HomeMy WebLinkAboutR04-Redevelopment Agency
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..' .VELOPMBNT AGENCY.~ST FOROo.ISSION/COUNCIL iJrlON
From: Glenda Saul, Executive Director
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~Pt: Redevelopment Agency
Subject: TEFRA PUBLIC HEARING - RATIFICATION
OF PUBLICATION OF NOTICE - VILLA
CIELO PROJECT
Date: December 9, 1985
Synopsis of Previous Commission/Council ection:
Ordinance 3815 providing for the issuance of Muntifami1y Mortgage Revenue Bonds
12/10/84
Adopted Resolution 84-519 inducing the project
Recommended motion:
(Mayor and Common Council)
Open public hearing
c:: Close public hearing
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA,
RATIFYING THE PUBLICATION OF A NOTICE SETTING A PUBLIC HEARING (VILLA CIELO APARTMENTS
PROJECT)
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Signature
Contact person:
Cleada 5aul
Phone: 383-5081
Supporting data attached:
YES
Ward: ~
FUNDING REQUIREMENTS:
Amount: $
:N I A
.
Project: !:r.
No adverse Impact on City:
,!'-mcil Notes:
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Date:
De~9~~9I'
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091lK/EB
12/16/85
Agenda Item No, ~ -4
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CI~ OF SAN BERNARD~ - REQUOT FOR COUNCIL AC~ON
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75-0264
STAFF REPORT
The resolution before you today ratifies the publication of the Public Notice
for the TEFRA hearing for the Villa Cielo project. Today is also the TEFRA
public hearing as required by the Tax Equity Fiscal Responsibility Act.
Below is a recap of the application:
Applicant:
Villa Cielo, a California general partnership
Principals:
John W. Meister II, a general partner
John M. Martin, a general partner
Financing:
Not to exceed $8,000,000
Purpose:
Construction of l53-unit apartment complex,
vehicle parking, landscaping, swimming pool and
other amenities.
Location:
Approximately 11.1 acres of land located on the
west side of State College Parkway, south of
Kendall Avenue, and North of Interstate 15
Target Date of Financing:
1st Quarter, 1985
Construction Schedule:
All in one phase - 12-14 months
Jobs:
During construction, approximately 20
Project Costs:
$6,991,000
1% of $6,991,000 & $69,910
1% of $8,000,000 = $80,000
Increase Tax:
Reserve and Development Fee:
Rental Schedule:
153 units
38 I-bedroom, 1 bath
38 2-bedroom, 1-1/4 bath
77 2-bedroom, 2 bath
20% set aside for low/moderate income
8 I-bedroom, 1 bath, $350/month
18 2-bedroom, 1-1/4 bath, $425/month
52-bedroom, 2 bath, $475/month
Zoning:
R-3-3000; the project has 13.78 units/acre which
complies with the zoning requirements
09llK/EB
12/16/85
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PART I.
1.1
1.2
1.3
1.4
1.5
1.6
1.7
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APPLICATION OF VILLA CIELO PARTNERSHIP
FOR INDUSTRIAL REVENUE BOND FINANCING
CITY OF SAN BERNARDINO, CALIFORNIA
GENERAL AND BUSINESS INFORMATION
The legal name of the Applicant is "Villa Cielo, A General
PartnerShip.
The Applicant is engaged in the development and sale of
real estate, principally residential housing and apart-
ments, and the management of rental operations. The
Applicant currently is in escrow on subject property
located on the East side of State College parkway, South
of Kendall. This location is generally bounded on the
South by State Highway 15 in the City of San Bernardino
and has proposed to construct thereon a 153 unit multi-
family housing complex which shall provide rental housing
at moderate rental amounts to residents of the City of
San Bernardino.
The mailing address of the Applicant is as follows:
Villa Cielo, A General Partnership
# 4 Upper Newport Plaza
Newport Beach, Ca. 92660
Employer Tax I.D. No. (applied for)
Neal D. Graham, Senior Vice President, Howard W. Meister II,
a General Partner and John M. Martin, a General Partner are
the principal contacts for the Applicant in connection with
the multi-family rental housing com~lex, as more fully des-
cribed herein.
Telephone Number 714/ 833-9100.
The Applicant is a California General Partnership.
1.7.1 The Applicant shall own and operate the multi-family
rental housing complex, as more fully described herein, in
the County of San Bernardino, State of California.
