HomeMy WebLinkAboutR06-Redevelopment Agency
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AGENCY.~ST FOR Cb.1SSION/COUNCIL A910N
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From:
Ct:
Glenda Saul, Executive Director
Subject: INDUCEMENT RESOI1JTION - WESTERN
COMMUNITIES ASSOCIATES PROJECT
Redevelopment Agency
Date: December 9, 1985
Synopsis of Previous Commission/Council ection:
Ordinance 3815 Providing for the issuance of Industrial Development Bonds.
Recommandad motion:
(MAYOR AND COMMON COUNCIL)
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That the inducement resolution presented herein for Western Communities for
multifamily bonds not be approved at this time.
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Signature
Glenda Saul
Contact person:
Supporting data attached:
YES
Phone: 383-5081
5
Ward:
FUNDING REQUIREMENTS:
Amount: $
N/A
SC
Project:
December 16, 1985
16'QAtoJ
12-16-85
No edversa Impact on City:
C'Cil Notes:
Agenda Item NO.~
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,t CI~ OF SAN BERNARDI~ - REQU~T FOR COUNCIL AC~ON
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75-0264
STAFF REPORT
Ordinance 3815 provides for the issuance of Industrial Development Bonds,
including multifamily mortgage revenue bonds. The city has received an
application for bond financing from Western Communities Associates. Below is a
recap of the application:
Principals:
Western Communities Associates, a
partnership.
Amount of Financing:
$7,500,000
Project:
Construction of 192 apartment units.
Location:
Northeast corner of Kendall Drive and
University Parkway.
Target date for financing:
March 1, 1986
Construction Schedule:
Start March 1, 1986
Complete July 15, 1987.
Increase in jobs:
During construction only.
Reserve and development fees:
1% of $7,500,000 ~ $75,000.
2 bedroom 1 1/2 bath - $495/month
2 bedroom, 2 bath - $525/month
3 bedroom, 2 bath - $565/month
Rent Schedule:
Zoning:
PRD 14 Plan conform to zoning.
NOTE: This project is also covered under a Disposition and Joint Development
Agreement with the Redevelopment Agency.
Staff does not recommend approval of any further multifamily inducements for
calendar year 1985.
l67G/OJ
12-16-85
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SBE003-93/1020/1313S/jm
12/04/85
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RESOLUTION NO.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA. DECLARING ITS
INTENTION TO ISSUE ITS MULTIFAMILY MORTGAGE
REVENUE BONDS; DIRECTING THE PREPARATION OF
CERTAIN DOCUMENTS AND MAKING CERTAIN OTHER
FINDINGS AND DETERMINATIONS IN CONNECTION
THEREWITH (WESTERN COMMUNITIES ASSOCIATES PROJECT)
WHEREAS, the City of San Bernardino, California (the
.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,
as
amended
(the
.Ordinance.) to finance various types of projects. as defined in the
Ordinance, and to issue its special revenue bonds for the purpose of
enabling various developers to finance the cost of such projects,
and has amended the same from time to time; and
WHEREAS, said Ordinance is intended to finance the
development of industry and commerce and to thereby broaden the
employment opportunities and to increase the availability of
moderately priced rental units for residents of the City and to
broaden the tax and revenue base of the City without any liability
to the City whatsoever; and
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WHEREAS, the City is authorized and empowered to issue
C multifamily mortgage revenue bonds pursuant to Health and Safety
Code Section 52000. et seq. (the "Act"); and
WHEREAS, there has been presented to the Mayor and Common
Council of the City of San Bernardino, California (the "Mayor and
Common Council"), an Application, attached hereto as Exhibit "A" and
incorporated herein by reference. by Western Communities Associates,
a California general partnership, or their successors or assigns
(the "Applicant"), requesting the issuance of multifamily mortgage
revenue bonds in the principal amount not to exceed $7,500,000 for
the purpose of financing, on behalf of the Applicant, a certain
Project, to wit: the acquisition of a parcel of land located in the
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vicinity the southeast corner of the intersection of Kendall Drive
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and Uni versi ty Parkway as more fully described in Tentative Tract
No. 13039 in the City and the construction and operation thereon of
a one hundred and ninety-two (192) unit multifamily rental housing
development.
The Project shall also include laundry facilities,
swimming pool. appurtenant landscaping and other improvements; and
WHEREAS, it is appropriate for the City to take certain
action at this time regarding the requests of the Applicant.
NOW. THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
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Section l. That the recitals set forth hereinabove are
C true and correct in all respects.
