HomeMy WebLinkAboutNB01-Redevelopment Agency
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R~VELfWENr iGENCY::~ST POL '~'touN8D..,.~)1ON
From: Glenda Saul
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...........t: Redevelopment Agency
Subject: Emergency Loan to West Si de
Comnunity Development Corporation
Date: November 25, 1985
Synopsis of Previous Commission/Council action:
-On September 30, 1985, the Community Development Commission considered this
item and directed staff to prepare a letter to the Internal Revenue Service.
and to place this item on the Commission's October 7. 1985 agenda.
-On November 20, 1985, the Community Development Commission again considered this
item and took an action setting a date (11-26-85) for a special meeting.
Recommended motion:
(COMMUNITY DEVELOPMENT COMMISSION)
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Staff recommends that the emergency loan to West Side Community Development
Corporation be denied.
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Signature
Contact person: G1 enda Saul/Ken Henderson
Supporting data attached: Staff Report/Attachments
FUNDING REQUIREMENTS: Amount: $ 100,000
Phone: 383.5081
Ward:
6
NW
Project:
No adverse Impact on City:
Date:
November 26. 1985
,P-<ncil Notes:
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Agenda Item No.
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CIM OF SAN B.RNARD~O - R.Q~T FOR COUNCIL A'l:-rlON
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STAFF REPORT
During the week of September 23-27, 1985, principals of West Side Community
Development Corporation (WSCDC) met with certain members of the Common Council
and staff to discuss financial assistance to WSCDC in the amount of $100,000.
At the Council/Commission workshop held on September 30, 1985, the matter was
brought before the Mayor and Common Council. After discussion, the Community
Development Commission directed staff to execute a letter of commitment to
WSCDC indicating the Agency would lend to WSCDC an amount not to exceed
$100,000 under the following conditions:
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That the
only to
$360,000.
Agency be secured by a second deed of trust, second
Chino Valley Bank, in an amount not to exceed
2) That no other liens remain unpaid after the closing of the
loan.
3) That WSCDC have a valid commitment for take-out financing in
an amount of at least $550,000.
4)/ Further, that the Redevelopment Agency loan of $100,000 be
~ paid from the take-out loan of $550,000.
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Staff was also directed to prepare a letter to the Internal Revenue Service
indicating the Commiasion' s willingness to provide financial assistance to
WSCDC after WSCDC has met all of the conditions noted above. A copy of the
letter to the IRS is attached to the staff report. Staff also received
correspondence from the Riverside IRS office showing totals for taxes due,
interest and penalties, with a total amount due of $84,357.20.
In the opinion of staff, West Side CDC has satisfied only condition #3 noted'
above and may be able to satisfy condition #4 if they are able to secure
takeout financing in an amount no less than $457,000, the amount of the Chino
Valley Bank construction loan ($100,000) plus the $100,000 that would be owed
to the Agency.
Although it is unclear at what level takeout financing will be acquired, the
following represent West Side CDC's debt based upon takeout financing in three
(3) different amounts:
Takeout Loan:
Economic Development Admin Loan:
Redevelopment Agency Loan:
$ 550,000
500,000
112,000
$1,162,000
$ 525,000
500,000
112,000
$1,137,000
$ 457,000
500,000
112,000
$1,069,000
It is assumed in each of the above that the Agency's $100,000 loan would be
retired by the takeout financing. The problem with any of the scenarios noted
above is that the building has been appraised for $1,045,300 (including a
developer's profit of 15%) and in every case the debt would exceed the
~ appraised value of the property.
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A second problem with providing any assistance to West Side CDC is the
position taken by the Economic Development Administrstion (EDA). The EDA has
informed West Side CDC that they will not allow the property to be further
encumbered. West Side CDC would have to seek a "Mortgage Waiver Release" from
the National Office of EDA. This process takes about two (2) months with no
guarantee that the "Release" would be granted. Additionally, EDA will only
allow West Side CDC to acquire takeout financing grester than the Chino Valley
Bank construction loan ($357,000) if West Side CDC agrees in writing to retire
the Agency's $112,000 loan with the proceeds from the takeout loan. Economic
Development Administration would then be more willing to issue a Mortgage
Waiver Release on the Agency's prospective loan of $100,000 to West Side CDC.
However, it should be noted that the $112,000 Agency loan previously made to
West Side CDC is unsecured and can only be secured if EDA issues a Mortgage
Waiver Release.
It is for the above and other reasons that staff is recommending against
~proVing the loan to West Side CDC. More specific reasons are as follows:
/1. The debt to value ratio significantly exceeds prudent commercial loan
underwriting criteria.
2. The request for assistance stems from the fact that West Side CDC
principals have failed to meet their fiduciary responsibility and did not
forward to the Internal Revenue Services taxes totaling more than $84,000.
3. The level and type of assistance previously provided to West Side CDC and
set forth in more detailed fashion in the supporting documentation.
Suffice it to say that West Side CDC has received more than $2,000,000
,~ from the Agency over the last ten (10) years.
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West Side CDC's lack of performance in meeting its previous contractual
obligations to the Agency. Of the five (5) loans West Side CDC currently
has outstanding with the Agency, all five (5) loans are presently in a
delinquent status.
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The loan to West Side CDC would serve no direct community development or
redevelopment purpose and would be of an indirect community or
redevelopment purpose only as the contemplated assistance relates to the
continuing provision of community, economic and redevelopment services by
West Side CDC.
In conclusion, staff recommends that the request for an emergency loan in the
amount of $100,000 received from West Side CDC be denied. Further, that staff
be directed to continue to work with West Side CDC with a view toward
developing permanent resolutions to the problems noted above that will have
mutual benefit to West Side CDC and the Agency.
11/85
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No. 11a
Jan. 1984
MEMORANDUM
REDEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO, CALIFORNIA
DATE
November 25, 1985
TO
Glenda Saul, Executive Director
Redevelopment Agency
Ken Henderson, Manager IOU-
Community Development Division
FROM
SUBJECT
SUMMARY OF AGENCY ASSISIANCE TO WEST SIDE CDC
The information below summarize a the type and level of assistance the Agency
hs provided to West Side CDC over the last ten (10) years. Please note that
tbe information below incorporates the CDBG funding information I have
previously provided you.
CDBG Grants; Fy 1975/1976 - 1985/1986:
$813.746
Date CDBG Loans
Oustanding Balance
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5/79
ll/79
8/82
7/84
$123,500.00
6,139.00
4,963.00
3,287.00
100,000.00
100,000.00
50,000.00
ll2,OOO.00
$499.899.00
$ll8,337.78*
-0-
1,199.86*
754.23*
-0- (paid through Hatle Sale)
-0- (paid December, 1981)
-0- (paid through Hatle Sale)
ll2,OOO.00*
$232.291. 87
REDEVELOPMENT LOANS;
State College
NW OPA
$ 93,351.50
44,980.00
$ 89,087.55*
To be repaid from Tax Increment,
ten to fifteen years.
SALE OF LAND;
Less Original Purchase Price
$660,225
38,9ll
"$621,314
49,905
$571,409
Total Sales Price
Less RDA Participation
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Net Land Sales Proceeds
$571,409 divided by $49,905 - 1150% return on investment.
