HomeMy WebLinkAboutR04-Redevelopment Agency
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Redevelopment Agency · City of San Bernardino
300 NcrdI "0" Saeet, Pounh Floor . Sill BemIrdino, Celifcmia !nA18
(714) 384-S081 FAX (714) 888-9413
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S._ H. Dukelt
Ell_live Dilec:tor
September 13, 1989
HATERMAN/I-IO ON-AND OFF-RAMPS
Synopsis of Previous Commission/Council/Committee Action:
08-07-89 Commission elected to have Southeast Industrial Park loan $1,250,000
to the City, which would in turn be loaned to Tri-City, for the new
Haterman/I-10 offramp costs.
Recommended Motion:
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a)
(MAYOR AND COMMON COUNCIL)
Adopt A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, APPROVING A LOAN AGREEMENT BETHEEN THE
CITY OF SAN BERNARDINO AND THE COMMUNITY DEVELOPMENT COMMISSION OF
THE CITY OF SAN BERNARDINO,
(continued on page 2)
en H. Duket , Executive Director
Supporting data attached: Yes
FUNDING REQUIREMENTS: $1,250,000
Hard:
1 st and 3rd
Project: TC and SEIP
Commission Notes:
SHD:JH:kp:2173H
Agenda of: ~er
Item No.
18, 1989
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. Redevelopment Agency
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(continued from page 1)
(MAYOR AND COMMON COUNCIL>
b) Adopt a RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO AUTHORIZING THE EXECUTION OF A LOAN AGREEMENT WITH
THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO.
c) Authorize the Mayor to administratively extend from year to year the
term of the loan from the City to the Trl-Clty Project Area.
(COMMUNITY DEVELOPMENT COMMISSION)
d) Adopt A RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO APPROVING A LOAN AGREEMENT BETWEEN THE CITY
OF SAN BERNARDINO AND THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO.
e) Adopt a RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO AUTHORIZING THE EXECUTION OF A LOAN AGREEMENT
WITH THE CITY OF SAN BERNARDINO.
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f)
Authorize the Agency's Executive Director to administratively extend
from year to year the term of the loan from the Southeast Industrial
Park Project Area to the City.
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. Redevelopment Agency
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S TAr r R t P 0 R T
This Is to request that the Commission authorize and the Council approve a
loan of $1,250,000 from the Southeast Industrial Park (SEIP) Redevelopment
Project Area for the construction of public Improvements within the Trl-Clty
(TC) Redevelopment Project Area. The funds will be loaned by SEIP to the
City, and In turn by the City to TC. It Is also requested that, since the
loan terms will be for one year with the ability to be extended, and since the
loans will In all probability require several years to be paid off, the
Executive Director of the Agency and the Mayor be permitted to ministerially
extend the terms of the respective loans, from year to year as required,
BACKGROUND
On September 22, 1986, the Redevelopment Agency, the City of San Bernardino
and Rancon Realty Funds IV and V entered Into a Regional Facilities Agreement
(RFA), Under the terms of the RFA, Rancon was, among other things. to
construct $50 million In new development by September, 1991, and the
Redevelopment Agency was, among other things, to pay for design engineering
and off-ramp construction costs associated with the new Waterman/I-10 on-and
off-ramps,
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Rancon has completed twelve buildings (with an estimated value of
$49,964.837.00), with a thirteenth under construction, and the design
engineering of the new on-and off-ramps Is nearing completion. Caltrans must
now acquire one parcel of land and prepare for construction of the new on-and
off-ramps, which could start as early as'June, 1990.
By memorandum dated April 3, 1989, the Public Works Department informed Os
that the Caltrans cooperative agreement for the funding of this project
stipulates that the City Finance Director must certify that funds have been
allocated for'the off-ramp construction costs (currently estimated at
$1,015.000). Because of possible time delays (Caltrans may have to acquire
the additional parcel through eminent domain), staff feels that the estimated
cost should be increased by an Inflation and contingency factor to'
$1,250,000, To proceed, the City Finance Director must certify that funding
has been authorized.
On August 7. 1989, the Commission considered the following proposals on
alternative project funding:
A) lOOt grant of funds;
B) lOOt loan of funds; or
C) Combination grant and loan of funds in a ratio to be specified.
