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HomeMy WebLinkAboutR04-Economic Development Agency o o o o o DBVELOPImB'l DIPAR'rP!ur.r OF THE CITY OF SAlf BlRlWlDIlfO REOUEST FOR COIIUSSION/COlJlllCIL ACTION From: ICINNETH J. HENDERSON Executive Director Subject: WILLS FARGO LID OF CREDIT AnuIll'WU Date: May 29, 1991 ------------------------------------------------------------------------------- Synopsis of Previous Commission/Council/Committee Action: On July 2, 1990, the Community Development Commission 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. On April 17, 1991, the Community Development Commission authorized the Executive Director to make certain financial quarantees with regard to the West Side Plaza Project. ------------------------------------------------------------------------------- Recommended Motion: (Communitv Develooment Commission) . RESOLUTION OF THE CO..unuTY DBVELOPImB'l COIIUSSIOll OF THE CITY OF SAIl. BlRIWlDIRO, CALIFOUU, APPROVIlIG Alf AnuIll'WU OF ClRrAIlI LIlliS OF CREDIT WITII WILLS FARGO BAR, lIATIOIW. ASSOCnTIOll A1ID AUTRORIZIlIG THE IXlCUTIOll OF ClRTAIlI DOClJlown:S III COllllECTIOll THEIIWITII. (Recommended Motions continued to Page lIumber "2") ~.r~, Izecutive Director DeveloPllent Departaent ------------------------------------------------------------------------------- Contact Person: Ken Henderson/Barbara Lindseth Phone: 5065: 5081 Six (6) Project Area: Northwest (NW) Ward(s): Supporting Data Attached: Staff ReDort: Resolutions - FUNDING REQUIREMENTS: N/A Amount: Source: Budget Authority: ------------------------------------------------------------------------------- Commission/Council 1I0tes: KJH:BL:lab:1382A COMMISSIOll MElTIlIG Meeting Date: 06/03~ Agenda Item 110: o o o o DEVELOPMERT DBPAlmIEBT REQUEST FOR COMMlSSIOll/COUBCIL ACTIOll Wells Fsrco Line of Credit Aaendment Pace -2- o ------------------------------------------------------------------------------- Recommended Motions Continued... (Communitv Develoument Commission) RESOLUTIOll OF TBB COMMUlllTY DEVELOPMERT COMMlSSIOll OF TBB CITY OF SAIl BBRlWUlIlIO, CALIFOIllIIA, IWCIlIG FIlIDIlIGS AlID bllOuKl'lJ.lIATIOllS AS TO TBB BBlIBFIT TO TBB SOUTBlWlT IIIDUSTRUL PAH RBDEVELOPMERT PROJECT AREA OF UBDBRrAnllC CERrAIlI RBDEVELOPMERT ACTIVITIBS. (Msvor and r......... Council) RESOLUTIOll OF TBB MAYOR AlID COIIMOlI COUBCIL OF TBB CITY OF SAIl IlBRlWUlIIIO, CALIFORlIIA, IWallG FIlIDIJIGS AlID lJuJlOKI'IJ.IlATIOllS AS TO TBB BBlIBFIT TO TBB SOUTBlWlT IIIDUSTRUL PAH RBDBVELOPMDr PROJECT AREA OF UBDBRrAnllG CERrAIlI RBDllOuLOPMDr ACTIVITIBS. ------------------------------------------------------------------------------- KJH:BL:lab:1382A COMMlSSIOll MBBTIlIG Meetinc Date: 06/03/1991 o o o o o DBVELOPIIBIIr DBPARTtu51o: STAPF REPORT ------------------------------------------------------------------------------- Wells FarRO Line of Credit Amendment The firm of Wood-Busing 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 commitment. There are no commitment or loan faes, but the Department will maintain the ratio of cash or cash equivalents to the Unsecured Line of Credit Commitment of not less than 1.5 at any time. As collateral, $10,000,000 was approved by the Commission to be invested through Wells Fargo Bank Investment Services. These funds funds are tax increment f1D1ds, not bond proceeds, and the f1D1ds will be invested in accordance with the Department's Investment POlicy and the agreement negotiated with Wells Fargo. Investment of these f1D1ds 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 am01D1t of $6,000,000 (from Southeast Industrial Park) for the secured line of credit. It was proposed to invest the following f1D1ds: Central City Projects: Southeast Industrial Park: $ 4,000,000 6.000.000 Total: $10,000,000 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. ------------------------------------------------------------------------------- KJB:BL:lab:1382A COMMISSION MEETING Meeting Date: 06/03/1991 o o o o DEVILOPMUT DBPARTPu5.Nr StAFF RBPOR'l' Wells Fsrgo LiDe of Credit IIay 28, 1991 Pqe -2- o ------------------------------------------------------------------------------- In addition, the proposed increase in the line of credit of $4,000,000 will be used to secure the CDBS 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 1.25% of the total letters of credit. On April 17, 1991, the Community Development Commission adopted Resolution Number 5283 