1.7.2 The Applicant was formed as of November 1, 1984,
Meister Development Group, A California Corporation, was
incorporated on August 24, 1984. Meister Development
Corporation is an affiliate and accessor and a successor to
the Meister company Inc. which was incorporated on March 29,
1976.
Corporate Headquarters, 4 Upper Newport Plaza, Newport Beach, California 92660 (714) 833-9100
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1.7.3 The Applicant is not a subsidiary of any other
Company.
1.8 The Applicant is a California General Partnership.
1.9 The names of the key members of the Applicant:
1.9.1 Principal officers of the Applicant:
Howard Meister II, A General Partner
John M. Martin, A General Partner
1.9.2 Directors of the Applicant:
Not Applicable
1.9.3 Principal stockholders:
Howard W. Meister II, A General Partner
John M. Martin, A General Partner
1.10
Description of some of the other business affiliations
of principal officers and directors:
1.10.1 Howard W. Meister II, Chairman of the Board,
Meister Development Group, A California
Corporation.
1.10.2 John M. Martin, President and Chief Executive
Officer, Meister Development Group, A California
Corporation.
1.10.3 Neal D. Graham, Senior Vice President, Apartment
Division (RMO California) Meister Development Group,
Inc., A California Corporation.
1.10.4 Marsha Vallone, Vice President, Chief Financial
Officer, Meister Development Group Inc., A California
Corporation.
Corporate Headquarters, 4 Upper Newport Plaza, Newport Beach, California 92660 (714) 833-9100
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Employees
1.11.1 The Applicant is a General Partnership formed for
development and ownership of rental income prop-
erties. It is affiliated with Meister Development
Group, Inc., a California Corporation which cur-
cently has 64 employees located at Applicants
corporate office in Newport Beach, California.
1.12 Professional services will be provided by the following:
1.12.1 Kenneth Leventhal, c/o Gary Wescomb - Accountant
660 Newport Center Drive
Newport Beach, Ca. 92660
Telephone: 714/640-5000
1.11
1.12.2 Cox,Castle & Nicholson, c/o John R. Simon - Attorney
5000 Birch Street
Newport Beach, Ca. 92660
Telephone: 714/476-2111
1.12.3 Timothy J. Sabo - A Law Firm
5855 Topanga Canyon Blvd.
Woodland Hills, Ca.
Telephone: 818/704-0195
Shall serve as Bond Counsel to the City with regard
to the tax-exempt financing for the project.
1.12.4 L.A. Wainscott, c/o Elliot Shaw - Civil Engineer
22400 Barton Road
Grand Terrace, Ca.
Telephone: 714/824-1775
Shall provide civil engineering and design services
in connection with the Project.
1.13 The principal banking account of the Applicant is held by:
Mitsui Manafacturers Bank, c/o Alan Court, Senior V.P.
One Newport Place
Newport Beach, Ca. 92660
Telephone: 714/752-0600
1.14 The funding for the Project is anticipated to be derived from
a variety of sources including the issuance of tax-exempt
bonds or other obligations with a lender to be obtained. The
Applicant has conducted certain preliminary discussions in this
regard with Home Federal Savings.
Corporate Headquarters, 4 Upper Newport Plaza, Newport Beach, California 92660 (714) 833-9100
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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
2.1.2
2.1.3
2.1.4
2.1.5
2.1.6
Project cost - $5,207,351
Legal, printing and related fees - $50,000
Financing costs and fees - $ 346,008
Capitalized interest - $480,736
Other miscellaneous costs - $50,000
Land acquisition - $856,905
Total $6,991,000.00
2.2 The estimated target date for the financing is presently
anticipated in early 1985, with construction to commence
as soon as possible after the financing package is com-
pletedand to be completed in one Phase which shall take
approximately 12 to 14 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 the Project and the certification that
all improvements have been completed, the lender will then
convert the construction loan to permanent financing.
The present proposal for the financing of the Project
anticipates that the tax-exempt bonds or Qther obligations
will be sold to a commercial bank or other such lender
through a private placement or that there be a public of-
fering of such securities.
2.4
PART III FINANCIAL INFORMATION
3.1 The financial statements of the Applicant is included as
Exhibit "A" hereto.
3.2 The Applicant and its affiliate, Meister Development Group
is a prominent developer of real estate in southern Calif-
ornia and Phoenix Arizona.
