The URL can be used to link to this page

Home My WebLink AboutR07-Redevelopment Agency " - .. - , -- v AGIINCY......ST POR COIWISSION/COUNCIL ACTION ,-- '-' '" J ("~. . "Om: Glenda Saul, Executive Director '-' Dept: Redevelopment Aaency Subject: TEFRA PUBLIC HEARINGS - VARIOUS PROJECT-MULTIFAHILY MORTGAGE REVENUE BOND POLICY RECOMMENDATIONS Oete: December 20, 1985 Synopsis of Previous Commiaion/CouncilllCtion: Will be given at beginning of each project recap ~ Recommended motion: (Mayor and eo-on Council) c' Open public hearing Close public hearing I I. Continue TEFRA Public Hearings - and do not adopt resolutions A-F A. RESOLUTION OF TIlE MAYOR AND COMMON COUNCIL OF TIlE CITY OF SAN BERNARDINO, CALIFORNIA, MAlCING CERTAIN FINDINGS AND DETERMINATIONS IN CONNECTION WITH A PUBLIC HEARING ON TIlE ISSUANCE OF APPROXIMATELY $4,820,000 PRINCIPAL AMOUNT OF MlJLTIFAMILY MORTGAGE REVENUE BONDS (CHAPARRAL APAR'l'KENT PROJECT) (continued) H~.dJ / Signature Glenda Saul Contact person: Phone: 383-5081 N/A Supporting deta ettached: YES Werd: fUNDING REQUIREMENTS: Amount: $ N/A N/A Project: December 23, 1985 Dlle: No edverse Impect on City: C lcil Notes: 0954K1EB r '-' ~ c - \"." ::> o o Motions continued: B. RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, MAKING CERTAIN FINDINGS AND DETERMINATIONS IN CONNECTION WITH A PUBLIC IlEARING ON THE ISSUANCE OF APPROXIMATELY $6,500,000 PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOPMENT REVENUE BONDS (GILBERT STREET VILLAS PROJECT) C. RESOWTION OF THE MAYOR AND ClIlMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, MAKING CERTAIN FINDINGS AND DETERMINATIONS IN CONNECTION WITH A PUBLIC HEARING ON THE ISSUANCE OF APPROXIMATELY $9,300,000 PRINCIPAL AMOUNT OF MULTIFAMILY MORTGAGE REVENUE BONDS (SANDALWOOD PARK APARTMENTS PROJECT) ~, D. RESOWTION OF THE MAYOR AND COMMON COUNCIL OF TIlE CITY OF SAN BERNARDINO, CALIFORNIA, MAKING CERTAIN FINDINGS AND DETERMINATIONS IN CONNECTION WITH A PUBLIC IlEARING ON THE ISSUANCE OF APPROXIMATELY $28,000,000 PRINCIPAL AMOUNT OF MULTIFAMILY MORTGAGE REVENUE BONDS (THE WOODLANDS PROJECT) E. RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, MAKING CERTAIN FINDINGS AND DETERMINATIONS IN CONNECTION WITH A PUBLIC IlEARING ON THE ISSUANCE OF APPROXIMATELY $15,920,000 PRINCIPAL AMOUNT OF MULTIFAMILY MORTGAGE REVENUE BONDS (NOBLE PROPERTIES, INC., PROJECT) F. RESOWTION OF TIlE MAYOR AND ClIlMON COUNCIL OF TIlE CITY OF SAN BERNARDINO, CALIFORNIA, MAKING CERTAIN FINDINGS AND DETERMINATIONS IN CONNECTION WITH A PUBLIC HEARING ON THE ISSUANCE OF APPROXIMATELY $1,200,000 PRINCIPAL AMOUNT OF MULTIFAMILY MORTGAGE REVENUE BONDS (MOUNTAIN GATE PROJECT) II. MAYOR AND COMMON COUNCIL A. RESOLUTION OF THE CITY OF SAN BERNARDINO ESTABLISHING REQUIREMENTS CONCERNING INDUCEMENT AND TEFRA RESOWTIONS CONCERNING MULTIFAMILY MORTGAGE REVENUE BOND PROJECTS. COMMUNITY DEVELOPMENT COMMISSION B. RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO ESTABLISHING REQUIREMENTS CONCERNING MIlLTIFAMILY MORTGAGE REVENUE BOND PROJECTS. III. MAYOR AND COMMON COUNCIL RESOLUTION OF THE CITY OF SAN BERNARDINO REPEALING RESOLUTION NO. 85-40, INDUCEMENT RESOWTION FOR MULTIFAMILY MORTGAGE REVENUE BONDS FOR UNIVERSITY PARK PROJECT IV. Authorize staff to give notice to all pending multifamily projects of new policy requirements 0954K/EB C 0 CITY OF SAN BERNARDINO o :) - REQUEST FOR COUNCIL ACTION c STAFF REPORT I. Staff is requesting s continuance of all the scheduled TEFRA hearings today, pending adoption of the new policy guidelines for all lIultif8ll1ly bond projects. Presented below are recaps of all the projects set for their TEFRA hearing today. Gilbert Street Villas Synopsis: Ordinance 3815 authorizing the issuance of Industrial Development Bonds 6/17/85 Adopted Resolution 85-204, inducement resolution ~, Application recap: Princi pals: Stone Creek Development Corporation James C. Glasgow - 33-1/3% Terry Hicks - 33-1/3% Larry Minters - 33-1/3% $6,500,000 Amount of financing: c Project: Construction of a 110-unit senior citizens retirement facility Location: 315, 319 and 351 Gilbert Street Target date of financing: 1986 Construction schedule: 1 phase; 6-10 months to complete Increase in jobs: 25 during construction; at least 25 after construction Reserve and development fee: 1% x $6,500,000 - $65,000 Rent schedule: $700/month 315, 319 and 351 Gilbert are currently zoned A.P. (Administrative-Professional). To construct the housing, the developer would need a conditional use permit rather than a zoning change. The CUP would be for construction of 1l0-unit senior citizens facility only. Status of project: Unknown Sandalwood Park Project C Ordinance 3815 providing for the issuance of Industrial Development Bonds 8/5185 Adopt Resolution 85-291, inducement resolution 0954K/EB ......'....""ftp" C;;., OF SAN BERNAR~O - REQUQT FOR COUNCIL ACWON c c c 75-0264 STAFF REPORT A recap of the application follows: Applicant: Debkar Investment Company Priuc:ipals: Joe Levesque, President Amount of financing: Not to exceed $9,300,000 Project: Conatruction of 216 apartment units Location: 10.49 acre site located north of Baseline, between Victoria and Sterling Street Target date of finauc:ing: 1986 ~ Construction schedule: Begin 10/10/85; complete 4186 Reserve and development fee: 1% x $9,300,000 - $93,000 Jobs: During construction only Rental schedule: 1 bedroom, 1 bath - $410 2 bedroom, 1 bath - $475 2 bedroom, 2 bath - $500 Status of project: Developer is anxious to proceed with the project and believes the project will close within six months. Woodlands Project Synopsis: Ordinance 3815 providing for the issuance of Multifamily Mortgage Revenue Bond. 1/28/85 Adopted Resolution 85-47, induced resolution Application recap: Applicant: Block Group Developments, a California corporation Principals: Block Group Developments Financing: $28,000,000 Purpose: The conatruction of a 56Q-uuit multifamily rental housing development 0954K/EB 12/23/85 eM- OF SAN BERNAR~O - REQU," FOR COUNCIL AC~N c STAFF REPORT LoCation: Approximately 28 acre parcel located on the aouth side of Kendall Drive approximately two miles east on Little Mountain Drive Target date of financing: 1986 Construction schedule: As soon as possible after issuance of the bonds, and shall be completed with1n six months Jobs: During construct1on only Increase in tax increment: 1% x $18,518,000 - $185,180 Reserve and development fee: 1% x $28,000,000 - $280,000 Status of project: Block Brothers is currently in negotiations with another developer to purchase the project Noble Properties, Inc. Synopsis: \;: Ordinance 3815 providing for the issuance of Industrial Development Bonds 9/23/85 10/21/85 1114/85 11/18/85 Adopted Resolution 85-382, inducement reso1ut1on Continued to November 4, 1985 Continued to November 18, 1985 Continued A recap of the project application follows: Applicant: Noble Properties, Inc., as one of the general partners Amount of financing: $15,920,000 Project: Construction of a 300-unit multifamily rental housing development Location: 20.6 acre parcel of land located on the north side of 6th Street between Sterling Avenue and Lankersh1m Avenue c Target date for finsncing: 1986 75.0264 09S4K/EB 12/23/85 - C 0 CITY OF SAN BERNARDINO o ~ - REQUEST FOR COUNCIL ACTION C STAFF REPORT Construction schedule: As soon as possible after financing - completed by February 1987 Reserve and development fee: 1% x $15,920,000 - $159,200 Increase in jobs: During construction only Rental schedule: 2 bedroom - $395/month 3 bedroom - $425/month 4 bedroom - $505/aonth Zoning: R-3-2000 - 21.78 units per acre Project total - 14.56 per acre The status of this project is uncertam. The developers are awaiting a decision by the U. S. Congress as to appropriation of funds. Until such time as those funds are appropriated, the project is on hold. Chaparral Investors Synopsis: ~ Ordinance 3815 providing for the issuance of Multifamily Mortgage Revenue Bond 1/15/85 Adopted Resolution 85-36, inducement resolution Below is a recap of the Chaparral application: Applicant: Chaparral Investors, a California general partnership Principals: L. Vincent Mayell - 50% Antelope Valley Savings & Loan Association - 50% Financing: $4,820,000 Purpose: Acquisition of land and the construction of a l20-unit multifamily rental housing development Location: On a portion of a 21.8 acre site located approximately on the northwest corner of Kendall and State College Target date of financing: <:: Construction schedule: 1986 Begin as soon as possible after financing package completed. Construction to take approximately 1-12 months to complete 0954K/EB .... ,...,. I..... - CICt OF SAN BERNARDOO - REQUEQT FOR COUNCIL AC'())N STAFF REPORT c Jobs: During construction only Increase in tax increment: Land and improvements - $3,650,000 x 1% - $36,500 Reserve and development fee: $4,820,000 x 1% - $48,200 Ren t schedule: 1 bedroOlll, 1 bath - $387 2 bedroom, 1 bath - $477 2 bedroOlll, 2 bath - $557 Status of project: Unknown Mountain Vistas Apartments Synopsis: '"', Ordinance 3815 providing for the issuance of Multifamily Mortgage Revenue Bond 1/21/85 Adopted Resolution 85-42, inducement resolution Below is a recap of the project: C Applicant: AFCOM, a California corporation Principals: AFCOM - 50% Donald C. Hubbs - 50% Financing: $16,000,000 Purpose: Construction of a 400-unit multifamily rental housing development Location: Located between Meridian Avenue and the Southern Pacific R.R. right of way at Second Street Target date of financing: 1986 Construction schedule: 2 or more phases to take between 18 and 36 months Jobs: During construction only Reserve and development fee: $16,000,000 x 1% - $160,000 Rent schedule: 2 bedroom, 1 bath - $465 3 bedroOlll, 2 bath - $550 c 75-0264 0954K/EB 12/23/85 ~ C 0 CITY OF SAN BERNARDINO o ~ - REQUEST FOR COUNCIL ACTION c STAFF REPORT II. Staff reeo_ends the adoption of the resolution setting a new policy for multifamily bond applications and TUBA public hearing requirements. Au outline of the policy follows: Multifamily Bond Policy A. Application Requirements 1. Legal uame of applicant. 