de1egatinc to the Executive Director the authority to make and authorize certain financial quarantees with regard to the West Side Plaza project. Now, to proceed with the increase to the line of credit with Wells Fargo Bank, it is recommended that the attached amendinc and benefit Resolutions be adopted to clarify the action taken on April 17, 1991. The attached Resolutions approve the amendments to the lines of credit with Wells Fargo Ba~, the execution of certain documents in connection therewith, and establish the benefit to Southeast Industrial Park for. the use of tax increment as collateral. Staff recommends adoption of the attached Resolutions. IUUUUIril ~~ Executive Director Development Departllent ------------------------------------------------------------------------------- KJH:BL:lab:1382A COtIIISSIOlf IlEftING ReetiDa Date: 06/03/1991 o o o 15 16 WHEREAS, pursuant to Health aneS Safety CocSe Section 17 33601 a reeSevelopment agency may borrow money (by the iasuance of 18 bonds or otherwiae) or accept financial or other assistance from 19 any private leneSing institution for any reeSevelopment project for 20 the purposes of undertaking reeSevelopment activities; and 1 2 3 4 5 6 7 WHEREAS, the COllllllunity Development COllllllission of the 8 City of San BernareSino (the "Collllllission") on behalf of the 9 Redevelopment Agency of the City of San BernareSino (the 10 "Agency"), is a redevelopment agency, a public body, corporate 11 and politic of the State of california, organizeeS aneS eXisting 12 pursuant to the COllllllunity Redevelopment Law (Part 1 of Division 13 24) cOllllllencing with Section 33000 of the Health aneS Safety CocSe 14 of the State of,California (the "Act"); and RESOLUTION NO. 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 EXECUTION OF CERTAIN DOCUMENTS IN CONNECTION THEREWITH o .' 21 22 WHEREAS, pursuant to California Government CocSe Section 23 5900 At JIG., the Agency may issue bonds, as such term ia defined 24 in California Government CocSe Section 5902 (a), aneS may enter into 25 and undertake similar and related financing transactions as more 26 fully described in Government Code Section 5900 At JIG; and o. 27 III 28 III - 1 - c5'. o o. o o 1 WHEREAS, the Aqency has previously taken certain 2 actions with the City of San Bernardino (the -City-) to approve 3 and adopt various redevelopment plans and establish redevelopment 4 project areas within the boundaries of the City; and 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 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 parqo Bank, National Association (the -Bank-); and WHEREAS, the Aqency now deems it desirable to amend the Lines of credit in order to increase said Lines of credit by an amount equal to Four Million Dollars ($4,000,000) fot the purposes of allowinq the Aqency to undertake . certain redevelopment projects within the Northwest Redevelopment Project Area; and WHEREAS, in connection with the amendment of the Lines of credit, the Aqency shall be required to execute certain documents and the Aqency deus it desirable to authorize' the execution and delivery of such documents in connection ,with the amendment of the Lines of credit. NOW, '!'HEREFORE, '!'HE COMMUNITY DEVELOPMENT COMMISSION ACTING ON BEHALF OF '!'HE REDEVELOPMENT AGENCY OF '!'HE CITY OF SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS: - 2 - 0'. ' . o o o o 1 Section 1. The amendment of 1:he Line. of credit as 2 de.cribed in 1:he Recitals hereof is hereby approved. 3 4 Section 2. The Agency au1:horizes 1:he execution of 5 1:he final form of any documents required in connection wi1:h the 6 amendment of 1:he Lines of Credit when 1:he same shall be presented 7 for execution by the Chairman, 1:he Secretary, or such other 8 appropriate Agency officials, subject to such changes, additions 9 and deletions as .ay be approved by 1:he Chairman. The execution 10 1:hereof by 1:he Chairman, 1:he Secretary, or such o1:her appropriate . 11 Agency official shall be deemed to be conclusive as to 1:he 12 approval thereof, by and on behalf of 1:he Agency. 