HomeMy WebLinkAboutR01-Redevelopment Agency
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. Redevelopment Agency · City of San Bernardino
~ North "0" SUeet. Fourth Floor . Sill BemanIiDo. c.Iifamia 92418
(714) 384-S081 FAX (714) 888-9413
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Sle_ B. Dulrett
Euc:uIm DiIec:tor
JULY 19, 1989
POTENTIAL UDAG APPLICATIONS
Synopsis of Previous Commission/Council/Committee Action:
07/06/89 Redevelopment Committee reviewed UDAG opportunities.
07/17/89 Mayor & Common Council set public hearings.
(MAYOR AND COMMON COUNCIL)
Recommended Motion:
OPEN JOINT PUBLIC HEARING.
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A) That the Joint Public Hearing be closed
Supporting data attached: YES
FUNDING REQUIREMENTS:
Hard: 1st
Project: CCS
Commission Notes:
SD:GH: sm:2164H
Agenda of: July 24.
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1989
Item No.
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J Redevelopment Agency
<::) S T A F F R E P 0 R T
It was recently announced by the Department of Housing and Urban Development
(HUD) that there were Urban Development Action Grant (UDAG) funds available
and that applications had to be received no later than July 31, 1989.
HUD requires that there be two (2) public hearings before the applications are
submitted.
RDA staff Is preparing applications for two projects - Sunwest Professional
Park. In Southeast Industrial Park. and Court and "E" In the Central City
Project Areas. Summaries of each project are attached,
This Is the first public hearing to comply with HUD regulations and to allow
the applications to be submitted In a timely manner. The second public
hearing Is set for 11:30 a.m. on July 24. 1989.
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SD:GH:sm:2l64H
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DEVELOPER,
LOCATION:
IMPROVEMENTS:
ESTIMATED JOBS:
GRANT REQUESTS:
BUT FOR CLAUSE:
LOAN PAYBACK:
GW:sm:summary
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SUMMARY
SUNWEST PROFESSIONAL PARK - UDAG APPLICATION
Simchowitz Enterprises, A California Limited Partnership
Southeast Industrial Park Project Area. Generally
bounded by 'E' Street on the west, Hospitality Lane on
the south, Hunts Lane on the east.
Approximately 14.62 acres of land on which will be
developed four (4), five (5) story office buildings
totaling 521,300 square feet and a parking structure
containing approximately 117,600 square feet. The total
cost of the project is $86,177.00. Total construction
cost for the parking structure is estimated at
$12,813,000.
1,900
$7,120,000
Due to extensive costs of the parking structure, the
project cannot proceed without assistance.
30 year loan to be repaid from available net cash flow at
6% interest. City to participate in 8% of net sales
proceeds upon sale or refinancing.
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DEVELOPER,
LOCATION:
IMPROVEMENTS,
ESTIMATED JOBS:
BRANT REQUEST,
BUT FOR CAUSE,
c::> LOAN PAYBACK,
c::; BW:sm:court
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SUMMARY
COURT ~ 'E' - UDA6 APPLICATION
The Simchowitz Corporation, a California corporation.
In the Central City Project Area at the southeast corner
of Court Street and "E" Street.
Approximately 1.97 acres of land on which will be
developed a retail/office building containing
approximately 155,500 square feet and parking structure.
The total cost of the project is estimated to be
$30,035,920. The cost of the parking structure is
estimated at $5,553,000.
1,300.
$2,240,000.
Due to excessive costs of the parking structure, the
project cannot proceed without assistance.
30 year loan to be repaid from available net cash flow at
6. interest. City to participate in S. of net sales
proceeds upon sale or refinance.