HomeMy WebLinkAboutR16-Economic Development Agency
o
o
,~ II
Q.OMIC DBVBLOPMBJr.l' AGDcr OF rI:J
CITr OF SAIl RKJl1u:RDINO
RBOlJES'r FOR ClBHrSSION/COURCIL ACTION
From. TIMOTHY C. STEINHAUS
Agency Adaillistrator
Subject.
FIIIAIICING OF CAllOOSEL FOR
CEJr.rRAL CITr MALL .
-.
Date: June 25, 1991
Synopsis of Previous ec-issioIl/Co1Ulcil/C-.ittee Action:
On May 6, 1991, the Community Development Commisalon approved the deal
points for a $876,000 loan from the Development Department to the Central
City Mall Merchant's Association.
On May 9, 1991, the .edevelopment Committee rec_nded that the Mayor
and Common Council and Community Development COIIIIlisalon authorize the
Development Deprtment to borrow $900,000 from the City of San Bernardino
-sewer line construction fund.
"~D4ed Motion.
(Mayor BDd C_n Co1Ulell)
a.
Resolution of the Cit]' of San Bernardino authorisilKJ the _eution of an
egre_nt by BDd between the City of San Bernardino, the City of San
Bernardino Redevel~nt Agency, COCA, Ine., end the Central City Company.
b. "solution of the Mayor end c-n C01UlCil approvilKJ loan egr_nt with
the c:-it]' Devel~nt C-.iaaion of the Cit]' of San Bernardino for
$900,000.00 to be secured by Us all~~~tj.OD boll4 ::t\eeda.
^ - f\_
TIMDrIIr C. BDIIIIIADS, Agency Adaillistrator
Beo~e Devel~nt Agency
Contact Person. Timothv C. Steinhaus
Phone: 5081
Project Area: CC
WardCe). let
Supporting Data Attached. Yes
FllRDING REQUIREMENTS:
Amount. No Additional Source.
Budget Authority. Previouslv ann roved
C~SsiOIl/C01UlCi1 Notes.
o
TCS:pc.2069S
COMMISSION MElTING
MeetilKJ Date: July 1, 1991 I'
Aqenda Item No.____ ~
o
o
o
Synopsis of Previous c~ssion'council'committee Actio~ontinUed):
On May 20, 1991, the Mayor and Conanon Council authorized the loaning of
$900,000 from its sewer line construction fund to the Development
Department at an interest rate of one-half of one percent (.S') above the
rate of interest currently received by the City, with the loan callable
upon demand and secured by the Development Department's bond proceeds.
--
TCS:pc:2069S
COMMISSIOJr MBBTIIIG
Meetinq Date: July 1, 1991
Agenda Item No.
o
o
o
o
ECOJIOMIC DEVELOPMERT AGDCY
STAFF UPORT
o
Per a request from the City Clerk, City of San Bernardino, the previous action
taken by the Mayor and CODII\On Council regarding Carousel financing should be
ratified in resolution form. The attached resolutions authorizes execution of
an aqreement and execution of an agreement for a loan.
Staff recommends adoption of the form motion.
-.
~ Q
):J"'~
rIMOTRY C. SrEINBUAS, Agency Administrator
Economic Development Agency
rCS:pcl20li9S
CONMISSIOII MBftIIIG
Neetinq Date: July 1, 1991
Agenda Item No._
1
0 2
3
4
5
6
7
8
9
10
11
12
13
0 14
15
16
17
18
19
20
21
22
23
~24
25
26
0 27
28
o
o
RESOLUTION NO.
RESOLUTION OF THE CITY OF SAN BERNARDINO AUTHORIZING THE
EXECUTION OF AN AGREEMENT BY AND BETWEEN THE CITY OF SAN
BERNARDINO, THE CITY OF SAN BERNARDINO REDEVELOPMENT AGENCY,
CCMA, INC., AND THE CENTRAL CITY COMPANY.
--
BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO AS FOLLOWS:
SECTION 1. The Mayor is hereby authorized and directed to
execute on behalf of said City an Agreement by and between the
City of San Bernardino, the City of San Bernardino Redevelopment
Agency, CCMA, Inc., a non-profit corporation, also known as
_Central City Mall Merchants' Association, and the Central City
Company, a partnership.
SECTION 2.
The authorization to execute the ~bove-
referenced agreement is rescinded if the parties to the agreement
fail to execute it within sixty (60) days of the passage of this
resolution.
III
III
III
III
III
III
III
III
III
III
III
III
DAB/ses/Ma11.res
June 5, 1991
1
o
o
o
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
j
o
o
1
RESOLUTION.. .AUTHORIZING THE EXECUTION OF AN AGREEMENT...
THE CENTRAL CITY COMPANY.
