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RE VELOPMENT AGENCY.I1I!QUEST FOR 'lfOMMISSION/COUNCIL ACTION
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Dept:
GLENDA SAUL. EXECUTIVE DIRECTOR
Subject: TEFRA PUBLIC HEARINGS - VARIOUS
PROJECTS
Redevelopment Agency
Date: Apri 1 1. 1986
Synopsis of Previous Commission/Council ection:
A synopsis of Commission/Council action is given at the beginning of each
project summary.
On December 23. 1985. this item was continued to January 21. 1986.
On January 21. 1986. this item was continued to April 7. 1986.
Recommended motion:
(MAYOR AND COMMON COUNCIL)
~ Continue the following TEFRA Public Hearings to June 16. 1986:
Gilbert Street Villas
Sandalwood Park Project
Woodlands Project
Noble Properties. Inc.
Chaparral Investors
Mountain Vista Apartments
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Signature
Contact person:
GLENDA SAUL
FUNDING REQUIREMENTS:
Amount: $
N/A
Phone: 383-5081
Ward: VARIOUS
Project : VARIOUS
Date: APRIL 7. 1986
Supporting data attached:
YES/STAFF REPORT
No edverse Impact on City:
.Cil Notes:
Agenda Item NO.I(-&
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'CIT4tOF SAN BERNARDI. - REQUE" FOR COUNCIL AC"-N
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75-0264
STAFF REPORT
Staff is requesting continuation of this item to June 16, 1986. Staff is
currently working with Dr. Joseph Janczyk-Evans of Empire Economics to compile
a detailed analysis of the multifamily housing market in the City for the
period 1985-1990. This study shall be completed soon and shall contain policy
recommendations.
Staff is also beginning to compile data for the Housing Needs report required
under Assembly Bill 265 for determination of twenty percent (20%) set-aside
requirement. Both this report and multifamily policy recommendations shall be
made to the commission by no later than June 2, 1986.
Also pending is action by the U.S. Senate on Tax Reform Legislation which
could significantly impact multifamily Mortgage Revenue Bonds. It is
anticipated the effective date will be amended to January 1, 1987 when
multifamily mortgage revenue bonds, singlefamily bonds, IDB's both commercial
and industrial and redevelopment bonds could be placed under one volume cap
severely limiting the City's ability to issue these types of bonds. Staff is
advised that action on the bill should occur some time this summer which could
result in a three (3) month "window" from October to December whereby the City
could issue these bonds based upon 1984/1985 provisions.
The Commission/Council adopted a multifamily industrial development policy
policy on December 23, 1985, which took immediate effect. This policy
contained a provision which limited the "life " of each Inducement Resolution
to six (6) months. Therefore, the projects on today's item are eligible to
hold TEFRA Public Hearings until June 23, 1986. If the Hearing has not been
held, each developer may request an extension or may reapply for bond
financing.
Staff recommends continuation of this item to June 16, 1986 so the Commission
may be more fully apprised of the current multifamily market in San Bernardino
before considering each project's TEFRA resolution.
GILBERT STREET VILLAS - SYNOPSIS
Ordinance 3815 authorizing the issuance of Industrial Development Bonds. On
June 17, 1985, Inducement Resolution 85-204 was adopted.
Application Summary
Principals:
Stone Creek Development Corporation
James C. Glasgow - 33-1/3%
TerfY Hicks - 33-1/3%
Larry Minters - 33-1/3%
$6,500,000
Amount of Financing:
Project Description:
Construction of 110 unit senior
citizens retirement facility.
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Location:
315, 319, and 351 Gilbert Street, San
Bernardino.
Target date of Financing:
1986
Construction Schedule:
1 phase; six (6) to ten (10) months to
complete.
Increase in Jobs:
Twenty-five (25) during construction;
at least twenty-five (25) after
construction.
Reserve and Development Fees:
One percent (1%) x $6,500,000 - $65,000.
$700.00 per month
Rent Schedule:
Addresses 315, 319 and 351 Gilbert are currently zoned A.P.
(Administrative-Professionals). To construct the housing, the developer would
need a Conditional Use Permit (CUP) rather than a zoning change. The CUP
would be for construction of 110-unit senior citizens facility only.