13 III 14 III 15 III 16 III 17 III 18 III 19 III 20 III 21 III 22 III 23 III 24 1/1 25 III 26 III 27 III 28 1/1 - 3 - Approved as to form ~and leqal ~content.:... By' . Aqency ounse 27 28 0' o 14 15 16 17 18 19 20 21 22 23 24 25 26 o o o 1 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING AN AMENDMENT OF CERTAIN 2 LINES OF CREDIT WITH WELLS FARGO BANK, NATIONAL ASSOCIATION AND AUTHORIZING THE EXECUTION OF CERTAIN DOCUMENTS IN CONNECTION 3 THEREWITH 4 5 6 7 8 9 10 11 12 13 Section 3. This Resolution shall take effect upon the date of its adoption. I HEREBY CERTIFY that the foreqoinq resolution was duly adopted by the Community Development Commission of the City of San Bernardino at a meetinq thereof, held on the day of , 1991, by the followinq vote, to wit: Commission Members: MU BAn ABSTAIN ESTRADA REILLY FLORES MAUDSLEY MINOR POPE-LUDLAM MILLER .' Secretary The foreqoinq resolution is hereby approved this day of , 1991. W. R. Holcomb, Chair~an Community Developmen:~ . Commission of the . City of San Bernardino S8IlOIIIOOIIDOCI4.SI I - 4 - 1 STATE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO ) 2 CITY OF SAN BERNARDINO ) :I 4 5 6 7 8 9 10 11 12 13 14 15 16 t7 18 19 20 21 22 23 24 25 26 27 28 o o o o o ss I, Secretary of the Community Development Commission of the City of San Bernar4ino, Do HEREBY CERTIFY that the foreqoinq an4 attache4 copy of Community Development Commission of the City of San Bernar4ino Resolution No. i. a full, true an4 correct copy of that now on file in this office. IN WITNESS WHEREOF, I have hereunto set my han4 an4 affixe4 the official seal of the Community Development Commission of the City of San Bernar4ino this 4ay of , 1991. Secretary of the Community Development Commis.ion of the City of San Bernar4ino o o o - - o o 1 2 3 4 5 6 7 8 "City"), is a municipal corporation and a charter city duly 9 10 Ii RESOLUTION NO. RESOLUTION OF THE COMMUNITY DEVELOPHENT COMMISSION OF THE CITY OF SAN BERNARDINO, CALIFORNIA, MAKING FINDINGS AND DETERMINATIONS AS TO THE BENEFIT TO THE SOtJTHEAST INDOSTRIAL PARK REDEVELOPHENT PROJECT AREA OF tlNDERTAKING CERTAIN REDEVELOPHENT ACTIVITIES WHEREAS, the City of San Bernardino, California (the created and exiBting pursuant to the Constitution and the laws of the State of California (the "City"); and 12 13 City of San Bernardino (the "Coaaission") on behalf of the 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 WHEREAS, the Coaaunity Development Coaaission of the Redevelopment Aqency of the City of San Bernardino . (the "Agency"), is a redevelopment aqency, a public body, corporate . and politic of the State of California, orqanized and existinq pursuant to the Coaaunity Redevelopment Law (Part 1 of Division 24) coaaencing with Section 33000 of the Health and Safety Code of the State of California (the "Act"); and WHEREAS, pursuant to Section 33445 of the Act,. the gency may, with the consent of the Mayor and Coaaon Council of e City ("the Council"), pay all or part of the costs of installation and construction of buildinq, tacility, any structure or other improvement which is publicly owned either ithin or without the boundaries of a redevelopment project area if the Council determines: (1) that such buildings, facilities, structures other improvements or of benefit are to the - 1 - 1 rec:levelopment project area or the immec:liate neighborhooc:l in which 2 the project is locatec:l, regarc:lle.. of whether such improvements 3 are within another project area, or in the case of a project area f in which sUbstantially all of the lanc:l i. publicly ownec:l, that 5 the improvements are of benefit to the ac:ljacent project area of 6 the Agency, anc:l (2) that no other rea.onable means of financing 7 such builc:ling., facilitie., structure. or other improvements is 8 available to the community, anc:l such c:letermination by the Agency 9 anc:l the Council shall be final anc:l conclu.ive; anc:l 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 o o 0' u o o WHEREAS, the City anc:l the Commission have previously approved and adopted a Redevelopment Plan for the Southeast Inc:lustrial Park Redevelopment Project (the "Rec:levelopment Plan"); and WHEREAS, the Agency has previously approved the establishment of certain lines of crec:lit with Wells Fargo Banlt, National Association (the "Lines of Crec:lit") one of which is to. be secured by collateral from the various rec:levelopment project area. of the Agency; and WHEREAS, the Agency deems it desirable to increase the Lines of Credit and in connection therewith mu.t .ecure 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 - 2 - o o o ~ o o 1 related to the development 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 "Redevelopment Projects"); and 5 6 WHEREAS, the Agency deems it desirable