HomeMy WebLinkAboutR35-Economic Development ~ ECONOMIC DEVELOPMENT AGENCY ORIGINAL
OF THE CITY OF SAN BERNARDINO
FROM: Emil A.Marzullo SUBJECT: Waterman Holdings, LLC–Amendment No. 3 to the
Interim Executive Director 2004 Disposition and Development Agreement
(Central City East Redevelopment Project Area)
DATE: July 15,2008
Synopsis of Previous Commission/Council/Committee Action(s):
On November 2,2004,the Redevelopment Committee Members Estrada and Longville unanimously voted to recommend that the
Community Development Commission of the City of San Bernardino (the"Commission') consider a disposition and development
agreement with Waterman Holdings,LLC,for approval.
On December 6, 2004, the Commission adopted Resolution No. CDC/2004-49 approving the sale of certain real property by the
Agency to Waterman Holdings, LLC, and authorized the Executive Director to execute the Disposition and Development
Agreement between the Agency and Waterman Holdings, LLC and the Mayor and Common Council simultaneously adopted
Resolution No. 2004-386 approving the sale of certain real property (4th and Waterman Avenue–APN: 0135-191-11) within the
Central City East Redevelopment Project Area("Project Area").
On June 7, 2005, Redevelopment Committee Members Estrada and McGinnis unanimously voted to recommend that the
Commission consider the action of June 20,2005.
On June 20, 2005, the Commission adopted Resolution No. CDC/2005-19 approving Amendment No. 1 to the 2004 Disposition
and Development Agreement between the Agency and Waterman Holdings, LLC and authorized the Executive Director to execute
Amendment No. 1.
On June 19, 2006, the Commission adopted Resolution No. CDC/2006-20 approving Amendment No. 2 to the 2004 Disposition
and Development Agreement between the Agency and Waterman Holdings,LLC,and authorized the Executive Director to execute
Amendment No.2.
On November 8, 2007, Redevelopment Committee Members Estrada, Baxter and Johnson unanimously voted to recommend that
the Commission consider the action of Amendment No. 3.
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Recommended Motion(s):
(Community Development Commission)
Resolution of the Community Development Commission of the City of San Bernardino approving and authorizing the
Interim Executive Director of the Redevelopment Agency of the City of San Bernardino("Agency")to execute Amendment
No. 3 to the December 6, 2004 Disposition and Development Agreement, as amended, between the Agency and Waterman
_ Holdings,LLC(4`s Street_and Waterman Avenue_APN_0135.191.11)_(Central City East Redevelopment Project Area)
Contact Person(s): Mike Trout Phone: (909)663-1044
Project Area(s) Central City East Ward(s): 1
Supporting Data Attached: 0 Staff Report 0 Resolution(s) 0 Amendment(s)/Agreement(s)❑Map(s) ❑Letters
Approximately
FUNDING REQUIREMENTS S 699,500 Source: General Revenues from the Agency
Budget Authority: EDA Budget
SIGNATURE: Fiscal Review: CA �-
Emil . arzul ,Interim Executive Director Bar ara Lindseth,Administrative Sei ices Director
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Commission/Council Notes: �----�jo-----------�–a Zp
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P:\Agendas\Comm Dev Commission\CDC 2008\07-21-08 Waterman Holdings LLC-Amendment No.3 SR.doc COMMISSION MEETING AGENDA
Meeting Date: 07/21/2008
Agenda Item Number: k35
ECONOMIC DEVELOPMENT AGENCY
STAFF REPORT
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------
WATERMAN HOLDINGS, LLC—AMENDMENT NO. 3
TO THE 2004 DISPOSITION AND DEVELOPMENT AGREEMENT
(CENTRAL CITY EAST REDEVELOPMENT PROJECT AREA)
BACKGROUND:
On December 6, 2004, the Mayor and Common Council of the City of San Bernardino (the "Council")
and Community Development Commission of the City of San Bernardino (the "Commission") approved
the sale of approximately 3.9 acres owned by the Redevelopment Agency of the City of San Bernardino
(the "Agency") located at the southwest corner of 4th Street and Waterman Avenue (APN: 0135-191-11)
i (the "Property") pursuant to a 2004 Disposition and Development Agreement (the "DDA") between the
Agency and Waterman Holdings, LLC (the `Buyer/Developer").
