HomeMy WebLinkAboutR14-Redevelopment Agency
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DBVELOPIIIIIT DBPAhrmaL OF DB
CITY OF SAIl ImlRAIlnnro
IBOUBST FOil COIBISSIOll/COUKCIL ACTIOll
From:
KENNETH J. HENDERSON
Executive Director
Subject:
WELLS FAIlGO LID OF
CUDIT AftuIlftl5ftT
Date:
April 9, 1991
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Synopsis of Previous CaaBissionlCouncil/C~ittee Action:
On July 2, 1990, the COllllDU11ity Development CODlDiBs1on authorized the
execution of a Letter of Acceptance for a Line of Credit with Wells
Fargo.
On October 01, 1990, the Community Development Commission authorized the
negotiation of an agreement with Wells Fargo Bank for investment
services.
On December 17, 1990, the Community Development Commission authorized
-lines of credit with Wells Fargo Bank
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Ilec~eaded Motion:
(C-itv Devel..__t C-ission)
USOLUTIOll OF DB COII_Jl.lft DBVELOPIIIIIT COIBISSIOll OF DB CITY OF SAlI
BER1IAltDIlIO. CALIFORIIU. APPIlOVIIG All ~ OF r.J!II'I'UlI LIDS OF CREDIT
WITH WELLS FAIlGO IWII:. IlATIODL ASSOCUTIOlI QD AtlTIIOIlIZIIIG DB EXECUTION
OF CEIlTAIlI OOCUl'JJ5lf:[S III CODBCTIOll DBUWITH.
(Recommended Motions continued to Page Number "2")
~Il J. 1I1!1IID!1I1101l Executive Director
Develo~ent Depar t
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Contact Person:
Ken Henderson/Barbara Lindseth
Phone:
5065: 5081
Project Area:
Northwest (NW)
Ward(s):
Six (6)
Supporting Data Attached:
Staff ReDort: Resolutions
FUNDING REQUIREMENTS:
Amount: *58.500/vear Source:
Budget Authority:
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CODIDissionlCouncil lIotes:
KJH:BL:lab:1382A
Ageada Item lIo:~
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DEVELOPIIIIIr DBPAou.maJ:
REQUEST lOR COIIIIISSIOII/COUBCIL ACTIO.
Wells Farao Line of Credit .l........at
Paae -2-
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Recnmm~ded Rotions Contfnned...
(C----itv Develn-t C-lssion)
RESOLtlTIOII OF TBB ClIl__.lTY DEVELOPIIIIIr COIIIIISSIO. OFTBB CITY OF SAR
BBRltARDIIIO. CALIlOllIIU. IlAnIlG FmDIKS DD _uIIIIJ.IlATIOIIS AS TO TBB
Iu5au.lT TO TBB SOlITBIAST IlIDUSDUL PARr; _v&.OPIIIIIr PIOJBCT ARIA OF
URUJ5JaAnIlG CKIIT.l TW RBDEVELOPIIIIIr ACTIVITIES.
nlavor ...d C on Ccnmcil)
RESOLtlTIO. OF TBB IlAYOR DD COIKl. COUBCIL OF TBB CITY OF SD
Rlmf.lllDIIIO. CALIlOllIIU. IlAnIlG neIKS DD Wl"J:Ul'I.lIlATIORS AS TO TBB
"BlllBFIT TO TBB SOllTIIBAST IIIIUSftIAL PARr; IUWJ5v&.OPIIIIIr PIOJBCT ARIA OF
UlIDBRrAnIlG CKIIT.lTW RBDEVELOPIIIIIr ACTIVITIES.
(C.-....ftv Develomlent Cnmmfssion)
1'hat the C-.mity Development C~ssion authorize lID lUID.ual payment
of a 1.5S letter of credit fee to Wells Farao Bauk.
