HomeMy WebLinkAboutR07-Redevelopment Agency
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ECONOMIC DEVELOPMENT AGENCY
OF TIlE CITY OF SAN BERNARDINO
REOUEST FOR COMMISSION/COUNCIL ACTION
FROM: BARBARA J. LINDSETH
Acting Director
SUBJECT: ARROWVIEW PLAZA -
AMEND LEGAL
DESCRIPTION
DATE: February IS, 1995
SvnoDsis of Previous Commission/Council/Committee Action(s):
On October 5, 1992, the Connmmity Development Commission approved an interim construction loan of$900,OOO.
On December 20, 1993, the Community Development Conunission approved receipt of a $400,000 prepayment of the
interim construction loan in connection with refinancing of the project.
Recommended Motion(s):
(Community Development Commission)
MOTION:
That the Community Development Commission authorize execution of
documents as necessary to amend the legal description of the Arrowview Plaza
project at 2050 North Massachusetts Avenue (south of Highland Avenue) to
r flect the parcels recently created by Parcel Map 14546.
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Administrator
BARBARA J. LINDSETH
Acting Director
Contact Person(s):Barbara J. Lindseth/John B. Hoef?;er
Phone:
5081
Project Area(s): Northwest (NW)
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Ward(s): Six (6)
Supporting Data Attached: Staff Report:
FUNDING REQUIREMENTS:
Amount: $ N/A
N/A
Source:
Budget Authority:
N/A
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Commission/Council Notes:
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BJL:JBH:lag:02-20-02.cdc
COMMISSION MEETING AGENDA
MEETING DATE: 02120/1995
Agenda Item Number:fZ 1
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ECONOMIC DEVELOPMENT AGENCY
STAFF REPORT
Arrowview Plaza - Amend Lel!al Descriotion
The Agency assisted the Arrowview Plaza office building project at 2050 North Massachusetts
Avenue by providing a junior construction loan of $900,000 in October of 1992. The developer
has made payments on a timely basis and is current. Moreover, in early 1994 the developer paid
off$400,000 of the principal amount as the result of refinancing the project. The developer is
now ready to pay off the remaining $500,000 balance as a result ofa proposed sale of the
property. This will mean that the Agency is fully repaid and will provide a means for the
developer to develop additional property at the site.
To complete the sale it is necessary to record a correction to the legal descriptions used for the
project. At the time of the original loan agreement, a "metes and bounds" legal description was
necessary due to the nature of prior property transfer patterns. Recently the developer has
processed and recorded a parcel map which allows for more precise definition of the property.
The attached map shows the parcels which can now be described as "Parcels 1 and 2 of Parcel
Map No. 14546. . . "
. Staff recommends that the Commission authorize amendments of the legal description as
necessary to reflect the new parcel map.
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BARBARA J. LINDSETH, Acting Director
Economic Development Agency
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BJL:JBH:lag:02-20-02.cdc
COMMISSION MEETING AGENDA
MEETING DATE: 02/20/1995
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Agenda Item Number:
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ARROWVIEW PLAZA LIMITED
A CALIFORNIA LIMITED PARTNERSHIP
1950 Sawtelle Blvd. #280
Los Angeles, Ca 90025
Tel. (310) 479-4933 FAX (310) 312-0830
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January 30, 1995
Mr. John Hoeger
Economic Development Agency
201 North "E" Street
3rd Floor
San Bernardino, CA 92401
RE: AMENDMENTS OF LEGAL DESCRIPTION
CC&Rs - CITY OF SAN BERNARDINO
DPSS BUILDING - HIGHLAND & MASSACHUSETTS
Dear John,
With regard to the amendment to the legal description in the CC&Rs and other documents I write to advise
that Commonwealth Title (Gretchen Denham 1-800-950-0557) has informed me that the Parcel map
covering the above property was recorded on the 26th of this month.
The new legal description is attached hereto for inclusion into the amendment to the CC& Rs.
If you need any further information please contact me or Gretchen Denham.
Thank you for your help in this matter.
Yours sincerely,
Arrowview Plaza, Ltd.
a California Limited Partnership
Michael John Enterprises, .lnC;j~
General part~v/~ If:;-
By: _, /t/llt ~/ t:;~.
M.J. Geber - President
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Mr. Andre de Bortnowski
Sabo & Green
Suite 400
6320 Canoga Ave.
Woodland Hills, CA 91367
EDA.LET
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ATTACHMENT NO.1
LEGAL DESCRIPTION OF THE SITE
Parcels 1 and 2 of Parcel Map No.14546, in the County of San Bernardino, State of
California, as per map recorded in Book 177 of Parcel Maps, pages 31 and 32, in the
Office of the County Recorder of said County.
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