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Redevelopment Agency
The Commission selected option B, a 100~ loan of funds, Agency Special,
Counsel has advised that the proper mechanism to achieve this is a loan from
SEIP to the City and another loan from the City to TC. These loans will have
the same terms and the City will effectively be acting as a conduit for the
funds. from one project area to another,
Agency Special Counsel has also advised that. for statement of indebtedness
purposes, the loans should have terms of one year with the ability to be
extended. Since the loans wl11 probably take several years to payoff wlth
tax increment revenues, Agency Special Counsel has advised that it would be
appropriate for the Executlve Director of the Agency and the Mayor to be able
to ministerially extend the terms of the respective loans, from year to year
as required.
The appropriate resolutions (including benefit findings) and loan documents
have been prepared by Agency Special Counsel, approved as to form and legal
content by Agency Counsel and City Attorney and are attached for your review,
RECOMMENDA nON
It is, therefore, requested that the Commission and the Council adopt the
attached resolutions approving a loan of $1,250,000 from SEIP to the City,
which wll1 in turn loan the funds to TC, for the new Haterman/I-10 off-ramp
construction costs. It is also requested that the Executive Director of the
Agency and the Mayor be permitted to ministerially extend the terms of the
respective loans. from year to year as required,
SHD:JW:kp:2173H
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c:> RESOLUTION NO.
A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, APPROVING A LOAN AGREEMENT
BETWEEN THE CITY OF SAN BERNARDINO AND THE COMMUNITY
DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO.
WHEREAS, the City of San Bernardino (the "City") and the
Community Development Commission of the City of San Bernardino
(the "Agency") desire to provide for the construction of
certain public improvements more particularly described in the
accompanying draft "City Loan Agreement" as the "Designated
Public Improvements"; and
WHEREAS, the provision of the Designated Public
<:) Improvements will benefit the Project Area of the Tri City
Redevelopment Project (herein, the "Project Area" and the
"Project") and the neighborhood in which the Designated Public
Improvements are to be made; and
WHEREAS, the City is authorized to provide financial and
other assistance to the Agency to promote the redevelopment of
the Project Area; and
WHEREAS, the City proposes to loan and the Agency proposes
to borrow One Million Two Hundred Fifty Thousand Dollars
($1,250,000) (the "City Loan Amount") pursuant to the "City
Loan Agreement", a copy of which is attached hereto as Exhibit
o "A" and is incorporated herein by reference;
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NOW THEREFORE, the City of San Bernardino does hereby find,
determine, order and resolve as follows:
Section 1:
The City Loan Agreement is in the best interests of
the City and will promote the public health, safety and welfare.
Section 2:
The City Loan Agreement is hereby approved. The Mayor
is authorized to execute the Agreement on behalf of the City.
08110/89
5392n/260l-00
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I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Common Council of the City of San Bernardino at
of
a regular meeting thereof held on the day
AYES:
. 1989 by the following vote, to wit:
Council Members
NAYS:
ABSENT or
ABSTAIN
, ,Ci ty Clerk
The foregoing resolution is hereby approved this
day of , 1989.
Approved as to form
and legal content:
James F. Penman
City Attorney
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08/10/89
5392n/2601-00
w. R. Holcomb, Mayor
City of San Bernardino
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EXHIBIT "A"
CITY LOAN AGREEMENT
(CITY TO AGENCY)
THIS AGREEMENT is entered into as of this
day
of
, 1989, by and between the CITY OF SAN BERNARDINO
(the "City") and the COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO (the "Agency").
RECITALS
A. WHEREAS, the Community Redevelopment Law (Health &
Safety Code, Section 33610) authorizes the City to loan money
to the Agency for administrative expenses and overhead of the
Agency; and
B. WHEREAS, the City and the Agency desire to proceed
with the development of certain public improvements descriped
in Attachment No. 1 hereto (the "Designated Public
Improvem~nts"); and
C. WHEREAS, the provision of the Designated Public
Improvements will benefit the Project Area of the Tri City
Redevelopment Project (herein, the "Project" and the "Project
Area") and the neighborhood in which the Designated Public
Improvements are to be made; and
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D.
