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Home My WebLink AboutR22-Economic Development Agency .~ ECONOMIC DEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO FROM: Gary Van Osdel Executive Director SUBJECT: TEFRA HEARING FOR THE AUTHORIZATION OF THE HOUSING AUTHORITY OF THE COUNTY OF SAN BERNARDINO TO ISSUE BONDS ON BEHALF OF THE RANCHO MERIDIAN MOBILE HOME PARK CORPORATION AND THE SEQUOIA MOBILE HOME PARK CORPORATION TO REFINANCE CERTAIN BONDS ISSUED FOR THE PURCHASE OF CERTAIN MOBILE HOME PARKS .---------..---------------------."-"----------------------------------------------------------------------------------------------------------------------.----- DATE: January 3, 2001 OR '''''''''L l\rl'ild Synopsis of Preyious Commission/Council/Committee Action(s): .--------------------------------------------------------------------------------------------------------------------------.------------------------------------------.. Recommended Motion(s): (Mayor 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 RANCHO MERIDIAN MOBILE HOME PARK PROJECT AND THE SEQUOIA MOBILE HOME PARK PROJECT -------------------------------------------------------_______________________._________________________n______b__________________n..._~________________________.__+_+___________. Contact Person(s): Gary Van Osdel Project Area(s) N/A Phone: 663-1044 Three (3) Ward(s): Supporting Data Attached: 0 Staff Report 0 Resolution(s) 0 Agreement(s)/Contract(s) 0 Map(s) 0 LetterlMemo FUNDING REQUIREMENTS Amount: $ N/A Source: N/A SIGNATURE: Budget Authority: N/A -c;;-~;nissi;;D1co;n~iINoies:----------------.-------------------.___________________.___________________.__m____________----------------------- ~-._---------------------------------------------------------------------------------------------------------------------------------------- GYO:lag:01-08-01 Tefra Hrg MHP COMMISSION MEETING AGENDA Meeting Date: 01108/2001 Agenda Item Nnmber: I{J..:J- ~ ECONOMIC DEVELOPMENT AGENCY STAFF REPORT --------------------------------------------------------------------------------------------------------------------- TEFRA Hearinl! - Rancho Meridian & Seauoia Mobile Home Parks BACKGROUND The Redevelopment Agency of the City of San Bernardino (the "Agency") acquired several mobile home parks, including the Sequoia Mobile Home Park and the Rancho Meridian 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. The Corporation then refinanced all of the parks in 1999, 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 1999 Notes come due September 15,2002. CURRENT ISSUE The Corporation has requested that the Housing Authority issue multifamily revenue bonds to refinance the existing note debt on the Sequoia Mobile Home Park and the Rancho Meridian Mobile Home Park. The Corporation has obtained a loan guarantee from the United States Department of Housing and Urban Development ("HUD") 207M Program for the Projects. This will allow the Corporation to obtain a AAA rating on the bonds to be issued to refinance said Projects and allow the Corporation to take advantage oflower interest rates. 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. RECOMMENDATION 1i Gary V n Osdel, Executive Director --------------~----------------------------------------------------------------------------------------------------------------------------- GVO:lag:Ol-08-01 Tefra Hrg MHP COMMISSION MEETING AGENDA Meeting Date: 01108/2001 Agenda Item Number: R;J.;J- . 1 2 ~'=.. 