Grand Total of Agency Assistance (including all loans and grants); $2.023.375
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*Delinquent Loans
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REDEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO, CALIFORNIA
DATE
November 25, 1985
TO
Glenda Saul
E%ecutive Director
Ken Henderson. Manager 6l'tH
Community Development Division
FROM
SUBJECT
CDBG FUNDING PROVIDED TO WSCDC - FY 75/76 thru 85/86
Following is the updated funding information you requested by fiscal year,
amount and purpose:
Fiscal Year Amount Purpose
75/76 hoo,ooO (grant) Housing Rehab/Elderly & Disabled
76/77 hoo,ooo (grant) Housing Rehab/Elderly & Disabled
76/77 $ 42,746 (grant) Program Administration
C 77 /78 $ 25,000 (grant) Rehabilitation
77 /78 $ 47,000 (grant) Program Administration
78/79 $ 50,000 (grant) Housing Rehab/Elderly & Disabled
79/80 h25,000 (grant) Alternative Housing
80/81 $ 30,000 (grant) Alternative Housing
81/82 $ 50,000 (grant> Program Administration
83/84 $ 50,000 (grant) Program Administration
83/84 $ 34,000 (grant) Jobs Bill-Emerald Cove
84/85 $ 60,000 (grant) Program Administration
7/84 h50,000 (grant) Office Building
85/86 $ 50,000 (grant) Program Administration
Sub-Total: t813.746 ( Grants)
7/84 $112,000 (loan) Office Building
123,500 (loan) CDBG Rehabilitation
6,139 (loan) CDBG Rehabilitation
4,963 (loan) CDBG Rehabilitation
3,287 (loan) CDBG Rehabilitation
5/79 100,000 (loan)
11/79 100,000 (loan)
81/82 50,000 (loan)
Sub-Total: i449.~69 (Loans)
r- Grand Total: CDBG Loans _d Gr_ta: jWP.635.00
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$232,000.00
121,762.00
144,510.59
$ 53,272.10
27,443.21
144,510.59
*NOTE PAYABLE TO SOLOREX/CDBG
SALE OF STATE COLLEGE PROPERTY
BY WESTSIDE CDC & DISBURSEMENT OF FUNDS
OJ:jmh:0864K
DEBTS - May 1982
Solorex
CDBG
Miscellaneous
SALE TO TWIST
Parcel #1 - May 82
Solorex
CDBG
Miscellaneous
SALE TO HATLE
Parcel 2 & 3 Aug. 83
*NOTE
INTEREST ON NOTE
CDBG OTHER
Balance to WSCDC
$273,046.69
34,130.83
88,911.14
$498,272.59
$225,225.90
$225,225.90
$273,046.69
$435,000.00
396,088.66
$ 38,911.50
NOTE: Properties above sold to Westside CDC by RDA for $56,655.
APPLICATION OF FUNDS
SBWCDC RDA
Original Purchase -()- $56,655.00
Sale to Twist $225,225.90 -0-
Sale to Hatle 396,088.66 38,911.50
$621,314.56 $95,566.50
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San Bernardino West Side
Community Development Corporation
November 22,1985
Ms. Glenda Saul.
Executive Director
Redevelopment Agency
300 North "0" Street
San Bernardino, C A
Re: Prqjected Income .. ExJ- : AnalysIs
T. Hughes Bnf1rf1'1g
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Dear Glenda,
As per your request, attached ls a revised Income & Expense Analysis for the
Hughes building.
For the sake of time, the calculations on years 2 through 5 are annualized and
only include the maj:>r categories.
I hope thls information ls &Iffl.cient, however, if any questions should arise,
please can me.
Sincerely ,
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Valerie Pope Ludlam
President
VPL/kr
Attachment
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1736 W. Highland Ave,
San Bernardino, CA. 92411
Phone. (714) 887-2546
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HUGHES BUn.DING
C PROJECTED INCOME. EXPENSE ANALYSIS
YEAR 1
Total Total
Income lIontbly AnnuaD.y
Leases & Ren-1l3 $ 10,730.00 $ 128,762.76
Operating ExpAo "
Management fee @ 5% $ 440.00 $ 5,280.00
Refuse service 50.00 600.00
Electricity (com mon areas) 400.00 4,800.00
'!'axes 965.00 11,580.00
Insurance 250.00 3,000.00
Water 150.00 1,800.00
Janitorial 400.00 4,800.00
Security 260.00 3,120.00
Land~ape/grounds maintenance 200.00 2,400.00
C Maintenance reserve 135.00 1,620.00
Sub-total Expenses 3,250.00 39,000.00
Debt Service
@ 525,000 @ 12% 5,400.00 64,803.00
Total Ellp"" 8,650.00 103,800.00
Net Income $ 2,080.00 $ 24,960.00
2nd Year
Income $135,200.00
Operating Expenses 40,950.00
Debt Service 64,803.00
Total EXJ- ~ 105,753.00
Net Income $ 29,447.00
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3rd Year
$ 141,960.00
42,997.00
64,803.00
107,800.00
$ 34,160.00
4th Year
5th Year
$149,058.00
45,147.00
64,803.00
109,950.00
$ 39,108.00
$ 156,510.00
47,405.00
64,803.00
112,208.00
$ 44,302.00
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Notes
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4.
Management fee ls 5% of revenue
Maintenance reserve ls 1.5% of gross revenue
Debt service ls based upon bolTOwing 525,000 @ 12% amortized over 30 yrs.
2nd through 5th year increase in income and expenses are at 5%.
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tt:MORANDUM
DATE
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REDEVELOPMENT AGENCY
OF tHE CITY OF SAN BERNARDINO, CALIFORNIA
'''j. 118
. 11184
April 13, 1984
TO
Honorable Chairaan and Members of the
eo..un1ty Development eo.adssion
FROM
Glenda Saul
SUBJECT
San Bernardino Westaide Community Development Corporation
'Loan/Grant - Office Building
On March 19, 1984, the eo.m1aaion approved in concept and directed Staff
to prepare an Alresent with the San Bernardino WeaUide Community
Development Corporation for a loan in the amount of $112,000 and a grant
in the amount of $50,000, allowing Weataide eo.munity Development
Corporation to conatruct a 15,158 .quare foot office building at the
aouth aide of Baaeline Street, 360 feet west of Madi.on Avenue.
The building will accODodate the adm1ni.trative offices of the Westside
CoIIIIIunity Development Corporation, aa well as provide for additional
leaseable office apace for private tenants.
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Glenda Saul
Executive Director
GS/SL/mw
FORM MOTIO
Move to adopt a Resolution of the Community Development
Co-.1..ion of the City of San Bernardino approving an Owner
Participation Loan and Grant Agr...ent with the San Bernardino
,
Weatside eo..unit; Development Corporation.
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".n. 1184
REDEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO, CALIFORNIA
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DATE
March 13, 1984
TO
Honorable Chairman and Members of the Community Development Commission
FROM
Glenda Saul, Executive Director
SUBJECT
West Side Co.-unity Development Corporation Loan - Office Building
PROPOSED ACTION:
That the Co.-unity Development Commission loan the San Bernardino West Side
COIIIIunity Development Corporation $162,000 from Co_unity Development Block-
Grant contingency funds relating to the construction of an office building
along the terms and conditions outlined.
BACJCGROUND INFORMATION:
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On March 8, 1984, the COlllDunity Development Citizen Adviaory COIIIIIittee took
action to recolIIDend to the ,ColIIDunity Development COIIIIIisaion that $162,000 be
loaned to the San Bernardino West Side Community Development Corporation This
loan will enable CDC to construct a 15,158 aq. ft. office building at the
aouth aide of Baseline Street, 360 feet west of Madison, lot aize of 71,656
aq. ft. The building will house the administrative offices of the CDC as well
as provide apace for private tenants.
CDC has received a $500,000 grant from the Office of Economic Development
Administration (EDA), a $103,000 grant from the Office of COlIIDunity Services
and a private mortgage commitment of $360,000. Our loan of $162,000 would be
in the form of a Third Deed of Trust and would allow for conatruction to begin
illlDediately. This committee has, in the past, previously approved loans to
the CDC and they have repaid $112,000 of their loan. If approved by the
COIIIDission, it is our intention to relend CDC the $112,000, plus an additional
$50,000 from Co_unity Development funds; $50,000 to come from current
contingency. We are recolllDending that the loan be atructured as follows:
$112.000 of the loan at 7% with a 30 year amortization, payable on a quarterly
biais, due and callable within 15 years, or on aale of the property, whichever
occurs fint. $50,000 due only at time of aale or refinancing with interest
accruing at 7% on the $50,000 due. The CDC would be allowed a 17% return on
net proceeds prior to any of the $50,000 being repaid.