2 . Addresses and Phone Numbers of all parties of the applicant. 3. Line of business. 4. Principal contact for the project. 5. Type of business organization. a) Place of organization. -:' b) Date of organization. c) Legal affiliation with other entities. Constitution of ownership of the company. Resumes of developer (all parties) including all deVelopments in Southern California. Employees of the organization. Expert services. Source of funding for the project. Waiver of density bonus and/or tax increment. Estimated amount of bond financing. Estimated target date of financing. Estimated times of financing. Type of bond sale. Financial statements of all parties. Preliminary project proforma Completed project costs. Preliminary title report. Legal description. Rent schedule including rents for lowlmoderate income set aside. Estimated construction period. Location of proposed project. Map (8 1/2 XII) Preliminary layout, renderings (8 1/2 x 11) Amenity package. List of env1rolUlleJ1ta1 quality requirements Zoning requirements List of permits Public benefits Commitments including knowledge and understanding of fee requirements; and monitoring requirements. Payment of fee. Completed, signed applications to be submitted two weeks prior to agenda deadline. 6. 7. 8. 9. 10. C 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. c B. Inducement Resolution will expire six months after adoption. c. Requirements to be completed by TUBA Hearing. 7S.0'f>. 0954K/EB '?I?"I/A~ - - c 0 CITY OF SAN BERNARDINO o ~ - REQUEST FOR COUNCIL ACTION C STAFF REPORT 1. Documentation of legal entity. 2. Market feasibllity study completed and paid for one month prior to TEFRA hearing to give staff time to review. 3. $10,000 fee paid. 4. Tentative tract map, or DRC approval. 5. Environmental clearance. 6. Zoning requirements (such as C.U.P. 's) completed. 7. Proof of land ownership or escrow report. 8. Final project proforma. 9. Letters confirming aVailability of utilities to the site. 10. Resumes of final development team. 11. Final renderings, floor layouts, site plan, elevations. D. TEFRA resolution will expire aft~ six months. E. Fees. 1. $550 fee submitted with application. 2. $10,000 fee prior to TEFBA Hearing. 3. 1% of bond proceeds at closing. 4. Bond Counsel & review counsel at closing. F. Expenses ~.. 1. 1/8 of 1% each year after construction complete for IIOnitoring. If this is not paid, the City will impose a lien against the property. 2. Market feasibility study paid by developer one month prior to TEFBA Hearing. G. Analysis Staff will revise staff reports to include a more comprehensive analysis of projects including a comparison between conventional and tax exempt financing. H. All multifamily bonds will be subject to new requirements or revisions set forth by the federal andlor state governments. III. Staff is requesting that Resolution 85-40, inducement resolution for Multifamily Mortgage Revenue bond for the University Park Project, be repealed. This inducement resolution was adopted on January 21, 1985. The project was induced by Pacer HOlDes of Santa Ans, California, and wss subsequently sold to Robertson Homes of Stockton, California. The new developer indicated to staff that they no longer wish to pursue this type of financing. c IV. Staff seeks authorization to notify developers who currently have pending multifamily projects of the new policies if adopted by the Council today. Those to be notified would be developers who 0954K/EB - ~ -- - CIW ()F SAN BERNARDQO - REQUIhh- FOR COUNCIL AC-Q,N c STAFF REPORT c:urrenUy have induc:uent resolutions but who have Dot yet held their TEFRA public: hearings. ~. c c 75-0264 0954K/EB 12/23/85 c ~- c --- - c :> o o SBE003-97/l337S/jm 12118/85 RESOLUTION NO. RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, MAKING CERTAIN FINDINGS AND DETERMINATIONS IN CONNECTION WITH A PUBLIC HEARING ON THE ISSUANCE OF APPROXIMATELY $4,820,000 PRINCIPAL AMOUNT OF MULTIFAMILY MORTGAGE REVENUE BONDS (CHAPARRAL APARTMENTS 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 (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 No. 3815, as amended, is intended to finance the development of industry and commerce and to thereby broaden opportunities increase the the employment and to 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 whatsoever to the City; and 1"-.' 1 - . . '- c o o :) c WHEREAS, Chaparral Investors, a California general partnership, or its successors or assigns (the -Applicant"), has previously submitted a certain application (the -Application"). to the Mayor and Common Council of the City of San Bernardino. California (the -Mayor and Common Counci1-), for tax-exempt financing for a certain multifamily rental housing development pursuant to Ordinance 38l5, as amended, as more fully described in said Application (the -Project-); and ~' WHEREAS, the Project consists of the construction and financing of a one hundred twenty (l20) unit multifamily rental housing development on an approximately twenty-one and eight-tenths (21.8) acre site located on the northwest corner of the intersection ~ of Kendall Drive and State Collage Parkway in the City as more fully described in the Application and shall consist on thirty (30) one-bedroom, one-bath rental units, sixty (60) two-bedroom, one-bath rental units and thirty (30) two-bedroom, two-bath rental units, on-site vehicle parking spaces, laundry and recreational rooms, appurtenant landscaping and other improvements; and WHEREAS, pursuant to Resolution No. 85-36 of the Mayor and Common Council adopted on January 21, 1985, said Mayor and Common Council has previously declared its intent to issue multifamily mortgage revenue bonds in an aggregate principal amount not to exceed $4,820,000 for the purpose of financing the Project; and c 2 - c o o ~ <:: WHEREAS, the City, pursuant to Internal Revenue Code Section 103(k), has set a public hearing on the issuance of the multifamily mortgage revenue bonds and has authorized the publication of notice thereof which has been duly published in The Sun; and WHEREAS, the City must now approve the findings and determinations to be made in connection with said public hearing and the request 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: ~. Section 1. The recitals set forth hereinabove are true and correct in all respects. c Section 2. The City, after having conducted a public hearing, notice of which was duly published in a newspaper of general circulation within the City as said pUblic hearing is required pursuant to the requirements of Internal Revenue Code Section l03(k), does hereby find and determine that the purposes and intent of the Ordinance, as amended, will be furthered by the issuance of multifamily mortgage revenue bonds for the express purpose of providing financing to assist the Applicant to develop the Project. The total principal amount of the multifamily mortgage revenue bonds which shall be issued to assist the Applicant to 3 - - - ~ -- - - c o o ~ c develop the ',Project shall not exceed $4,820,000. The multifamily mortgage revenue bonds shall be issued upon such terms and conditions as shall be set forth in one or more Project Agreements by and among the Ci ty and the Applicant or such other documents prepared in connection with the issuance and delivery of the multifamily mortgage revenue bonds, and shall be issued solely for the Project but in any event said Agreements shall clearly state that the funds of the City are not liable, nor shall be pledged, for repayment of the multifamily mort9age revenue bonds. Section 3. The Mayor and Common Council hereby find and determine that the pUblic purposes and public benefits as set forth in the Ordinance, as amended, will be furthered by the issuance of <:: the multifamily mortgage revenue bonds; specifically, that the multifamily mortgage revenue bonds will provide for financing to assist the Applicant to develop an approximately one hundred twenty (l20) unit apartment development on the property as described in the recitals hereof, that such financing will thus make the Project a financially viable and productive project and thereby increase the availability of moderately priced rental units for residents of the City and provide employment opportunities within the City. Section 4. The Mayor of the City is hereby appointed as to approve the issuance of the multifamily pursuant to Internal Revenue Code Section the Mayor and Common Council shall have the elected official mortgage revenue bonds l03(k) at such time as c 4 - ---- - -' -- - ~ - c o o ~ C approved the other appropriate multifamily mortgage revenue bond financing documents as referenced in Section 2 of this Resolution. Section 5. 