WHEREAS, the Agency, pursuant to the Redevelopment
Plan and provisions of the Community Redevelopment Law (Health
& Safety Code Section 33000, et ~.) is authorized to borrow
funds to facilitate redevelopment; and
E. WHEREAS, no other reasonable means of financing the
Designated Public Improvements is available;
NOW THEREFORE, the City and the Agency agree as follows:
1. The City agrees to loan One Million Two Hundred
Fi fty Thousand Dollars ($1,250,000) (the "City Loan Amount..) to
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the Agency. The Agency shall, in consideration of such loan,
be obligated to pay to the City the City Loan Amount, plus
interest accruing at the rate of eight percent (8) per annum;
provided that the City agrees and acknowledges that such City
Loan Amount shall be paid only from tax allocation revenues of
the Tri City Redevelopment Project as may hereafter be received
by the Agency. The Agency shall have no obligation to make
payment from any other revenues.
2. The obligations of the Agency pursuant to
Section 1 of this Agreement shall constitute the indebtedness
of the Project. Amounts owed by the Agency shall be payable on
the last day of the fiscal year during which funds have been
<:) advanced by the City to the Agency; provided that the
Page 2 of 5
5391n/2601-00
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obligation of the Agency to make payments pursuant to this
Agreement shall be subordinate and subject to Section 33334.2
of the Health & Safety Code and to the right of the Agency to
pledge or commit tax allocations from the Project Area to repay
bonds or other indebtedness incurred by the Agency in carrying
out the Redevelopment Plan for the Project. The Agency agrees
to file statements of indebtedness setting forth such
obligation until such time as the City Loan Amount (together
with accrued interest) has been pa~d in full. Time for
repayment may be extended upon ministerial action of the Mayor
and the Executive Director o~behalf of the City and the
Agency, respectively.
3. The Agreement shall be effective as of the day and
date first above shown.
City of San Bernardino
By:
Mayor
ATTEST:
By:
City Clerk
Approved as to
form and content:
James F. Penman
City Attorney
Page 3 of 5
5391n/2601-00
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Approved as to
form and content:
B~/.J
ennis A. arlow
Agency Counsel
5391n/2601-00
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The Community Development
Commission of the City of
San Bernardino
By:
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ATTACHMENT NO. 1
Desiqnated Public Improvements
a) New westbound offramp from Interstate Highway 10 at
Waterman Avenue.
b) New signalization and lighting at new offramp terminus at
Carnegie Drive/Hospitality Lane.
Page 5 of 5
5391n/2601-QO
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RESOLUTION NO.
A RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF SAN BERNARDINO APPROVING A LOAN AGREEMENT
BETWEEN THE CITY OF SAN BERNARDINO AND THE COMMUNITY
DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO.
WHEREAS, the City of San Bernardino (the "City") and the
Community Development Commission of the City of San Bernardino
(the "Agency") desire to provide for the construction of
certain public improvements more particularly described in the
accompanying draft "City Loan Agreement" as the "Designated
Public Improvements"; and
WHEREAS, the provision of the Designated Public
Improvements will benefit the Project Area of the Tri City
Redevelopment Project (herein, the "Project Area" and the
"Project") and the neighborhood in which the Designated Public
Improvements are to be made; and
WHEREAS, the City is authorized to provide financial and
other assistance to the Agency to promote the redevelopment of
the Project Area; and
WHEREAS, the City proposes to loan and the Agency proposes
to borrow One Million Two Hundred Fifty Thousand Dollars
($1,250,000) (the "City Loan Amount") pursuant to the "City
Loan Agreement", which is attached hereto as Exhibit "A" and is
incorporated herein by reference;
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NOW THEREFORE, the Agency does hereby find, determine,
order and resolve as follows:
Section 1:
The City Loan Agreement is in the best interests of
the Agency and will promote the public health, safety and
welfare.
Section 2:
The City Loan Agreement is hereby approved. The
Executive Director is authorized to execute the Agreement on
<:) behalf of the Agency.
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08110/89
5395n/260l-00
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I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Community Development Commission of the City of
San Bernardino at a regular meeting thereof held on the
day of
AYES:
, 1989 by the following vote, to wit:
Commissioners
NAYS:
ABSENT or
ABSTAIN
Secretary
The foregoing resolution is hereby approved this
day of , 1989.
Approved as to form
and legal content:
B~
Agency unsel
08110/89
5395n/260l-00
Chairman of the Community
Development Commission of the
City of San Bernardino
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EXHIBIT "A"
CITY LOAN AGREEMENT
(CITY TO AGENCY)
THIS AGREEMENT is entered into as of this
day
of
, 1989, by and between the CITY OF SAN BERNARDINO
(the "City") and the COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO (the "Agency").
