HomeMy WebLinkAbout23-Economic Development Agency
CITY' OF SAN BERN~bINO - REQUEST ~ COUNCIL ACTION
From:
Ksmet:h J. HlBDar&on, Director
Subject:
~ ES'.lM!S - ISSUANCE
OF M!Qlh>'J.l::i FtR PR:lPOSAIS
Dept: n-nrl.ty Devel~lt
Dm: Mam1 8, 1989
Synopsis of Previous Council action:
on April 6, 1987, the Mayor and 0 ..... I'} cnmcu authorized the hirirg of 5al:lo
and Deitsch to initiate foreclosure PL' ~in;JS at deli.rquent prcparty owners
for Ass.. '-iL District NImiler 5861lx:n:l payments.
on Dec-.l.ez 21, 1987, the Mayor and n......' cnmcu authorized advancement of
$85,000 frail Ass .- iL District F\ni for Jamary, 1988 payment of :interest on
balds for Ass- -~iL District NImiler 5861.
on FebruaJ:y 15, 1988, the Mayor and 0.....1'} cnmcu authorized the sul1nittal of
an ~icatiat to pn'Cbase seventy-seven (77) lots in AsS!lJ-......d:. District
NImiler 5861 t:hralgh sale of Camty Treasurerj'rax Collector.
Recommended motion:
'lhat staff be authorized to issue the attadled Rec;pest for PL'i^""'lR for the
deIrelV}oWl"liL of sevant:y-six (76) sirgle family haDes in the ~ (200)
lot ~SlJOoc1 Estat.E subdivisiat located east of california SL..=t, IDrth of
16th SL.....et, saJth of 19th SL......t and west of }IIIot'Iinol center Drive.
cc: Jim Robbins
Jim Richardson
Phone:
5065
Supporting data attached:
Ward:
6.
FUNDING REQUIREMENTS:
Amount:
N/A
Source: (Acct. No,) N/A
(Acct. DescriPtionl N/A
Finance:
Council Notes:
~-~
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8XIID8I8 C. _y........ (Jl1I...... ...;.I:.u.. u...'~.&.-.II:iII...
On June 20, 1988, the Mayor and n ..... . I O:uncU aut:hcrized the DiJ:ectar of
Finlm;Je to advance $80,000 to the debt service aooamt of Ass '-iL
District Nuld:Jer 5861, to be refunded to the City at the ClaIpl.etia1 of the
}lLV}'IILty transactia'IS.
On NoIIeDber 7, 1988, the Mayor and (\ ..... " O:uncll adc.pted resoluticn p"""'"
88-414 authoriziD} the exec:utic:n of an ~..........d.. to pJrdlase tax-defaulted
PI~Ll' fran the <hInty of san Bemardino.
March 8, 1989
o 0
CITY OF SAN BERNARDINO - REQUEST FOR COUNCIL ACTION
STAFF REPORT
Asl;--- -.d. District NuId:ler 5861 was formed to prcNi.de pJblic
hprayements far deIIel"'J:oU&'llt of the Orallga.rood Estate project. '!his
District was formed in 1980 to assist with the deYel~1t of two
hur.:h...d (200) siD;J1e family hcIIles located east of california SL.....et,
north of 16th su-.Elt, south of 19th street am west of Medical center
Dri~: J 'l!le deIIel~/t. was plagued with many prcbl- am the
hol of the ClCIlStructi.a1 lCllUl fina1l~:::osed en the hcIIles am
lots. '111ere are pt :IUttly cne In.n:.:h...d, -three (123) hcIIles am
seventy-sjx (76) vacant lots in the project. en all of the vacant .
lots an;! a few of the hcIIles the City has delirq.Jent: J:xn1 payments
datin) back to the begi.min;J of the project. BcDi payments are made
by the City in Jamary am July of each year.
'l!le City has J:Jeen able to keep lxn:Ilolders Cw.u..1t by usiD;J the
Resexve P\Ind and ~D ClCIlStructi.a1 funds to make timely BcDi
payments. 'lbese funds were exhausted in the fall of 1987. Sin:le
that time the City has advaJxled $245,000 fran its General P\Ind to
prevent default en the J:xn1 issue and $101,300 fran its halsiD;J am
~nrl.ty devel."'J:oU&'I/L funds to ''''lll,ire seventy-six (76) lots fran the
0Junty'l'reasurer-Tax Qill.ectar. '!his 8CqI,i..iticn was aoo"lJished
pmlU8J1t to secticn 3791.3 of the california RsIIen.Ie am Taxaticn
00de.