KJH:BL:lab:1382A
COIMISSIO. IlBETIltG
Reeting Date: 04/15/1991
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DBVBLOPIIIIIT DBPAaumar
STAFF REPORT
Wells Farao Line of Credit a____t
The firm of Wood-Rusing and Associates was directed to assist the
Department with the maximization of yields the Department can earn on
its investment portfolio by undertaking a review of the cost, risk and
rate of return from alternate investment strategies available,
consistent with the Department's existing investment policies. The
firm was also directed to maximize the leverage which that portfolio
gives the Department in obtaining loanable funds from the banking
community by assisting in negotiating with Wells Fargo Bank a maximum
line of credit for use on redevelopment projects.
As approved on July 2, 1990 by the Commission, the Line of Credit was
designed to extend credit to the Department in the aggregate principal
amount of $7,000,000. Of this $7,000,000, $1,000,000 is an unsecured
"line of credit payable at prime rate to be repaid at the Department's
terms, with a maturity date of December 1991. The remaining $6,000,000
is a secured line of credit payable at prime rate minus .50% to be
repaid at the Department's terms, with a maturity date of December
1991, and with collateral of secured interest in cash or cash
equivalents of not less than the line cODlllitment. There are no
cODlllitment or loan fees, but the Department will maintain the ratio of
cash or cash equivalents to the Unsecured Line of Credit CODlllitment of
not less than 1.5 at any time.
As collateral, $10,000,000 was approved by the CODlllission to be
invested through Wells Fargo Bank Investment Services. These funds
funds are tax increment funds, not bond proceeds, and the funds will be
invested in accordance with the Department's Investment Policy and the
agreement negotiated with Wells Fargo. Investment of these funds with
Wells Fargo will meet the requirement that the Department maintain the
ratio of cash or cash equivalents to the unsecured line of credit at
any time and that there be security in the amount of $6,000,000 (from
Southeast Industrial Park) for the secured line of credit. It was
proposed to invest the following funds:
Central City Projects:
Southeast Industrial Park:
$ 4,000,000
6.000.000
$10,000,000
Total:
The proposed use of the Line of Credit will be in the amounts of
$2,130,000 for the HAB Loan and $3,400,000 for the Portugal and Neal
Agreement secured by the tax increment from Southeast Industrial Park.
KJR: BL: lab: 1382A
CORlISSIOB IIBITIBG
'Meeting Date: 04/15/1991
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DEVELOPIIBIIr DBPhumaJ: StiFF IBPORT
Wells Farao Line of Credit
April 9. 1991
Page -2-
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In addition, the proposed increase in the line of credit of $4,000,000
will be used to secure the CDBG float loans from the County of San
Bernardino ($2,900,000) and from the City of San Bernardino ($450,000)
for the West Side Plaza to secure the letters of credit. At the same
time as the adoption of the amendments to the lines of credit, benefit
resolutions will need to be adopted to allow the deposit of funds from
the Southeast Industrial Park project area to be invested with Wells
Fargo as collateral for the letters of credit issued to the Northwest
project area. In addition, Wells Fargo Bank will impose an annual fee
in the amount of 1.5X of the total letters of credit.
The attached Resolutions approve the amendments to the lines of credit
with Wells Fargo Bank, the execution of certain documents in connection
therewith, and establishes the benefit to Southeast Industrial Park for
"the use of tax increment as collateral.
Staff recommends adoption of the attached Resolutions.
.........~~OB. becutive Director
Develor.-ent Departaent
KJH:BL:lab:1382A
COIIIISSIOB IIBBTIBG
Meeting Date: 04/15/1991
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KAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA
AGENDA
April 15, 1991
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, APPROVING AN AMENDMENT OF CERTAIN
LINES OF CREDIT WITH WELLS FARGO BANX, NATIONAL
ASSOCIATION AND AUTHORIZING THE JXECUTION OF
CERTAIN DOctlHENTS IN CONNECTION THEREWITH
Action to
be Taken:
Adopt Resolution.