PART IV PROJECT INFORMATION
4.1 The Project as proposed by the Applicant consists of the
construction and installation of a one hundred fifty-three
unit apartment project, appurtenant vehicle parking, land-
scaping, swimming pool and other amenities on approximately
11.1 acres of land located on the West side of State College
Parkway South of Kendall Avenue~ and North of Interstate 15.
The Project shall be constructed in one Phase. A unit break-
down in described as follows:
Corporate Headquarters, 4 Upper Newport Plaza, Newport Beach, California 92660 (714) 833-9100
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Phase I
153 units
Type
1 Bdr 1 Ba
2 Bdr Hi Ba
2 Bdr 2 Ba
Sq. Footage
Quantity
Total Sq. Feet
25,042
33,668
75,383
134,093
659
886
979
38
38
77
153
Offsite work required is the widening and improving of State College
Parkway. This work will be done in conjunction with the initial
Phase of construction, all utilities are available at the site.
4.2 The components and the estimated total cost of the func-
tional parts of the Project are as follows:
4.2.1 Land
$ 1156,905
4.2.2 Real Estate Brokerage
Commission
$ ~
4.2.3 Site preparation
$1,595,000
4.2.4 Building construction
4.2.5 Engineering, architectural
and, :technical services, marketing
construction supervision, fees,
insurance and contingency
$3,352,350
$ 706,008
4.2.6 Financing and carrying costs during
construction $ 480,736
Total
$6,990,999
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 obli-
gations.
4.3.2 The Planned construction shall occur in one Phase and
be completed within 12 to 14 months from the date of
commencemen t.
4.4
The supervising civil engineer responsible for the design
of the Project on behalf of the Applicant shall be:
Elliot Shaw, of L.A. Wainscott
22400 Barton Road, Suite 200
Grand Terrace, Ca. 92324
Telephone: 714/824-1775
Corporate Headquarters, 4 Upper Newport Plaza, Newport Beach, California 92660 (714) 833-9100
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4.5
4.6
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The. Project shall be known as Villa Cielo Apartments
The Project consists of the development of one hundred
fifty-three new rental units which shall be generally
made available at moderate rents. The necessary infra-
structure 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 in escrow and controlled by the
Applicant.
4.8 The Project will provide one hundred fifty-three
multi-family rental units.
4.8.1 Attached as Exhibit "B" is an 8\ xll inch map
showing the site location of the proposed Project.
This Project was processed by the previous owners for a
tentative tract and conditional use permit. At that time
(May 1982) it was the determination of the city of San
Bernardino planning department that a negative declaration
of enviromental impact was proved for this project and sub-
sequently issued tentative tract # 12220 and conditional
use permit # 82-23.
4.9
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4.11
4.12
4.13
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There are no permits, water quality enforcement orders,
air pollution permits or variances or other evidence of
actions necessary in connection with this project.
There are no local, state of 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.
The Proposed Project shall comply with all applicable City
of San Bernardino, County of San Bernardino, and other re-
gional, county or basin plans to which this Project shall
conform and the appropriate waste water and air quality re-
quirements which sall be in conformity with all of the above
jurisdictions.
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.
Corporate Headquarters, 4 Upper Newport Plaza, Newport Beach, California 92660 (714) 833-9100
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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. In view of the fact that con-
ventional interest rates for construction and permanent
financing for the type of Project contemplated by the Appli-
cant 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 multi-family rental housing
units at moderate rents which are needed within the City of
San Bernardino. Additionally, the City of San Bernardino, its
inhabitants will benefit from the increased assessed valuation
of the property.
5.1.1 The Project will provide long term rental housing
opportunities for the inhabitants of the City of
San Bernardino.
5.1.2 Construction of the Project is anticipated to add
approximately $7,000,000.00 of assessed valuation
to the tax rolls of the City.
5.1.3 The useful method of financing p~ovid~d for in
Ordinance No. 3815 of the City Vls-aV1S the use
of other conventional methods will permit 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 Appli-
cant and such financing will be made available at
lower tax-exempt interest rates.
5.2 The City will benefit, as can be demonstrated pursuant to
Section 1 of Ordinance No 3815, as amended, of teh City of San
Bernardino, in that employment opportunities will be generated
by the proposed Project during the consturction phase, and after
said Project is constructed, it shall provide significant low-
to moderate-income rental housing opporutnities to the resi-
dents of the City of San Bernardino. The Applicant is not at-
temptingto construct said proposed Project merely for the finan-
cial 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 eco-
nomic benefits available to the community.