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wenc - Loan - Office Building
March 13, 1984
Pqe 2
It ia further rec_nded that in the loan agreeaent, language be included
that the Agency, at a future date, ..y forgive all or a portion of the
.50,000, or relend it to the CDC for future economic developaent purposes.
The property in quenion would r...in on the tall rolla during the Hfe of the
loan and, therefore, will aenerate tall increent income back to the Agency.
Th1a income will compenaate that we are riak on the .50,000. It 15 ataff's
intention that th1a loan w11l allow the CDC to becOlle aelf-auff1cient at some
future date by the income aenerated from the leaae of the building in queation
to private tentants.
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GLENDA SAUL
Ellecutive Director
GS:DGa
FORM MOTION:
Approve the concept of lending to the San Bernardino West Side Community
Developaent Corporation, .162,000 C~unity Developaent Block Grant funds, and
1nnruct the Agency uaff to prepare the neceasary agreeaent for approval of
the Comm1..10n on April 2, 1984.
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San Bernardino West Side
Community Development Corporation
March 6,1984
Me. Glenda Saul
Executive Director
R8deveJapment Agency
300 North II[)" Street, Room 320
San Bernardino, CA 92418
Re: Funding "aqI~ ax: Office F8CWty
Dear Glenda:
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In reference to the correlpondence dated March 2, 1984 from your office to CDC,
- are wi1llng to ~ept the ~ral conditions outlined therein.
We would, however, like to ccrrect the fact th8t Chino Valley Bank and not
Cambraige Financial wllI be the conltructlon loan inltitution on the project. Chino
Valley Bank hes been very cooperative to thll point .00 there II no realOn for III to
feel thet they would not agree to handle City cOllltructlon fund..
I hope this II ..fflclent, however, if further Information II needed, plea.. do not
hesitate to call me.
VPL/kr
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REDEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO, CALIFORNIA
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GLENDA SAUL
ACTING EXECUTIVE
DIRECTOR
March 2, 1984
Dwayne Burgess
San Bernardino
West Side Co.-unity
Development Corporation
1736 West Highland Avenue
San Bernardino, CA 92411
Dear Dwayne:
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Per our discussion on March 2, we are prepared to recOlllDend to the COllDlUn1 ty
Development Citizen Advisory Committe and the City, the following:
The RedeVelopment Agency to loan h62,000 to the West Side Community
Development Corporation (CDC) for the purpose of constructing an office
building. $112,000 of the loan at 7% interest, 30 year amortized, due and
callable within 15 years, (or on .ale, which ever .occurs first). $50,000 due
at time of sale, or refinanCing, interest accruing from the date of the loan
at 7%. If property sale results in s net proceed over 17%, the CDC would be
allowed 17% return net proceed (levered as gross .ale less sales cost, i.e.
closing and comm1ssion on investment profit prior to the $50,000 being
repaid. The property in question to remain on the tu roles. We will further
agree that language v1ll be provided in the agreement that the agency at a
future date may forgive all or a portion of the $50,000, or relend it to the
Community Development Corporation.
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We also discussed that any funds prOVided for this construction project will
be handled through your construction loan institution, i.e. Cambridge.
I think this hits the highlights.
to your Board. We would like to
Citizen Advisory Committee and our
Please let me know if this is satisfactory
take this before the COlIIIDunity Development
Collission as soon as possible.
Sincerely,
GLENDA SAUL
Executive Director
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GS:DG:t
CITY HALL. 300 NORTK"DWSTREET . RM,320 . SAN BERNARDINO. CAUFORNIA 92418 . PHONE: (714)383-5081
TELEX: 67~-W
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February 13.1984
Mr. Dwane luraus
Vic. Pr.ddent Plalllling . Ie.earch
San Bernardino we.t.ide CaaauD1ty
DeveloJlMllt Corporation
1736 We.t B1ahlaud Avenue
San Bernardino. California 92411
Dear Mr. lurae.s;
11118 letter will cODfina our offer to provide CODStruction loan f1Dallcing
:lD the _t of $356.645.00.
11Ie purpo.e Is for the construction of a 15.158 .q.ft. c~rcial office
bulldiq. located alOllJ the .outh dde of ....Une Str.et just east of
Ilad180n Str.et.
We look forward to your acceptance of our teras and coDditioDB, culll1naUng
with tbe dlDiDJ of' our loan aar_nt.
ncerely;
!~a~
.Jay A. Irooks
As.i.tant Vice Pre.ident
Construction Loan Officer
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and ASSOCIAn~
Property Consultants
INVESTMENTS 'MARKET",,:;
PUBLIC AGENCY SERvlC:E~
PROPERTY MANAGEME'"
APPRAI5..LE
GENERAL BROI\E "":,r
December 31, 1983
Chino Valley Bank
12806 Central Avenu~
Chino, CA 91710
10103 Dl:lrI.~, o.,\'\
W.,r,ul Ca..toU'\.. ,'",;.
P""nl 17,.: !>>PE tH..;:
Attention: Mr . Mar}, Larson
~!: Appraisal report on proposed construction of a 1~,1~6/sr commercial
buildinE located on the south sid~ of Baseline St. west of Madison
St., San Bernardino, CA.
~r. Larson,
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As you requested, I have aspected the above referenced
I have carefully aaalyzed all factors pertinent to tbe estimate of Market Value
of the property.
The accOIIIpanying report contains the resulta of laY invest!&aUo;'1 and analyais.
Based on the infOI'lllllt1on set forth in this report, it is 111)' opinion the ".arku
Value for th~ subject property as of December 31, 1983 is as follows:
On~ ~illion Dellars
($1,000,000)
~ the attached sheets are a brief property description, photographs o! thf
subj~ct property, plot plan anc compara~le date releva~t to Market Valuf.
S~h,
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Robert K. Heeks, R.~.
Real Estate Appraiser
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CERTIFICATION
I HEREBY CERTIFY that as an appraiser, 1 have no un~isclose~ intereSl,
past, presar,l, or C'C'T.te:::.late~. in the J:ro,.'c rt)" ap;o,"..i Fee herein; that
the valuatio~ rep~rte: has no bearing o~ tht fee charged for this
appraisal.
FURTHER. that ] have personally .n~ fairly inspecte: the subject parcel
appraise: herein, that to the best of my knc~ledge ane belief, every-
thing containe:: in ~.is report il& true ar.: nC' ir.;'ortant kno..-n fa("tors
t.ava been O\'ar]ooi,ee.
FURTHER, that this appraisal has been ~.de in accordance ~ith recognized
standards and rules of professional ethics. and that accor~in9 to my
knowledge an~ belief aU state_nts and information in this report are
true and correct, subject to the underlying assumptions an~ contingent
con~itions.
THAT no one other tha~ the un~er.i9"ed. prepared the analysis. conclusions.
an:: ofi~ion5 that are set forth in this eppraisal rep~rt concerning the
respectivE parcelE.
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Jlobert K. Meeks. Rl':. CR1-.
Dated; December 31, 19E3
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ASSUMPTI~S AND LIMITING CClNDI'I'I~S
This appraisal has been _c5e wit.h the fo1100.-1n9 asswnptions as set forth in
it~s No. 1 t.hrough 7, inclusive.
1. Title to t.h~ subject parcel is assumed to be good anc5 Merchantable. Lien!
and encur..brances, if any. hav,' not been ckcucted fro::,. the estilllMe of 't<>t,,:
Just Cor.;.c.r.sE.tiora. Furthc':'", it i~ assui.C'c there' er( no eascrn~:"!ts, cncroc::-~~
.."nts. or othu ph)'sical conditions 6ch'us::y afr.~'ting the v"lue of tl"
subject parcel.