As a msult of p.m:tlasiD;J the subject lots fran the 0Junty, staff has
~ the attadled FeqI~ far Pl..,."""" midi. sets forth the City
cbjectives, in order of priority, as follows:
1. To select an experienced am financially som:l deIIeloper to
~jte the CXIIpleticn am S1l<X ful sale of sevent:y-six (76)
lIICldemt:el.y priced hcIIles en these i:apraYed lots. 'l!le hcIIles shaIld
be ocnrl.stent in style am lIIIII!I1i.ties with existin;J hcIIles in
OraIlgeirood Estates.
2. To realize i""""",,i..te funds fran this sale to recaver the $346,300
already advaJxled by the City en behalf of this ~~ty.
3. To negotiate an arrarqement Wereby the residual of the debt
service en the ..----- ~.,L J:xn1 is settled in a timely fashicn am
at no further expellee to the City. SUdl settlEllll!ll1t shoold
in::1me satisfact:i.cn of :interim debt service in::1~ BEIIIi-
lIl1I'J.Ja1 payments en the l:xDB, .:. ....-ICiD;J with ~....imate1y
$76,000 due July 2, 1989. All residuall:x:oBi imebtecmess en
each pemel shaIld be fully satisfied, pro rata, at the time of
sale to the 1v- wners.
March 8, 1989
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-.....,... ancl:her pllyDB1t to the I:Icn:nlolders of ~y $76,000
is due July 2, 1989, it is iDpartant to issue this RFP, negotiate
with am select a develqler am sell the 1'L~ ty in cpesticn prior
to sud1 payIIIIIIt ~irq due and payable. staff belielles this
ciJjective can l:le eo:.. .'l.lished within the forty-five (45) day mspouse
period that ems May 3, 1989. 'lhis timetable will afford the -..in.
............t..mi.ty _:-- "l:r:y for staff to DBrltet this project, and for
interested deYel.c:prs to ~xi in detail. to the specific provisia1S
of the RFP.
I I'A()o ....~xi adc:ptial of the fam mcti.cn.
~L
KIlVlab/3114
att:ac:bDents
March 8, 1989
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CITY 01' 8U BBDlaRDIRO ;.
COJOIUIfITY DBVBLOPIIDIT DBPDTllBIlT
REQUBST FOR PROPOSALS
FOR
TBB DEVBLOPJlBIlT 01' MODBRATB INCOJIB BOUSING
IN 8U BBDlaRDINO, CALIFORNIA
Release Date: Maroh 21, 1989
o 0
CITY OJ' SU BBRlIARDIlIIO
COIlllUJllITY DBVBLOPIIBJIIT DBPUTIIBJIIT
DQUBST J'OR PROPOSALS
J'OR
TRB DBVBLOPllBJIIT OJ' HODBDTB IlIIooMB 80USIlII<I
1111 SU BBRlIARDIlIIO, CALIJ'ORJIIIA
In 1981, the City of San Bernardino issued a three million
dollar ($3,000,000) public improvement bond for the purpose
of providing funds for infrastructure and site improvements
for Assessment District Number 5861. This Assessment
District consists of a two-hundred (200) lot subdivision
located on the west side of San Bernardino (see Map "I").
A developer acquired the land and proceeded to build one
hundred, twenty-three (123) homes in a subdivision called
"Orangewood Estates". These homes were sold during the
period from 1983 through 1986 for prices ranging from $61,000
to $92,000. Due to financial difficulties, the developer was
not able to complete the build-out of this subdivision.
Consequently, on January 24, 1989, the City of San Bernardino
took title to the remaining undeveloped parcel through a
Chapter 8 Tax sale. The parcel consists of approximately
twenty-one (21) acres and is located east of California
Street, north of Sixteenth Street, south of Nineteenth Street
and west of Medical Center Drive (see Map "2").
The city of San Bernardino is interested in selecting a
developer to purchase and complete the build-out of this
subdivision through construction of seventy-six (76) single
family homes which are consistent in character, size, ameni-
ties and aesthetics with other moderate income homes in
orangewood Estates and the surrounding area. The City will
require development standards, where applicable, consistent
with the Verdemont Area Plan as adopted by the Mayor and
Common Council and currently being considered as part of the
comprehensive revision of the City'S General Plan. (For a
summary of these standards, see Attachment Number "I".) Any
proposed deviation from these standards should be so stated
in the response to this RFP.
J'inancia1 Structure and City Obiectiv..