The DDA, as approved, required for the Buyer to construct a minimum of 16,864 square feet of office
space for the County Preschool Services Department (the "PSD") on the most westerly 2 acres of the
Property (Phase I) with an option to construct an additional building for another County Department on
the remaining 1.6 acres on the easterly portion of the Property (Phase II). During the interim period until
the option on the Phase II site was exercised, the DDA required the Agency to install and maintain
perimeter fencing, landscaping and an irrigation system for the Phase II site. The Agency would sell the
Phase I Property for the fair market value and the Buyer would have the option to purchase the Phase II
Property at a later date. The Agency pledged 60% of the tax increment that the completed Project would
generate over a period of 10 years to offset the below market rental rate that the County required of the
Developer/Buyer.
On May 17, 2005, the San Bernardino County Board of Supervisors approved a 10-year lease with the
Developer to construct 17,000 square feet of office space for the PSD.
On June 20, 2005, the Commission approved Amendment No. 1 to the DDA whereby the location of
Phase I and Phase II were redefined. As a result, the Phase I project was then to be located at the
southwest corner of 4th Street and Waterman Avenue.
In the interim, 2 items arose that would necessitate a change to the original DDA; first, it was determined
that the pledge of tax increment to the Developer needed to be restructured because the last date to incur
tax increment debt payable from direct pledge of tax increment revenues in the Project Area was January
1, 2004. Second, the County needed a larger building constructed for a different County Department and
consequently, the Developer would now require both the Phase I and Phase II sites (APN: 0135-191-11)
(the "Agency Property") combined as a single site.
The Developer will purchase the Agency Property for$512,424, which is equal to the fair market value of
the Agency Property based upon the final surveyed square footage. Escrow has been opened under the
terms of the original DDA and the Developer has deposited the sum of $20,000 into escrow and the
balance of$492,424 will be paid upon the closing of the escrow. Per Amendment No. 2, the Agency will
pledge to the Developer from general Agency revenues under a Promissory Note and not as a pledge of
tax increment revenues, an amount equal to 60% of the 1% tax revenues generated by the proposed
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P:\Agendas\Comm Dev Commission\CDC 2008\07-21-08 Waterman Holdings LLC-Amendment No.3 SR.doc COMMISSION MEETING AGENDA
Meeting Date: 07/21/22008
Agenda Item Number: A✓
Economic Development Agency Staff Report
Waterman Holdings, LLC-Amendment No. 3
Page 2
Project (estimated development cost is $6 million) for a period of 10 years. As per the original DDA, the
60% pledge was authorized by the Commission in an effort to offset or compensate the Developer for the
below market rate 10-year lease with the County. The Agency payment obligation will commence upon
presentation of a cancelled check by the Developer and as of the fiscal year following completion of the
Project by the Developer and said payment will be paid after each December 10th and April 10th tax
payment.
On June 19, 2006, the Commission approved Amendment No. 2 to the DDA, whereby the Developer will
develop on the Agency Property, a 2-story building containing a minimum of 45,000 square feet of office
space, to include parking and landscaping, and to lease to TAD (the "Project"). TAD provides jobs and
employment services to residents and job training programs.
On April 10, 2007, the County Supervisors approved a lease agreement with the Developer for a 48,846
square foot building to be built on the Agency Property located at the southwest corner of 4th Street and
Waterman Avenue (APN: 0135-191-11).
On April 24, 2007, a fully executed lease agreement was sent by the County Supervisors to the
Developer. Per the lease agreement, the Developer is to provide occupancy of the completed building and
improvements to TAD on January 15, 2009.
On approximately June 12, 2007, the Developer submitted plans to the Development Services Department
("Development Services"). On July 10, 2007, Development Services sent a letter to the Developer
informing the Developer that the Planning Division had reviewed the application materials and that all
application materials have been accepted and that the application was deemed complete. The letter
further stated that the project was scheduled for preliminary review by the D/ERC on August 2, 2007.