2
3
4
5
6
7
8
9
I HEREBY CERTIFY that the foregoing rt;!solu1:ion was duly
adopted by the Mayor and Common Council of the City of San
Bernardino at a
meeting thereof, held on the
, 1991, by the following vote, to wit:
day of
Council Members:
AYES
NAYS
ABSTAIN
ESTRADA
REILLY
HERNANDEZ
MAUDSLEY
MINOR
POPE-LUDLAM
MILLER
City Clerk
The foregoing resolution is hereby approved this
. day
of
, 1991.
w. R. HOlcomb, Mayor
Ci ty of San Bernardino
Approved as to
form and legal content:
JAMES F. PENMAN,
City Attorney
BY)~4. ~
DAB/seS/Ma11.res
June 5, 1991
2
o
o
o
16
17
18
19
20
21
22
23
24
25
26
27
28
o
o
1
2
3
4
5
6
7
8
9
10
11
12
13
RESOLUTION NO.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL APPROVING LOAN
AGREEMENT WITH THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
SAN BERNARDINO FOR '$900,000.00 TO BE SECURED BY ~AX ALLOCATION
BOND PROCEEDS. ~
BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO AS FOLLOWS:
SECTION 1.
The Mayor of the City of San Bernardino is
hereby authorized and directed to execute that certain Loan
Agreement, a copy of which is attached hereto as Exhibit "An,
which provides for a loan to the Community Development Commission
of the City of San Bernardino in the amount of $900,000.00 payable
upon demand at an interest rate of .5% (one-half percent) above
the City's average portfolio rate of return as calculated on a
monthly basis, such loan proceeds to be from the Sewer Line
14 Construction Fund.
15 SECTION 2.
The authorization to execute the above-
referenced Agreement is rescinded if the parties to the Agreement
fail to execute it within sixty (60) days of the passage of this
Resolution.
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the Mayor and Common' Council of the Ci ty of
San Bernardino at a
day of
meeting thereof, held on the
, 1991, by the following vote, to wit:
III
III
III
III
III
III
DAB/bg [CDC-Loan.Res]
1
June 24, 1991
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
o
o
o
RESOLUTION OF THE MAYOR AND COMMON COUNCIL APPROVING LOAN
AGREEMENT WITH THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
SAN BERNARDINO FOR $900,000.00 TO BE SECURED BY TAX ALLOCATION
BOND PROCEEDS.
Council Members:
ESTRADA
REILLY
HERNANDEZ
MAUDSLEY
MINOR
POPE-LUDLAM
MILLER
~
AYES
NAYS
ABSTAIN
City Clerk
The foregoing resolution is hereby approved this
of , 1991.
day
Approved as to
form and legal content:
JAMES F. PENMAN,
City Attorney
B~
DAB/bg [CDC-Loan.Res]
W. R. Holcomb, Mayor
City of San Bernardino
2
June 24, 1991
.,.
o
o
o
1I.
o
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
LOAN AGREEMENT
This Agreement is made and entered into thi~ day of
, 1991, by and between the CITY OF SAN BERNARDINO, a
Municipal Corporation, ("Ci ty"), and the COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO, a Public Agency, on
behalf of the Redevelopment Agency of the City of San Bernardino
("Agency").
The parties hereto agree as follows:
1. Ci ty hereby agrees to loan to Agency, and Agency hereby
agrees to borrow from City, the sum of Nine Hundred Thousand
Dollars ($900,000.00) payable upon demand at an interest rate of
.5% (one-half percent) above the City's average portfolio rate of
return as calculated on a monthly basis.
2. Ci ty will prepare an invoice requesting payment of
interest on a monthly basis.
3. Agency agrees to pay City the calculated interest rate
as provided in Paragraph 1 above on the principal balance within
ten (10) days of receipt of said invoice from City.
4. City will make the loan herein provided from available
funds which may include the Sewer Line Construction Fund.
5. This loan will be secured by Tax Allocation Bond
Proceeds held in reserve by Agency and payable upon written demand
from the City Administrator.
6. Upon written request by Agency, the loan shall be made
to Agency in one lump .sum. No interest shall accrue nor repayment
obligations occur until loan is received by Agency.
III
DAB/bg [CDC-Loan.Agr]
1
June 24, 1991
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
o
-
o
o
7. Any notices to be given from one party to the other
under this Agreement shall be in writing, and deposited with the
United states Postal Service postage prepaid and. addressed as
-.
follows:
TO THE CITY:
City Administrator
CITY OF SAN BERNARDINO
300 North "D" Street
San Bernardino, CA 92418
TO THE AGENCY:
Timothy C. Steinhaus
Executive Director
ECONOMIC DEVELOPMENT AGENCY
201 North "E" Street
San Bernardino, CA 92418
Nothing in this paragraph shall be construed to prohibit the
giving of notice by personal service.
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement on the day and date first above shown.
ATTEST:
CITY OF SAN BERNARDINO
By
City Clerk
By
W.R. Holcomb, Mayor
Approved as to Form
and Legal Content
JAMES F. PENMAN
City Attorney
By
Approved as to Form
and Legal Content
COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF SAN BERNARDINO
By
Agency Counsel
By
DAB/bg [CDC-Loan.Agr]
2
June 24, 1991