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Home My WebLink About1984-223San Bern. (Colony) 60,009-53-2 RESOLUTION NO. 84-223 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO FINDING THAT CERTAIN AMENDMENTS TO AN APPLICATION FOR INDUSTRIAL DEVELOPMENT BOND FINANCING HAVE BEEN SUBMITTED BY COLONY APARTMENT ASSOCIATES, A PROPOSED CALIFORNIA LIMITED PARTNERSHIP; APPROVING SAID AMENDMENTS; AND AMENDING RESOLUTION NO. 83-431 (COLONY APARTMENTS PROJECT) WHEREAS, the Mayor and Common Council on Decem- ber 5, 1983, adopted the following Resolution: RESOLUTION NO. 83-431 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO FINDING THAT AN APPLICATION FOR INDUSTRIAL DEVELOPMENT BOND FINANCING HAS BEEN SUBMITTED PURSUANT TO THE PROVISIONS OF ORDINANCE NO. 3815 OF THE CITY FOR A CERTAIN PROJECT, FINDING THAT SAID APPLICATION COMPLIES WITH THE PRO- VISIONS AND REQUIREMENTS OF SAID ORDINANCE NO. 3815; APPROVING SAID APPLICATION AND THE PROJECT TO WHICH IT REFERS; DIRECTING THE PREPARATION OF A PROJECT AGREEMENT, A RESOLUTION OF ISSUANCE AND SUCH OTHER LEGAL DOCUMENTS AS MAY BE NECESSARY TO CARRY OUT SAID PROJECT AND PROVIDE FOR THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS THEREFOR; AND MAKING CERTAIN OTHER FINDINGS AND DETERMINATIONS IN CONNECTION THEREWITH (COLONY APARTMENTS PROJECT) WHEREAS, the Application for Industrial Develop- ment Bond Financing submitted and approved by said #346.6 (sh) 6/6/84 San Bern. (Colony) 60,009-53-2 Resolution No. 83-431, requested the issuance of an amount not to exceed $21,000,000 for the purpose of financing the Project contained therein; and WHEREAS, Colony Apartment Associates has sub- mitted certain amendments to said application. WHEREAS, Colony Apartment Associates has requested that their application be amended from an amount not to exceed $17,000,000 to an amount not to exceed $21,000,000 for the issuance of Industrial Development Bonds. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS: Section 1. The Amendments to said application of Colony Apartment Associates contained in the attached "Exhibit A" are hereby accepted and approved. Section 2. Resolution 83-431, adopted December 5, 1983, is hereby amended, changing the re- quested amount of issuance of Industrial Development Bonds from the principal amount of $17,000,000 to an amount not to exceed $21,000,000. 2. #346.6 (sh) 6/5/84 San Bern. (Colony) 60,009-53-1 I HEREBY CERTIFY that the tion was duly adopted by the Mayor of the City of San Bernardino at a thereof, held on the 18th day of by the following vote, to wit: foregoing resolu- and Common Council regular meeting June , 1984, AYES: Council Members Castaneda, Reilly. Hernandez ri Frazier NAYS: None ABSENT: Council Members Ouiel, Strickler ABSTAIN: None City Clerk The foregoing resolution is hereby a this XU,,�6 day of 1984. A Approved as to form: Q Cit Attorney Executed pursuant to the a d Fiscal Responsibility `r , 1984 Mafor—of he Cy of San Bernardi o, Ca fornia Tax Equity Ar'- — r I n o 11 3. #346.6 (sh) 6/5/84 EXHIBIT A AMENDED APPLICATION FOR REVENUE BOND FINANCING COLONY VILLAGE APARTMENTS The following sections are amended on the application for Industrial Bond financing for the Colony Village apartment project. 1.1 Legal Name of Applicant Colony Apartment Associates, a proposed California partnership whose general partner shall be Howard Lawrence Hull, Inc. 1.3 Mailing Address and Headquarters Address Colony Apartment Associates C/o Dunn Delaware Corporation 17702 Mitchell Street North Irvine, California 92714 Attn: Phillip M. Handleman 1.4 Employer I.D. Number Pending formation of partnership. 