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 such bonds and funds and accounts to be held by the trustee or ~, 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 P 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. Nei ther 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 whatsoever by reason of the issuance thereof. Section 6. The Applicant shall provide appropriate covenants in the tax-exempt financing documents as may hereinafter C be submitted to the City for consideration and approval in a form acceptable to the City Attorney and Bond Counsel and to assure that 5 - - - - c' ~ o o <:: not less than twenty percent (20\) of the multifamily rental housing units included in the Project are to be occupied or reserved for occupancy by the individuals of low and moderate income as provided in the Code. c c Section 7. Prior to issuance of any bonds pursuant to this Resolution, the Applicant shall provide to the City, for recording, a covenant running with the land in form approved by the City Attorney of the City whereunder the Applicant waives any entitlement under State law to a density bonus for the property on which the proposed Project is to be constructed. Section 8. 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 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 reserve their right to evaluate any future adminstrative procedures and appeals based solely on the information available at 6 - c ~, c c. ~ o o 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 Applicant will be required to comply with all applicable laws and ordinances of the City, State and federal government. 7 - c c - L, Section 9. adoption. I HEREBY adopted by the San Bernardino at held on the the following vote, AYES: NAYS: ABSENT: o This CERTIFY that Mayor and a day of to wit: Council Members -. \",.,1 Resolution shall take effect #-tf~!&wV the foregoing Common Council resolution of the meeting c J upon was du 1y Ci ty of thereof, 1985, by ~ City Clerk day of The foregoing resolution is hereby approved this , 1985. Approved as to form: Mayor of the City of San Bernardino 8 - c ~ c - - - - - c ') \/ o STATE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO) ss CITY OF SAN BERNARDINO ) I, SHAUNA CLARK, City Clerk in and for the San Bernardino, DO HEREBY CERTIFY that the foregoing and copy of San Bernardino City Resolution No. is true and correct copy of that now on file in this office. IN WITNESS WHEREOF, I have hereunto set my hand the official seal of the City of San Bernardino this , 1985. :> Ci ty of attached a full, and affixed day of City Clerk 9 - ~' ~ - c o ~ J '\.,,;, c SBE003-98/l338S/jm 12/18/85 RESOLUTION NO. RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, MAKING CERTAIN FINDINGS AND DETERMINATIONS IN CONNECTION WITH A PUBLIC HEARING ON THE ISSUANCE OF APPROXIMATELY $6,500,000 PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOPMENT REVENUE BONDS (GILBERT STREET VILLAS PROJECT) WHEREAS, the City of San Bernardino. California (the "City"), is a "home rule city" d~ly 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 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 No. 3815, as amended. 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 whatsoever to the City; and c - 1 - ( , - - - - c o ~ '" J c: WHEREAS, Stone Creek Development Corporation, a California corporation, or its successors or assigns (the "Applicant"), has previously submitted a certain application (the "Application"), to the Mayor and Common Council of the City of San Bernardino, California (the "Mayor and Common Council"), for tax-exempt financing for a certain senior citizens apartment facility development pursuant to Ordinance 38l5, as amended, as more fully described in said Application (the .Project"); and WHEREAS, the Project consists of the construction and financing of a one hundred ten (110) unit senior citizens apartment facility on a site locted at 315, 319 and 35l Gilbert Street in the City as more fully described in the Application and shall consist of c a senior citizen apartment facility, on-site vehicle parking spaces, appurtenant landscaping and other improvements; and WHEREAS, pursuant to a duly adopted Resolution of the Mayor and Common Council, said Mayor and Common Council has previously declared its intent to issue industrial development revenue bonds in an aggregate principal amount not to exceed $6,500,000 for the purpose of financing the Project; and WHEREAS, the City, pursuant to Internal Revenue Code Section l03 (k), has set a public hearing on the issuance of the industrial development revenue bonds and has authorized the publication of notice thereof which has been duly published in The C Sun; and - 2 - c o """ l , ~') c WHEREAS, the City must now approve the findings and determinations to be made in connection with said public hearing and the request 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: Section l. The reci~ls set forth hereinabove are true and correct in all respects. Section 2. The City, after having conducted a public hearing, notice of which was duly published in a newspaper of C general circulation within the City as said public hearing is required pursuant to the requirements of Internal Revenue Code Section l03(k), does hereby find and determine that the purposes and intent of the Ordinance, as amended, will be furthered by the issuance of industrial development revenue bonds for the express purpose of providing financing to assist the Applicant to develop the Proj ect . The total principal amount of the industrial development revenue bonds which shall be issued to assist the Applicant to develop the Project shall not exceed $6,500,000. The industrial development revenue bonds shall be issued upon such terms and conditions as shall be set forth in one or more Project Agreements by and among the City and the Applicant or such other c documents prepared in connection with the issuance and delivery of the industrial development revenue bonds, and shall be issued solely - 3 - , c. o ""'" ~ , J c for the Project but in any event said Agreements shall clearly state that the funds of the City are not liable, nor shall be pledged, for repayment of the industrial development revenue bonds. Section 3. The Mayor and Common Council hereby find and determine that the public purposes and pUblic benefits as set forth in the Ordinance, as amended, will be furthered by the issuance of the industrial development revenue bonds; specifically, that the industrial development revenue ~nds will provide for financing to assist the Applicant to develop an approximately one hundred ten (110) unit apartment development on the property as described in the recitals hereof, that such financing will thus make the Project a financially viable and productive project and thereby increase the C availability of moderately priced rental units for residents of the City and provide employment opportunities within the City. Section 4. The Mayor of the City is hereby appointed as the elected official to approve the issuance of the industrial development revenue bonds pursuant to Internal Revenue Code Section l03(k) at such time as the Mayor and Common Council shall have approved the other appropriate industrial development revenue bond financing documents as referenced in Section 2 of this Resolution. Section 5. 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 c revenues as are specified in the proceedings for the issuance of - 4 - - - - - - - c 0 ~ l f :) C Section 9. This Resolution shall take effect upon adoption. I HEREBY CERTIFY that adopted by the Mayor and San Bernardino at a held on the day of the following vote, to wit: the foregoing Common Counci 1 resolution was duly of the City of meeting thereof, , 1985. by AYES: Council Members NAYS: ~, ABSENT: city Clerk c' day of The foregoing resolution is hereby approved this , 1985. Mayor of the City of San Bernardino Approved as to form: J. t14 ~&:,~ .I"~ City Attorney c q c c c - - - - - - -- c -, (.. / :) o SBE003-l00/l34lS/jm l2/18/85 RESOLUTION NO. RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, MAKING CERTAIN FINDINGS AND DETERMINATIONS IN CONNECTION WITH A PUBLIC HEARING ON THE ISSUANCE OF APPROXIMATELY $9,300,000 PRINCIPAL AMOUNT OF MULTIFAMILY MORTGAGE REVENUE BONDS (SANDALWOOD PARK APARTMENTS PROJECT) WHEREAS, the City of San Bernardino, California (the "City"), is a "home rule city" d~ly 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 "Ordlnance"), 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 No. 3815, as amended, is intended to finance the development of industry and commerce and to thereby broaden opportunities the employment increase and to 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 whatsoever to the City; and - 1 - c c ~ "'- - - - - - ~ c .