On August 2, 2007, the D/ERC met to consider the item and after input and discussion, it was determined
that the Developer would need to make some changes to their plan as submitted. The conclusion of the
D/ERC was that the item was to be continued for revisions.
On September 6, 2007, the D/ERC met again to consider the item and after input and discussion it was
determined that the Developer would be required to do additional improvements on 4th Street. Despite the
need for the Developer to change the plans to incorporate the additional requirements, the D/ERC
approved the item to proceed to the Planning Commission.
The additional requirements placed on the Developer included certain street improvements to both 4th
Street and Waterman Avenue (the "Off-Site Improvements"). The Developer has estimated that this will
increase the Project budget by approximately $399,500.
Additionally, the Developer has already started the construction of the building on the On-Site
Improvements in order to meet the completion date necessary for the County to move into the building,
January 2009.
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P:\Agendas\CommDev Commission\CDC 2008\07-21-08 Waterman Holdings LLC-Amendment No.3SR.doc COMMISSION MEETING AGENDA
Meeting Date: 07/21/2008
Agenda Item Number:
Economic Development Agency Staff Report
Waterman Holdings, LLC Amendment No. 3
Page 3
CURRENT ISSUE:
Under Amendment No. 2 to the DDA, the Agency pledged to reimburse, to the Developer, an amount
equal to 60% of the 1% of new property taxes generated by the Project for a period of 10 years from the
general revenues of the Agency. This amount would equal approximately $360,000 based on the
estimated development cost of$6 million. However, the reimbursement calculation did not include the
additional cost for the required Off-Site Improvements in the approximate amount of$399,500.
Therefore, under the proposed Amendment No. 3 to the DDA, the Agency would reimburse the
Developer an amount not to exceed $399,500 for the actual costs for the required Off-Site Improvements.
This reimbursement would be paid from the sale proceeds of the Agency Property 30 days following the
completion of the Project as evidenced by a Certificate of Occupancy issued by the City of San
Bernardino and verification that the Off-Site Improvements have been constructed by the Developer and
accepted by the City. The cost reimbursements to the Developer would not exceed the lesser of the actual
cost paid for the Off-Site Improvements or $399,500 utilizing prevailing wage rates. All other terms and
conditions of the DDA, as amended by Amendments No. 1 and No. 2, would remain unchanged.
ENVIRONMENTAL IMPACT:
The proposed new project description has been reviewed under the California Environmental Quality Act
("CEQA") and it has been determined that the project qualifies for a Categorical Exemption, Class 32
(Guidelines Section 15332).
FISCAL IMPACT:
The Agency will receive $512,424 at the close of escrow for the sale of the Agency Property. The
Agency would be required to pay to the Developer an amount not to exceed amount of$399,500 for the
actual Off-Site Improvement costs from the proceeds of the sale of the Agency Property. Additionally,
the Agency will continue to be required to pay the Developer the sum equal to 60% of the 1% of the new
property taxes generated from the development on the Agency Property, which is estimated to be
$360,000 for the 10-year period assuming a development value of$6 million.
RECOMMENDATION:
That the Community Development Commission adopt the attached Resolution.
Emil A. erim Executive Director
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P:\Agendas\Comm Dev Commission\CDC 2008\07-21-08 Waterman Holdings LLC-Amendment No.3 SR.doc COMMISSION MEETING AGENDA