1.5 Name and Title of Principal Contact Phillip M. Handleman Project Manager 1.7 Place of Organization 1.71 California 1.72 Pending formation 1.8 Constitution of Ownership Howard Lawrence Hull, Inc. is a corporation owned 100% by Mr. H. Lawrence Hull, Jr. Mr. Hull is President of Duncal Corporation. Howard Lawrence Hull, Inc. is only involved in the Colony Village project. •� r 1.9 Names and Location of Key Officials ° Mr. H. Lawrence Hull 17702 Mitchell Street North Irvine, California 92714 ° Mr. Phillip Handleman 17702 Mitchell Street North Irvine, California 92714 1.10 Description of Other Business Affiliations of General Partner Mr. Hull is a director of Landmark Savings & Loan (In Organization), Pacific Inland Bancorp and Trident Investment Management, Inc. His corporation will be solely involved in the Colony Village project. 1.11 Employees in California 1.11.1 The partnership has no full time employees, but contracts for services with The Lonnie Dunn Construction Company, Duncal Corporation and other companies for its operations. 1.12 Expert Services 1.12.4 Architect - Kermit Dorius & Associates 1550 Bayside Drive Corona del Mar, California 92625 1.13 Principal Banks Community Bank 3219 San Fernando Road Los Angeles, California 90065 Attn: Wayne Beaird 1.14 Source of _Fundi!19 for Project Bond issue and partnership equity. 2.1 Provide the Estimated Total Amount of the Financing with a Tabulation of Proposed Use of Bond Proceeds 2.1.1 Loan Amount Calculation Rental Income $ 2,837,984 Less 3% Vacancy 85,140 Effective Gross Income _ ^2,752,844 Less Project Expenses 823,015 Plus Other Income 82,320 Net Operating Income 2,012,149 Debt Service Ratio 1.05 Mortgage Amount (.95238)(2,012,149) _ 20,768,727 .09227 Rounded $20,800,000 2.1.2 Use of Loan Proceeds Land Improvements $ 2,000,000 Building Cost 9,342,000 Construction Interest 976,000 Taxes 60,000 Insurance 15,000 Financing Fees 1,940,000 Title & Recording 25,000 Legal, Organization, Printing 100,000 Development Fee 450,000 14,908,000 Land 4,172,000 Total Use of Bond Proceeds $19,080,000 2.2 Estimated Target Date of Financing September 1984 2.3 Estimated Time of Financing 30 year amortization. 3.1 General Business resumes of Mr. Hull and Mr. Handleman are attached to this amendment. 7.1 This application is signed below by senior officials of the agent for applicant with prime responsibility for the financing, who, by their signatures below, represent and certify that they have authority to bind the applicant to contract terms; that their application, to the best of their knowledge or belief, contains no false or incorrect information or data, and this application, including exhibits and attachments, is truly descriptive of the project and that the applicant is familiar with Ordinance No. 3815. June 5, 1984 COLONY APARTMENT ASSOCIATES a California limited partnership Jr. H. Lawrence Hull, 4.1 Summary of Purpose, Objective and Function of the Proposed Project Description remains the same, but the number of apartment units has been decreased from 425 units to 404 units. 4.2 Description of Components and Estimated Total_ Cost of Functional Parts of the Project Use of Funds Land Improvements $ 2,000,000 Building Cost 9,342,000 Construction Interest 976,000 Taxes 60,000 Insurance 15,000 Financing Fees 1,940,000 Title & Recording 25,000 Legal, Organization 100,000 Development Fee 450,000 14,908,000 Land 4,172,000 Total Project Cost $19,080,000 Source of Funds Funds from Bond Issue $20,800,000 4.3 Estimated Construction Period 4.3.1 Scheduled Starting Date: October 1984 4.3.2 Scheduled Completion Date: September 1985 4.4 Name and Location of Applicant's Supervising Contractor Responsible for Desi n of the Project The Lonnie Dunn Construction Company, a California corporation. Rudy Gallegos, President 17702 Mitchell Street North Irvine, California 92714 4.7 Name of Legal Owner of Location The property is currently held in the name of Dunn Delaware Corporation.