2. 'the appraiser assumcs t.her., art no hidden or unapparent condit.ions of tI"
subject parcel subsoil, st.ructures, or other improvements, which rendcl
Jr.ore or less valuable. Further, t.he appraiser aSSWH'S no res!,=,nsibil ity
for such conc5it.ions or engineering ~~ic~ Jr.i9~t ~ required to discovel
such conditions.
3. -r'nt forr.., forr~"iat, alld phr~F"'o}o9)' utilizc.:; ir. this r~port, eX:=Er-t th(' c( r-
t.i f icetion, .:-ac t.cr::-.!.. arle c:k!' ird tiO::t, she:1J not. J:,( ;::ro\'idC'~ tC', cc;,'ic::. C':
us~d by, An) other rea] estate ap~raiser, reGl estale eco~owist, rea) es~c:(
brokc.r, reAl est.ate salespersor" or others, without t.he ~rittc'o consen: ae,::
approval of Robert K. HeeKs.
4. The valuation of t.he property appraised is based upon economic and financir.g
conc5itions prevailillg as of the date of value set forth herein. Further, the
valuation assUllles vood, COIllpetent, and aggressive _nageJnent of the respec-
tive subject parcel.
5. 'l'he appraiser has conc5uctec5 a visual iIIspection of the subject parcel ani!
the market c5ata properties. Should subsequent iIIformation be provide:3 rela-
tive t.o change the cHfferences ir. (1) t.he qualit)O of title, (2) physical co',-
Clition or characteristics.of t.he properties, and/o~ (3) gover~~ental re~~ric-
t.ions and/or requlationE which wo~ld increase or decrease t.hE value of the
property, the appraiser resc~vcs thE right to amenc thE fin~l estimatt o~ Vclur.
6. ~a~ingE, plats, maps, and other exhibits contained in this report are fc,
illustratio~ purposes only ani! are not necessarily prepared t.o standar::
en.ineerin; or architeetural scale.
7. 'th. AttP.rica~ lns~itu~e of ~e61 Es~et~ Appraisers cf ~hich ~~. HeekE iE c
metiber conducts a voluntary prograJr. of continuing ed~c6tior. for its d.,si.~=~E:
JIll!!:'.l:>erL "-^I's and Il~'s ~ho meet the .,inil:lur:, standard. of this progr., an
.~erde= periodic educational certificatio~. ~~. Meeks is certified undt:
this prograr _throu9t Dece~er 31, 196~.
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DISTRICT
'l'he subject is located along the South side of 8aseline Street
just East of Madison Street in the communi ty of Musco)', Cit)' of
San Bernardino.
Baseline Street if a major
connecting to the Ci ties of
communities.
East-West ar ter ial in thi E ,area
Rialto, Fontana and other westerly
Development along Baseline is a homogeneous mix of older
residential structures with intermittent commercial development.
Many of the commercial establishments along this route were
developed over 20 years ago and are poorly maintained. 'l'ransitio~
of residential uses to higher density commercial uses has" been
slow, but does appear to be at a more rapid rate over the past 3
to 5 years.
A relatively new mini-storage development has been constructed on
the North side of Baseline just East of the subject and a new fast
food restaurant is under construction at the Southwest corner of
Baseline and Mt. Vernon. Development immediately adjacent to the
subject is older residential.'
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OWNERSHIP
LOCATIO:;
LEGAL DESCRIPTION:
ASSESSOR'S U1DE>: :
AREA .
.
C DIMENSIONS I
ZONING .
.
PRESENT USE :
CONTOUR .
.
ACCESS .
.
ASSESSED VI-LOr
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REMARKS
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SUBJECT PROPERTY
:
TITUS L. WHITE, 964 Mt.
Bernardino, California.
Vernon,
San
.
.
South sid~ 5aseline Street, 360' Wes~ of
Madison Street.
Portion of Lots 19 and 20 of Block 21.
l3!l-020-D23.
71,6!l6 square feet.
Irregular.
C-3. '
Vacant.
Fbt.
Baseline Street, paved, 4 lanes, curb ane
gutter. Dedicated 62'!l.
:
YEAF.
LAND
IMPROVEMENTS
TOTAL
19E 3.
~51,51C.
$ O.
$51,510.
.
.
All available.
.
.
Subject site is a portion of ID.DB acres
and, at present, has some equipment and
~iscellaneous i~provements relating to
for~er car wash business. Improvements will
be demolished to facilitate subject
construction.
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SUBJECT LOOKING
SOUTH ACROSS BASELINE
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IMPROVEMENT DESCRIPTION
This description of building improvements relies upon plans
provided by the Developer. The subject buildin9 will be . one-
story etructure with a gross areu of 15,158 square feet.
General construction components include a concrete foundation and
wood frame inner walls with a stucco exterior. Roof style dtffers
from flat, with a built up composition cover, to mansard with ·
concrete tile covering.
All windows will be set in aluminium frames and will have anodized
coating. There will be two sets of double entry doors located
along the East side of the building and double and single door
entries on the North and South eides, respectively. Entry doors
will be a commercial grade plate glass with anodized coating.
Frames will be aluminium with self-closing equipment.
The interior will be partitioned to provide a main lobby, four
relatively large offices, one large meeting rooTl', and six
restrooms. The restrooms will have ceramic tile floors and
wainscoating to a height of ~ur feet and all will be equipped for
the handicapped. The lobby will be carpeted and the ceiling will
be suspended acoustical tile. All other inter ior finiBhing will
be the responsibility of the Tenants.
Miscellaneous improvements will include asphalt paving for the
parking lot which will have 120 lined parking spaces, concrete
block trash enclosure and over 11,000 square feet of landscaping.
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HIGHEST AND BEST USE
It iE roy opinion that the proposed improvements constitute higheEt
and beEt use for the site. They are consistent with the San
Bernardino City General llan and will offer space for 8 muc~.
desired community function. The building will present an
attractive elevation and could serve alternately aE general office
space with minor revision.
APPROACH TO VkLUE
I .
A replacement cost study and income analysis were used to estlmate
total property value. Comparable sales were relied upon to
estimate site value and to develop an overall capitalization rate.
Sources of improvement cost data include a Contractor's estimate
and the Marshall valuation Service, a cost manual used b}' Real
Estate Appraisers in this area.
A property residual income study was prepared. The capitalization
rate was developed holt. the lIIarket, being the relationship of
office building sale prices and net incomes. Scheduled subject
income is based upon the Ololner's projection. Be states that he
neE letterE of intent frolt. three prospective ~enants and is
negotiating with "fourth. Rent projections are supported by If;'
survey of office builcHng rents in the San Ber-nardino downtown
area. After provision for appropriate expenses, net income waE
capitalized into an indicator of property value.
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L"ND VALUE
Land hu been valued as vacant and available for development to
itf hiqhest and best use. 'Similar land recentl)' sold or offered
for salE: is analyzed and comper isons made for such factors as
location, size, topography, access, and prospective USE:.
An investigation of the immediate areas has failed to produce any
land transactions which could be used as a basis of comparison. I
have, therefore, expanded thE: search area to include locations
outside the subject district but simihr in location and
surrounding development.
The endeavor has produced 3 sales, which I feel offer suff ~cient
basis for comparison.
The following is II brief narratiVE: description:
SALE NO.1
232-031-010, 011, and 012:
Is located at the Southwest corner of
8,ech Avenue and Foothill Boulevard in
Fontana. It is a commercially aoned property and has a total area
of 40,425 square feet. The site sold in ~uly of 1983 for $74,000
or $1.83 per square foot.
It is ..y opinion that the area is slightly super ior and that the
corner location also requires adjustment. Indicated value to the
subject site is $1.10 per square foot.
SALE N:l. 2
260-021-002 ano 003: Is a .53 acre site located along thE:
East side of Waterman Avenue about
100' N:lr th of Central AvenuE:. This transaction occurred in June
of 19E3, reported selling price was $40,000. Equating that amount
to the total area of the site produces a unit value of $1.74 per
square foot.