-. l" J o WHEREAS, Debkar a California Investment Company, corporation, or its "Applicant"), has successors or assigns (the previous 1y submitted a certain application (the "Application"), to the Mayor and Common Council of the City of San Bernardino, California and Common Counc i 1 " ) , for tax-exempt (the "Mayor financing for a certain multifamily rental housing development pursuant to Ordinance 3815, as amended, as more fully described in said Application (the "Project"); and WHEREAS, the Project consists of the acquisition of land and construction thereon of a two hundred sixteen (216) unit multifamily rental housing development on two (2) adjacent parcels of land totalling approximately ten and one-half (10.5) acres located near the northwest corner of the intersection of Baseline Street and Victoria Avenue in the City, as more fully described in the Application, and shall consist of an appropriate mix of two-bedroom, two-bath uni ts, one-bath uni ts and two-bedroom, one-bedroom, one-bath units, on-site vehicle parking spaces, laundry and recreational landscaping other and rooms, appurtenant improvements; and WHEREAS, pursuant to Resolution No. 95-291 of the Mayor and Common Council adopted on August 5, 1985, said Mayor and Common Council has previously declared its intent to issue multifamily mortgage revenue bonds in an aggregate principal amount not to exceed $9,300,000 for the purpose of financing the Project; and - 2 - c ~ c --...-- - - c ~ \. , :) o WHEREAS, the City, pursuant to Internal Revenue Code Section l03 (k), has set a public hearing on the issuance of the multifamily authorized the mortgage revenue bonds and has publication of notice thereof which has been duly published in The Sun; and WHEREAS, the City must now approve the findings and determinations to be made in connection with said public hearing and the request 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: Section 1. The recitals set forth hereinabove are true and correct in all respects. Section 2. The City, after having conducted a public hearing, notice of which was duly published in a newspaper of general circulation within the City as said public hearing is required pursuant to the requirements of Internal Revenue Code Section l03(k), does hereby find and determine that the purposes and intent of the Ordinance, as amended, will be furthered by the issuance of multifamily mortgage revenue bonds for the express purpose of providing financing to assist the Applicant to develop the Project. The total principal amount of the multifamily mortgage revenue bonds which shall be issued to assist the Applicant to - 3 - c 9 r- '- c -, \./ :) o develop the ',Project shall not exceed $9,300,000. The multifamily mortgage revenue bonds shall be issued upon such terms and conditions as shall be set forth in one or more Project Agreements by and among the City and the Applicant or such other documents prepared in connection with the issuance and delivery of the multifamily mortgage revenue bonds, and shall be issued solely for the Project but in any event said Agreements shall clearly state that the funds of the City are not liable, nor shall be pledged, for repayment of the multifamily mortgage revenue bonds. Section 3. The Mayor and Common Council hereby find and determine that the public purposes and pUblic benefits as set forth in the Ordinance, as amended, wi 11 be furthered by the issuance of the multifamily speci fica lly, the that mortgage revenue bonds; multifamily mortgage revenue bonds will provide for financing to assist the Applicant to develop an approximately two hundred sixteen (508) unit apartment development on the property as described in the recitals hereof. that such financing will thus make the Project a financially viable and productive project and thereby increase the availability of moderately priced rental units for residents of the City and provide employment opportunities within the City. Section 4. The Mayor of the City is hereby appointed as the elected official to approve the issuance of the multifamily mortgage revenue bonds pursuant to Internal Revenue Code Section l03(k) at such time as the Mayor and Common Council shall have - 4 - r"'. '-' . o -., l." :J <:: approved the other appropriate multifamily mortgage revenue bond financing documents as referenced in Section 2 of this Resolution. Section 5. The bonds shall be and are speci a 1 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 such bonds and funds and accounts to be held by the trustee or <' 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 whatsoever by reason of the issuance thereof. Section 6. The Applicant sha 11 provide appropriate covenants in the tax-exempt financing documents as may hereinafter be submitted to the City for consideration and approval in a form c acceptable to the City Attorney and Bond Counsel and to assure that - 5 - - r- '-' o o :> c:: not less than twenty percent (20\) of the multifamily rental housing uni ts included in the Proj ect are to be occupied or reserved for occupancy by the individuals of low and moderate income as provided in the Code. Section 7. Prior to issuance of any bonds pursuant to this Resolution, the Applicant shall provide to the City. for recording, a covenant running with the land in form approved by the ~' City Attorney of the City whereunder the Applicant waives any entitlement under State law to a density bonus for the property on which the proposed Project is to be constructed. Q Section 8. 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 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 approva I relating to a plan of development. The Mayor and Common c Council reserve their right to evaluate any future adminstrative procedures and appeals based SOlely on the information available at - 6 - c c r '- - c :> o o the time of ~onsideration, 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 Applicant will be required to comply with all applicable laws and ordinances of the City, State and federal government. - 7 - c o o c SecHon 9. ,:) This Resolution shall take effect upon adoption. I HEREBY CERTIFY that the foregoing adopted by the Mayor and Common Council San Bernardino at a held on the day of the following vote, to wit: resolution of the meeting AYES: Council Members was duly City of thereof, 1985, by NAYS: ~ ABSENT: City Clerk ~ day of The foregoing resolution is hereby approved thi s . 1985. Mayor of the City of San Bernardino Approved as to form: }JJ.e~:f~ - '-' - 8 - c c c c ~ o o STATE OF CALIFORNIA ) COUNTY OF SAN 'BERNARDINO ) CITY OF SAN BERNARDINO ) ss I, SHAUNA CLARK, City Clerk in and for San Bernardino, DO HEREBY CERTIFY that the foregoing copy of San Bernardino City Resolution No. true and correct copy of that now on file in this office. the City of and attached is a full, 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 - 9 - - -' c o o :) SBE003-l02/l342S/jm 12118/85 c RESOLUTION NO. RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, MAKING CERTAIN FINDINGS AND DETERMINATIONS IN CONNECTION WITH A PUBLIC HEARING ON THE ISSUANCE OF APPROXIMATELY $28,000,000 PRINCIPAL AMOUNT OF MULTIFAMILY MORTGAGE REVENUE BONDS (THE WOODLANDS PROJECT) WHEREAS, the City of San Bernardino, California (the "City"), is a "home rule city" d~ly 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 C:;, and regularly enacted Ordinance No. 3815 (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 No. 38l5, as amended, 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 whatsoever to the City; and c - 1 - WHEREAS, Block - - - 0 0 .:) Group Developments (California) , a or its successors or assigns (the c C California corporation, RApplicantR), has previously submitted a certain application (the RApplicationR), to the Mayor and Common Council of the City of San Bernardino, California (the RMayor and Common CouncilR), for tax-exempt financing for a certain multifamily rental housing development pursuant to Ordinance 3815. as amended, as more fully described in said Application (the RProjectR); and ~. WHEREAS, the Project consists of the construction and financing of a five hundred sixty (560) unit multifamily rental housing development on an approximately twenty-eight (28) acre site located on the south side of Kendall Drive approximately two (2) c' miles east of Little Mountain Drive within the master planned community known as Shadin Hills in the City as more fully described in the Application and shall consist of approximately one hundred sixty-eight (l68) one-bedroom, one-bath renta 1 units, one hundred sixty-eight (l68) two-bedroom, two-bath rental units and one hundred and seventy-two (l72) two-bedroom, two-bath rent a 1 uni ts, on-s i te vehicle parking spaces, laundry and recreational rooms, appurtenant landscaping and other improvements; and WHEREAS, pursuant to a duly adopted Resolution of the Mayor and Common Council, said Mayor and Common Council has previously declared its intent to issue multifamily mortgage revenue bonds in an aggregate principal amount not to exceed $21,000,000 for the c:: purpose of financing the Project; and - 2 - - - --- c o o :) ~ WHEREAS, the City, pursuant to Internal Revenue Code Section 103(k), has set a public hearing on the issuance of the multifamily mortgage revenue bonds and has authorized the publication of notice thereof which has been duly published in The Sun; and WHEREAS, the City must now approve the findings and determinations to be made in connection with said public hearing and the request 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: c Section 1. The recitals set forth hereinabove are true and correct in all respects. c Section 2. The City, after having conducted a publ ic hearing, notice of which was duly published in a newspaper of general circulation within the City as said public hearing is required pursuant to the requirements of Internal Revenue Code Section 103(k), does hereby find