The URL can be used to link to this page

Home My WebLink AboutR43-Economic Development Agency , ECONOMIC DEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO FROM: Gary Van Osdel Executive Director SUBJECT: On'f"'H~L tl j \.Ill h Ii TEFRA Hearing for the authorization of the Housing Authority of the County of San Bernardino to issue bonds on behalf of The Pacific Palms Mobile Home Park Corporation and the Glen Aire Mobile Home Park Corporation to refinance certain bonds issued for the purchase of -------------------------_______________________________________________~!:!!!!!!._!!!~!?!!~~_~!!'_~.l!~1:!<!i____________m________ SvnoDsis of Previous Commission/CounciVCommittee Action(s): DATE: April 30, 200 I ._-------------------------------------------------------------------------------------------------------------------------- Recommended Motion(s): OPEN PUBLIC HEARING CLOSE PUBLIC HEARING (Mavor and Common Council) MOTION: RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO APPROVING THE ISSUANCE BY THE HOUSING AUTHORITY OF THE COUNTY OF SAN BERNARDINO MULTIFAMILY REVENUE BONDS FOR THE PACIFIC PALMS TRAILER PARK PROJECT AND THE GLEN AIRE MOBILE HOME PARK PROJECT ._---------.-._-------------------._-----------------------------------------------.------------------------------------------._----------- Contact Person(s): Gary Van Osdel Project Area(s) N/A Phone: 663-1044 Ward(s): 3&4 Supporting Data Attached: 0 Staff Report Ii1I Resolution(s) 0 Agreement(s)/Contract(s) 0 Map(s) 0 Letter/Memo FUNDING REQUIREMENTS Amount: $ N/A Source: N/A N/A SIGNATURE: .------------------.-------------------------------------------------._--------------------------------------------------------- Commission/Council Notes: ----------.--..-----.----------------------------------------------------------------------------------------------------------------------- GVO:lag:05-07-0 ITem-Glen Aire COMMISSION MEETING AGENDA Meeting Date: 05/07/2001 Agenda Item Number: ..1l!I1- I ECONOMIC DEVELOPMENT AGENCY STAFF REPORT --------------------------------------------------------------------------------------------------------------------- TEFRA Hearinl! for the authorization of the Housinl! Authoritv of the Countv of San Bernardino to issue bonds on behalf of The Pacific Palms Mobile Home Park CorDoration and the Glen Aire Mobile Home Park CorDoration to refinance certain bonds issued for the Durchase of certain mobile home Darks BACKGROUND The Redevelopment Agency of the City of San Bernardino (the "Agency") acquired several mobile home parks, including the Pacific Palms Trailer Park and the Glen Aire Mobile Home Park (the "Projects") in 1995 and 1996. The purchase of the Projects was financed with the issuance by the San Bernardino Joint Powers Financing Authority of a series of Multifamily Housing Revenue Bonds for each park. In 1997, the Agency caused the formation of The San Bernardino Mobilehome Park Corporation (the "Corporation"), a California nonprofit corporation and several subsidiaries thereof. All of the parks acquired by the Agency were transferred to the Corporation or its subsidiaries. In 1999, the Corporation refinanced all of the parks on a short-term basis, with the issuance by the Housing Authority of the County of San Bernardino (the "Housing Authority") of its $27,195,000 Multifamily Mortgage Revenue Notes (Mobile Home Park Projects) Series 1999A, 1999B, 1999C and 1999D Taxable (the "1999 Notes"). The plan of financing called for refunding the 1999 Notes on or prior to September 15, 2002, as that is the date said short-term notes come due. CURRENT ISSUE The Corporation will transfer ownership of the Parks to single purpose non-profit subsidiary corporations (the "Subsidiary Corporations"), which shall obtain a loan guarantee on the