Meeting Date: 07/21/2008
Agenda Item Number: 4'J5
COPY
1 RESOLUTION NO.
2 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION
3 OF THE CITY OF SAN BERNARDINO APPROVING AND
AUTHORIZING THE INTERIM EXECUTIVE DIRECTOR OF THE
4 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
("AGENCY") TO EXECUTE AMENDMENT NO. 3 TO THE DECEMBER
5 6, 2004 DISPOSITION AND DEVELOPMENT AGREEMENT, AS
6 AMENDED, BETWEEN THE AGENCY AND WATERMAN HOLDINGS,
LLC (4TH STREET AND WATERMAN AVENUE — APN: 0135-191-11)
7 (CENTRAL CITY EAST REDEVELOPMENT PROJECT AREA)
8 WHEREAS, the Community Development Commission of the City of San Bernardino (the
9 "Commission") is the governing board of the Redevelopment Agency of the City of San Bernardino
10 (the "Agency"); and
11 WHEREAS, the Agency owns property located at the southwest corner of 4`h Street and
12
Waterman Avenue within the Central City East Redevelopment Project Area and is unimproved;
13 and
14
15 WHEREAS, on December 6, 2004, the Commission adopted Resolution No. CDC/2004-49
16 approving the sale of certain real property (APN: 0135-191-11) (the "Agency Property") by the
17 Agency to Waterman Holdings, LLC (the "Developer"), and authorizing the Agency Executive
18 Director to execute the 2004 Disposition and Development Agreement (the "DDA") between the
19 Agency and the Developer; and
20 WHEREAS, on June 20, 2005, the Commission adopted Resolution No. CDC/2005-19
21 approving and authorizing the Executive Director of the Agency to execute Amendment No. 1 to the
22 DDA between the Agency and the Developer; and
23 WHEREAS, Amendment No. 1 to the DDA caused Phase I and Phase II of the Project to
24 exchange locations for each such Phase; and
25
WHEREAS, on June 19, 2006, the Commission adopted Resolution No. CDC/2006-20
26
approving and authorizing the Executive Director of the Agency to execute Amendment No. 2 to the
27 DDA between the Agency and the Developer; and
28
P:\Agendas\Resolutions\Resolutions\2008\07-21-08 Waterman Holdings,LLC-Amendment No.1 CDC Reso.doc
1 WHEREAS, Amendment No. 2 to the DDA eliminated the previously proposed Phase I and
f
t 2 Phase II of the Project and was replaced with a single phase Project consisting of the construction of
3 an approximately 48,000 square foot, two-story building along with the appropriate and necessary
4 improvements and landscaping as well as establishing a reimbursement schedule wherein the
5 Agency would pledge to the Developer an amount equal to 60% of the 1% of new property taxes
6 generated by the Project for a period of ten (10) years; and
7 WHEREAS, after Amendment No. 2 was approved by the Commission, the City of San
8 Bernardino (the "City") placed additional requirements on the Developer wherein the Developer is
9 now required to make certain off-site improvements to 4th Street and Waterman Avenue (the "Off-
10 Site Improvements") that will cost approximately $399,500; and
11
12 WHEREAS, the addition of the Off-Site Improvements required by the City was not
13 foreseen by the Developer nor budgeted as part of the reimbursement schedule approved in
Amendment No. 2; and
14
15 WHEREAS, Amendment No. 3 to the DDA will allow the Agency to reimburse the
16 Developer, from the Agency Property sale proceeds, an amount not to exceed the lesser of the actual
17 cost paid for the Off-Site Improvements or $399,500 utilizing prevailing wage rates; and
18 WHEREAS, this payment will be made to the Developer thirty (30) days following the
19 completion of the Project as evidenced by a Certificate of Occupancy issued by the City and upon
20 submission/validation by the Agency of the actual costs paid for the Off-Site Improvements; and
21 WHEREAS, it is appropriate for the Commission to approve Amendment No. 3 (the
22 "Amendment") to the DDA between the Agency and the Developer in this Resolution.
23
24 NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY
25 OF SAN BERNARDINO DOES HEREBY RESOLVE,DETERMINE AND ORDER,AS FOLLOWS:
26 Section 1. The Commission hereby approves the attached Amendment in the form
27 presented at the meeting at which this Resolution is adopted. The Interim Executive Director of the
28 Agency is hereby authorized and directed to execute the Amendment on behalf of the Agency,together
2
P:\Agendas\Resolutions\Resolutions\2008\07-21-08 Waterman Holdings,LLC-Amendment No.3 CDC Reso.doc
I with such technical and non-material conforming changes as may be recommended by Agency
