFF REPORT Ordinance 3815 provides for the issuance of Industrial Development Bonds. Staff has received an application from S.P. Commercial Development. The application is for a commercial project and, therefore, is not subject to CIDFAC approval. The developer has requested a continuance to December 16, 1985, at 11:00 a.m. Below is a recap of the application: APPLICANT: S.P. Commercial Development, a California Limited Partnership PRINCIPALS: 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. The resolution before you today makes certain findings and determinations pursuant to the Tax Equity Fiscal Responsibility Act (TEFRA). 0859K!EB 12/2/85 c o o ~ - L ,.. ,our rniew, ..1.. to . .t.t.. nport of t" _r '.rticlpotiOD ...n_at with IP _Rial _1_t, .. - ..,~ .'C&L.,-w _~ .) _I_at - CoIuIt....t I 1IIduetrial/_Rial bt.U _ 'SolUi.. Ie_al. of _1_t ,......... _or *4-Dt ~ ~l.tI.OIl Date !!!!! .1,140,000.00 .1,364,000 00 . ''',000.00 . 112,100.00 . _,000.00 . _,000.00 .1,"60,000.00 .1,105,000.00 1 2 3 " 5 6 7 I AprU 15 AprU 17 April 19 April 91 AprU 9S April 95 AprU96 April 97 II) _. "reid..tiDe Off Ilt. Co.t. _ht" (...0De' lbar.) _tract A c CoroU./CoIlcODroo/r100d Cootr.ct IDclad.. Utilit, Troocbi.. .ad CO'. 1-6 _ract . Gradi.. Cootract C ...1..../COroU... 6 CO'. 1-2 Cootract C "acI La. Itom Drain IV 'ortin of CoDtr.ct Daly _tract . haff ic llaoo 10 IV Port in Daly Cootract D .DCI La_ loil In...tiaatioft. &..i...rift& City Pe.. , Bellitles IALAllCE Work _ini.. -contract , c a.ilroa. CTo..ina !!5!!!! c-letiOft !!!!! lept. 15 To .tart .JaD. '10 atart liar. ""2,608.00 . 50,101.00 .105,022.00 .180.532.00 . 12,659.00 .112,144.66 *,30,267.00 . 20,000.00 .3,1"0,000.00 86 (~lDa World) 16 (KiDi Itoroae) a,037.860.00 ($1.704.040.661 . SS3.119.34 -Z.ti..te 1.1u.e. aailroad Grant ..rtici,.tion. If Irlnt i. Dot .pprove., ..el..tl II *150,000 to .. lpent 50/50 with Colton. OOIOC/SL ll-11-1~ G o J o i H HHHI =1 liUlmr I, ~~mmi ~ iiHn~ ;'t,:,ttU ~s..."'_."" c ~ . . . . i . . . . . . IU. e :n "jl til III ,I e ..!'~,!'! ~~ 11:~I\Wa jll'i!.,h. Ill'" rlp,!il I -I,h' ~ .. _ ~c : .. i;~ . t ~ +--- ."10~"'.___ .. , ...~ L..1roNa '! '" ~_... tt- u t, "- ~~\' ~;;: , r- .~ i' l ,_."lI"....,,,'..... ~ .. " "'-1 -.. '.rJ I' ..c:. '- ~.h . -I- u ~ . . . d'I'i'h' ;-- -" _. 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