Certified copy of Resolution to be returned to Sabo & Green, a
Professional Corporation.
IIII!lIIIIOOIIDOCI4.5I
419191 0700.
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7 WHEREAS, the Community Development Commission of the
8 City of San Bernardino (the "commission") on behalf of the
9 Redevelopment Agency of the City of San Bernardino (the
10 "Agency"), is a redevelopment agency, a public body, corporate
11 and politic of the State of California, organized and existing
12 pursuant to the Community Redevelopment Law (Part 1 of Division
13 24) commencing with Section 33000 of the Health and Safety Code
14 of the State of California (the "Act"); and
RESOLUTION NO.
RESOLUTION OF THE .COMHtlNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, APPROVING AN AMENDMENT OF
CERTAIN LINES OF CREDIT WITH WELLS FARGO
BANK, NATIONAL ASSOCIATION AND AUTHORIZING
THE EXECUTION OF CERTAIN DOCUMENTS IN
CONNECTION THEREWITH
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16 WHEREAS, pursuant to Health and Safety Code Section
17 33601 a redevelopment agency may borrow money (by the issuance of
18 bonds or otherwise) or accept financial or other assistance from
19 any private lending institution for any redevelopment project for
20 the purposes of undertaking redevelopment activities; and
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22 WHEREAS, pursuant to California Government Code Section
23 5900 n am., the Agency may issue bonds, as such term is defined
24 in California Government Code Section 5902 (a), and may enter into
25 and undertake similar and related financing transactions as more
26 fully described in Government Code Section 5900 At ~; and
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1 WHEREAS, the Aqency has previously taken certain
2 actions with the City of San Bernardino (the "City") to approve
8 and adopt various redevelopment plans and establish redevelopment
4 project areas within the boundaries of the city; and
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12 WHEREAS, the Aqency now deems it desirable to amend the
13 Lines of Credit in order to increase said Lines of Credit by an
14 amount equal to Four Million Dollars ($4,000,000) for the
15 purposes of allowinq the Aqency to undertake certain
16 redevelopment projects within the Northwest Redevelopment Project
17 Area; and
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WHEREAS, in order to fund various redevelopment
projects within its various redevelopment project areas, the
Aqency has previously approved the establishment of two (2) lines
of credit (the "Lines of credit") with Wells Farqo Bank, National
Association (the "Bank"); and
WHEREAS, in connection with the amendment of the Lines
of credit, the Aqency shall be required to execute certain
documents and the Aqency deems it desirable to authorize the
execution and delivery of such documents in connection with the
amendment of the Lines of Credit.
NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION
ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
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1 Section 1. The amendment of the Lines of Credit as
2 described in the Recitals hereof is hereby approved.
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4 Section 2. The Aqency authorizes the execution of
5 the final form of any documents required in connection with the
6 amendment of the Lines of credit when the same shall be presented
7 for execution by the Chairman, the Secretary, or such other
8 appropriate Agency officials, subject to such changes, additions
9 and deletions as may be approved by the Chairman. The execution
10 thereof by the Chairman, the Secretary, or such other appropriate
11 Agency official shall be deemed to be conclusive as to the
12 approval thereof, by and on behalf of the Aqency.
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RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, APPROVING AN AMENDMENT OF CERTAIN
LINES OF CREDIT WITH WELLS FARGO BANK, NATIONAL ASSOCIATION AND
AUTHORIZING THE EXECUTION OF CERTAIN DOCUMENTS IN CONNECTION
THEREWITH
section 3.
This Resolution shall take effect upon
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Community Development Commission of the City of
9 San Bernardino at a
meeting thereof, held on
10 the day of
11 vote, to wit:
, 1991, by the following
12 Commission Members:
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ABSTAIN
ESTRADA
REILLY
FLORES
MAUDSLEY
MINOR
POPE-LUDLAM
MILLER
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Secretary
The foregoing resolution is hereby approved this
, 1991.
day of
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Approved as to
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26 By.