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Section 2. The City is a municipal corporation dUly
created, established and authorized to transact business and
exercise its powers. all under and pursuant to the Constitution and
laws of the State of California, and the City Charter of the City,
and the powers of the City include the power to issue bonds for any
of its corporate purposes.
Section 3. Pursuant to the Charter of the City, the
Ordinance and the Act, the City is legally authorized to issue
special revenue bonds for the construction and permanent financing
of the Project as more fully described in the recitals hereof.
Section 4. This body constitutes the governing body of
the City and is legally authorized to provide for the issuance of
such special revenue bonds by the City.
Section 5. The Project referred to in the recitals
hereof constitutes a project which may be financed by the issuance
of such special revenue bonds by the City and located within the
jurisdiction of the City.
Section 6. The Mayor and Common Council hereby declare
their intention to issue multifamily mortgage revenue bonds of the
C City for the acquisition of land and the construction, equipping and
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permanent financing thereon of the Project under and in accordance
with the Ordinance and the Act, in amounts sufficient to pay the
costs of financing the Project in one or more series- of financings
and of paying the costs of issuance for the multifamily mortgage
revenue bonds and for the establishment of the necessary reserve
funds to provide for the financing of said Project. Said Project is
presently
Project" .
identified
as
the
.Western
Communities
Associates
Any agreement for such financing shall specify that the
multifamily mortgage revenue bonds which may hereafter be issued in
connection with the Project are a special obligation of the City and
that they shall not constitute a debt of the City and that the
City's general funds shall not be liable for repayment of such
multifamily mortgage revenue bonds.
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Section 7.
The City hereby declares its intention to
exercise the authori ty referred to in Section 3 hereof by issuing
multifamily mortgage revenue bonds of the City in such amounts as
will be adequate to implement the City financing of the Project.
Section 8.
The bonds shall be payable from the revenues
described in the Ordinance and/or the Act.
Section 9.
The
bonds
shall
be
and
are
special
obligations of the City. and, subject to the right of the City to
apply moneys as provided in the applicable laws. are secured by such
revenues as are specified in the proceedings for the issuance of
C such bonds and funds and accounts to be held by the trustee or
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fiscal agent, and are payable as to principal, redemption price, if
any. and interest from the revenues of the City as therein
described. The bonds are not a debt of the City, the State of
California or any of its political subdivisions, and neither the
City, the State, nor any of its political subdivisions is liable
thereon, nor in any event shall the bonds be payable out of the
funds or properties other than all or any part of the revenues,
mortgage loans. and funds and accounts as in this Resolution set
forth. The bonds do not constitute an indebtedness within the
meaning of any constitutional or statutory debt limitation or
restriction. Neither the persons serving as the Mayor and Common
Council nor any persons executing the bonds shall be liable
personally on the bonds or subject to any personal liability or
accountability by reason of the issuance thereof. '
Section 10. The details of such bonds, including the
establishing of the aggregate face amount of such obligations, shall
be authorized by indenture, resolution or resolutions of the City at
a meeting or meetings to be held for such purpose. The City Staff,
Sabo & Gondek. a Professional Corporation, as Bond Counsel to the
City, the Underwriters, the Applicant and the agents and
representatives of same are hereby authorized and directed to
prepare or cause to be prepared the necessary legal documents,
including the Project Agreement, Resolution of Issuance, and such
other documents as may be necessary to effect said Project and the
issuance of industrial development revenue bonds therefor and to
present same to said Mayor and Common Counci 1. The Mayor of the
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City is hereby authorized and directed to coordinate the efforts of
all concerned relating to the issuance and sale of the bonds. and
the City Staff, consultants, legal counsel to the City and Bond
Counsel as referenced above are hereby di rected to take such steps
as shall be appropriate to implement such sale and delivery of the
bonds including working with persons who may acquire vested rights
as the result of such actions.
Section 11. The issuance of multifamily mortgage revenue
bonds may be authorized by appropriate resolution or resolutions of
the City at a meeting or meetings to be held for such purpose,
subject to the execution of appropriate agreements by the Applicant
and the City as requi red by the Ordinance and/or the Act and the
industrial development bond financing program of the City.
Section 12. It is intended that this Resolution shall
constitute such .official action" toward the issuance of the bonds
wi thin the meaning of the United States Treasury Regulations, the
United States Tax Laws, and any legislation now or hereafter pending
in the Congress of the United States which may require official
action in order for the bonds to be exempt from federal income
taxation.