and determine that the purposes and intent of the Ordinance, as amended, will be furthered by the issuance of multifamily mortgage revenue bonds for the express purpose of providing financing to assist the Applicant to develop the Project. The total principal amount of the multifamily mortgage revenue bonds which shall be issued to assist the Applicant to - 3 - c c c' - - c o :> o develop the Project shall not exceed $28,000,000. The mu 1 t if amily mortgage revenue bonds shall be issued upon such terms and conditions as shall be set forth in one or more Project Agreements by and among the City and the Applicant or such other documents prepared in connection with the issuance and delivery of the multifamily mortgage revenue bonds, and shall be issued solely for the Project but in any event said Agreements shall clearly state that the funds of the City are not liable, nor shall be pledged, for repayment of the multifamily mortgage revenue bonds. c Section 3. The Mayor and Common Council hereby find and determine that the public purposes and public benefits as set forth in the Ordinance, as amended, will be furthered by the issuance of the multifamily bonds; specifically, the that mortgage revenue multifami ly mortgage revenue bonds will provide for financing to assist the Applicant to develop an approximately five hundred sixty (560) unit apartment development on the property as described in the reci tals hereof, that such financing wi 11 thus make the Project a financially viable and productive project and thereby increase th~ availability of moderately priced rental units for residents of the City and provide employment opportunities within the City. Section 4. The Mayor of the City is hereby appointed as the elected official to approve the issuance of the multifamily mortgage revenue bonds pursuant to Internal Revenue Code Section 103(k) at such time as the Mayor and Common Council shall have - 4 - c o o ~ c approved the other appropriate multifamily mortgage revenue bond financing documents as referenced in Section 2 of this Resolution. Section 5. The bonds shall be and are special obligations of the City, and, subject to the right of the Ci ty to apply moneys as provided in the applicable laws, are secured by such revenues as are specified in the proceedings for the issuance of such bonds and funds and accounts to be held by the trustee or fiscal agent, and are payable a~ 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 C 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. Nei ther 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 whatsever by reason of the issuance thereof. c Section 6. 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 - 5 - - c o o ::> ~ not less than twenty percent (20\) of the multifamily rental housing units included in the Project are to be occupied or reserved for occupancy by the individuals of low and moderate income as provided in the Code. Section 7. Prior to issuance of any bonds pursuant to this Resolution, the Applicant shall provide to the City, for recording, a covenant running with the land in form approved by the ~' City Attorney of the City whereunder the Applicant waives any entitlement under State law to a density bonus for the property on which the proposed Project is to be constructed. ~ Section 8. 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 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 act ion toward granting any planning, zoning, or other approval relating to a plan of development. The Mayor and Common c Council reserve their right to evaluate any future adminstrative procedures and appeals based solely on the information available at - 6 - c ~ c c. o :) o 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 Applicant will be required to comply with all applicable laws and ordinances of the City, State and federal government. ~. - 7 - c ~ ,.... '- o Section 9. This adoption. I HEREBY adopted by the San Bernardino at held on the the following vote, to CERTIFY Mayor a that and - - o Resolution shall take the foregoing Common Council resolution of the meeting day of wit: AYES: Council Members NAYS: ABSENT: - :> effect upon was du 1y City of thereof, 1985, by ~ City Clerk day of The foregoing resolution is hereby approved this , 1985. Approved as to form: ).~f!'::t1:.~ c Mayor of the City of San Bernardino - 8 - c c c - -- - - - c o o STATE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO ) CITY OF SAN BERNARDINO ) ss < I, SHAUNA CLARK, City Clerk in and for the San Bernardino, DO HEREBY CERTIFY that the foregoing and copy of San Bernardino City Resolution No. is true and correct copy of that now on file in this office. :,) City of attached a full, 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 - 9 - 'C o o ~ SBE003-99/l339S/jm 12/18/85 c RESOLUTION NO. RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, MAKING CERTAIN FINDINGS AND DETERMINATIONS IN CONNECTION WITH A PUBLIC HEARING ON THE ISSUANCE OF APPROXIMATELY $15,920,000 PRINCIPAL AMOUNT OF MULTIFAMILY MORTGAGE REVENUE BONDS (NOBLE PROPERTIES, INC., PROJECT) WHEREAS, the City of San Bernardino, California (the .City.), is a .home rule city. dwly 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 C and regularly enacted Ordinance No. 3815 (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 No. 38l5, as amended, 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 whatsoever to the City; and c - 1 - -- - - - ... c o o o C WHEaEAS, Noble Properties, Inc., a California corporation, or its successors or assigns (the WApplicantW), has previously submi tted a certain application (the wApplicationW), to the Mayor and Common Council of the City of San Bernardino, California (the WMayor and Common Council"), for tax-exempt financing for a certain multifamily rental housing development pursuant to Ordinance 3815. as amended, as more fully described in said Application (the WProject"); and ~ ~ WHEREAS, the Project consists of the construction and financing of a three hundred (300) unit multifamily rental housing development on an approximately twenty and six-tenths (20.6) acre site located on the north side of 6th Street between Sterling Avenue and Lankershim Avenue in the City as more fully described in the Application and shall consist of an appropriate mix of two-, three- and four-bedroom units, on-site vehicle parking spaces, laundry and recreationa 1 rooms, appurtenant landscaping and other improvements; and WHEREAS, pursuant to a duly adopted Resolution of the Mayor and Common Counci 1, said Mayor and Common Counci 1 has previous ly declared its intent to issue multifamily mortgage revenue bonds in an aggregate principal amount not to exceed $15,920,000 for the purpose of financing the Project; and c Section WHEREAS, the l03(k), has City, pursuant to Internal Revenue Code set a pUblic hearing on the issuance of the - 2 - - - - - c o o o c multifamily ',mortgage revenue bonds and has authorized the pUblication of notice thereof which has been duly published in The Sun; and WHEREAS, the City must now approve the findings and determinations to be made in connection with said public hearing and the request 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: Section l. The recitals set forth hereinabove are true ~ and correct in all respects. Section 2. The City, after having conducted a public hearing, notice of which was duly published in a newspaper of general circulation within the City as said pUblic hearing is required pursuant to the requirements of Internal Revenue Code Section 103(k), does hereby find and determine that the purposes and intent of the Ordinance. as amended. will be furthered by the issuance of multifamily mortgage revenue bonds for the express purpose of providing financing to assist the Applicant to develop the Project. The total principal amount of the multifamily mortgage revenue bonds which shall be issued to assist the Applicant to c develop the Project shall not exceed $l5,920,OOO. The multifamily mortgage revenue bonds shall be issued upon such terms and - 3 - , c ~ c - - - - -- c o ~ o conditions as shall be, set forth in one or more Project Agreements by and among the City and the Applicant or such other documents prepared in connection with the issuance and delivery of the multifamily mortgage revenue bonds, and shall be issued solely for the Project but in any event said Agreements shall clearly state that the funds of the City are not liable, nor shall be pledged. for repayment of the multifamily mortgage revenue bonds. Section 3. The Mayor and Common Council hereby find and determine that the public purposes and pUblic benefits as set forth in the Ordinance, as amended, will be furthered by the issuance of the multifamily mortgage revenue bonds; specifically, that the multifamily mortgage revenue bonds will provide for financing to assist the Applicant to develop an approximately three hundred (300) unit apartment development on the property as described in the recitals hereof, that such financing will thus make the Project a financially viable and prOductive project and thereby increase the availability of moderately priced rental units for residents of the City and provide employment opportunities within the City. Section 4. The Mayor of the City is hereby appointed as the elected official to approve the issuance of the multifamily mortgage revenue bonds pursuant to Internal Revenue Code Section l03(k} at such time as the Mayor and Common Council shall have approved the other appropriate multifamily mortgage revenue bond financing documents as referenced in Section 2 of this Resolution. - 4 - - -~ - c o o o Section 5. The bonds shall be and are special C 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 such bonds and funds and accounts to be held by the trustee or 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 c forth. The bonds do not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. Nei ther 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 whatsoever by reason of the issuance thereof. Section 6. 