Zoning for the property is Commercial-Industrial, very similar to
the subject. The area is def ini tely superior to the subject,
being in the path of vigorous development.
Adjustments for siZE: and location produce an indicator of $1.0'
per square foot.
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SALE NO.3
280-021-001-040: h located on the ..oUheest corner of
Waterman Avenue and Central Avenue in
San Bernardino. Area of the site is 2.88 acres. Zoning for the
property is C-M and there are existing improvements consisting of
an old service station. No value was attributed to the
improvements.
The property Eold in June of 1983 for a reported $220,000 or $1.75
per square foot.
Adjustments which consider the super ior area and cornn location
produce a unit value attributable to the subject of $1.05 per
square foot.
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LAND SALES SUMMARY
SAL.ES UNIT ADJ.
,. . LOCATION SIZE PRICE DATE VALUE VALUE
,.
Southll'est corner Beach 1I:i,1I2~ 5.1. S 74,0:>0 7/83 J.S~ 1.10
and Foothill, Fontana
232-031-010, Oil, and 012
East side 01 ~'aterman 23,086 5.1. S 110,000 6/83 1.74 1.04
Avenue, San Bernardino
280-021-002 and 003
Northeast corner 12~,"B 5.f. $220,0:lO 6183 J.75 I.O~
~'aterman and Central,
San Bernardino
280-021-001 and 040
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CONCLUSIONS
All of the foregoing sales .are like the subject located on
prominent thoroughfares outsid~ the mainstream of commercial
development. The areas are on the fringe of development and are
experiencing transition to higher uses.
The adjusted value range is from about $1.04 to $1.10 per square
foot. This compares extremely well to the allocated value of the
subject purchase at about $1.08 per square foot.
It is lilY opinion, based on the data, that the
represents a reasonable value for the site
proposed development and 1 have concluded on that
subject purchase
considering the
amount.
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COST ANALYSIS
BUILDING:
l5,15f s.f. at $47.76
SITE IMPROVEMENTS:
71,656 s.f. at $1.50
Improvements Ne~
LAND VALUE:
71,656 s. f. at $1.08
Total Cost Ne~'
Developer's Profit 15\
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Rounded To
REPLACEMENT COST STUDY
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t: 723,946
107,484
$ 831,430
77,500
$ 908,930
136,400
$1,045,330
$1,045,300
1-. Contractor's estimate and the Marshall Valuation Service are
sources of replacement cost factors. The Karshall Valuation
Factors include many 'i tems wi thin the building cost, which the
Contractor has captioned separately. The Contractor's estinHste
forms the highest estilllate, which I feel includes both Contractor
and Developer profit. . The Marshall Valuation Service ..akes no
provision ane, therefore. I have Includee a 15\ margin to reflect
the time and expense of such development ~tivation. Aftet
adjustment the two estimates correlate lIIi thin less than $100,000
or about 10\.
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'fOTAL
EDA
PRIVATE
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.LAND:
54000 SQ.FT. , 1.1S/SQ.FT. .
_62 1 O.P_
25000
5000
57045
2500
8435
12500
2500
28523
1250
4218
__62100_
12500
~500
28523
1250
, 2..!.8
PREOEVELOPMENT COSTS:
PER~ITS , FEES
CO~ST. BONDING/L.C.
ARCHITECT FEE
. DEMOLITION
PRELIMINARY EXPENSE
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CONSTRUCTIO~ .COST:
173 6~ SO _ FT _, U""p.1l1SD .J'..I-
,4U80
ON-SITE IMPROVE~XNTS 2.50/SQ.FT.
43400
OFF-SITE IMPROVEMENTS 1.20/SQ.FT.
20832
399403
347077
21700
2) 700
10416
10416
'pN. DEVELO~~EgT COSTS:
~ INSURANCE 5000
LEGAL . 3000i .
ORGANl~ONAL EXPENSE 5000
USIDENT INSPECTION 10000
CONTINGENCY . 10' OF CONST. COST'
'7J 89.8
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2500
1500
2500
5000
DEMOLITION
..J2JJS
2500
1500
2500_ _
5000
..32563_
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LENDER'S FEE
1:~TEREs.L.}:X2ENSUL_3'
INTEREST DURING CaNST.
1068690
6 PERCENT
32061
534345
534346
1
32061
"'D.DO
14 , FOR
"'uu
12 MONTHS
":l96CB_
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TOTAL
1140399
537345
606055
END
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SCBEDULED INCOME:
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INCOME ANALYSIS
15,158 s.f. at .65 x 12 months
Vacancy 5\
Effective Gross Income
EXPENSES:
~:anagement
Maintenance' Res.
INDICATED PROPERTY VALUE:
$105,070
$2,250
4,000
· Net Income
11
& $964,273
~
$118,232
5,912
$112,320
J 6,250
$106,070
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ANNUAL INCOME: Annual income scheduled represents projected
income indicated by the Developer. The Developer
has stated that he presently has three letters of intent from
prospecti ve Tenants and is negotiating wi th a fourth which will
utilize all space of the building. The prospective '1'enants have
agreed to lease available space for a period of five (5) years
between $.65 and $.70 per square foot. The lease amount will be
net to the Developer with Lessee responEible for all expensH
including pro-rata taxes, interior maintenance and insurance. Tht
lease amounts are well within reason as shown by the Rent Survey
follo"dng in this report. Similar buildings are presently leased
from about $.70 to $1.00 gross.
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DEDUCTIONS: '1'he Developer has stated that the anticipated
leaseE will be net to the Lessor. Based on those
condi tions I have conEidered only expenses which the Lessor will
be obligated to. Management is considered relativel)' minor at
about 2\. In addition, 1 have estimated an annual expense of
$4,000 for a reserve account to replace certain items over the
life of the building.
A vacancy factor of 5\ has been applied to scheduled income. '1'his
considered the degree of uncertainty of the space not yet leased
and the pouiblity of vacanty at the end of the initial lease
periods.
CAPI'1'ALIZATION
~:
Reference is made to the Office Building .Sales
Summary included in the Market Data section of
this report. Sales Nos. 4 through 8 are San Bernardino office
buildings that sold in 1981 and 1982. Relating net reported
income to sale price produced overall capitalization rates ranging
from 8.3\ to 12.23'. It "as noted that most recent . sales are at
the upper end of that range, being fro~ 10\ to 12.23\.
A second method of developing an overall capitalization rate is a
band of im'estrnent a:'ltlysis. '1'his stud)' attempts to weigh the
various financing comp~nents by applying appropriate interest
rates to the assumed mortgage and equity positions. 1 have
assumed an acceptable mortgage for the subject project would
reflect 70\ of the Iterket value and an interest rate of 12.5\
amortized over 30 years. '1'he factor used in measuring the
IIlor tgflge posi tion is tht: mor tgilge constant assuming those terms.
'1'he equity position represents the remaining 30' for which 1 have
assumed a 7' return would be acceptable. '1'he following are the
calculations resulting in an overall rate approaching 11\.
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f'.ORTGAGE
E;:lUITY
.7 x .125 c .09
.3 x .07 c .021
:III or 11\
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CORRELPiTION
correlate
range of
less than n.
reasonably well, forming a total
about $9U,000 to $1,045,300, a
Setting thE upper limit is the cost
The two studies
property value
differential of
analysis.
Good evidence was available to develop the replacement cost valUE
indicator. The Marshall Valuation Service and Contractor's
estimate correlated relatively well. Suff icient land sales were
available to support the subject purchase. It is my opinion this
study provides a well supported value indicator at $1,045,300.
The income study emphasizes contract rents with a majority of the
building intended for lease to various 9overnm~nt agencies.
Prov isions Jr.ade for filled and operati ng ellpenses are reasonable.
It was noted that rental agreements at this stage call for i net
lease to the Lessor.
The capitalization rate reflects lIIarket financing conditions and
the relationship of sale price and income for San Bernardino
office buildings. For this ~nalysis I have recognized the safety
factor associated with. 9ove'nment lease.