. Agency ounse
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W. R. HolCOmb, Chairman
Community Development
Commission of the
city of San Bernardino
SBEOIOOOl1DOC1451
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1 STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO )
2 CITY OF SAN BERNARDINO )
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I, Secretary of the COlll1lluni ty
Development COlll1llission of the City of San Bernardino, DO HEREBY
CERTIFY that the foregoing and attached copy of COIII1IIuni ty
Development COlll1llission of the City of San Bernardino Resolution
No. is a full, true and correct copy of that now on
file in this office.
IN WITNESS WHEREOF, I bave bereunto set my band and
affixed the official seal of the COIII1IIunity Development COlll1llission
of the City of San Bernardino this day of
, 1991.
Secretary of the
COlll1llunity Development
COIII1IIi.sion of the
City of San Bernardino
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Action to
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Item:
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MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA
AGENDA
April 15, 1991
RESOLUTION OF THE COMMtlNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, MAKING FINDINGS AND DETERMINATIONS AS
TO THE BENEFIT TO THE SOUTHEAST INDUSTRIAL PARK
REDEVELOPMENT PROJECT AREA OF UNDERTAKING CERTAIN
REDEVELOPMENT ACTIVITIES
Adopt Resolution.
Certified copy of Resolution to be returned to Sabo , Green, A
Prof.ssional Corporation.
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SBIlOIOOOII453ho
01109191 7:20
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RESOLUTION NO.
RESOLUTION OF THE COMNtlNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, MAKING FINDINGS AND
DETERMINATIONS AS TO THE BENEFIT TO THE
SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT
PROJECT AREA OF UNDERTAKING CERTAIN
REDEVELOPMENT ACTIVITIES
WHEREAS, the City of San Bernardino, California (the
is a municipal corporation and a charter city duly
created and existinq pursuant to the Constitution and the laws of
the State of California (the "City"); and
WHEREAS, the Co_unity Development Co_ission of the
City of San Bernardino (the "Co_ission") on behalf of the
Redevelopment
Aqency of the City of San Bernardino
(the
"Aqency"), is a redevelopment aqency, a public body, corporate
and politic of the State of California, orqanized and existing
pursuant to the Co_unity Redevelopment Law (Part 1 of Division
24) co_encinq with Section 33000 of the Health and Safety Code
of the State of California (the "Act"); and
qency may, with the consent of the Mayor and Co_on Council of
WHEREAS, pursuant to Section 33445 of the Act, the
installation
the City ("the Council"), pay all or part of the costs of
and
construction
of
buildinq,
facility,
any
structure or other improvement which is publicly owned either
ithin or without the boundaries of a redevelopment project area
if the Council determines:
structures
(1) that such buildinqs, facilities,
or
other
improvements
the
of
benefit
are
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1 redevelopment project area or the i_ediate neighborhood in which
2 the project is located, regardless of whether such improvements
3 are within another project area, or in the case of a project area
4 in which substantially all of the land is publicly owned, that
5 the improvements are of benefit to the adjacent project area of
6 the Agency, and (2) that no other reasonable means of financing
7 such buildings, facilities, structures or other improvements is
8 available to the co_unity, and such determination by the Agency
9 and the Council shall be final and conclusive; and
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11 WHEREAS, the City and the C~ission have previously
12 approved and adopted a Redevelopment Plan for the Southeast
13 Industrial Park Redevelopment Project (the "Redevelopment Plan") ;
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16 WHEREAS, the Agency has previously approved the
17 establishment of certain lines of credit with Wells Fargo Bank,
18 National Association (the "Lines of Credit") one of which is to
19 be secured by collateral from the various redevelopment project
20 areas of the Agency; and
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WHEREAS, the Agency deems it desirable to increase the
Lines of Credit and in connection therewith must secure such
increase in the Lines of Credit with additional collateral; and
WHEREAS, the Agency deems it desirable to undertake
certain redevelopment projects and activities in the Northwest
Redevelopment Project Area, which projects and activities are