Corporate Headquarters, 4 Upper Newport Plaza, Newport Beach, California 92660 (714) 833-9100
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There are no detriments that can be incurred by the City
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 , prop-
erty, plus the increased long-term low to moderate ~ncome
rental 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 and/or 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 ap-
plication to a gevernmental 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 author-
ization of such governmental department, prior to the
delivery by the City of such bonds or other tax-exempt
obligations.
The Applicant further 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 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.
6.2
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 all ongoing basis so that neither the City, nor
its advisors, attorneys, employees and the like will accu-
mulate any claims against the City.
6.4 The Applicant will supply any additional information, agree-
ments and undertakings as the City may require as a result
of conferences and negotiations which will be reproduced
and supplied to the City and shall be deemed as supplements
or amendments to this Application.
Corporate Headquarters, 4 Upper Newport Plaza, Newport Beach, California 92660 (714) 833-9100
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PART VII ' SIGNATURE
7.1
The undersigned as officer of the Applicant as noted
below, holds the prime responsibility for the financing
to be taken for the proposed Project, and certifies that
the undersigned has the authority to bind the Applicant
to contract terms; that this Application to the best
knowledge and belief of the undersigned, contains no false
or incorrect information or data, and this Application,
including exhibits and attachments hereto, is truly des-
criptive of the proposed Project. The undersigned also
represents by the execution of this Application famil-
iarity with Ordinance No. 3815, as amended by 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 sumbittal of this ap-
plication, $500 is payable to the City. If this Appli-
cation is accepted, an additional fee of $10,000 is pay-
able 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
odcurs, 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 the
state or any of its political subdivisions. No indebted-
ness or taxing power of the City is removed. Project re-
venues 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 (1%) 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.
Corporate Headquarters, 4 Upper Newport Plaza, Newport Beach, California 92660 (714) 833-9100
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"APPLICANT"
Villa Ceilo
A California General Partnership
By:
D. G aham
Title'
Senior Vice President
Apartment Division
Agent For: John M. Martin
Howard W. Meister II
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Corporate Headquarters, 4 Upper Nl!Wport Plaza, Nl!Wport Beach, California 92660 (714) 833-9100
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Corporate Headquarters, ~ Upper NI!'".'port Pla:a, NI!'''''"ort Beaell, California 92660 (714) 833-9100
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11/26/85
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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
(VILLA CIELO APARTMENTS PROJECT)
WHEREAS. the City of San Bernardino, California ("City"),
is a "home rule city" duly organized and existing under and pursuant
to a Charter adopted under the provisions of the Constitution of the
State of California; and
WHEREAS, pursuant to its home rule powers, the City duly
and regularly enacted Ordinance No. 3815 (the "Ordinance") to
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finance various types of projects, as defined in the Ordinance. and
to issue its special revenue bonds for the purpose of paying the
cost of financing such projects, and has amended the same from time
to time; and
WHEREAS, said Ordinance No. 3815, as amended, is intended
to finance the development of industry and conunerce and to thereby
broaden
the
employment
opportunities
and
to
increase
the
avai labil i ty of moderately priced rental units for residents of the
City and to broaden the tax and revenue base of the City; and
WHEREAS. Villa Cielo,' a California general partnership, or
its successors or assigns
(the "Developer"),
has previously
<:: submitted a certain application (the "Application") to the Mayor and
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Common Council of the City of
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San BernardIno (the "Mayor and
.:)
Common
Council"), for tax-exempt financing for a certain multifamily rental
C housing development pursuant to the Ordinance and the Developer has
requested the City to issue and sell its multifamily mortgage
revenue bonds for the purpose of providing financing for the
acquisition and construction by the Developer of a multifamily
rental
housing
development
as more fully described in said
Application (the "Project") pursuant to the Ordinance; and
WHEREAS, pursuant to a duly adopted Resolution of the Mayor
and Common Council, the Council has declared its intent to issue
multifamily mortgage revenue bonds in an aggregate principal amount
not to exceed $8,000,000 for the purpose of financing the Project;
and
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WHEREAS. the Project consists of the construction and
financing of a one hundred fifty-three (153) unit multifamily rental
housing development on an eleven and one tenth (11.1) acre site
located on the west side of State College Parkway, south of Kendall
Avenue and to the north of the Interstate ~5 Freeway in the City of
San Bernardino.