2 Counsel.
3 Section 2. This Resolution shall take effect from and after its date of adoption by this
4 Commission.
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P:\Agendas\Re lutions\Resolutions\2008\07-21-08 Waterman Holdings,LLC-Amendment No.3 CDC Reso.doc
I RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF SAN BERNARDINO APPROVING AND
2 AUTHORIZING THE INTERIM EXECUTIVE DIRECTOR OF THE
3 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
("AGENCY") TO EXECUTE AMENDMENT NO. 3 TO THE DECEMBER
4 6, 2004 DISPOSITION AND DEVELOPMENT AGREEMENT, AS
AMENDED, BETWEEN THE AGENCY AND WATERMAN HOLDINGS,
5 LLC (4TH STREET AND WATERMAN AVENUE — APN: 0135-191-11)
6 (CENTRAL CITY EAST REDEVELOPMENT PROJECT AREA)
7 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Community
8 Development Commission of the City of San Bernardino at a meeting
9 thereof, held on the day of , 2008, by the following vote to wit:
10 Commission Members: Ayes Nays Abstain Absent
11 ESTRADA
12 BAXTER
13 BRINKER
14 DERRY
315 KELLEY
16 JOHNSON
17 MC CAMMACK
18
19
Secretary
20
21
The foregoing Resolution is hereby approved this day of 2008.
'
22
23 Patrick J. Morris, Chairperson
Community Development Commission
24 of the City of San Bernardino
25 Approved as to Form:
26
By'
27
Agency o sel
28
P:\Agendas\Resolutiom\Resolutions\2008\07-21-08 Waterman Holdings,LLC-Amendment No.3 CDC Reso.doc
AMENDMENT N0. 3 TO THE
2004
DISPOSITION AND DEVELOPMENT AGREEMENT
BY AND BETWEEN
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
AND
WATERMAN HOLDINGS, LLC
(4th Street and Waterman Avenue Property)
This AMENDMENT NO. 3 (the "Third Amendment") is dated as of July 21, 2008, by
and between the Redevelopment Agency of the City of San Bernardino, a public body, corporate
and politic (the "Agency"), and Waterman Holdings, LLC, a California limited liability company
(the "Buyer" or "Developer"), and is an amendment to that certain 2004 Disposition and
Development Agreement by and between the Agency and the Developer, dated as of December
6, 2004, for the sale and purchase of certain Agency owned property located at the southwest
corner of 4th Street and Waterman Avenue (the "Agency Property") within the City of San
Bernardino (the "City") and within the Central City East Redevelopment Project Area of the
Agency (the "DDA" or "Agreement"), as amended by that certain Amendment No. 1 to the
DDA, dated June 20, 2005 (the "First Amendment"), and as amended by that certain
Amendment No. 2, dated June 16, 2006 (the "Second Amendment"), by and between the Agency
and the Buyer, and is entered into in light of the facts set forth in the following Recital
Paragraphs.
RECITALS
A. The Agency and the Buyer executed the DDA on December 6, 2004, wherein the
Buyer would acquire land (APN: 0135-191-11) that the Agency owned at the southwest corner
of 4th Street and Waterman Avenue (the "Agency Property") in the City of San Bernardino (the
"City"). The Agency and the Buyer executed the First Amendment to the DDA on June 20,
2005. The First Amendment modified the Agreement, to provide, without limitation, for the
transposition of the Phase I project and the Phase II project. The Agency and the Buyer executed
the Second Amendment to the DDA on June 19, 2006. The Second Amendment modified the
Agreement, to provide for the elimination of the Phase I and Phase II projects and was replaced
by a single phase, two-story building of approximately 48,000 square feet of floor space
including the necessary and appropriate on-site improvements and landscaping (the "Project").