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1 related to the developlllent of a shopping center and which
2 projects and activities include but are not limited to the
3 acquisition, construction and installation of certain public
4 improvements, and facilities (the "Redeveloplllent Projects"); and
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WHEREAS, the Agency deems it desirable to use revenues
attributable to the increase in the Lines of Credit to undertake
the Redevelopment Projects in the Northwest Redevelopment Project
Area but in order to do so the Agency must Obligate certain
collateral presently existing and available within the Southeast
Industrial Park Redeveloplllent Project Area for the purposes of
securing the increase in the Lines of Credit; and
WHEREAS, the undertaking of the Redevelopment proj ects
in the Northwest Redevelopment Project Area will enable the
Agency to further its redevelopment objectives within the entire
City and will assist in the overall redevelopment of all of the
various project areas of the Agency located within the boundaries
of the City; and
WHEREAS, the Southeast Industrial Park Redevelopment
Project Area is presently experiencing demand for commercial and
industrial land by land intensive users, which land is not
readily available within the Southeast Industrial Park Project
edevelopment Area; and
WHEREAS, the undertaking of the Redeveloplllent Projects
ithin the Northwest Redevelopment Project Area will be of
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1 benefit to the Southeast Industrial Park Redevelopment Project
2 Area to the extent that the Northwest Redevelopment Project Area
3 can accommodate demand for industrial and commercial land which
4 demand cannot be accommodated in the Southeast Industrial Park
5 Redevelopment Project Area because of the lack of available land
6 suitable for the types of users seekinq to locate in the
7 Southeast Industrial Park Redevelopment Project Area; and
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9 WHEREAS, land which is more suited for the types of
10 development seekinq to locate in the Southeast Industrial Park
11' Redevelopment Project Area is readily available within the
12 Northwest Redevelopment Project Area and such land is more
13 appropriate to accommodate some of the industries and businesses
14 otherwise seekinq to locate in the Southeast Industrial Park
15 Redevelopment Project Area because of the Northwest Redevelopment
16 Project Area's proximity to freeway and rail facilities and
17 because land costs are considerably less expensive for land
18 intensive activities; and
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20 WHEREAS, by providinq land which is suitable for
21 evelopment because of the existence of adequate public
22 in alternative locations such as the Northwest
23 edevelopment Project Area, the Aqency will be able to
24 accommodate other development within the Southeast Industrial
25 ark Redevelopment Project Area which is better suited to such
26 roject area in terms of the economic viability of that portion
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WHEREAS, the Northwest Redevelopment Project Area
provides a viable alternative location for industries seeking to
undertake industrial and commercial activities which cannot
locate within the Southeast Industrial Park Redevelopment Project
Area because of the economics associated with locating in such
Project Area and accordingly, such industries are more likely to
locate in the Northwest Redevelopment Project Area rather than in
areas outside of the City to the extent the Agency is able to
provide adequate pUblic improvements, and facilities within the
Northwest Redevelopment Project Area; and
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17 WHEREAS, it is appropriate at this time for the
18 ommission to make certain findings and determinations and take
19 ertain action with respect to the acquisition, installation and
20 onstruction of the public improvements and the undertaking of
21 he various Redevelopment Projects in the Northwest Redevelopment
22 roject Area.
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WHEREAS, because of the interaction between the
gency's various project areas, the ability of the Agency to keep
industrial and commercial growth within any of its project areas
s of benefit to all of its project areas; and
NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION
ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF
AN BERNARDINO, CALIFORNIA, DOES HEREBY RESOLVE, DETERMINE AND
FOLLOWS:
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Section 1. The Recitals hereinabove are true and
correct and are incorporated herein by this reference.