3 4 5 6 7 8 9 10 II 12 13 ~"" '- '- ~(Q)[P)V 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 RANCHO MERIDIAN MOBILE HOME PARK PROJECT AND THE SEQUOIA MOBILE HOME PARK PROJECT WHEREAS, the Rancho Meridian Mobile Home Park Corporation, a California non-profit 501(c)(3)corporation and the Sequoia Mobile Home Park Corporation, a California non-profit 50 I (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 $$5,500,000.00 and $8,000,000.00 respectively, (the "Bonds") for the purpose of refinancing certain bonds issued to acquire the Rancho Meridian Mobile Home Park and the Sequoia Mobile Home Park (the "Projects"); and WHEREAS, the Mayor and Common Council is the elected legislative body of the City of 14 San Bernardino (the "City"); and 15 WHEREAS, the Corporations have requested that the Mayor and Common Council approve 16 the financing of the Projects and the issuance of the Bonds in order to satisfy the public approval 17 requirements of Section 147(f) of the Code; and 18 WHEREAS, the City Clerk has caused the publication of a notice of public hearing which 19 has been held in accordance with the requirements of the aforementioned law; and 20 WHEREAS, the Mayor and Common Council now desire to approve the financing of the 21 Projects and the issuance of the Bonds. 22 NOW, THEREFORE, THEMA YORAND COMMON COUNCIL OFTHE CITY OF SAN 23 BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND ORDER 24 AS FOLLOWS: 25 Section 1. Recitals. The Recitals contained herein are true and correct and are 26 incorporated herein by this reference. 27 28 1 /2~ l/iltJ/ , . I Section 2. Determinations. The Mayor and Common Council hereby approve the .~- 2 financing described above and find and determine that said financing will result in significant public 3 benefits to the City and its residents. 4 Section 3. Official Action. The officers of the City are hereby authorized and directed, 5 jointly and severally, to do any and all things and to execute and deliver any and all documents 6 which they deem necessary or advisable in order to carry out, give effect to and comply with the 7 terms and intent of this Resolution and the financing transaction approved hereby. 8 1/1/ 9 /1// 10 11// 11 11// 12 /11/ 13 11// 14 /11/ r'-' 15 /11/ '- 16 1/1/ 17 11// 18 1/1/ 19 11// 20 /11/ 21 /11/ 22 1/1/ 23 1/1/ 24 11// 25 1/1/ 26 1/1/ 27 1/1/ 28 1/1/ .,.ot'~. '- 2 Council: AYES II ESTRADA LIEN 12 McGINNIS SCHNETZ 13 SUAREZ ANDERSON 14 McCAMMACK #"'~" 15 '- 16 . . '- 17 18 19 20 I 2 3 4 5 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 RANCHO MERIDIAN MOBILE HOME PARK PROJECT AND THE SEQUOIA MOBILE HOME PARK PROJECT Section 4. Effective Date. This Resolution shall take effect from and after the date of 6 its passage and adoption. 7 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and 8 Common Council of the City of San Bernardino at a 9 day of January 2001, by the following vote, to wit: 10 meeting thereof, held on the 8th NA YS ABSTAIN ABSENT City Clerk The foregoing resolution is hereby approved this _ day of January, 2001. Mayor of the City of San Bernardino Approved as to form and 21 legal c tent: 22 23 24 25 26 27 28 - , ....... -~ HASB/OOO4/DOClfEFRA Revenue Bonds. wpd 3 . ** FOR OFFICE USE ONLY - NOT A PUBLIC DOCUMENT ** RESOLUTION AGENDA ITEM TRACKING FORM Meeting Date (Date Adopted): I -~-O \ Item # Vote: Ayes 1-(" Nays.e- Change to motion to amend original documents: - R '2 L Resolution # '2 cJ:j \ - (p Abstain 'l Absent ..e Reso. # On Attachments: -=- Contract term: Nnll/Void After: - Note on Resolution of Attachment stored separately: --==- Direct City Clerk to (circle I): PUBLISH, POST, RECORD W/COUNTY Date: See Attached: - Date Sent to Mayor: 1- 9- c:, I Date of Mayor's Signature: 1-'0' 0 I Date of Clerk/CDC Signature: 1- , 0 - 0 \ Reso. Log Updated: .,./ Seal Impressed: ,/' Date MemolLetter Sent for Signature. 60 Day Reminder Letter Soot on 30th day: 90 Day Reminder Letter Sent on 45th day: See Attached: See Attached: See Date Returned: Request for Council Action & Staff Report Attached: Updated Prior Resolutions (Other Than Below): Updated CITY Personnel Folders (6413, 6429,6433,10584,10585,12634): Updated CDC Personnel Folders (5557): Updated Traffic Folders (3985, 8234, 655, 92-389): d: Yes / No By Yes No ,/' By Yes No ./ By Yes No -L By Yes 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: rn-r Date: \-\2.-0\