RECITALS
A. WHEREAS, the Community Redevelopment Law (Health &
Safety Code, Section 33610) authorizes the City to loan money
to the Agency for administrative expenses and overhead of the
Agency; and
B. WHEREAS, the City and the Agency desire to proceed
with the development of certain public improvements described
in Attachment No. 1 hereto (the "Designated Public
Improvements"); and
C. WHEREAS, the provision of the Designated Public
Improvements will benefit the Project Area of the Tri City
Redevelopment Project (herein, the "Project" and the "Project
Area") and the neighborhood in which the Designated Public
Improvements are to be made; and
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c:> D. WHEREAS, the Agency, pursuant to the Redevelopment
Plan and provisions of the Community Redevelopment Law (Health
& Safety Code Section 33000, et seq.) is authorized to borrow
funds to facilitate redevelopment; and
E. WHEREAS, no other reasonable means of financing the
Designated Public Improvements is available;
NOW THEREFORE, the City and the Agency agree as follows:
1. The City agrees to loan One Million Two Hundred
Fifty Thousand Dollars ($1,250,000) (the "City Loan Amount") to
the Agency. The Agency shall, in consideration of such loan,
<=; be obligated to pay to the City the City Loan Amount, plus
interest accruing at the rate of eight percent (8) per annum;
provided that the City agrees and acknowledges that such City
Loan Amount shall be paid only from tax allocation revenues of
the Tri City Redevelopment Project as may hereafter be received
by the Agency. The Agency shall have no Obligation to make
payment from any other revenues.
<=;
2. The obligations of the Agency pursuant to
Section 1 of this Agreement shall constitute the indebtedness
of the Project. Amounts owed by the Agency shall be payable on
the last day of the fiscal year during which funds have been
advanced by the City to the Agency; provided that the
Page 2 of 5
5391n/2601-00
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obligation of the Agency to make payments pursuant to this
Agreement shall be subordinate and subject to Section 33334.2
of the Health & Safety Code and to the right of the Agency to
pledge or commit tax allocations from the Project Area to repay
bonds or other indebtedness incurred by the Agency in carrying
out the Redevelopment Plan for the Project. The Agency agrees
to file statements of indebtedness setting forth such
obligation until such time as the City Loan Amount (together
with accrued interest) has been paid in full. Time for
repayment may be extended upon ministerial action of the Mayor
and the Executive Director on behalf of the City and the
Agency, respectively.
3. The Agreement shall be effective as of the day and
date first above shown.
City of San Bernardino
By:
ATTEST:
Mayor
By:
City Clerk
Approved as to
form and content:
James F. Penman
City Attorney
Page 3 of 5
5391n/2601-00
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Approved as to
form and content:
By:
Dennis A. Barlow
Agency Counsel
5391n/2601-00
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The Community Development
Commission of the City of
San Bernardino
By:
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ATTACHMENT NO. 1
Desiqnated Public Improvements
a) New westbound offramp from Interstate Highway 10 at
Waterman Avenue.
b) New signalization and lighting at new offramp terminus at
Carnegie Drive/Hospitality Lane.
Page 5 of 5
5391n/2601-00
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CITY LOAN AGREEMENT
(CITY TO AGENCY)
THIS AGREEMENT is entered into as of this
day
of
, 1989, by and between the CITY OF SAN BERNARDINO
(the .City.) and the COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO (the .Agency.).
RECITALS
A. WHEREAS, the Community Redevelopment Law (Health &
Safety Code, Section 33610) authorizes the City to loan money
c:J to the Agency for administrative expenses and overhead of the
Agency; and
B. WHEREAS, the City and the Agency desire to proceed
with the development of certain public improvements described
in Attachment No. 1 hereto (the .Designated Public
Improvements.); and
C. WHEREAS, the provision of the Designated Public
Improvements will benefit the Project Area of the Tri City
Redevelopment Project (herein, the .Project" and the "Project
Area.) and the neighborhood in which the Designated Public
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Improvements are to be made; and
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D. WHEREAS, the Agency, pursuant to the Redevelopment
Plan and provisions of the Community Redevelopment Law (Health
& Safety Code Section 33000, et seq.) is authorized to borrow
funds to facilitate redevelopment; and
E. WHEREAS, no other reasonable means of financing the
Designated Public Improvements is available;
NOW THEREFORE, the City and the Agency agree as follows:
:
1. The City agrees to loan One Million Two Hundred
Fifty Thousand Dollars ($1,250,000) (the "City Loan Amount") to
the Agency. The Agency shall, in consideration of such loan,
be obligated to pay to the City the City Loan Amount, plus
interest accruing at the rate of eight percent (8) per annum;
provided that the City agrees and acknowledges that such City
Loan Amount shall be paid only from tax allocation revenues of
the Tri City Redevelopment Project as may hereafter be received
by the Agency. The Agency shall have no obligation to make
o
payment from any other revenues.