Section 2. The Commission approves the payment by
the Aqency of the costs of the Redevelopment Projects to be
undertaken within the Northwest Redevelopment Project Area for
the reasons set forth and the recitals hereinabove.
Section 3. The commission finds and determines that
no other reasOnable means of financinq the Redevelopment Projects
other than throuqh use of revenues available throuqh the increase
in the Lines of credit, supported by collateral from the
Southeast Industrial Park Redevelopment Project Area, is
14 presently available to the City or the Aqency and that the city
15 and the Aqency require the use of revenues qenerated from the
16 Southeast Industrial Park Redevelopment Project Area in order to
17 fund the undertakinq of the Redevelopment Projects. The
18 undertakinq of the Redevelopment Projects in the Northwest
19 Redevelopment Project Area will help improve the economic
20 viability and growth potential of the Southeast Industrial Park
21 Redevelopment Project Area which will in turn help eliminate
22 bliqht and will provide benefit to the Southeast Industrial
23 edevelopment Project Area.
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25 Section 4. The findinqs and determinations of the
26 ommission as set forth herein shall be final and conclusive.
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Section 5. The Agency Secretary is hereby
authorized and directed to cause this Resolution to be
transmitted to the City in connection with appropriate action by
that body.
III
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9 an Bernardino at a
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meeting
day of
s:
The foregoing
day of
10 thereof, held on the
11 L991, by the following vote, to wit:
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13 !:STRADA
REILLY
14 "'LORES
~UDSLEY
15 IUNOR
OPE-LUDLAM
16 ~ILLER
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26 Agency Counsel
BEOOOOI/DOC/453
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ABSTAIN
Secretary
resolution is
, 1991.
hereby approved this
W. R. Holcomb, Chairman
Community Development Commission
of the City of San Bernardino
pproved as to form and legal content:
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1 STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO )
2 CITY OF SAN BERNARDINO )
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I, Secretary of the Community
Development Commission of the City of San Bernardino, DO HEREBY
CERTIFY that the foreqoinq and attached copy of community
Development Commission of the City of San Bernardino Resolution
No. is a full, true and correct copy of that now on
file in this office.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the Community Development Commission
of the City of San Bernardino this day of
, 1991.
Secretary of the
Community Development
Commission of the City of San
Bernarelino
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Item:
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MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA
AGENDA
April 15, 1991
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, MAKING
FINDINGS AND DETERMINATIONS AS TO THE BENEFIT TO
THE SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT
PROJECT AREA OF UNDERTAKING CERTAIN REDEVELOPMENT
ACTIVITIES
Adopt Resolution.
12 Certified copy of Resolution to be returned to Sabo , Green, A
Professional Corporation.
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1 ~ SBIlO/llOOII4S2
~ CMI09/91 706
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"City"), is a municipal corporation and a charter city duly
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RESOLUTION NO.