Section 13. At the closing of the financing there shall
be paid to the City the fee set forth in Resolution No. 81-108 of
the Mayor and Common Council, adopted March 13. 1981, as amended by
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Resolution No. 81-410.
September 24. 1981.
and Common Counci 1,
adopted
of
the Mayor
Section 14. The Applicant 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 fo~
occupancy by the individuals of low and moderate income as provided
in the Code.
Section 15. 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 Applicant 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 Applicant
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 16. The approval as herein granted and the final
approval of the Project and the financing thereof are specifically
conditioned upon the Mayor and Common Council approving the final
environmental assessments and other environmental documents prepared
or to be prepared pursuant to the provisions of the California
Environmental Quality Act of 1970, as amended, with respect to any
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and all environmental conditions with regard to the operations of
the Project as proposed by the Applicant in the Application.
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 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 ~t
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 Applicant is hereby
.
notified that normal planning processing shall be required, in
accordance with the standard procedures of the City and that the
Applicant will be required to comply with all applicable laws and
ordinances of the City, State and federal government.
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Section 17.
adoption.
I HEREBY
adopted by the
San Bernardino at
the day of
wit:
AYES:
NAYS:
ABSENT:
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This Resolution shall take effect upon
CERTIFY
Mayor
a
the foregoing resolution
Common Counci 1 of the
meeting thereof,
, 1985, by the following
that
and
Council Members
was duly
City of
held on
vote. to
City Clerk
of
. The foregoing resolution is hereby approved this
, 1985.
Approved as to form:
day
Mayor of the City of
San Bernardino
City Attorney
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STATE OF CAL~FORNIA )
C 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
in and for
foregoing
is
the City of San
and attached copy
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
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S.n lerurdlno
60,OOS-II2-7
APPLICATION GUIOELINES
'ART . Ii,ENERAL AND IUSINESS .NFORPIATION
'.1 Legal ~me of the appllcent. WESTERN COMMUNITIES ASSOCIATES
1.2 Line of lluslnell. REAL ESTATE DEVELOPMENT
1.3 Mall'ng address for purposes of applicatIon I'alson,
and address of headquarters. 7777 Alvarado Road, Suite 621
La Mesa, CA 92041
1.4 Elllployer 'nterNI Revenue ServIce '.D. 10. 95-3434592
I.S Name and tItle of prIncIpal contact. ROBERT C. SPRIGGS
1.6 'hone number(s). (619) 697-4877
1.7 Type of busIness or.anlzatlon:
1.7.1 'Iace of organIzation,
SAN DIEGO, CALIFORNIA
1.7.2 Date of orglnlzatlon, and November 8, 1978 (See attached)
1.7.3 The Nture of legll affiliation or relationship wIth
other entities (Parent - subsidiary, division,
common ownership, ~tc.). PARTNERSHIP (See attached)
1.8 Constitution of ownership of the company, Including percentage
Of holdings by teneral public. 100%
I.' Nemes and locations of key offlcllls, Including:
1.'.1 'rlnclpal officers. ROBERT C. SPRIGGS AND DOUGLAS K. BRUNDAGE
1.'.2 Directors, and
ROBERT C. SPRIGGS AND DOUGLAS K. BRUNDAGE
1.'.3 PrincipII Itockholders (over lOt ownership). ROBERT C. SPRIGGS AND
DOUGLAS K. BRUNDAGE
1.10 Description of other business afflllltlons of prIncIpal officers,
directors, and princIpII stockholders. N/A
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D91-S(ie)
11/9179
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San Bernardino
60,005-42-7, ,
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1.11 "'ploy..s
(If operations are conlSuctelS in state. other ,than California,
plea.e describe relative Dature of intrastate and national
activities) inclwUng:
1.11.1 .umber of employees in CalLfornia, and FIVE
1.11.2 Locations in California. 7777 Alvarado Road, Suite 621
La Mesa, CA 92041
1.12 Expert Sezvices:
1.12.1 !'he appUcant'. accountant and prLncipal
contact at such fizm, TOUCHE ROSS (See attached)
1.12.2 !he appUcant's attorneys and prLncipal
contact at such fizm, and MARK STENDER (See attached).
1.12.3 Any experts or fizms of experts that will be
inwlved and the prLncipal contact. at each
fizm. M/A
1.13 PrLncipal bank of account and Dame of officers hanlSlLng
accoUDt. UNION BANK - BILL STEPHENS
1.14 !he source of funding for the project. MULTI-FAMILY BOND FINANCING
PART II BOND ISStJE
2.1 Provide the estimated ~otal amount of the financing with a
~ahulation of proposed use of bond proceed., including:
.