financing from the United States Department of Housing and Urban Development ("HUD") pursuant to its 207 Program. This will allow the Subsidiary Corporations to obtain a AAA rating on the bonds to be issued to refinance said Parks and allow the Subsidiary Corporations to take advantage of lower interest rates. The proceeds of the Bonds will be loaned to the Subsidiary Corporations pursuant to a Financing Agreement, which shall be entered into by and between the Housing Authority, the respective Subsidiary Corporation and Red Mortgage Capital, Inc. (the "Lender") (the "Financing Agreement"). The loan proceeds will be applied to (i) repay a portion of the 1999 Notes attributable to the Pacific Palms Trailer Park and Glen Aire Mobilehome Park, (ii) fund a reserve for the remaining 1999 Notes, (iii) fund certain rehabilitation costs, and (iv) pay costs of issuance of the Bonds. -------------~---------------------_..._._-------------------------------------------------------------------------------------------------- GYO:lag:05-07-0l Tefra-Glen Aire COMMISSION MEETING AGENDA Meeting Date: 05/07/2001 Agenda Item Number: ~ Economic Development Agency Staff Report Tefra Hearing - Pacific Palms/Glen Aire MHP April 30, 2001 Page Number -2- --------------------------------------------------------------------------------------------------------------------- In order to permit the issuance of bonds by the Housing Authority, the Internal Revenue Code requires that the local jurisdiction hold a TEFRA hearing pursuant to Internal Revenue Code Section l47(f) to approve the financing. The Housing Authority has requested that the City hold such hearing at this time and approve the following resolution. ENVIRONMENTAL None. FISCAL IMPACT None. RECOMMENDA nON r and Co on Council adopt the attached Resolution. ...------------------------.----------------------------------------------------------------------------------------------------._---------- GVO:lag:05-07-0 I Tefra-Glen Aire COMMISSION MEETING AGENDA Meeting Date: 05/07/2001 Agenda Item Number: Il. 'IJ , . . . ~(Q)P\1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Resolution Number: RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO APPROVING THE ISSUANCE BY THE HOUSING AUTHORITY OF THE COUNTY OF SAN BERNARDINO OF ITS MULTIFAMILY REVENUE BONDS FOR THE PACIFIC PALMS TRAILER PARK PROJECT AND THE GLEN AIRE MOBILE HOME PARK PROJECT WHEREAS, the Pacific Palms Mobile Home Park Corporation, a California non-profit 501 (c) (3) corporation and the Glen Aire Mobile Home Park Corporation, California non-profit a 501(C) (3) corporation (the "Corporations") have requested that the Housing Authority of the County of San Bernardino (the "Authority") issue multifamily revenue bonds in an aggregate principal amounts of not to exceed $4,425,000 and 4,250,000 respectively, (the "Bonds") for the purpose of refinancing certain bonds issued to acquire the Pacific Palms Trailer Park and the Glen Aire Mobile Home Park (the "Projects"); and WHEREAS, the Mayor and Common Council is the elected legislative body of the City of San Bernardino (the "City"); and WHEREAS, the Corporations have requested that the Mayor and Common Council approve the financing of the Projects and the issuance of the Bonds in order to satisfy the public approval requirements of Section 147(f) of the Code; and WHEREAS, the City Clerk has caused the publication of a notice of public hearing which has been held in accordance with the requirements of the aforementioned law; and WHEREAS, the Mayor and Common Council now desire to approve the financing of the Projects and the issuance of the Bonds. 1 f2 ^f ~~ s! 1 Ie ( . . 