2. The obligations of the Agency pursuant to
Section 1 of this Agreement shall constitute the indebtedness
of the Project. Amounts owed by the Agency shall be payable on
the last day of the fiscal year during which funds have been
<:) advanced by the City to the Agency; provided that the
5391n/2601-00
Page 2 of 5
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obligation of the Agency to make payments pursuant to this
Agreement shall be subordinate and SUbject to Section 33334.2
of the Health & Safety Code and to the right of the Agency to
pledge or cOmmit tax allocations from the Project Area to repay
bonds or other indebtedness incurred by the Agency in carrying
out the Redevelopment Plan for the Project. The Agency agrees
to file statements of indebtedness setting forth such
obligation until such time as the City Loan Amount (together
with accrued interest) has been paid in full. Time for
repayment may be extended upon ministerial action of the Mayor
and the Executive Director on behalf of the City and the
Agency, respectively.
3. The Agreement shall be effective as of the day and
date first above shown.
City of San Bernardino
By:
ATTEST:
Mayor
By:
City Clerk
Approved as to
form and content:
5391n/2601-00
Page 3 of 5
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Approved as to
form and content:
B~)
Agency Counsel
5391n/2601-00
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The Community Development
Commission of the City of
San Bernardino
By:
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ATTACHMENT NO. 1
Desianated Public Improvements
a) New westbound offramp from Interstate Highway 10 at
Waterman Avenue.
b) New signalization and lighting at new offramp terminus at
Carnegie Drive/Hospitality Lane.
5391n/2601-00
Page 5 of 5
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RESOLUTION NO.
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO AUTHORIZING THE EXECUTION OF
A LOAN AGREEMENT WITH THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO
WHEREAS, pursuant to the Community Redevelopment Law of the
State of California, (Health & Safety Code Section 33000, et
seq.), the Redevelopment Agency of the City of San Bernardino
(the "Agency") is carrying out the Redevelopment Plan for the
Southeast Industrial Park Redevelopment Project (the "Project
Area"); and
WHEREAS, the Agency is authorized to invest funds not
, immediately necessary for the implementation of the
<:) Redevelopment Plan for the Project Area; and
WHEREAS, the Agency and the City desire to proceed with the
development of certain public improvements described in
Attachment No.1 hereto (the "Designated Public Improvements");
and
WHEREAS, the provision of the Designated Public
Improvements will substantially benefit the Project Area; and,
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WHEREAS, in order to effectuate the provisions of the
c:> Redevelopment Plan for the Project Area, the Agency proposes to
loan and the City proposes to borrow One Million Two Hundred
Fifty Thousand Dollars ($1,250,000) (the "Agency Loan Amount")
pursuant to that "Agency Loan Agreement", a copy of which is
attached hereto as Exhibit "A" and is incorporated herein by
reference;
NOW THEREFORE, the City of San Bernardino hereby resolves
as follows:
Section l:
The loan of funds pursuant to the Agency Loan Agreement is
<:) in the best interest of the City and will promote the public
health, safety and welfare.
Section 2:
The Mayor is hereby authorized to execute the Agency Loan
Agreement on behalf of the City.
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08/10/89
5388n/260l-00
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I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the COmmon Council of the City of San Bernardino at
a regular meeting thereof held on the
day
of
. 1989 by the following vote, to wit:
AYES:
Council Members
NAYS:
ABSENT or
ABSTAIN
City Clerk
The foregoing resolution is hereby approved this
day of , 1989.