As a result of the assessment bond issued in 1981 which
funded the infrastructure and site improvements, each lot is
encumbered by a total assessment of $13,450. The annual debt
service on each lot currently averages about $1,950. The
City of San Bernardino has advanced the following funds on
behalf of this property:
To acquire the property through
Chapter 8 Tax Sale:
$101,300
To service the bond-holders after
default by the developer:
Total to Date:
$245.000
$346.300
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Request ror Proposals
Developaent or Ko4erate Ineo.e Rousing
page -2-
The city estimates the market value of the improved property
to be approximately $24,000 per lot (less the current in-
debtedness). The current tax rate for the area is $1.1195
per $100 of assessed value, excluding the assessment noted
above.
The City's objectives, in order of priority, are as follows:
1. To select an experienced and financially sound developer
to expedite the completion and successful sale of
seventy-six (76) moderately priced homes on these im-
proved lots. The homes should be consistent in style and
amenities with existing homes in Orangewood Estates.
2. To realize immediate funds from this sale to recover the
$346,300 already advanced by the city on behalf of this
property.
3. To negotiate an arrangement whereby the residual of the
debt service on the assessment bond is settled in a
timely fashion and at no further expense to the City.
Such settlement should include satisfaction of interim
debt service including semi-annual payments on the bonds
commencing with approximately $76,000 due July 2, 1989
(see Attachment Number "2"). All residual bonded
indebtedness on each parcel should be fully satisfied,
pro rata, at the time of sale to the homeowners.
The City is willing to consider development incentives to
accomplish these objectives. The City'S assistance would be
predicated on the necessity to reduce prices in order to
achieve market success. If higher prices were achieved
(within the required moderate income levels) or sales
occurred more rapidly than projected, the city would expect
to participate in the resulting increased profits so as to
recover the cost of such incentives and/or assistance. In
essence, the City is willing to provide greater assistance if
there are recovery mechanisms.
Due to the use of Community DeveloDment Block Grant (CDBGl
funds in Dartial Davment of the City's acauisition costs. at
least twenty (20l homes in this subdivision must be sold at
Drices affordable to families earnina no more than eiahtv
Dercent (80tl of current median income. According to
current U.S. Department of Housing and Urban Development
Department (HOD) income limits, eighty percent (80t) of the
median income for the Riverside-San Bernardino PMSA is
$25,750 for a family of four (4) (see Attachment Number "3").
The remainder of the homes may be sold at market prices.
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aequest for proposals
oevelopaent of Moderate Xnco.e Housing
Page -3-
Potential Bond Restructurina
The City is willing to consider a refunding of the bonds,
providing that the benefits incurred outweigh the cost of
issuance. Alternatively, the developer may propose assuming
the assessment liabilities. A third option is that the City
could agree to continue to make the assessment bond payments
for a limited period of time from sale proceeds.
ProDosa1 Contents
Proposals offered in response to this RFP should address all
of the specific issues regarding the purchase arrangements
proposed, including the purchase price for the property, and
the detail terms of the purchase. These terms should include
(a) down payment; (b) arrangements and guarantees to satisfy
the existing bonded indebtedness; (c) note arrangements (if
any); (d) amount and timing of additional payments (if any),
and; (e) the date at which the bonds will be fully serviced
on a regular basis by either the developer or homeowners.
If the developer proposes to develop this parcel in phases,
this arrangement should also be described. The developer
should submit a build-out pro forma reflecting annual cash
flow and isolating development costs, financing costs and
developer's fees. The developer should clearly state, in
detail, what will be required in support from the City to
undertake this project. The developer is also requested to
submit a timetable which presents the best estimate of the
time required to complete the development and sale of all
seventy-six (76) homes.
The City is seeking evidence of security for payment or
retirement of the bonds. For example, security for retire-
ment of the bonds might include a commitment by a mortgage
lender to make mortgage loans significantly larger than the
bonded amount. (The City believes this is feasible since the
public improvements are now in place.) Alternatively, the
developer might present a clear demonstration that combined
mortgage, tax and assessment payments (current and modified)
would fit in with the income tests to qualify the homeowners
for purchase of the property and be acceptable to the lender.
The deve10Der selected from this solicitation will be re-
auired to Drovide the citv with a non-refundable neaotiatina
fee of $5.000 Drior to commencement of final neaotiations.
The fee will. however. be credited aaainst the final reauired
Davments.
Developers should indicate their experience and understanding
of the "special" requirements of building low and moderate
income housing. Please provide financial statements for all
entities responding to this RFP.