Additionally, the Second Amendment established a reimbursement schedule to the Developer.
t`
1
P:\Agendas\Agenda Attachments\Agrmts-Amend 2008\07-21-08 Waterman Holdings,LLC-Amendment No.Idoc
i
B. Under the terms of the Second Amendment, the Developer will purchase the
Agency Property for $512,424, which is equal to the fair market value of the Agency Property
based upon the final surveyed square footage. Escrow has been opened under the terms of the
original DDA and the Developer has deposited the sum of$20,000 into escrow and the balance
of $492,424 will be paid upon the closing of the escrow. Per the Second Amendment, the
Agency will pledge to the Developer from general Agency revenues under a Promissory Note an
amount equal to 60% of the 1% new tax revenues generated by the proposed Project (estimated
development cost is $6 million) for a period of ten (10) years. As per the original DDA, the 60%
pledge was authorized by the Commission in an effort to offset or compensate the Developer for
the below market rate ten (10)-year lease with the County of San Bernardino. The Agency
payment obligation will commence upon presentation of a cancelled check by the Developer and
as of the fiscal year, following completion of the Project by the Developer and said payment will
be paid after each December 10th and April 10th tax payment.
C. After the approval and execution of the Second Amendment, the City added
additional requirements to the Project by requiring the Develo er to construct certain off-site
improvements including new curbs, cutters, sidewalks along 4t Street and Waterman Avenue
and street repair/resurfacing on 4th Street along the front of the Project (the "Off-Site
Improvements"). The Developer has estimated that this will increase the Project budget by
approximately$399,500.
'" Under the Second Amendment, the Agency had pledged certain reimbursements to the
Developer for a period of ten (10) years. However, this reimbursement calculation did not
include the additional cost for the required Off-Site Improvements.
D. This Third Amendment would allow the Agency to reimburse to the Developer an
amount not to exceed the lesser of the actual cost paid for the Off-Site Improvements or
$399,500 utilizing prevailing wage rates. This reimbursement will be paid from the sales
proceeds of the Agency Property thirty (30) days following the completion of the Project, as
evidenced by a Certificate of Occupancy issued by the City and upon submission/validation by
the Agency of the actual costs paid for the Off-Site Improvements. All other terms and
conditions of the DDA, as amended by the First Amendment and the Second Amendment, would
remain unchanged.
E. The Agency and the Buyer desire to approve and execute this Third Amendment
to the DDA upon the terms, covenants and conditions as set forth herein.
NOW, THEREFORE, THE AGENCY AND THE BUYER DO HEREBY AGREE
AS FOLLOWS:
1. Under Article III of the DDA, a new section shall be added as follows:
Section 3.11. Reimbursement of Off-Site Improvements This reimbursement will be made
to the Developer thirty (30) days following the completion of the Project as evidenced by a
Certificate of Occupancy issued by the City and verification that the Off-Site Improvements
2
P:\Agendas\Agenda Attachmems\Agrmts-Amend 2008\07-21-08 Waterman Holdings,LLC-Amendment No.3.doc
("Off-Site Improvements" as defined herein shall include the construction of certain off-site
improvements including new curbs, cutters, sidewalks along 4h Street and Waterman Avenue
and street repair/resurfacing on 4`h Street along the front of the Project) have been constructed by
the Developer and accepted by the City. The Developer will provide to the Agency a cost
breakdown of the actual costs paid for the Off-Site Improvements. Included with the cost
breakdown shall be supporting documentation including, but not limited to, invoices, material
bills, canceled checks, certification of payment of prevailing wages, releases from all contractors
and subcontractors and any other documentation the Agency deems necessary in order to
validate the actual costs for the Off-Site Improvements. The reimbursement to the Developer
would not exceed the lesser of the actual cost paid for the Off-Site Improvements or $399,500
utilizing prevailing wage rates.
2. Lel4al Effect. The DDA, the First Amendment and the Second Amendment shall
only be amended to the extent set forth herein. All other terms, covenants and/or conditions of
the DDA, the First Amendment and the Second Amendment, unless specifically amended or
modified by the terms, covenants and/or conditions of this Third Amendment, shall remain
unmodified and in full force and effect. In the event of any inconsistency, contraction and/or
ambiguity between the terms, covenants and conditions of this Third Amendment, and the DDA
and/or the First Amendment and/or the Second Amendment, the inconsistency, contraction
and/or ambiguity shall be resolved in favor of the terms, covenants and conditions set forth in
this Third Amendment.