The Project shall consist of thirty-eight (38)
one-bedroom, one-bath rental units. thirty-eight (38) two-bedroom,
one and one quarter-bath rental units and seventy-seven (77)
two-bedroom, two-bath rental units, on-site vehicle parking spaces,
laundry and recreational rooms, appurtenant landscaping and other
improvements; and
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WHEREAS, the certain amendments to Section 103 of the
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Internal Revenue Code of 1954. as amended (the "Code"), as enacted
by Congress under the Tax Equity and Fiscal Responsibility Act of
1982 ("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 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 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
WHEREAS, it is appropriate for the City to take certain
action at this time regarding the requests of 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.
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Section 2.
Pursuant
to
the
requirements
of
Code
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Section l03(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 l03(k)
in the Council
on
Decembe r 16,
1985,
at
the hour of
City Hall.
11:00
A.M. ,
Chambers,
San
Bernardino
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 City for the Project pursuant to the Ordinance. 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 caused to be published by
<:: at least two (2) insertions. one of which 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 "A" 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 City for consideration and approval in a form
acceptable to the City Attorney 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
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occupancy by the individuals of
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low- and moderate-income
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as provided
in the Code,
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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 City, the Developer shall provide
for the recordation of a covenant running with the land in a form
approved by 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.
Section 5.
Adoption of this Resolution shall not be
construed as approval of the plans or concept of the proposed
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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 Council 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 wi 11 be
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required to comply with all applicable laws and ordinances of the
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City. State and federal government.
Section 6.
This Resolution shall take effect upon
adoption.
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Mayor and Common Counci I 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
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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:
r.1 dIJ~.f~
~City Attorney
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STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO) 55.
CITY OF SAN BERNARDINO )
",.-.,
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I, SHAUNA CLARK, City 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
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EXHIBIT "A"
NOTICE OF PUBLIC HEARING BY THE MAYOR AND COMMON
COUNCIL OF THE CITY OF SAN BERNARDINO.
CALIFORNIA, FOR A CERTAIN MULTIFAMILY MORTGAGE
REVENUE BOND FINANCING AND THE ISSUANCE BY THE
CITY OF SAN BERNARDINO, CALIFORNIA, OF
MULTIFAMILY MORTGAGE REVENUE REVENUE BONDS IN
CONNECTION THEREWITH (VILLA CIELO APARTMENTS
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,
December 16. 1985, at the hour of 11:00 A.M., in the Council
Chambers,
City Hall,
300 North "0"
San Bernardino.
Street,
California 92418, for the purpose as hereinafter set forth.
The purpose of
said public hearing is to consider a
proposal by Villa Cielo,
a California general partnership, or its
successors
assigns
"Company"),
with
in
accordance
or
(the
Section 103(k) of the Internal Revenue Code of 1954. as amended, for
the City of San Bernardino, California (the "City"). to provide
certain industrial development revenue bond financing by the
issuance of multifamily mortgage revenue bonds for the "Villa Cielo
Apartments. Project" which shall consist of the acquisition of land
and the construction and financing of a one hundred fifty three
(153) unit multifamily rental housing develqpment on an eleven and
one tenth (11.1) acre site located on the west side of State College
Parkway, south of Kendall Avenue and to the north of the Interstate
15 Freeway in the City.
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m~tifamilY mortgage
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revenue
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The City intends to
issue its
bonds pursuant to Ordinance No. 3815, as amended. The total cost of
the Project is currently estimated to be approximately $6.991.000.
including land acqui sit ion costs associated with the Proj ect, site
improvement
and
building
construction
architectural.
costs.
engineering, funded interest during construction, financing, legal
and miscellaneous expenses and contingencies. 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
Eight Million Dollars ($8,000,000).
The City intends to issue
its respective bonds pursuant to Ordinance No. 3815, as amended, as
applicable.
in an amount presently estimated not
to exceed
$8,000.000 for the financing thereof without any liability to the
City whatsoever.
All persons interested in the subject matter and the public
purposes and public benefits and the issuance by the City of its
multifamily mortgage revenue revenue bonds in an estimated principal
amount not to exceed $8,000,000 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 11/29/85 and 12/6/85
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