to use revenues 7 attributable to the increase in the Lines of credit to undertake 8 the Redevelopment Projects in the Northwest Redevelopment Project 9 Area but in order to do so the Agency aust obligate certain 10 collateral presently existing end available within the Southeast o- Il Industrial Park Redevelopment Project Area for the purposes of 12 securing the increase in the Lines of credit; and 13 14 WHEREAS, the undertaking of the Redevelopment Projects 15 in the Northwest Redevelopment Project Area will enable the 16 Agency to further its redevelopment objectives within the entire 17 City and will assist in the overall redevelopment of all of the 18 various project areas of the Agency located within the boundaries-. 19 of the City; and 20 21 WHEREAs, the Southeast Industrial Park Redevelopment 22 Project Area is presently experiencing demand for commercial and 23 industrial land by land intensive users, which land. is not 24 eadily available within the Southeast Industrial Park Project 25 edevelopment Area; and 26 27 WHEREAs, the undertaking of the Redevelopment Projects 28 ithin the Northwest Redevelopment Project Area will be of - 3 - LJ o o o 1 benefit to the Southeast Industrial Park RedevelopJDent Project 2 Area to the extent that the Northwest Redevelopment Project Area scan accolDIDodate demand for industrial and cOlDIDercial land which 4 demand cannot be accolDIDodated 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 8 9 WHEREAS, land which is aore suited for the types of 10 developJDent seekinq to locate in the Southeast Industrial Park If Redevelopment Project Area is readily available within the 12 Northwest Redevelopment Project Area and such land is more 13 appropriate to accolDIDodate 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 19 20 WHEREAS, by providinq land which is suitable for 21 evelopJDent 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 CCOlDIDodate 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 27 f the City; and 28 III O' o - 4 - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 NOW, THEREFORE, THE COMMUNITY DEVELoPMENT COMMISSION 25 C'l'ING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF 26 AN BERNARDINO, CALIFORNIA, DOES HEREBY RESOLVE, DETERMINE AND 27 ROER AS FOLLOWS: 28 III o o o o o WHEREAS, tile Northwest Redevelopment Project Area provides a viable alternative location for industries seeking to undertake industrial and cOlUlercial activities which cannot locate witilin tile Southeast Industrial Park RecSevelopment 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 tilan in areas outside of the City to tile extent tile Agency is able to rovide adequate public improvements, and facilities within the orthwest Redevelopment Project Area; and WHEREAS, because of tile interaction between the gency's various project areas, the ability of the Agency to keep industrial and ~olUlercial groWth within any of its project areas s of benefit to all of its project areas; and WHEREAS, it is appropriate at this time for the olUlission to make certain findings and determinations and take. ertain action witil respect to tile acquisition, installation and onstruction of tile public improvements and the undertaking of he various Redevelopment Projects in the Northwest Redevelopment roject Area. - 5 - 1 2 :3 4 5 6 7 8 9 10 . 11 12 18 14 15 16 17 18 19 20 21 22 28 24 25 Section 4. The findinqs and determinations of the 26 ommission as set forth herein shall be final and conclusive. 27 11/ 28 II o o o o o Section 1. The Recital. hereinabove are true and correct and are incorporated herein by this reference. Section 2. The Commission approve. the payment by the Aqency of the cost. of the Redevelopment Projects to be undertaken within the Northwest Redevelopment Project Area for the reasons .et forth and the recitals hereinabove. Section 3. The Commission find. and determine. that no other rea.onable mean. of financinq the Redevelopment Projects other than throuqh u.e of revenues available throuqh the increase in the Lines of Credit, .upported by collateral from the Southeast Industrial Park Redevelopment Project Area, is pre.ently 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 undertakinq of the Redevelopment Projects. The undertakinq of the Redevelopment Project. in the Northwest ~ Redevelopment Project Area will help improve the economic Viability and growth potential of the Southeast Industrial Park edevelopment Project Area which will in turn help eliminate liqht and will provide benefit to the Southeast Industrial edevelopment Project Area. - 6 - cr o o o o 1 Sec~ion 5. The Agency Secretary is hereby 2 authorized and directed to cause this Resolution to be 3 ~ran.mitted to the City in connection with appropriate action by 4 that body. 5 /II 6 1/1 7 /II 8 1/1 9 /II 10 III . 