2.1.1 Project coat, $6,500,000.00
2.1.2 Legal, prLnting and related fees, $25,000.00
2.1.3 Financing costs anlS f..s,
2.1.4 CapitalizelS interest, and
2.1.5 Other llliscellaneous costa.
2.2 Estimated target date of financing.
2.3 EstimatelS times of financing.
$500.000.00
$400,000.00
$25,000.00
March 1, 1986
N/A
2.4 !'ype of bonIS sale (prLvate placement, underwritten offering).
UNDETERMINED AT THIS TIME.
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D91-6(ic)
11/9/79
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UNIVERSITY VILLAGE
192 UNIT APARTMENT PROJECT
PROJECT COST
Land Draw Required
Cost of Project Construction
Bond Financing Points and Fees
Course of Construction Interest
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and Reserves
Marketing
Title and Legal
Miscellaneous and Contingency
Development G. & A., Management Fee
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:)
$ 545,000
5,467,200
500,000
400,000
50,000
25,000
200,000
300,000
$7,487.200
C en
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, ;'" OtJEST OF
I,',' l\:' .;J~".c[; CO
Upon recording mail to:
Mark It. Stender
Attorney at Law
401 Weat .A' St., Ste. 1400
San Diego, CA '2101
138\ "'t 30 1'1:e: 55
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PUl'suant to California Corporations Code S,!ction
15010.5. the following Statement of Partnership is hereby m;od",
and given this ~.day of
,
. .. ,. , 1'.4:
\
1. The name of the PartnershIp is.
....- Cx.IUIIIfta NllJOCXAftS,
2. The names of the partners are.
WESTERN COMMUNITIES, SOUTHERN CALIFORNlA, INC.,
a California corporatIon, and,
OARMOR DEVELOPMENT,
a California corporation
3. The partners named in paragraph 2 above ar.. all ...",
partners of the partnership.
WESTER~ COMMUNITIES.
SOUTHERN CALIFORNIA, INC..
. ,
OARMOR
ME?T,
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ii,
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as, -Pr0~ i d~r..
By _: I.. ~! i
DOUG MUM/AGE.
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P~~sident
By
ROBERT
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VDXPICAftOll
DOUG BRUNDAGE declare. and .t.te..
2.
Be h Preaident of WESTERN COMMUNITIES, SOU'fJtI;I<:;
CALIFORNIA, INC.. a California corporation, on~ or
the partner. in the above-named partner.hip,
He ha. read the foregoing Statement of
Partner.hipI end,
The utter. .tated therein are' true of his own
knowledge.
,
,
1.
3.
BXECUTBD thh \\
penalty of perjury under--rhi
day of .
laws of C~iforhia.
I '
, 'I
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DOUG BRUNUAGE
, 1984, und("'r
.
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ROBER'r C. SPRIGGS declare. and .tates.
1. He h preaident of DARKOR DEVELOPMENT, ..
CaUfornia corporation. one of the' partners in tl,,~
above-named partner.hipI
2. He he. reed the foregoing Statement uf
partner.hlpl end,
3. The ..tter. .tated therein ere true of his own
knowledge.
EXECUTED this ",
penalty of perjury under the
day of d.f.
laws of CaU forn!~i'
il i '/"
, .,1-
1984, un,j"r
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
ss.
On . 1984, before .... a notary f";': 1,-
in and for _a1d 'County and State, personally app"aro?i ,,"''''
BRUNDAGI::, kncno;n to ... to be the person who executed th" wi t" 1 c.
instru...nt as Preaident of WESTERN COMMUNITI I::S, Sut"h!: "'"
CI'.LIFORNII'., I"C., and ROBERT C. SPRIGGS. known to me to b" tho,'
person who executed the wi thin -instrument as Presidpnt of il"~l.".~\.j~
DI::VI:.LOPMI::NT, and acknowledged to ... that said corpor,,' ,',,,;
execu'ted it pursuant to their respective bylaws.
DATED.
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'TH~i. 'It.. r: fonD
Notary Public in and f~~"'."
County and State
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Western Communities
Founded in 1973 by Robert C. Spriggs and Douglas K.
Brundage, Western Communities has successfully planned. developed,
marketed and managed all types of real estate projects.