RESOLUTION OF THE KAYOR AND COMMON COUNCIL
OF THE CITY OF SAN BERNARDINO, CALIFORNIA,
MAKING FINDINGS AND DETERMINATIONS AS TO THE
BENEFIT TO THE SOUTHEAST INDUSTRIAL PARK
REDEVELOPMENT PROJECT AREA OF UNDERTAKING
CERTAIN REDEVELOPMENT ACTIVITIES
WHEREAS, the City of San Bernardino, California (the
created and existing pursuant to the Constitution and the laws of
the State of California (the "City"); and
WHEREAS, the Community Development Commission of the
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City of San Bernardino (the "Commission") on behalf of the
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ursuant to the Community Redevelopment Law (Part 1 of Division
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edevelopment
Agency of the City of
San Bernardino
(the
a redevelopment agency, a public body, corporate
nd politic of the State of California, organized and existing
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24) commencing with Section 33000 of the Health and Safety Code
f the State of California (the "Act"); and
WHEREAS, pursuant to Section 33445 of the Act, the
geney may, with the consent of the Mayor and Common Council of
e City ("the council"), pay all or part of the costs of
nstallation and construction of any building, facility,
tructure or other improvement which is publicly owned either
ithin or without the boundaries of a redevelopment project area
'f the Council determines: (1) that such buildings, facilities,
tructures or other improvements are of benefit to the
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1 redevelopment project area or the immediate neiqhborhood in which
2 the project is located, reqardle.s of whether such improvements
3 are within another project area, or in the case of a project area
4 in which substantially all of the land is publicly owned, that
5 the improvements are of benefit to the adjacent project area of
6 the Aqency, and (2) that no other reasonable means of financing
7 such buildinqs, facilities, structures or other improvements is
8 available to the community, and such determination by the Aqency
9 and the Council shall be final and conclusive; and
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16 WHEREAS, the Aqency has previously approved the
17 stablishment of certain lines of credit with Wells Farqo Ban~,
18 ational Association (the "Lines of credit") one of which is to
19 secured by collateral from the various redevelopment project
20 reas of the Aqency; and
WHEREAS, the City and the Commission have previously
approved and adopted a Redevelopment Plan for the Southeast
Industrial Park Redevelopment Project (the "Redevelopment Plan");
nd
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22 WHEREAS, the Aqency de_s it desirable to increase the
23 ines of credit and in connection therewith must secure such
24 ncrease in the Lines of Credit with additional collateral; and
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26 WHEREAS, the Aqency deems it desirable to undertake
27 ertain redevelopment projects and activities in the Northwest
28 edevelopment Project Area, which projects and activities are
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1 related to the development of a shoppinq center and which
2 projects and activities include but are not limited to the
3 acquisition, construction and installation of certain public
" improvements, and facilities (the "Redevelopment Projects"); and
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WHEREAS, the Aqency deems it desirable to use revenues
attributable to the increase in the Lines of Credit to undertake
the Redevelopment Projects in the Northwest Redevelopment Project
Area but in order to do so the Aqency must obliqate certain
collateral presently existinq and available within the Southeast
Industrial Park Redevelopment Project Area for the purposes of
securinq the increase in the Lines of Credit; and
WHEREAS, the undertakinq of the Redevelopment Projects
in the Northwest Redevelopment Project Area will enable the
Aqency to further its redevelopment objectives within the entire
City and will assist in the overall redevelopment of all of the
various project areas of the Aqency located within the boundaries
of the City; and
WHEREAS, the Southeast Industrial Park Redevelopment
Project Area is presently experiencinq demand for commercial and
industrial land by land intensive users, which land is not
readily available within the Southeast Industrial Park Project
Redevelopment Area; and
WHEREAS, the undertakinq of the Redevelopment Projects
within the Northwest Redevelopment Project Area will be of
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1 benefit to the Southeast Industrial Park Redevelopment Project
2 Area to the extent that the Northwest Redevelopment Project Area
3 can accommodate demand for industrial and commercial land which
4 demand cannot be accommodated in the Southeast Industrial Park
5 Redevelopment Project Area because of the lack of available land
6 suitable for the types of users seeking to locate in the
7 Southeast Industrial Park Redevelopment Project Area; and
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9 WHEREAS, land which is more suited for the types of
10 development seeking to locate in the Southeast Industrial Park
Ii Redevelopment Project Area is readily available within the
12 Northwest Redevelopment Project Area and such land is more
13 appropriate to accommodate some of the industries and businesses
14 otherwise .eeking to locate in the Southeast Industrial Park
15 Redevelopment Project Area because of the Northwest Redevelopment
16 Project Area's proximity to freeway and rail facilities and
17 because land costs are considerably less expensive for land
18 intensive activities; and
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20 WHEREAS, by providing land which is suitable for
21 development because of the existence of adequate public
22 improvements in alternative locations such as the Northwest
23 Redevelopment Project Area, the Agency will be able to
24 accommodate other development within the Southeast Industrial
25 Park Redevelopment Project Area which is better suited to such
26 project area in terms of the economic viability of that portion
27 of the City; and
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1 WHEREAS, the Northwest Redevelopment Project Area
2 provides a viable alternative location for industries seeking to
3 undertake industrial and commercial activities who cannot locate
" within the Southeast Industrial Park Redevelopment Project Area
5 because of the economics associated with locating in such Project
6 Area and accordingly, such industries are more likely to locate
7 in the Northwest Redevelopment Project Area rather than in areas
8 outside of the City to the extent the Agency is able to provide
9 adequate public improvements, and facilities within the Northwest
10 Redevelopment Project Area; and
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12 WHEREAS, because of the interaction between the
13 Agency's various project areas, the ability of the Agency to keep
14 industrial and commercial growth within any of its project areas
15 is of benefit to all of its project areas; and
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17 WHEREAS, it is appropriate at this time for the Council