Based upon the valuation data and analysis it is lilY
reasonable estimate of property value, assuming
improvements as proposed, would be $l,OOO,O~O.
opinion that a
completion of
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ORIGINAL ESTIM\TE "2"83
EDA
537,345
Private
494,094
RDA
111 ,960
$1.143.399
18,000 SF
x 59.37 per
$1,068.690
II
IIICUIIlRANCE
III
NEll
(1 ) Mount 30 years - Due 15
71 on $112,000 + 5684 Int. $117.684
Pl)'IIent on LOIn - $790 110.
March, 1985
...- -- ...... ----
:)
lIESTSIDE coe - OFfICE BUILDING
NOVEIIlER 20, 1985
AS IF NOVEMBER 20. 1985
$ 500,000
357,000
LOIn
112,000 >
162,000
50.000
1.019.000
100.000
$1.119.000
CDB6
New Loan
18,000 SF
x 62.17 per
$1,119,000
1st Chi no Bank
2nd - EDA
3rd - RDA( new)
4th - RDA
1st - Prog. Mort
PIIt. 1st
RDA 3rd
Balanee
J/ 5S"O, OTJ (;/
(2) AIount 30 years
12 1 Interest
$5,690 110.
~ ~
:)
$ ,357,000
500.000
100,000
112.000
$1,069,000
(1)
$ 550,000
< 357,000)
<100.000)
$ 93.000
(2)
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First American Title Insurance Company
nau COURT STlltI:f:1' (P.o. 80X aa:,. MN _IINAllDlNO. CALIF. _..'2 . ",... -.-..
o .,.. W. P'OOTHIi,.L "W.. UPLAND . ....... 0"'" DUMOSA AVE.. YUCCA VALLaY . -1 _II
o ''''7 7TH ST.. VICTOIIVILLS . ~I 0 ..n ". IE. .0 KAII 8L.YD. ....0. ... ..... . -...,.
NOVEKIlER 20, 1985
GLEN JONES
Your Reference:
In response to your request, we enclose the following:
Copies of Documents.
We appreciate having had this opportunity to be of service
to you and we look forward to serving your future title needs.
David Bo&8s
Customer Service
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FORM NO. 'DeS-A ('OISS)
ellA Preliminary Repon (nay. 11;18/82) f
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PRELIMINARY REPORT
In reaponse to the herein referenced application for a policy of title Insurance, thil Company hereby reports
that It Ia prepared to lIaue, or cause to be I..ued, .. of the date hereof, a Policy or Polk:iel of Title Insurance
describing the land and the ..tate or Interelt therein hereinafter eet forth, Insuring against Iou which may be
sustained by reason of any defect, ilen or encumbrance not shown or referred to as an Exception herein or not
excluded from coverage pursuant to the printed Schedules, Conditions and Stipulations of ..id Policy forms.
The printed Exceptions and Exclullons from the coyerageof said Policy or Policies are eetforth herein. Copies
of the Policy forms should be read They are available from the office which iuued this report.
This report (and any supplements or amendments hereto) Is Issued solely for the purpoae of facilitating the
lIauance of a policy of title Insurance and no liability II auumed hereby, If It ia desired thst liability be assumed
prior to the lIauance of a polley of title Insurance, a Binder or Commitment should be requested.
First American TItle Insurance Company
SAN BERNARDINO COUNTY BRANCH
323 Court Street
San Bernardino, California 92401
(714) 889-0311
PRELIMINARY REPORT
LI5T UIF PKI'Fh ~D I:.ACbtll /uN:; "N1ftA"L\jSIUI'll~
(By Polley Type)
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1. CALIFORNIA LAND TITLE ASsOCIATION STANDAlI'b COVERAGE POLICY .1873
SCHEDULE B
i---'
~i. policy doe. not inaure against loss or damage, nor against COltS. attorneys' fees or .xpen.... any or aU of which arise by reason
01 the foUowing:
Part I
1, Tax.. or ......m.nt. which .r. not .hown aa .xl.ting li.ns
by the records of .ny taxing .uthority th.t Ievi.s tax.s or
......m.nts on re.1 property or by the public records.
Proceeding. by. public .g.ncy which may r..u" in tax.s or
_menta, ornola.oIauch plOCHdings. ~rornot_
by the records of such .gency or by the public records,
2. My fact.. right.. int.r..ts or cl.illlll which .r. not .hown by
the public records but which could be acart.lned by.n in.pec-
tion of the land or by making inquiry of perean. In po.....lon
thereof.
3. ea..m.nt..llen. or .ncumbr.nce.. or cl.im.th.r.ol, which
.re not .hown by the publiC records.
~. Diacr.pencla.. conflict. in boundary IIn... .honeg. in area,
encroachment.. or .ny oth.r I.cta which. correct .urvey would
d1aclo.., and which .re not .hown by the public records.
Ii. (.) Unpatanted mining claims; (b) reurvations or .xcep-
tlon. In pat.nts or In Acts .uthorlzlng the iaau.nce thereof;
(c) wat.r right.. claim. or tnle to wat.r.
6. My right tnle. Int.re.t, ..t.t. or _m.nt In land beyond
the linea of the .re. apecWlcally deacribed or ref.rr.d to in
Schedule A. or in .buttlng .treet.. road.. ....nu... .Ileys, Ian.s,
waya or w.t.rw.ys, but nothing In this paragraph .h.1I modify or
limit the .xt.nt towhich the ordin.ry right ol.n abutting owner for
acce.. to . phyalcally open atr..t or hlghw.y Is In.ur.d by
. this policy,
7. Any I.w, ordin.nc. or government.1 regulation (Including
but not Iimit.d to building .nd zoning ordlnanc.s) restricting or
regul.tion or prohibiting the occupency, uae or .njoyment 01 the
land, or regulating the ch.racter, dlmen.ions, or location of any
Improv.m.nt now or here.fter.racted on th.land, or prohibiting
. ..paration in ownership or . reduction in the dimensions or
.rea of the land, or the affect of eny violation of any .uch law,
ordin.nce or governm.ntal regul.tion.
8. Rights of .min.nt domain or gcwemm.ntal rights 01 police
power unl... notice of the .x.rci.. of .uch right. .ppears in the
public records.
9. Defect.. lien.. encumbr.nc... .d...... claims, or of her mat-
t.rs (.) created, .uff.red, ...um.d or .greed to by the insured
clalm.nt; (b) not ahown by the public record. .nd not otherwise
.xcluded from coverage but known toth. in.ured claimant either
at D.t. of Policy or at the Clat. .uch e1aim.nt .cqulr.d.n .state
or interest Insured bythia policy or acquired the in.ured mortgage
.nd not dlaCloaed in writing by the In.ured clalm.nt to the Com-
pany prior to the Clat..uch insured cI.imant became .n insured
her.under; (c) _u"lng In no 1015 or Clam.g. to the insured
cI.im.nt; (d) .ttaching or cr..ted .ubaequ.nt to Date of Policy;
or (.) _u"lng In 1015 or Clam.ge which would not have been
.uatained W the insured claimant had been. purchaaer or encum-
branc.r for valu. without knowledge.
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2. AMERICAN LAND TITLE ASSOCIATION OWNER'S POLICY FORM B -1870 (AMENDED 10.:17-70)
SCHEDULE OF EXCLUSIONS FROM COVERAGE
1, My law, ordinance orgcwemm.ntal regulation (Including but not limned to building .nd zoning ordin.nc..) r..tricting or regulating or
prohlbning the occupancy, u.. or.njoymant of th.l.nd, or regulating the ch.r.ct.r, dim.n.ions or location of .ny Improvement now or
here.ft.r erected on th.land, or prohlbning . ..paratlon in ownership or. reduction in the dlmen.lon. of .re. 01 th.land, or the effect
oI.ny violation of .ny .uch law, ordln.nce or govemm.nt.' regul.tlon.