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 for c - 5 - c o o ~ C occupancy by the individuals of low and moderate income as provided in the Code. Section 7. Prior to issuance of any bonds pursuant to this Resolution, the Applicant shall provide to the City, for recording, a covenant running with the land in form approved by the City Attorney of the City whereunder the Applicant waives any entitlement under State law to a density bonus for the property on which the proposed Project is to~e constructed. Section 8. 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 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 reserve their right to evaluate any future adminstrative procedures and appeals based solely on the information available at C the time of consideration, including any actions or recommendations by or appeals from the Development Review Committee and the Planning - 6 - c c c c o ~ o 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 Applicant will be required to comply with all applicable laws and ordinances of the City, State and federal government. ~, - 7 - . c 0 0 :') Section 9. This Resolution shall take effect upon C adoption. I HEREBY CERTIFY that the foregoing adopted by the Mayor and Common Council San Bernardino at a held on the day of the following vote, to wit: resolution of the meeting was duly Ci ty of thereof, 1985, by AYES: Council Members NAYS: ~' ABSENT: City Clerk ~ day of The foregoing resolution is hereby approved this , 1985. Mayor of the City of San Bernardino Approved as to form: ).J!f:!~ ",- '- - 8 - c c c c . c o STATE OF CALiFORNIA ) COUNTY OF SAN BERNARDINO ) CITY OF SAN BERNARDINO ) 55 I, SHAUNA CLARK, City Clerk in and for San Bernardino, DO HEREBY CERTIFY that the foregoing copy of San Bernardino City Resolution No. true and correct copy of that now on file in this office. the and is :) Ci ty of attached a full, 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 - 9 - c c c c o ~ o SBE003-l0l/l340S/rg l2ll8/85 RESOLUTION NO. RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA. MAKING CERTAIN FINDINGS AND DETERMINATIONS IN CONNECTION WITH A PUBLIC HEARING ON THE ISSUANCE OF APPROXIMATELY $l. 200,000 PRINCIPAL AMOUNT OF MULTIFAMILY MORTGAGE REVENUE BONDS (MOUNTAIN GATE 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 (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 proj ects, 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 commerce and to thereby broaden the employment opportunities and increase the to 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 whatsoever to the City; and - 1 - c ~ c c ~ c o WHEREAS, Block Group Developments (California), Inc., a California corporation, or its successors or assigns (the "Applicant"), has previously submitted a certain application (the "Application"), to the Mayor and Common Council of the City of San Bernardino, California (the "Mayor and Common Council"), for tax-exempt financing for a certain multifamily rental housing development pursuant to Ordinance 3815, as amended, as more fully described in said Application (the "Project"); and ~ WHEREAS, the Project consists of the construction and permanent financing of a twenty-two (22) unit multifamily rental housing development on an approximately one (1) acre site located on the north side of Kendall Drive approximately one and one half miles east of Little Mountain Drive in the City as more fully described in the Application and shall consist of approximately twenty-two (22) two-bedroom, two-bath rental units, on-site vehicle parking spaces, laundry and recreational rooms, appurtenant landscaping and other improvements; and WHEREAS, pursuant to an appropriate Resolution of the Mayor and Common Council adopted on January 28, 1985, said Mayor and Common Council has previously declared its intent to issue multifamily mortgage revenue bonds in an aggregate principal amount not to exceed $1,200,000 for the purpose of financing the Project; and - 2 - ~ c o o :> c WHEREAS, the City, pursuant to Internal Revenue Code Section l03(k), has set a public hearing on the issuance of the multifamily mortgage revenue bonds and has authorized the publication of notice thereof which has been duly published in The Sun; and WHEREAS, the City must now approve the findings and determinations to be made in connection with said public hearing and the request of the Applicant. <c NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS: c Section 1. The recitals set forth hereinabove are true and correct in all respects. Section 2. The City, after having conducted a public hearing, notice of which was duly published in a newspaper of general circulation within the City as said public hearing is required pursuant to the requirements of Internal Revenue Code Section 103(k), does hereby find and determine that the purposes and intent of the Ordinance, as amended, will be furthered by the issuance of multifamily mortgage revenue bonds for the express purpose of providing financing to assist the Applicant to develop the Project. The total principal amount of the multifamily mortgage C revenue bonds which shall be issued to assist the Applicant to - 3 - c ~ c -' 'C o ~ o develop the Project shall not exceed $l,200,OOO. The multifamily mortgage revenue bonds shall be issued upon such terms and conditions as shall be set forth in one or more Project Agreements by and among the City and the Applicant or such other documents prepared in connection with the issuance and delivery of the multifamily mortgage revenue bonds, and shall be issued solely for the Project but in any event said Agreements shall clearly state that the funds of the City are not liable, nor shall be pledged, for repayment of the multifamily moreijage revenue bonds. Section 3. The Mayor and Common Council hereby find and determine that the public purposes and public benefits as set forth in the Ordinance, as amended, will be furthered by the issuance of the multifamily mortgage revenue bonds; specifically, that the multifamily mortgage revenue bonds will provide for financing to assist the Applicant to develop an approximately twenty-two (22) unit apartment development on the property as described in the recitals hereof, that such financing will thus make the Project a financially viable and prOductive project and thereby increase the availability of moderately priced rental units for residents of the City and provide employment opportunities within the City. section 4. The Mayor of the City is hereby appointed as the elected official to approve the issuance of the multifamily mortgage revenue bonds pursuant to Internal Revenue Code Section 103 (k) at such time as the Mayor and Common Council shall have - 4 - - - - c o o :> c approved the other appropriate multifamily mortgage revenue bond financing documents as referenced in Section 2 of this Resolution. Section 5. The bonds sha 11 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 such bonds and funds and accounts to be held by the trustee or 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 C 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. Nei ther 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 6. 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 - 5 - c o o :) c not less than twenty percent (20\) of the multifamily rental housing units included in the Project are to be occupied or reserved for occupancy by the individuals of low and moderate income as provided in the Code. Section 7. Prior to issuance of any bonds pursuant to this Resolution, the Applicant shall provide to the City, for recording, a covenant running with the land in form approved by the City Attorney of the City whereunder < the Applicant waives any entitlement under State law to a density bonus for the property on which the proposed Project is to be constructed. Section 8. The approval as herein granted and the final C 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 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 reserve their right to evaluate any future administrative <:: procedures and appeals based solely on the information available at - 6 - c o o :) c 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 Applicant will be required to comply with all applicable laws and ordinances of the City, State and federal government. ~' . Section 9. This Resolution shall take effect upon adoption. c I HEREBY adopted by the San Bernardino at held on the the fOllowing vote, CERTIFY that the foregoing Mayor and Common Council a resolution of the meeting was duly Ci ty of thereof, 1985 , by day of to wit: AYES: Council Members NAYS: ABSENT: City Clerk day of The foregoing resolution is hereby approved this , 1985. Mayor of the City of San Bernardino <:: Approved as to form: ~~~-=--~ A Al;ity Attorne7"~ - 7 - c c c c c o o STATE OF CALIFORNIA ) COONTY OF SAN BERNARDINO) SS CITY OF SAN BERNARDINO ) 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 ~, - 8 - c c c c - o o :) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. RESOLUTION OF THE CITY OF SAN BERNARDINO ESTABLISHING REQUIREMENTS CONCERNING INDUCEMENT AND TEFRA RESOLUTIONS CONCERNING MULTI-FAMILY MORTGAGE REVENUE BOND PROJECTS. BE IT RESOLVED BY THE MAYOR AND COMMON COOBCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS: SECTION 1. The City of San Bernardino hereby establishes the following policy concerning the requirements to be imposed for acceptance of applications, inducement resolutions and for Tax Equity and Fiscal Responsibility Act of 1984 (TEFRA) hearings to be conducted by the City of San Bernardino (hereinafter "City") or the Redevelopment Agency of the City of San Bernardino (Hereinafter "Agency"). This policy shall apply to all multi- family mortgage revenue bond projects for which an inducement resolution or a TEFRA resolution is sought following the date of adoption of this resolution. SECTION 2. The application for issuance of a multi-family mortgage revenue bond by either the City or the Agency shall include, at a minimum, the following information: 1. Legal name of applicant. 