State of Project:
Unknown
SANDALWOOD PARK PROJECT - SYNOPSIS
Ordinance 3815 providing for the issuance of Industrial Development Bonds. On
August 5, 1985, Inducement Resolution #85-291 was adopted.
Application Summary
Applicant:
Debkar Investment Company
Principals:
Joe Levesque, President
Amount of Financing:
Not to exceed $9,300,000
Project Description:
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 Schedule:
To begin October 10, 1985; to be
completed April, 1986.
One percent (1%) x $9,300,000 - $93,000.
Reserve and Development Fee:
Jobs:
During construction only.
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Rent Schedule:
1 bedroom, 1 bath - $410.00
2 bedroom, 1 bath - $475.00
2 bedroom, 2 bath - $500.00
Status of Project:
Developer is anxious to proceed with
the project and believes the project
will close within six (6) months.
WOODLAND PROJECT - SYNOPSIS
Ordinance 3815 providing for the issuance of Multifamily Mortgage Revenue
Bonds. On January 28, 1985, Inducement Resolution #85-47 was adopted.
Application Summary
Applicant:
Block Group Developments, a California
Corporation.
Principals:
Block Group Developments
Amount of Financing:
$28,000,000
Project Description:
Construction of a 560-unit multifamily
rental housing development.
Location:
Approximately 28 acre parcel located on
the south side of Kendall Drive
approximately two (2) 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 (6) months.
Jobs:
During construction only
Increase in tax increment:
1% x $18,518,000 ~ $185,180
1% x $28,000,000 R $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.
Ordinance
September
continued
18, 1985.
3815 providing for the issuance of Industrial Development Bonds. On
23, 1985, Inducement Resolution #85-382. October 21, 1985, item
to November 4, 1985. November 11, 1985, item continued to November
November 18, 1985, item continued.
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Application Summary
Applicant:
Amount of Financing:
Project:
Location:
Target Date for Financing:
Construction Schedule:
Reserve and Development Fee:
Jobs:
Rent Schedule:
Zoning:
Status of Project:
CHAPARRAL INVESTORS - SYNOPSIS
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Noble Properties, Inc., as one of the
general partners.
$15,920,000.
Construction of a 300-unit multifamily
rental housing development.
20.6 acre parcel of land located on the
jmonth side of 6th Street between
Sterling Avenue and Lankershem Avenue.
1986.
As soon as possible after financing.
Completion by February, 1987.
One percent (lX) x $15,920,000 -
$159,000.
During construction only.
2 bedrooms - $395.00/month
3 bedrooms - $425.00/month
4 bedrooms - $505.00/month
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.
Ordinance 3815 providing for the issuance of Multifamily Mortgage Revenue
Bonds. On January 1, 1985, Inducement Resolution #85-36 was adopted.
Application Summary
Applicant:
Principals:
Amount of Financing:
Chaparral Investors, a California
General Partnership.
L. Vincent Mayell - SOX/Antelope valley
Savings and Loan Association - SOX.
$4,820,000.
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Project Description:
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.
Jobs:
During construction only.
Increase in Tax increment:
Land and improvements - $3,650,000 x 1%
- $36,000.
$4,820,000 x 1% - $48,200.
Reserve and Development Fee:
Rent Schedule:
1 bedroom, 1 bath - $$387.00!month
2 bedrooms, 1 bath - $477.00!month
2 bedrooms, 2 bath - $557.00!month
Status of Project: Unknown.
MOUNTAIN VISTA APARTMENTS - SYNOPSIS
Ordinance 3815 providing for the issuance of Multifamily Mortgage Revenue
Bonds. On January 21, 1985, Inducement Resolution #85-42 was adopted.
Application Summary
Applicant:
AFCOM, A California Corporation.
Principals:
AFCOM - 50%!Donald C. Hubbs - 50%
$16,000,000.
Amount of Financing:
Project Description:
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:
Two or more phases to take between 18
and 36 months.
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Jobs:
Reserve and Development Fee:
Rent Schedule:
818L
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During construction only.
$16,000,000 x 1% - $160,000.
2 bedrooms, 1 bath - $465.00/month
3 bedrooms, 2 bath - $550.00/month
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