3. Defined Terms. Terms not otherwise defined or redefined in this Third
Amendment shall have the meanings provided for in the DDA.
4. Effective Date. This Third Amendment shall take effect from and after the date
of final approval hereof by the governing body of the Agency at a duly held public meeting and
after the execution of this Third Amendment by the Agency and the Buyer.
3
P:\Agendas\Agenda Attachments\Agrmts-Amend 2008\07-21-08 Waterman Holdings,LLC-Amendment No.3.doc
IN WITNESS WHEREOF, the parties have signed this Amendment as of the date first
set forth above.
AGENCY
Redevelopment Agency of the City of San
Bernardino, a public body, corporate and politic
Date: By:
Emil A. Marzullo, Interim Executive Director
Approved as to Form and Legal Content:
By:
Agency uns
DEVELOPER
Waterman Holdings, LLC,
a California limited liability company
Date: By:
Jian Torkan
4
P-WWAUVW06 AUwWn9M%Agrm Am=d 20OM7-21-M Wetamen HOW*%LLC-Ameodmnt No.Moc
CITY OF SAN BERNARDINO
Interoffice Memorandum
CITY CLERK'S OFFICE
DATE: July 25, 2008
TO: Wasana Chantha, Executive Secretary
Economic Development Agency
FROM: Margaret Fedor, Executive Assistant to the Director
City Clerk's Office
RE: Transmitting Documents for Signature—Resolution No. CDC/2008-26
At the Mayor and Common Council meeting of July 21, 2008, the City of San Bernardino
adopted Resolution No. CDC/2008-26—Resolution of the Community Development Commission
of the City of San Bernardino approving and authorizing the Interim Executive Director of the
Redevelopment Agency of the City of San Bernardino ("Agency') to execute Amendment No. 3
to the December 6, 2004 Disposition and Development Agreement, as amended, between the
Agency and Waterman Holdings, LLC (4`h Street and Waterman Avenue — APN: 0135-191-11)
(Central City East Redevelopment Project Area).
Attached are one (1) original agreement and two (2) duplicate originals to be executed. Please
obtain signatures in the appropriate locations and return the original agreement to Margaret
Fedor in the City Clerk's Office, as soon as possible. Please retain one duplicate agreement for
your records and forward the other copy to the appropriate party.
Thank you.
I hereby acknowledge receipt of the above mentioned documents.
Signed C--
_� PLEASE SIGN AND RETURN
Date: `� - "-)-,5-O e
iN
RE
City of San Bernardino
ECONOM/C DEVEL OPMENTA GENCY
Redevelopment • Economic Development •Housing & Community Development
San Bernar �ino
SM
August 6, 2008
Waterman Holdings, LLC
Attention: Jian Torkan
4221 Wilshire Boulevard, Suite 240
Los Angeles, CA 90010
Re: Amendment No. 3 to the 2004 Disposition and Development Agreement
Dear Mr. Torkan:
Enclosed for your records is a fully executed Agreement that was approved by the Community
Development Commission of the City San Bernardino on July 21, 2008 (Resolution CDC/2008-26).
Should you have any questions regarding this matter, please feel free to call me or Mike Trout,
Project Manager at (909) 663-1044.
Sincerely,
�Ix �.
Lorraine B. Wyche
Secretary
Enclosure: Amendment No. 3 to the 2004 Disposition and Development Agreement
cc: Mike Trout, Project Manager(with Copy of Executed Agreement)
Barbara Lindseth, Administrative Services Director(with Original Executed Agreement)
Margaret Fedor, City Clerk's Office (with Original Executed Agreement)
Wasana A. Chantha, Executive Secretary
File
PAClerical Services DeptU.otraine\t.etlers\2008\08-06-08 Waterman Holdings Executed Agmt.(Amend.No.3 to 2004 DDA).doc
201 North E Street, Suite 301 •San Bernardino, California 92401-1507•(909)663-1044•Fax(909)888-9413
www.sanbernardino-eda.oro