2. addresses and phone numbers of all parties of the applicant. 3. Line of business. 4. Principal contact for the project. 5. Type of business organization a) Place of organization. b) Date of organization. c) Legal affiliation with other entities. 6. How ownership of the company is constituted. 7. Resumes of developer (all parties) including all developments in Southern California. 8. Employees of the organization. 9. Expert services. 10. Source of funding for the project. 11. Waiver of density bonus, tax increment financing, and other forms of public assistance. 12. Estimated amount of bond financing. 13. Estimated target date of financing. l4. Estimated times of financing. 1 n -... , I,; {. - Ii /- -.::.-;.. ' c c c c - . o ::) o ] 2 3 4 5 6 7 8 9 ]0 ]] ]2 13 14 15 16 17 18 19 20 2] 22 23 24 25 26 27 28 IS. Type of bond sale. l6. Financial statements of all parties. 17. Preliminary project pro forma. 18. Completed project costs. 19. Preliminary title report. 20. Legal description of property involved. 21. Rent schedule including rents for low/moderate income set aside. 22. Estimated construction period. 23. Location of proposed project. 24. Vicinity map (8 1/2" x ll"). 25. Preliminary layout, renderings (8 1/2" x ll"). 26. Amenity package. 27. List of environmental quality requirements. 28. Zoning requirements. 29. List of permits. 30. Public benefits. 31. Commitment~ including knowledge and understanding of fee requirements and of monitoring requirements. 32. Payment of fee. 33. Completed, signed applications to be submitted two weeks prior to agenda deadline. SECTION 3. Any proposed inducement resolution will not be considered by the Mayor and Common Council until a completed application has been submitted in accordance with the provisions of Section 2 above. Any inducement resolutions presented to the City of San Bernardino or the Agency shall include all protective language specified by bond policy guidelines heretofore adopted by the City and Agency; provisions for waiver of density bonus, tax increment financing and other forms of public assistance; language emphasizing that compliance with California Environmental Quality Act is the obligation of the developer, and that approval of the resolution does not constitute approval of the project itself: language acknowledging that any action by the City or Agency is subject to change in the event of any change in applicable state or federal laws or regulations, and that no assurance is given that the project will be finally approved if a volume cap applicable to mUlti-family mortgage revenue bonds 2 c c c c - o ~ o 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 app~~es to this type of project; and a provision that the inducement resolution expires six (6) months after adoption, unless the TEFRA hearing has taken place before that time. SECTION 4. Prior to the time that a TEFRA hearing is scheduled, the developer shall provide to the City or Agency each of the following: 1. Documentation of legal entity ( e.g., for corporation, Articles of Incorporation, Charter, and Certificate of Good Standing, for partnership, Certificate of Partnership and evidence of filing thereof, for sole proprietorship, Fictitious Name Statement..nd evidence of filing thereof). 2. Market feasibility study by City or Agency approved expert completed and paid for one month prior to TEFRA bearing to give staff time to review. 3. $10,000 fee paid. 4. Tentative tract map, or Development Review Committee approval. 5. Environmental clearance. 6. Zoning requirements (such as C.U.P.s) completed. 7. Proof of land ownership or escrow report including full legal description of property involved. 8. Final project pro forma. 9. Letters confirming availability of utilities to the site. lO. Resumes of final development team. 11. Final renderings, floor layouts, site plan, elevations. SECTION 5. Any TEFRA resolution submitted for consideration 19 by City or Agency shall include, at a minimum, all of City's 20 protective language as specified in bond policy guidelines, 21 provisions for waiver of density bonus, and tax increment 22 financing and other forms of public assistance: language 23 acknowledging that approval of the resolution does not constitute 24 approval of the project: and language making clear that the TEFRA 25 resolution will expire after six (6) months from the date of 26 adoption, if the bonds are not sold within that time. 27 28 3 c 0 0 ~ ] ,SECTION 6. Fees applicable to mortgage revenue bond C 2 financing sball include the $550 application fee required to be c c 3 submitted at tbe time of filing of the application, a $10,000 fee 4 to cover City or Agency costs in processing all of tbe 5 documentation required, wbich fees sball be paid prior to the 6 TEFRA bearing1 an administrative fee in tbe amount of one percent 7 of total bond issuance to be paid from bond proceeds at the time 8 of closing of tbe bond sale1 and all fees for City's bond counsel 9 and review counsel due at time of closing of tbe bond transaction. ~, ]0 SECTION 7. In addition to the fees specified above, bond ]] documents sball provide for the paying of tbe expense of ]2 monitoring at the rate of one-eighth of one percent of tbe total ]3 amount of the bond issuance payable each year, after tbe ]4 construction has been complete continuing throughout the life of ]5 the bonds; such expense shall be regarded as reimbursement to the ]6 City or Agency for its expense of monitoring compliance with ]7 federal and state requirements for low and moderate income ]8 utilization, as required by state and federal law: such monitoring ]9 expenses shall be an ongoing obligation of the developer: the' 20 expenses of the market feasibility study conducted by the City or 2] Agency approved expert shall be paid by the developer at least one 22 month prior to the TEFRA hearing. 23 SECTION 8. Agency staff shall submit to the Mayor and Common 24 Councilor to the Community Development Commission, as applicable, 25 a comprehensive analysis of each project inCluding a comparison 26 between conventional and tax-exempt financing costs and benefits, 27 as an integral part of the staff report in each multi-family 28 mortgage revenue bond financing submitted for approval. 4 c c c 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 r '"'" o ,~ o 1 'SECTION 9. The Bxecutive Director of the Redevelopment 2 Agency is hereby authorized and directed to notify the developers 3 of all pending multi-family mortgage revenue bond projects that this resolution has been adopted, and will apply to all such 4 pending projects, and that the developer shall be required to 5 assure full and complete compliance with the terms of this 6 resolution prior to the issuance of any bonds by either the City 7 or Agency. 8 9 I HEREBY CERTIFY th~t the foregoing resolution was duly adopted by the Mayor and Common Council of the City of San Bernardino at a day of meeting thereof, held on the , 19__, by the following vote, to wit: AYES: Council Members NAYS: ABSENT: City Clerk The foregoing resolution is hereby approved this day of , 19__. Mayor of the City of San Bernardino Approved as to form: ~ . ~ j.,.... /? 16 . /' f." ~~ , . . ~~.A,." ,- ;' .....;,,;.,~~ City Attorney 5 c c ~ c 20 21 22 23 24 25 26 27 28 - o o o 1 2 3 4 5 6 7 8 9 10 11 12 RESOLUTION NO. RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO ESTABLISHING REQUIREMENTS CONCERNING INDUCEMENT AND TEFRA RESOLUTIONS CONCERNING MULTI-PAMILY MORTGAGE REVENUE BOND PROJECTS. BE IT RESOLVED BY THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO AS POLLOWS: SECTION 1. The Community Development Commission of the City of San Bernardino hereby establishes the following policy concerning the requirements to be imposed for acceptance of applications, inducement resolutions and for Tax Equity and < Fiscal Responsibility Act of 1984 (TEFRA) hearings to be conducted by the City of San Bernardino (hereinafter "City") or the Redevelopment Agency of the City of San Bernardino 13 (Hereinafter "Agency"). This policy shall apply to all multi- 14 family mortgage revenue bond projects for which an inducement 15 resolution or a TEFRA resolution is sought following the date of 16 adoption of this resolution. 