HomeMy WebLinkAboutR03-Economic Development Agency
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AGENDA rrEM INFORMATION SUMMARY
GENERAL INFORMATION:
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Redevelopment Agency · City of San Bernardino
300 North "D" SIIee~ Fwnh Floor . 511I Banardino, CoIifomia 92A18
(714) 384-5081 FAX (714) 888-9413
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NOVEMBER 20, 19B9
COLLEGE PARKHAY ASSOCIATES OPA
Synopsls of Previous Commisslon/Council/Committee Action:
01-21-B5 Resolution 4710 approved with College Parkway Associates.
05-l4-B7 Approve First Amendment of OPA with CPA.
Recommended Motion:
(COMMUNITY DEVELOPMENT COMMISSION)
That the Executive Director be authorized to execute a Certiflcate
of Compliance to College Parkway Associates upon payment of principal and
interest in full.
Respectfully Submltted,
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Robert J.. Temple, Interim Executive Director
Supporting data attached: Yes
FUNDING REQUIREMENTS: None
Hard: 6th
Project: State,College
Commlsslon Notes:
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Agenda of: December 4. 1989
Item No.
Redevelopment Agency
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S T A F F R E P 0 R T
It is recommended that the Commission approve the release of College Parkway
Associates from their Owner's Participation Agreement after they have paid off
thel r loan.
BACKGROUND
In 1985, the Agency entered Into an Owner's Participation Agreement with
College Parkway Associates. As an Incentive to develop University Plaza, the
Agency loaned College Parkway Associates $300,000 to pay for offslte
Improvements. The loan was partially paid off, reloaned under an amendment,
and partially paid off again. Currently a balance of $120,000 is due and
payable In January 1990.
As no commercial user has expressed an Interest In locating at University
Plaza for the past 18 months. College Parkway Associates plans to sell the
balance of University Plaza at auction In January 1990 and payoff the Agency
at that time.
As a result of College Parkway Associates efforts, the following development
has occurred at University Plaza: Ramada Inn, Taco Bell, Motel 6, Papa's
Pantry. College Parkway Associates also supplied clean dirt for the San
Bernardino Auto Plaza, the San Bernardino golf Course and a fire station.
. The Owner's Participation Agreement did not specify the exact amount of
development that would occur but required that College Parkway Associates
Improve 384,000 square feet of land and develop It with buildings. To date,
College Parkway Associates has Improved 628,100 square feet of land and
developed 311,000 square feet of It with buildings.
The agreement envisioned a variety of small users In Phase II (a gasoline
station, a convenience store, etc.). However, that has been replaced by a
Ramada Inn that Is currently under construction. Thus there are four
buildings rather than the nine contemplated due to the upgrade to the Ramada
Inn.
RECOMMENDATION
College Parkway Associates has substantially complied with the Owner's
Participation Agreement. It Is therefore recommended that College Parkway
Associates be released from the Owner's Participation Agreement upon full
payment of their loan.
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