Mayor of the City of
San Bernardino
Approved as to form
and legal content:
5',
mes F. Penman
ity -Attorney
08/10/89
5388n/260l-00
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ATTACHMENT NO. 1
Designated Public Improvements
a) New westbound offramp from Interstate Highway 10 at
Waterman Avenue.
b) New signalization and lighting at new offramp terminus at
Carnegie Drive/Hospitality Lane.
08/10/89
5391n/2601-00
ATTACHMENT NO. 1
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EXHIBIT "A"
AGENCY LOAN AGREEMENT
(AGENCY TO CITY)
THIS AGREEMENT is entered into as of this
day
of
, 1989, by and between the CITY OF SAN BERNARDINO
(the "City") and the COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO (the "Agency").
RECITALS
A. WHEREAS, the Community Redevelopment Law (Health &
Safety Code, Section 33603) authorizes redevelopment agencies
to invest any money held in reserves or sinking funds, or any
money not required for immediate disbursement, in property or
securities; and
B. WHEREAS, there are presently available to the Agency
funds generated by the Southeast Industrial Park Redevelopment
Project (the "Project"), which may be invested; and
D. WHEREAS, the City desires to borrow funds from the
Agency;
NOW, THEREFORE, the City and Agency agree as follows:
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1. The Agency agrees to loan the sum of One Million
Two Hundred Fifty Thousand Dollars ($1,250,000) (the "Loan
Amount") to the City. The City shall, in consideration of such
investment, be obligated to pay to the Agency within the
current fiscal year the amount of the Loan Amount, plus
interest accruing at the rate of eight percent (8%) per annum.
The Agency shall consider but is not obligated to extend the
time for repayment for an additional year. Time for repayment
may be extended upon Ministerial action of the Mayor and
Executive Director on behalf of the City and the Agency,
respectively.
2.
This Agreement shall be effective as of the day
and date first above shown.
City of San Bernardino
By:
Mayor
ATTEST:
By:
City Clerk
APPROVED AS TO FORM AND CONTENT
FOR THE CITY
By:
James F. Penman
City Attorney
5387n/2601-00
EXHIBIT "A"
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The Community Development
Commission of the City of San
Bernardino
Dated:
By:
Executive Director
APPROVED AS TO FORM AND CONTENT
FOR THE AGENCY
By:
Dennis A. Barlow
Agency Counsel
5387n12601-00
EXHIBIT "A"
Page 3 of 3
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RESOLUTION NO.
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF
THE CITY OF SAN BERNARDINO AUTHORIZING THE EXECUTION
OF A LOAN AGREEMENT WITH THE CITY OF SAN BERNARDINO
WHEREAS, pursuant to the Community Development Law of the
State of California. (Health & Safety Code Section 33000. et
seq.), the Redevelopment Agency of the City of San Bernardino
(the "Agency") is carrying out the Redevelopment Plan for the
Southeast Industrial Park Redevelopment Project (the "Project
Area"); and
WHEREAS, the Agency is authorized to invest funds not
immediately necessary for the implementation of the
Redevelopment Plan for the Project Area; and
WHEREAS, the Agency and the City desire to proceed with the
development of certain public improvements described in
Attachment No.1 hereto (the "Designated Public ImprOVements");
and
WHEREAS, the provision of the Designated Public
Improvements will substantially benefit the Project Area; and
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WHEREAS, in order to effectuate the provisions of the
c:; Redevelopment Plan for the Project Area, the Agency proposes to
loan and the City proposes to borrow One Million Two Hundred
Fifty Thousand Dollars ($1,250,000) (the "Agency Loan Amount")
pursuant to that "Agency Loan Agreement", a copy of which is
attached hereto as Exhibit "A" and is incorporated herein by
reference;
NOW THEREFORE, the Community Development Commission of the
City of San Bernardino hereby resolves as follows:
Section 1:
The loan of funds pursuant to the Agency Loan Agreement is
c:; in the best interest of the Agency and will promote the public
health, safety and welfare.
Section 2:
The executive director is hereby authorized to execute the
Agency Loan Agreement on behalf of the Agency.
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I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Community Development Commission of the City of
San Bernardino at a regular meeting thereof held on the
day of , 1989 by the following vote, to wit:
AYES:
Commissioners
NAYS:
ABSENT or
ABSTAIN
Secretary
The foregoing resolution is hereby approved this
day of , 1989.