18 to make certain findings and determinations and take certain
19 action with respect to the acquisition, installation and
20 construction of the public improvements and the undertaking of
21 the various Redevelopment Projects in the Northwest Redevelopment
22 Project Area.
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24 NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE
25 CITY OF SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE,
26 DETERMINE AND ORDER AS FOLLOWS:
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1 Section 1. The Recitals hereinabove are true and
2 correct and are incorporated herein by this reference.
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Section 2. The Council consents to the payment by
the Aqency of the costs of the Redevelopment Projects to be
undertaken within the Northwest Redevelopment Project Area for
the reasons set forth and the recitals hereinabove.
Section 3. The Council further finds and determines
that no other reasonable means of financinq the Redevelopment
Projects other than throuqh use of revenues available through the
increase in the Lines of credit, supported by collateral from the
Southeast Industrial Park Redevelopment Project Area, is
presently available to the City or the Aqency and that the City
and the Aqency require the use of revenues qenerated from the
Southeast Industrial Park Redevelopment Project Area in order to
fund the undertaking of the Redevelopment Projects. The
undertaking of the Redevelopment Projects in the Northwest
Redevelopment Project Area will help improve the economic
viability and growth potential of the Southeast Industrial Park
Redevelopment Project Area which will in turn help eliminate
bliqht and will provide benefit to the Southeast Industrial
Redevelopment Project Area.
Section 4. The findings and determinations of the
Council as set forth herein shall be final and conclusive.
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1 Sect:ion 5. The City Clerk is hereby authorized and
() 2 directed to cause this Resolution to be transmitted to the Agency
3 in connection with appropriate action by that body.
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1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO MAKING FINDINGS AND DETERMINATIONS AS TO THE
2 BENEFIT '1'0 'l'HE SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT
AREA OF UNDERTAICING CERTAIN REDEVELOPMENT ACTIVITIES
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" Section 6. This Resolution shall take effect upon
5 the date of its adoption.
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7 I HEREBY CERTIFY that the foreqoinq resolution was duly
8 adopted by the Mayor and COlDIDon Council of the City of San
9 Bernardino at a meetinq thereof, held on the
1 day of , 1991, by the followinq vote,
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IS
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AYES:
Council Members
NAYS:
ABSENT :
City Clerk
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Approved as to form and
25 JAMES F. PENMAN
City Attorney
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The foreqoinq resolution is hereby
approved this
day of
, 1991.
Mayor of the City of
San Bernardino
leqal content:
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1 STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO )
2 CITY OF SAN BERNARDINO )
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I, City Clerk of the City of San
Bernardino, DO HEREBY CERTIFY that the foregoing and attached
copy of Mayor and Common Council of the city of San Bernardino
Resolution No. is a full, true and correct copy of that
now on file in this office.
IN WITNESS WHEREOF, I bave bereunto set my band and
affixed the official .eal of the Mayor and Common Council of the
City of San Bernardino this day of ,
1991.
City Clerk
City of San Bernardino
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