1 NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY 2 OF SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE 3 AND ORDER AS FOLLOWS: 4 Section 1. Reci tals. The Recitals contained herein 5 are true and correct and are incorporated herein by this reference. 6 Section 2. Determinations. The Mayor and Common 7 Council hereby approve the financing described above and find and 8 determine that said financing will result in significant public 9 benefits to the City and its residents. 10 Section 3. Official Action. The officers of the 11 City are hereby authorized and directed, jointly and severally, to 12 do any and all things and to execute and deliver any and all 13 documents which they deem necessary or advisable in order to carry 14 out, give effect to and comply with the terms and intent of this 15 Resolution and the financing transaction approved hereby. 16 Section 4. Effecti ve Date. This Resolution shall 17 take effect from and after the date of its passage and adoption. 18 III 19 III 20 III 21 III 22 III 23 III 24 III 25 III 26 III 27 III 28 III . III 2 . . . 1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO APPROVING THE ISSUANCE BY THE HOUSING AUTHORITY OF THE 2 COUNTY OF SAN BERNARDINO MULTIFAMILY REVENUE BONDS FOR THE PACIFIC PALMS TRAILER PARK PROJECT AND THE GLEN AIRE MOBILE HOME PARK 3 PROJECT 4 5 6 7 8 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and Common Council of the City of San Bernardino at a meeting thereof, held on the 7th day of Mav 2001, by the following vote, to wit: 9 Council Members ESTRADA 10 LIEN McGINNIS 11 SCHNETZ SUAREZ 12 ANDERSON McCAMMACK AYES NAYS ABSTAIN ABSENT 13 14 15 City Clerk The foregoing resolution is hereby approved this 7th day 16 of May, 2001. 17 18 19 Judith Valles, Mayor City of San Bernardino Approved as to form and legal content: By: ja> _ 7' ~__ ty Attorney 22 20 21 23 24 25 26 27 28 HASB/0003/DOC/Tefra-Pacific-Glen MHP.wpd 3 . 1 STATE OF CALIFORNIA COUNTY OF SAN BERNARDINO 2 CITY OF SAN BERNARDINO ss 3 4 I, Ci ty Clerk of the City of San Bernardino, DO HEREBY CERTIFY that the foregoing and attached 5 copy of Mayor and Common Council of the City of San Bernardino Resolution No. is a full, true and correct copy of that 6 now on file in this office. 7 IN WITNESS WHEREOF, I affixed the official seal of the 8 City of San Bernardino this 9 10 11 12 13 14 . 15 16 17 18 19 20 21 22 23 24 25 26 27 28 . have hereunto set my hand and Mayor and Common Council of the day of , 2001. City Clerk .' ** FOR OFFICE USE ONLY - NOT A PUBLIC DOCUMENT ** RESOLUTION AGENDA ITEM TRACKING FORM Meeting Date (Date Adopted): 5 -,-0 \ Item # e.. L\3 Resolution # Vote: Ayes \-, Nays e- Abstain-Er Change to motion to amend original documents: '2CX:,\-IOb Absent -e. Reso. # On Attachments: - Contract term: NullNnid After: - Note on Resolution of Attachment stored separately: ==-- Direct City Clerk to (circIe I): PUBLISH, POST, RECORD W/COUNTV By: - Date Sent to Mayor: 5 - 'is" -0 \ Date of Mayor's Signature: 5-"15-(;,1 Date of Clerk/CDC Signature: 5 "'1 -0 1 Reso. Log Updated: ..-/ Seal Impressed: V Date Memo/Letter Sent fo 60 Day Reminder Letter Sent on 30th day: 90 Day Reminder Letter Sent on 45th day: See Attached: See Attached; Date Returned: - Request for Council Action & Staff Report Attached; Ves -/ Updated Prior Resolutions (Other Than Below): Ves Updated CITV Personnel Folders (6413, 6429, 6433,10584,10585,12634); Ves Updated CDC Personnel Folders (5557): Ves Updated Traffic Folders (3985, 8234, 655, 92-389); Ves No By No -.L.. By No -L By No + By No By Copies Distributed to: City Attorney ./ Parks & Rec. Code Compliance Dev. Services EDA ,/' Finance MIS Police Public Services Water Others: Notes: BEFORE FILING. REVIEW FORM TO ENSURE ANY NOTATIONS MADE HERE ARE TRANSFERRED TO THE YEARLY RESOLUTION CHRONOLOGICAL LOG FOR FUTURE REFERENCE (Contract Term, etc.) Ready to File: fVYl Date: 5-1C,,','J1 Revised 01/12/01