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Request for Proposals
oevelopaent of M04erate Inoo.e Rousing
Page -C-
Respondents are requested to provide references from lenders,
joint-venture partners, and other cities, counties or other
public agencies with whom they have worked. To assist
proposers in responding, the City has prepared as an exhibit
a checklist of items to be covered in the reference and
credential sections.
Responses to tbis UP are 4ue at CIOO p.m., on .eaes4ay, May
3, 1'.', at tbe following looationl
City of San Bernar4ino
co.-uni ty Developaent Depart:aent
300 Mortb "0" Street, 5tb 1'1ocr
San Bernar4ino, CA '2Cl.
Attention I B4war4 L. I'lores
Ally questions regar4ing tbis UP sbou14 be 4irecte4 to Mr.
B4war4 L. I'lores, at 71C/3.C-5065.
bJulBTR J. RBIIDBRSOM
Direotor of Co..unity Developaent
flab
3100
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CITY O~ SAM BBRRaRDIBO
COJIIlUIIITY DBVBLOPJlBft DBPUTllBft
.I~B1.I1.~
propos.r Qualifioations Stat...nt
The following information must be provided by firms submitt-
ing proposals. Information should be presented in the same
order and format as spe~ified in this Qualifications state-
ment.
The city recognizes the sensitive nature of the financial
information requested in this statement. Such information
may, therefore, be submitted under separate cover and labeled
"confidential". This information will be used solely by the
City for purposes of evaluation and will be kept confidential
to the extent allowed by law.
1. Provide the proposer's name, street address, mailing
address and telephone number. Describe the nature of the
proposer's business and length of operation. Specify if
the company is a corporation, partnership, joint venture
or other. If a corporation, specify when incorporated.
List other dba's.
2. List officers, partners, or owner(s) of the proposer
entity by name, title, type of entity, and percent of
ownership. Indicate the name and telephone number of the
representative authorized to act on behalf of the pro-
poser entity.
3. Specify the capitalization of the proposer entity and
clearly detail the entity's equity funding resource(s)
and commitments.
4. If the entity which is to undertake the development has
been specifically formed for that purpose and represents
a subsidiary or joint venture, specify the guarantee
relationships that will exist between it and its sponsors
or participants.
5. For the development entity or, in the case of a specifi-
cally formed company for this project, for each of its.
guarantors, please provide the following information:
a) An audited or reviewed financial statement indicating
total net worth and, to the extent that a portion of
the net worth is real estate, the mechanism used for
establishing the value of such real estate such as
cost or market and, if market, based on appraisal
judgment. These statements should correspond to the
most recent full calendar or fiscal year.
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Requ..t for propo.als
propo..r Qualification. stat".Dt
pag. -2-
b) Identify your current banking relationships and the
amount of the available credit line and/or guarantors
and participants.
c) Provide the name, address and telephone number for a
minimum of four (4) credit references, preferably one
involved in financing projects of similar scope, for
the development entity and/or its guarantors and
participants.
6. Is your firm involved in any litigation or other disputes
that could result in a financial settlement having a
material adverse affect on the ability to execute this
project? If yes, please list the dates and circum-
stances.
7. Has your firm, or any named individuals in the proposed
project, ever filed for bankruptcy or had projects that
have been foreclosed or served with a notice of default?
If yes, please list the dates and circumstances.
8.
Provide resumes of the principals in your firm.
should summarize the professional experience of
person, including total time with firm, present
bilities, and a description of their experience
joining the firm.
Resumes
each
responsi-
prior to
9. Describe your experience in developing and operating
similar projects, including comparable public/private
projects with emphasis on compliance with low and mode-
rate price limitations, scale of development, cooperation
with public agencies and date of successful completion."
JRT/lab/3100
March 3, 1989
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CITY O~ SAN BBRRaRDIRO
COJIIItJRITY DBVBLOPllBIIT DBPUTllBIIT
sn-ary of the Verdeaont Area Plan
Deyelopaent Standard.
1. All residential structures (houses, garages, barns) shall
have clay tile or concrete tile roofs.
2. Minimum front setback requirements:
LQt~
Minimum
Setback
7,200 sq. ft.
25 feet
3. Landscaping shall be provided at the intersections of all
arterial and collector streets and a maintenance district
established prior to the release of improvement bonds.
4. Landscaping shall be provided for all open space fronting
parkways, arterials and collector thoroughfares prior to
the release of improvements bonds.
5. Every residential zoned property shall include front yard
landscaping and front yard street trees as a requirement
of bond release.
6. All developments opening onto an arterial or collector
street shall provide an entry treatment.