2. Right. of .mlnent domain or gcwernmental right. of polic. pow.r unle.. notice of th. .x.rclae 01 such rights appears in the public
recorda .t Date of Policy,
3. Dafecta.II.n.. encumbrance., .eIv.... cl.lms, or oth.r m.tter.(.) cr.at.d, .utt.rad, ...um.d or .greed to by the Insured claimant; (bl
not known toth. Compeny.nd not.hown by the publiC record. but known to the in.ured claimant.ither.t D.t. 01 Policy or at the date
.uchelaimant .cquired.n ..t.t. or Int.r..t bythi. policy .nd not di.clo.ed in wrnlng byth. in.ured cl.imantto the Company prior to
the Clat. .uch lneured cl.im.nt becam..n in.ur.d h.r.under; (c) resuning in no 10.. or damage to th. in.ur.d claimant; (dlattaching or
cr.at.d.ubaequ.ntto D.t. Of Policy, or(.) re.ulting in 1015 ordam.gewhlch would not h.vebe.nsustain.d W the insured claimant had
paid v.'ue for the ..t..e or Inter..t in.ured by thi. policy.
3. AMERICAN LAND TITLE ASSOCIATION RESIDENTIAL TITLE INSURANCE POLICY - 1979
EXCLUSIONS
In .ddltion to the Exceptions in Sch.dul. Il, you are not in.ur.d egain.. 10", coats, .1I0rneyo' f... .nd .xpen.es resulling from
1. Governmental police power, and the exiltence or violation of any taw or government regulation. This includes building and
zoning ordinance. and allo .awsand regulations concerning:
. I.nd use . I.nd divi.lon
. improvements on the land . environmental protection
This exclu.ion does not limit the zoning cov.rag. d.acribed in It.ms 12 .nd 13 of Cov.r.d Tnle Risks.
2, The right to t.k.th. land by cond.mning It, unl..s . notice of t.king .ppears in the public records on the POlicy Date.
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(Liat of print.d Exc.ptions .nd Exclu.ions Continu.d)
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NOTICE
Section. 12413 and 12413.5 of the California lnaurance Code become effective on
January1, 1 185. Thia new law require. that anytltl.ln.urance company, underwrltt.n title
company or COI4folled eecrow company handling funda In an MClo.. or MI. tlo.. capacity
must have all calh, cheCka and draftl repre..ntlng dlaburaementa to be made by It
depoalted Into Ita eacrow depoaltory bank account before recording your tranaactlon.
When checks (Including cuhler'.. certified and traveler'. checka), _re drafta and
money ordera are drawn on or lulled by an office of a f1nanclallnatltutlon located outalde
the stat. of California or when any draft (oth.r than a .har. draft) II depoalted Into or .ub-
mltted for collection to Firat Am.rlcan TItle Company'. .lCrow depoaltory bank account, .
th.r. may be a lubatant"l delay In the cloalng of yourtlan..ctlon orth. dlaburaem.nt of
lunda to be mad. by F....t American TItle Company.
To avoid any delay neca..ltated by thia n.w law pie... conaIder the following:
1. U.. checka, ahar. drafta or money ordera drawn on or Iuued by offIcea of flnancia'
lnatltutlona located within the stat. of California.
2. Require the w1r.tranaf.rof th.fundl from the offlceofth.flnanclallnatltutlon located
outald. the atate of California to Firat Am.rlcan', .lCrow d.poaItory bank account
3. Avoid ualng drafta.
If you have any que,tiona about the .ffect of thl, new law on your eacrow pl.... con-
tact your local Firat Am.rlcan TItle Company office.
Fonn 1152 (11/84)
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854584
PROGRESSIVE MORTGAGE
409 WEST H, TH
SAN BERNARDINO, CA 92405
ATTENTION. DARLEEN JACKS
YOUR REFERENCE. SAN BERNARDINO WESTSIDE COMM. DEV. CORP.
OUR ORDER NO. 854584
DATE AS OF OCTOBER 8, 1985 AT 7.30 A.M.
THE FORM OF POLICY OF TITLE INSURANCE CONTEMPLATED BY THIS REPORT IS.
AMERICAN LAND TITLE ASSOCIATION LOAN POLICY-1970. (SHORT
TERM RATE APPLIES)
c
THIS REPORT 15 NOT COMPLETE UNLESS IT INCLUDES A PRINTED COVER
SETTING FORTH, AMONG OTHER THINGS, A LIST OF THE PRINTED EXCEPTIONS
AND EXCLUSIONS FOR THE POLICY FORM(S) ABOVE DESIGNATED.
----------------------------------
JEFF F. BRIGHT TITLE OFFICER
THIS ESTATE OR INTEREST IN THE LAND HEREINAFTER DESCRIBED OR
REFERRED TO COVERED BY THIS REPORT IS.
, A FEE
TITLE TO SAID ESTATE OR INTEREST AT THE DATE HEREOF 15 VESTED IN.
SAN BERNARDINO WEST SIDE COMMUNITY DEVELOPMENT CORPORATION,
A CALIFORNIA CORPORATION
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PAGE 1
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B545B4
THE LAND REFERRED TO IN THIS REPORT JS SlTUATED IN THE STATE
CF CALJFORNJA, COUNTY OF SAN BERNARDINO, AND IS DESCRJBED AS
FOLLOWS.
PARCEL NO.1 OF PARCEL MAP NO. B121, IN THE CJTY OF SAN BERNARDINO,
COUNTY OF SAN BERNARDINO. STATE OF CALIFORNIA, AS PER PLAT RECORDED
IN BOOK 65 OF PARCEL MAPS, PAGES 72 AND 73, RECORDS OF SAID
COUNTY .
AT THE DATE HEREOF EXCEPTJDNS TO COVERAGE IN ADDJTJON TO THE
PRINTED EXCEPTI0NS AND EXCLUSI0NS IN SAID POLJCY FORM WOULD
BE AS FOLLOWS:
1 .
GENERAL AND SPECJAL TAXES FOR THE FJSCAL YEAR 1965-B6'
FJRST JNSTALLMENT. .4.920.99
SECOND JNSTALLMENT. .4.920.97
CODE 7116, LINE 139-021-24
TAX BILL NO. 650066640
2.
THE LJEN OF SUPPLEMENTAL TAXES ASSESSED PURSUANT TO CHAPTER
3.5 COMMENCJNG WITH SECT JON 75 OF THE CALJFORNIA REVENUE AND
TAXATJON CODE.
3.
TAX-DEFAULTED GENERAL AND SPECJAL TAXES FOR THE FISCAL YEAR
1964-65, AND SUBSEQUENT YEARS.
AMOUNT TO REDEEM PRJOR TO OCTOBER 31. 1965, .1,617.67.
4.
A 3B/116 JNTEREST IN THE PUMPING PLANT. WATER WELL AND WATERS,
TOGETHER WITH THE RIGHT OF ENTRY AND EGRESS TO THE SAID WELL
AND PUMPING PLANT FOR ALL PROPER PURPOSES INCJDENT TO TAKING
SAID WATER AND THE REPAIR OF SAID PUMPING PLANT AND WELL. AS
GRANTED TO 6. A.HANCOCK, BY DEEDS RECORDED DECEM6ER 19, 1922.
IN BOOK 775. PAGE 177, OF DEEDS, AND RECORDED DECEMBER 19. 1922,
IN BOOK 779, PAGE 2, OF DEEDS, TO WHICH THE READER IS HEREINAFTER
REFERRED FOR FURTHER PARTICULARS.
PAGE 2
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6545B4
5'
A DEED OF TRUST TO SECURE AN INDEBTEDNESS IN THE ORIGINAL PRINCIPAL
SUM OF S357.D7~.DO, AND ANY OTHER AMOUNTS AND/OR OBLIGATIONS
SECURED THEREBY, RECORDED JUNE 11, 1~64, INSTRUMENT NO. B4-135220,
OFFICIAL RECORDS.