From their offices located in La Hesa, California, the
firm has developed over 1,000 single and multi-family units, in
addition to 365,000 square feet of light industrial, office and
commercial space in San Diego, Riverside and San Bernardino
COunties.
Robert C. Spriggs, President, became involved in the
real estate profession in 1960, after having migrated from
England. With a considerable talent for marketing, he quickly
emerged as Managing Director of College Ranch Properties. His
success there includes the construction and sale of over 500
residential properties and the development of 150,000 square feet
of industrial park.
At Western Communities, Hr. Spriggs is responsible for
the firm's land acquisition. management, marketing and financing.
He holds both a contractor's and real estate broker's lincense.
Douglas K. Brundage, President of Western Communities
of Southern California. also began his building career as a
construction supervisor for College Ranch Properties while
attending Brigham Young University. Over a decade ago, he joined
Western Communities as Vice President, Construction. In 1978, Mr.
Brundage formed Western Communities of Southern California, a
subsidiary company.
Mr. Brundage is in charge of corporate administration,
construction management and purchasing of the projects undertaken
by Western Communities.
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PROJECTS
o
DEVELOPED BY WESTERN
o
COMMUNITIES
~
Western Communities has developed, marketed and managed more than
25 projects'since 1973, with more presently under construction and in the
planning stages. Two projects, noted below (*), received the Building
Industry Association of San Diego's Sales and Marketing Award for the "Best
Project." A third project (+) was a Pacific Coast Builder's Conference Gold
Nugget Award winner. Another (t) received a City of San Diego Shelter Award
in 1983. Following is a partial list:
PROJECT NAME
EAST HIGHLAND
PAL~IRIDGE
+ CANYON HEIGHTS
VISTA PALMERA
CARMEL WEST
WOODRIDGE
PALM TERRACE
* LAKERIDGE PARK
t OTAY VILLAS
* SL'l\SET WOODS
BONITA GREENS
PAUl VIEI~
<:: OCEAN POINTE
STO\~-A-I~AY
BRADLEY ARMS
CANYON VISTA
PROJECT SIZE
2,000 Unit Master
Planned Community
(see footnote below)
208 Single Family Homes
75 Unit Condominiums
106 Single Family Homes
156 Lot Subdivision
102 Single Family Homes
68 Unit Condominiums
98 Unit Condominiums
78 Unit Apartments
50 Unit Condominiums
32 Single Family Homes
28 Single Family Homes
86,000 sq. ft. Office &
Industrial Complex (R&D)
2 Personal Storage
Complexes (206,000 sq.ft.
combined)
117 Unit Apartments
(utilizing State Multi-
Family Bond Financing)
106 Unit Apartments
PROJECTS PRESENTLY BEING DEVELOPED
PROJECT NAME
PROJECT SIZE
GUAVA GARDENS
ORANGE GLEN
PARKS I DE
UNIVERSITY VILLAGE
Footnote:
81 Unit Senior Apartments
124 Unit Apartments
20 Unit Apartments
210 Unit Apartments
LOCATION SALES VALUE
San Bernardino $ 60 million
San Diego $ 18 million
Palm Springs $ 12 million
Redlands $ 9 million
San Diego $6.3 million
San Bernardino $ 6 million
San Diego $4.2 million
El Cajon $ 4 million
San Diego $1." ai.llion
El Cajon $ 3 mi llion
San Dieg<l $2.7 milli<ln
San Diego $1.5 million
Carlsbad $ 10 million
Escondido $ 6 million
Riverside
San Diego $ 5 million
San Diego $ 4 million
LOCATION
SALES VALUE
La Mesa
Chula Vista
San Diego
San Bernardino
$
$
$
$
4 mi llion
5 million
1 million
9 million
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Western Communities co-managed the development through the approval process.
The property was then sold by the firm to Mobil Development Corporation.
76 - Plan A - 822 sq. ft. - 2 Bed 1~ Bath
98 - Plan B - 873 sq. ft. - 2 Bed 2 Bath
18 - Plan C - 1,000 sq. ft. - 3 Bed 2 Bath
C Other Income
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Gross Scheduled Income
Less 5% Vacancy
Gross Operating Income
Less 28% Expenses
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UN IVERS I TY VI LLAGE
192 UNIT APARTMENT PROJECT
PROJECT INCOME PRO-FORMA
$ 495.00 month $ 451,440
525.00 month
565.00 month
2,000.00 month
Net Operating Income available for Debt Service
c
617,400
122,040
24,000
1,214,880
60,744
1,154,136
323,158
$ 830,978
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