17 SECTION 2. The application for issuance of a multi-family 18 mortgage revenue bond by either the City or the Agency shall 19 include, at a minimum, the following information: 1. Legal name of applicant. 2. Addresses and phone numbers of all parties of the applicant. 3. Line of business. 4. Principal contact for the project. 5. Type of business organization a) Place of organization. b) Date of organization. c) Legal affiliation with other entities. 6. How ownership of the company is constituted. 7. Resumes of developer (all parties) including all developments in Southern California. 8. Employees of the organization. 9. Expert services. 10. Source of funding for the project. ll. Waiver of density bonus, tax increment financing, and other forms of public assistance. 1 '7'~~'.L'.'-~ "(~~' c o o ~ c 1 2 3 4 5 6 7 8 9 10 11 12 13 l2. Estimated amount of bond financing. 13. Estimated target date of financing. 14. Estimated times of financing. 15. Type of bond sale. , 16. Financial statements of all parties. 17. Preliminary project pro forma. 18. Completed project costs. , 19. Preliminary title report. " <, 20. Legal description of property involved. 2l. Rent schedule including rents for low/moderate income set aside. 22. Estimated construction period. 23. Location of proposed project. 24. Vicinity map (8 1/2" x ll"). 25. Preliminary layout, renderings (8 1/2" x II"). 26. Amenity package. 27. List of environmental quality requirements. 28. Zoning requirements. 29. List of permits. 30. Public benefits. 31. Commitments including knowledge and understanding of fee requirements and of monitoring requirements. 32. Payment of fee. 33. Completed, signed applications to be submitted two weeks prior to agenda deadline. 14 SECTION 3. Any proposed inducement resolution will not be 15 considered by the Mayor and Common Council until a completed 16 application has been submitted in accordance with the provisions 17 of Section 2 above. Any inducement resolutions presented to the 18 City of San Bernardino or the Agency shall include all protective 19 language specified by bond policy guidelines heretofore adopted 20 by the City and Agency: provisions for waiver of density bonus, 21 tax increment financing and other forms of public assistance: 22 language emphasizing that compliance with California 23 Environmental Quality Act is the obligation of the developer, and 24 that approval of the resolution does not constitute approval of 25 the project itself: language acknowledging that any action by the 26 City or Agency is subject to change in the event of any change in c:: 27 applicable state or federal laws or regulations, and that no 28 assurance is given that the project will be finally approved if a c 2 c c c c ~ o ~ o 1 2 3 4 volume cap applicable to multi-family mortgage revenue bonds applies to this type of project: and a provision that the inducement resolution expires six (6) months after adoption, unless the TEFRA hearing has taken place before tbat time. 5 SECTION 4. Prior to the time that a TEFRA hearing is 6 scheduled, the developer shall provide to the City or Agency each 7 8 9 10 1] 12 13 14 15 16 17 18 of tbe following: 1. Documentation of legal entity ( e.g., for corporation, Articles of Incorporation, Charter, and Certi(icate of Good Standing: for partnership, Certificate of Partnership and evidence of filing thereof: for sole proprietorship, Fictitious Name Statement and evidence of filing thereof). 2. Market feasibility study by City or Agency approved expert completed and paid for one month prior to TEPRA bearing to give staff time to review. 3. $10,000 fee paid. 4. Tentative tract map, or Development Review Committee approval. 5. Environmental clearance. 6. Zoning requirements (sucb as C.O.P.s) completed. 7. Proof of land ownership or escrow report including full legal description of property involved. 8. Final project pro forma. 9. Letters confirming availability of utilities to the site. 10. Resumes of final development team. ll. Final renderings, floor layouts, site plan, elevations. SECTION 5. Any TEFRA resolution submitted for consideration provisions for waiver of density bonus, and tax increment 24 acknowledging that approval of the resolution does not constitute financing and other forms of public assistance: language 25 26 27 28 approval of the project: and language making clear that the TEFRA resolution will expire after six (6) months from the date of adoption, if the bonds are not sold within that time. 3 c 0 0 :) 1 SECTION 6. Pees applicable to mortgage revenue bond r- '- 2 financing shall include the $550 application fee required to be 3 submitted at the time of filing of the application, a $10,000 fee 4 to cover City or Agency costs in processing all of the 5 documentation required, which fees shall be paid prior to the 6 TEFRA hearing: an administrative fee in the amount of one percent 7 of total bond issuance to be paid from bond proceeds at the time 8 of closing of the bond sale; and all fees for City's bond counsel 9 and review counsel due at time of closing of the bond transaction. ~, 10 SECTION 7. In addition to the fees specified above, bond 11 documents shall provide for the paying of the expense of 12 monitoring at the rate of one-eighth of one percent of the total 13 amount of the bond issuance payable each year, after the C 14 construction has been complete continuing throughout the life of 15 the bonds; such expense shall be regarded as reimbursement to the 16 City or Agency for its expense of monitoring compliance with 17 federal and state requirements for low and moderate income 18 utilization, as required by state and federal law: such monitoring 19 expenses shall be an ongoing obligation of the developer: the~ 20 expenses of the market feasibility study conducted by the City or 21 Agency approved expert shall be paid by the developer at least one 22 month prior to the TEFRA hearing. 23 SECTION 8. Agency staff shall submit to the Mayor and Common 24 Councilor to the Community Development Commission, as applicable, 25 a comprehensive analysis of each project including a comparison 26 between conventional and tax-exempt financing costs and benefits, <:: 27 as an integral part of the staff report in each multi-family 28 mortgage revenue bond financing submitted for approval. 4 c c ~ c - o ~ o ,SECTION 9. The Executive Director of the Redevelopment 1 2 Agency is hereby authorized and directed to notify the developers 3 of all pending multi-family mortgage revenue bond projects that 4 this resolution has been adopted, and will apply' ,to all such 5 pending projects, and that the developer shall be required to assure full and complete compliance with the terms of this 6 - resolution prior to the issuance of any bonds by either the City I 8 or Agency. Dated: 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 ~, Approved as to form: AGENCY COUNSEL By~ ..~~p~ The foregoing resolution was duly adopted by the following vote, to wit: AYES: Members NAYS: ABSENT or ABSTAIN: 5 t I c c c c ". 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 o -:) :> 1 2 3 4 RESOLUTION NO. RESOLUTION OF THE CITY OF SAN BERNARDINO REPEALING RESOLUTION NO. 85-40, INDUCEMENT RESOLUTION FOR MULTIFAMILY MORTGAGE REVENUE BONDS FOR UNIVERSITY PARK PROJECT. BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS: 5 SECTION l. Findinas. 6 A. On January 2l, 1985, the Mayor and Common Council of the 7 City of San Bernardino adopted Resolution No. 85-40, entitled 8 "Resolution of the Mayor and Common Council of the City of San 9 Bernardino, California, ~eclaring its Intention to Issue its 10 Multifamily Mortgage Revenue Bonds: Directing the Preparation of 11 Certain Documents: and Making Certain Other Findings and 12 Determinations in Connection Therewith (University Park Project). 13 B. The developers of the University Park Project have now indicated to the staff of the Redevelopment Agency of the City of San Bernardino, which administers for the City its multifamily mortgage revenue bond issuance process, that the developer of the University Park Project no longer desire to proceed with multifamily mortgage revenue bonds for the University Park Project, and have authorized the staff to request repeal of the inducement resolution. SECTION 2. I~plementation. The City of San Bernardino does hereby repeal Resolution No. 85-40 of the Mayor and Common Council of the City of San Bernardino, relating to the issuance of multifamily mortgage revenue bonds for the University Park Project. The City Clerk of the City of San Bernardino is authorized and directed to provide a copy of this resolution to the developers of the University Park Project to indicate the action taken this date. 7-7T7 c . . 1 - I - 2 3 4 5 6 7 8 9 10 11 12 13 C 14 15 16 17 o ,J o I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Mayor and Common Council of the City of San Bernardino at a meeting thereof, held on the , 19__, by the following vote, to day of wit: AYES: Council Members NAYS: ABSENT: City Clerk of The foregoing resolution is hereby approved this , 19__. day Mayor of the City of San Bernardino 18 Approved as to form: 19 /;:/// h'LJ ?{iut~/{ ./Sv~ A, a. 20 City Attorner 22 23 24 25 26 C 27 28