11 /II 12 III 13 III 14 /II 15 11/ 16 1/1 17 1/1 18 III 19 III 20 1/1 21 III 22 II 23 /I 24 /I 25 /I 26 /I 27 /I 28/1 - 7 - o 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 o Q: o o RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF HE CITY OF SAN BERNARDINO MAKING FINDINGS AND DETERMINATIONS AS THE BENEFIT TO THE SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT ROJECT AREA OF UNDERTAXING CERTAIN REDEVELOPMENT ACTIVITIES Section 6. This Resolution shall take effect upon he date of its adoption. I HEREBY CERTIFY that the foreqoinq Resolution was duly dopted by the Community Development Commission of the City of an Bernardino at a meetinq hereof, held on the day of , 991, by the followinq vote, to wit: : AIU BAn ABS~,,"IN STRADA EILLY LORES UDSLEY INOR OPE-LUDLAM ILLER Secretary The foreqoinq resolution is hereby approved this day of , 1991. W. R. Holcomb, Chairman Community Development Commission of the City of San Bernardino pproved as to form and leqal content: y:~~. Aqency Counsel ~ 1!OOIlO11DOCI4.l3 - 8 - 1 STATE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO ) 2 CITY OF SAN BERNARDINO ) 3 4 5 6 7 8 9 10 Ii 12 13 14 15 16 17 J8 19 20 21 22 23 24 25 26 27 28 6' o o. o o ss 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 Ci ty . of San Bernardino this day of , 1991. Secretary of the Community Development Commission of the City of San Bernardino 6 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 o o o o 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 "City"), is a municipal corporation and a charter city duly 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 City of San Bernardino (the "Commission") on behalf of the 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 ursuant to the Community Redevelopment Law (Part 1 of Division 4) 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 gency may, with the consent of the Mayor and Common Council of e City ("the Council"), pay all or part of the costs of and construction of any building, fa9ility, 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 - 1 - - o o o 1 redevelopment project area or the iDediate neighborhood in which 2 the project is located, regardless of whether such improvements S 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, facilitie., structures or other improvements is 8 available to the cODunity, and such determination by the Agency 9 and the Council shall be final and conclusive; and 10 11 WHEREAS, the City and the CODission have previously 12 approved and adopted a Redevelopment Plan for the Southeast 13 Industrial Park Redevelopment Project (the "Redevelopment Plan") ; 14 nd 15 16 WHEREAS, the Agency has previously approved the 17 stablishment of certain lines of credit with Wells Fargo Bank, 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 Agency; and 21 22 WHEREAS, the Agency deems it desirable to increase the 23 ines of Credit and in connection therewith must secl,li-e such 24 ncrease in the Lines of Credit with additional collateral; and 25 26 WHEREAS, the Agency deems it desirable to undertake 27 ertain redevelopment projects and activities in the Northwest 28 edevelopment Project Area, which projects and activities are o o - 2 - o' o o o o 1 related to the development of a .hopping 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 "Redevelopment Projects"); and 5 6 WHEREAS, the Agency de81118 it desirable to u.e revenues 7 attributable to the increase in the Line. of Credit to undertake 8 the Redevelopment Project. in the Northwest Redevelopment Project 9 Area but in order to do .0 the Agency mu.t obligate certain 10 collateral presently existing and available within the Southeast 11 Industrial Park Redevelopment Project Area for the purposes of 12 securing the increase in the Lines of Credit; and 13 14 WHEREAS, the undertaking of the Redevelopment Projects 15 in the Northwest Redevelopment Project Area will enable the 16 Agency to further its redevelopment objectives within the entire 17 city and will assist in the overall redevelopment of all of the 18 various