Chairman of the Community
Development Commission of the
City of San Bernardino
Approved as to form
and legal content:
B~I
Agency Co se1 -
08/10/89
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ATTACHMENT NO. 1
Designated Public Improvements
a) New westbound offramp from Interstate Highway 10 at
Waterman Avenue.
b) New signalization and lighting at new offramp terminus at
Carnegie Drive/Hospitality Lane.
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ATTACHMENT NO. 1
Page 1 of 1
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EXHIBIT "A"
AGENCY LOAN AGREEMENT
(AGENCY TO CITY)
THIS AGREEMENT is entered into as of this
day
of
, 1989, by and between the CITY OF SAN BERNARDINO
(the "City") and the COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO (the "Agency").
RECITALS
A. WHEREAS, the Community Redevelopment Law (Health &
Safety Code. Section 33603) authorizes redevelopment agencies
to invest any money held in reserves or sinking funds, or any
money not required for immediate disbursement. in property or
securi ties; and
B. WHEREAS, there are presently available to the Agency
funds generated by the Southeast Industrial Park Redevelopment
Project (the .Project"), which may be invested; and
D. WHEREAS. the City desires to borrow funds from the
Agency;
NOW, THEREFORE, the City and Agency agree as follows:
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1.
The Agency agrees to loan the sum of One Million
Two Hundred Fifty Thousand Dollars ($1,250,000) (the "Loan
Amount..) to the City. The Ci ty sha 11, in consideration of such
investment, be obligated to pay to the Agency within the
current fiscal year the amount of the Loan Amount, plus
interest accruing at the rate of eight percent (8%) per annum.
The Agency shall consider but is not obligated to extend the
time for repayment for an additional year. Time for repayment
may be extended upon Ministerial action of the Mayor and
Executive Director on behalf of the City and the Agency,
respectively.
2. This Agreement shall be effective as of the day
and date first above shown.
City of San Bernardino
By:
Mayor
ATTEST:
By:
City Clerk
APPROVED AS TO FORM AND CONTENT
FOR THE CITY
By:
James F. Penman
City Attorney
5387n/2601-00
EXHIBIT "A"
Page 2 of 3
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Dated:
APPROVED AS TO FORM AND CONTENT
FOR THE AGENCY
By:
Dennis A. Barlow
Agency Counsel
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The Community Development
Commission of the City of San
Bernardino
By:
Executive Director
5387n/2601-00
EXHIBIT "A"
Page 3 of 3
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AGENCY LOAN AGREEMENT
(AGENCY TO CITY)
THIS AGREEMENT is entered into as of this
day
of
, 1989, by and between the CITY OF SAN BERNARDINO
(the "City") and the COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO (the "Agency").
RECITALS
A. WHEREAS, the Community Redevelopment Law (Health &
Safety Code, Section 33603) authorizes redevelopment agencies
to invest any money held in reserves or sinking funds, or any
money not required for immediate disbursement, in property or
securi ties; and
B. WHEREAS, there are presently available to the Agency
funds generated by the Southeast Industrial Park Redevelopment
Project (the "Project"), which may be invested; and
D. WHEREAS, the City desires to borrow funds from the
Agency;
NOW, THEREFORE, the City and Agency agree as follows:
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1.
The Agency agrees to loan the sum of One Million
Two Hundred Fifty Thousand Dollars ($1,250,000) (the .Loan
Amount.) to the City. The City shall, in consideration of such
investment. be obligated to pay to the Agency within the
current fiscal year the amount of the Loan Amount, plus
interest accruing at the rate of eight percent (8\) per annum.
The Agency shall consider but is not obligated to extend the
time for repayment for an additional year. Time for repayment
may be extended upon Ministerial action of the Mayor and
Executive Director on behalf of the City and the Agency,
respectively.
2. This Agreement shall be effective as of the day
, and date first above shown.
City of San Bernardino
By:
Mayor
ATTEST:
By:
City Clerk
APPROVED AS TO FORM AND CONTENT
FOR THE CITY
By: ~;, I'~
~ es F. Penman
lty Attorney
5387n/2601-00
EXHIBIT "A"
Page 2 of 3
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Dated:
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The Community Development
Commission of the City of San
Bernardino
By:
Executive Director
APPROVED AS TO FORM AND CONTENT
FOR THE AGENCY
By: ~/JMu~4 /
/Dennis Barlow-
Agency Counsel
5387n/260l-00
EXHIBIT MAM
Page 3 of 3