7. All developments having perimeter fencing shall use slump
stone, split face block, river rock or concrete block
with stucco color coating only. Wood and/or chain link
fencing shall not be allowed on the perimeter of or
corner lots within any developments.
8. CC&R's: All developments shall include restrictions
covering screening of satellite dishes, equestrian/hiking
trails, screening of storage, recreation vehicle storage,
repair of motor vehicles and other matters approved by
Council.
lab/nOD
3/1989
Attacbaent lhUlber "1"
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CITY O~ SAN BBRRaRDIBO
COJDltQl'ITY DBVBLOPIIlUIT DBPUTllBBT
1915 Aot Iaprov..ent Bonds, A.D. '58&1
Debt Servioe Sohedule
Issue Date: July 2, 1987
Settl..ent Date: July 2, 1987
~irst Coupon: January 2, 1988
~ PrinoiDal CouDon Interest ~ Servioe
07/02/88 $ 45,000.00 10.600 $ 147,345.00 $ 192,345.00
07/02/89 $ 50,000.00 10.750 $ 142,575.00 $ 192,575.00
07/02/90 $ 50,000.00 11.000 $ 137,200.00 $ 187,200.00
07/02/91 $ 60,000.00 11.000 $ 131,700.00 $ 191,700.00
07/02/92 $ 65,000.00 11.000 $ 125,100.00 $ 190,100.00
07/02/93 $ 70,000.00 11.000 $ 117,950.00 $ 187,950.00
07/02/94 $ 80,000.00 11. 250 $ 110,250.00 $ 190,250.00
07/02/95 $ 90,000.00 11. 250 $ 101,250.00 $ 191,250.00
07/02/96 $ 95,000.00 11.250 $ 91,125.00 $ 186,125.00
07/02/97 $ 110,000.00 11. 250 $ 80,437.50 $ 190,437.50
07/02/98 $ 130,000.00 11. 250 $ 68,062.50 $ 198,062.50
07/02/98 $ 140,000.00 11. 250 $ 53,437.50 $ 193,437.50
07/02/00 $ 160,000.00 11. 250 $ 37,687.50 $ 197,587.50
07/02/01 ~ 175.000.00 11. 250 ~ 19.687.50 ~ 194.687.50
Totals:
81.320.000.00
81.3'3.807.50
82.683.807.50
Accrued Interest to 7/02/87: 0.00
Prepared by Miller and Schroeder Financial on August 17, 1987.
lab/3108
3/1989
Attachment Number "2"
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U.S. Deper1ment 01 ''''''"9 end Urben Developmenl
l.oe AngeIee AnIe 0l1lcMg;on IX .
.......... ... ....... .......
LOS ANGELES. CA 10011'3.01
News Release
FOR IMMEDIATE RELEASE
February 13, 1989
Los' Angeles HUD Office
Revised Income Limits for Public Housin and Section 8 Pro
an lan aml y ncomes or sca ear
HUD has revised the income limits for the Public Housing and the
Section 8 programs in accordance with the U.S. Housing Act of 1937.
Dr. Benjamin F. Bobo, Manager of the Los Angeles Office, announces
that the lower and very low income limits for the Southern California
Metropolitan Statistical Areas (MSA), Primary Metropolitan Areas (PMSA)
and non-metropolitan counties are as listed on the reverse side of
this page.
These revised income limits are based on the HUD estimates of
median family income for Fiscal Year 1989. As required by statute, the
definition of lower income family is based on 80 percent of the median
income for the area, with adjustments for family size. A 19B7 Housing
and Community Development amendment to the U.S. Housing Act of 1937
established a minimum income limit standard based on the State non-
metropolitan median family income level. As authorized by legislation
and has been done in previous years, income limits have also been
adjusted for areas with unusually high or low housing costs in relation
to income. As in the past, a maximum income limit for lower income
four-person families has been established. As required by the 1987
HUD Act, this limit is set at the higher of the national median family
income level of $34,000 or 80 percent of the State nonmetropolitan
median family income level.
Questions concerning these income limits can be directed to the
Economic and Market Analysis staff at (213) 251-7027. Questions
related to how these income limits apply to tax code provisions should
be referred to Mark Scott at the Department of the Treasury at (202)
566-4336. Requests for national or regional income limits may be made
to HUD User at 1-800-245-2691.
~'FFCT!V' ,'~D'.lnQV 6. 190'1
LosAngeaes Office. t"5 W..I Olympic Bout.....rd Lo. AhO.I.., C.lllornl. 100tS-3801
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