HomeMy WebLinkAboutR07-Redevelopment Agency
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RE[ ZVELOPMENT AGENCY.F.. ~EST FOR \. .-MISSION/COUNCIL A~.ION
From: Glenda Saul, Executive Director Subject: TEFRA PUBLIC HEARINGS - VARIOUS
PROJECTS
,t: Redevelopment Agency
Date: January 9, 1986
Synopsis of Previous Commission/Council action:
Will be given at beginning of each project recap.
12-23-85 Continued to January 20, 1986
Recommended motion: (MAYOR AND COMMON COUNCIL)
Continue the following TEFRA Public Hearings to April 7, 1986:
Gilbert Street Villas
Sandalwood Park Project
Woodlands Project
Noble Properties, Inc.
Chaparral Investors
Mountain Vistas Apartments
~-/ub( ~/
Signature
Contact person:
Glenda Saul
Phone: 383-5081
Supporting data attached:
YES
Various
FUNDING REQUIREMENTS:
Amount: $
N/A
Ward:
P. Various
rOJect:
No adverse Impact on City:
B~
1-21-86
January 21, 1986
Ct"mcil Notes:
Agenda Item NO&- 7
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CL _ Y OF SAN BERNARD...40 - REQUL.lT FOR COUNCIL AC'. _ON
STAFF REPORT
I. Staff is requesting a continuance of all the scheduled TEFRA hearings today,
to April 7, 1986 pending applicant's compliance with the new policy
guidelines for all multifamily 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:
Prine! pals:
Stone Creek Development Corporation
James C. Glasgow - 33-1/3%
Terry Hicks - 33-1/3%
Larry Minters - 33-1/3%
Amount of financing:
$6,500,000
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
$700/month
Rent schedule:
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 110-unit
senior citizens facility only.
Status of project:
Unknown
Sandalwood Park Project
Ordinance 3815 providing for the issuance of Industrial Development Bonds
8/5/85
Adopt Resolution 85-291, inducement resolution
239G/EB
75-0264
cr f OF SAN BERNARD[ '0 - REQUI. T FOR COUNCIL AC' ~DN
STAFF REPORT
A recap of the application follows:
Applicant:
Debkar Investment Company
Principals:
Joe Levesque, President
Amount of financing:
Not to exceed $9,300,000
Project:
Construction of 216 apartment units
Location:
10.49 acre site located north of Baseline, between
Victoria and Sterling Street
Target date of financing:
1986
Construction echedule:
Begin 10/10/85; complete 4/86
1% x $9,300,000 - $93,000
Reserve and development fee:
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 construction of a 560-unit multifamily
rental housing development
239G/EB
1-21-86
75-0264
CI_ '( OF SAN BERNARD._JO - REQULJT FOR COUNCIL AC..ON
STAFF REPORT
Location:
Approximately 28 acre parcel located on
the south 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 within six
months
Jobs:
During construction only
Increase in tax increment:
1% x $18,518,000 - $185,180
1% x $28,000,000 - $280,000
Reserve and development fee:
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
11/4/85
11/18/85
Adopted Resolution 85-382, inducement resolution
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 Lankershim Avenue
Target date for financing: 1986
239G/EB
1-21-86
75-0264
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cr ! OF SAN BERNARD[ '0 - REQUE T FOR COUNCIL ACi. _'>N
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/month
Zoning:
R-3-2000 - 21.78 units per acre
Project total - 14.56 per acre
The status of this project is uncertain. 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
Prine! pals:
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:
1986
Construction schedule:
Begin as soon as possible after financing
package completed. Construction to take
approximately 1-12 months to complete
239G/EB
1-21-86
75-0264
,
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CI Y OF SAN BERNARD 10 - REQUL JT FOR COUNCIL AC'. ..ON
STAFF REPORT
Jobs:
During construction only
Increase in tax increment:
Land and improvements - $3,650,000 x 1% ~
$36,500
$4,820,000 x 1% = $48,200
Reserve and development fee:
Rent schedule:
1 bedroom, 1 bath - $387
2 bedroom, 1 bath - $477
2 bedroom, 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:
Applicant:
AFCOM, a California corporation
Prine! pals:
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 bedroom, 2 bath - $550
239G/EB
1-21-86
75-0264