project areas of the Agency located within the boundaries~ 19 of the City; and 20 21 WHEREAS, the Southeast Industrial Park Redevelopment 22 Project Area is presently experienCing demand for commercial and 23 industrial land by land intensive user., which land is not 24 readily available within the Southeast Industrial Park Project 25 Redevelopment Area; and 26 27 WHEREAS, the undertaking of the Redevelopment Projects 28 within the Northwest Redevelopment Project Area will be of - 3 - 1 o o o 1 benefit to the Southeast Industrial Park Redevelopment Project 2 Area to the extent that the Northwest Redevelopment Project Area S 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 o 8 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 seeking 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 o 19 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 28 III - 4 - 1 2 3 4 5 6 7 8 9 10 Ii 12 13 14 15 16 17 18 19 20 21 22 23 24 NOW, THEREFORE, THE MAYOR AND COMKON COUNCIL OF THE 25 CITY OF SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, 26 DETERMINE AND ORDER AS FOLLOWS: 27 III 28 III 0, o o o o WHEREAs, the Northwe.t Redevelopment Project Area provides a viable alternative location for industries .eeking to undertake industrial and cOlDIDercial activities who cannot locate within the Southeast Industrial Park Redevelopment Project Area because of the economics as.ociated with locating in .uch Project Area and accordingly, .uch 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 WHEREAS, because of the interaction between the Agency'. various project areas, the ability of the Agency to keep industrial and cOlDIDercial groWth within any of it. project ~re.s is of benefit to all of it. project areas; and WHEREAS, it b appropriate at thi. time for the Council to make certain findings and determinations and take certain- action with respect to the acquisition, installation and construction of the public improvement. and the undertaking of the various Redevelopment Projects in the Northwest Redevelopment Project Area. - 5 - o o o o o 1 2 3 .. 5 6 7 8 9 10 . 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Section 4. The findings and determinations of the 26 Council as set forth herein shall be final and conclusive. Section 1. The Recitals hereinabove are true and correct and are incorporated herein by this reference. Section 2. The Council consents to the payment by the Agency of the costs of the Redevelopment Project. 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 financing the Redevelopment Projects other than through 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 Agency and that the~ity and the Agency require the use of revenues generated f~om 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 eliminale blight and will provide benefit to the Southeast Industrial Redevelopment Project Area. 27 III 28 III - , - o o o tIlSl o o 1 Section 5. '!'he 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. 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 III III III III III III III III III III III .' III III III III III 11/ III III III III III III III III - 7 - o o o ..l 1 IlL 1. o o 1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO MAXING FINDINGS AND DETERMINATIONS AS TO THE 2 BENEFIT TO THE SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA OF UNDERTAKING CERTAIN REDEVELOPMENT ACTIVITIES 3 4 Section 6. This Resolution shall take effect upon 5 the date of its adoption. 6 7 I HEREBY CERTIFY that the foreqoinq resolution was duly 8 adopted by the Mayor and COllllllon Council of the City of San 9 Bernardino at a lDeetinq thereof, held on the 1 day of , 1991, by the followinq vote, 11 to wit: 12 AYES: Council Members 13 14 NAYS: 15 ABSENT: 16 17 City Clerk 18 19 The foreqoinq resolution is hereby approved this 20 day of , 1991. 21 22 23 24 Approved as to form and leqal content: 25 JAMES F. PENMAN City Attorney ::._~~ Mayor of the City of San Bernardino - 8 - . o o o 1 STATE OF CALIFORNIA ) COUN'l'Y OF SAN BERNARDINO ) 2 CITY OF SAN BERNARDINO ) 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 o o .. I, City Clerk of the City of San Bernardino, DO HEREBY CERTIFY that the foreqoinq and attached copy of Mayor and Common Council of the City of San Bernardino Resolution No. i. a full, true and correct copy of that now on file in thi. office. IN WITNESS WHEREOF, I have bereunto .et 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