DATED: MAY 24. 1~B4
TRUSTOR. SAN BERNARDINO WEST SIDE COMMUNITY DEVELOPMENT
CORPORATION, A CALIFORNIA CORPORATION
TRUSTEE: COMMUNITY TRUST DEED SERVICES, A CALIFORNIA
CORPORATION
BENEFICIARY. CHINO VALLEY BANK
A DOCUMENT DECLARING A MODIFICATION OF SAID
MATURITY DATE WAS EXTENDED TO AUGUST 24,
6, 1~85, INSTRUMENT NO. B5-134516, OFFICIAL
DEED OF TRUST, WHEREBY
1~85, RECORDED JUNE
RECORDS.
REFERENCE IS MADE TO THE RECORD OF SAID DOCUMENT FOR FURTHER
AND OTHER PARTICULARS.
6'
A PROPERTY MANAGEMENT AGREEMENT DATED MARCH 5, 1~84, AND RECORDED
JULY 16. 1~84. INSTRUMENT NO. 84-166~60, OFFICIAL RECORDS. BY
AND BETWEEN SAN BERNARDINO WEST SIDE COMMUNITY DEVELOPMENT
CORPORATION, AND ECONOMIC DEVELOPMENT ADMINISTRATION. UNITED
STATES OF AMERICA.
REFERENCE IS HEREBY MADE TO THE RECORD OF SAID DOCUMENT FOR
FURTHER AND OTHER PARTICULARS.
7.
A CLAIM OF
IN CONNECTION
CLAIMANT.
AMOUNT:
RECORDED.
LIEN FOR LABOR AND/OR MATERIALS OR 80TH FURNISHED
WITH A WORK OF IMPROVEMENT ON SAID PROPERTY.
JOSEPH E. BONADIMAN L ASSOCIATES, INC.
S1l!.. ~85. 50
JANUARY 17, 1~85, INSTRUMENT NO. 85-012D88, OFFICIAL
RECORDS
8:
AN EASEMENT FOR UNDERGROUND CONDUITS AND INCIDENTAL PURPOSES.
RECOROEO MARCH 6, 1~65. INSTRUMENT NO. 65-053110, OFFICIAL RECORDS.
PAGE 3
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SAID EASEMENT IS DESCRIBED AS FOLLOWS'
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654564
A STRIP OF LAND lD.DD FEET IN WIDTH LYING WITHIN PARCEL 1, OF
P~RCEL MAP 6121 AS PER MAP RECORDED IN BOOK 85. PAGES 72 AND
73 OF PARCEL MAPS OF SAID COUNTY. THE CENTERLINE OF SAID 10.00
FOOT WIDE STRIP OF LAND IS DESCRIBED AS FOLLOWS'
BEGINNING ON THE WEST LINE OF SAID PARCEL 1 AT A POINT 171.75
FEET SOUTH OF THE NORTHWEST CORNER THEREOF; THENCE EAST. 149.00
FEET; THENCE NORTH TO THE NORTH LINE OF SAID PARCEL 1.
9'
AN ABSTRACT OF JUDGMENT RENDERED BY THE MUNICIPAL COURT OF THE
COUNTY OF RIVERSIDE, CORONA MUNICIPAL COURT, CASE NO. 10698-02.
DEBTOR. SAN BERNARDINO WEST SIDE COMMUNITY DEVELOPMENT
CORPORATION
SMITH OIL CO., INC.
OCTOBER 17, 1964
.11.175.65 AND ANY OTHER AMOUNTS DUE THEREUNDER
NOVEMBER 16. 1984, INSTRUMENT NO. 64-276341.
OFFICIAL RECORDS
CREDITOR:
ENTERED:
AMOUNT.
RECORDED'
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3. Tille 1Iisks:
. th.t .r. cre.ted. .lIowed,~r"d to by you
. tllat .r. known to you, to u.. on the Policy oOnle.. th.y _.red in the publiC records.
. tllat result in no Iou to
. tllat first .ffect your title .It.r the Policy O.t. . this does not limll the labor .nd materi.lllen cov.r.ge in Item 8 of
Covered TItle Risks
4. F.llur. to pay v.lue for your tltl..
5. Lack of . right:
. to .ny land out.ide the .r.. ~lfiCally described .nd referr.d to In It.m 3 01 Schedul. A. or
. in atr..t.. .1Ieys. or w.t.rw.ya tllat touch your land
This .xclu.ion doe. not limit the acce.. coverage In lI.m 5 of Covered Title Ri.ks,
:)
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SCHEDULE B - EXCEPTIDNS
In .ddition to the Exclu.ion.. you .r. not Insured .gain.t loss, coat.. .ttorn.y.' I.... .nd .xpen... reaultlnglrom:
,. Any rights, int.rest or cl.lm. of partie. In _..ion of the land not .hown by the publiC records.
2. Any ....m.nt. or Ii.n. not shown by the public record.,
This .xceptlon does not limit the lien cov.rag. In It.m 8 of Covered TltI. Ri.ks.
3. Any f.ct. about the land which. correct .urv.y WOIIld diICloae .nd which .r. not .hown by the public records,
This .xception doe. not limit the forced r.mOV.1 coverage In It.m , 2 of Cov.red Tltl. Ri.ks.
4. Any w.t.r rights, cl.im. or titl. to w.t.r on or under the I.nd.
4. AMERICAN LAND TITLE ASSOCIATION LOAN POLICY. 1870
WITH A.L.T.A. ENDORSEMENT FORM 1 COVERAGE (AMENDED 1().17.70)
SCHEDULE OF EXCLUSIONS FROM COVERAGE
C3.
,. Any law, ordinance or gov.mment.' regul.tion (including but nof limited to bullding.nd zoning ordin.nc..) re.trlcting or regulating or
prohibiting the occupancy. u.. or.njoym.nt of the I.nd, or regulating the ch.ract.r, dim.nalon. or location of .ny improv.m.nt now or
"'r..It.r .rect.d on th.I.ncs, or prohibiting. ..paratlon In own.rshlp or. reduction in the dim.n.lons or .r.. of th.land, or the .ffect
or.ny violation of .ny .uch law, ordinanc. or govemm.nt.1 regul.tion,
2. Right. of .mln.nt domain or govemm.ntal right. of polic. power unle.. notic. of the .x.rci.. of .uch right. .ppears in the publiC
recorda .t O.t. of Policy.
Defecta.llen., .ncumbr.nce., .dv.... cl.im., or oth.r m.tters (.) cr..t.d, .uffered, ...umed or agreed to by th.ln.ur.d cleimant; (b)
not known tothe Company .nd nof .hown by the public r.cord. but known to the in.ured cl.im.nt .lth.r.t O.t. 01 Policy or.t the d.te
SUCh claim.nt .CQuir.d.n .at.t. or Int.r..t in.ured by this policy or .cqulr.d th.ln.ured mortg.g. .nd not dlsclo..d in writing by the
In.ured clalm.nt to the Company prior to the det. .uch In.ur.d clalm.nt becem. .n Insured IIareunder, (c) r..ulting in no loss or
demage to th.ln.ured cl.im.nt; (d) .tt.ching or cr..t.d .ubaeQu.ntto O.t. of Policy (.xc.pt to the .xt.nt in.ur.nce i. afforded h.rein
.. to .ny at.tutllfY lien for labor or m.t.rial or to the .xt.nt insuranc. Is .fford.d h.r.ln .. to _.ament. for .tr..t improvements
under con.tructio~ or complet.d .t O.t. of Policy),
Un.nlorce.bllityofth.llen ofth.ln.ur.d mortg.g. beceu.. off.llure ofth.ln.ur.d.t O.t. of Policy or of .ny .ubseQu.nt owner of the
Indebtedn... to comply with appllc.bl. "doing busln.....lawa of the .t.t. in which the land i. sltu.t.d,
4.
5. AMERICAN LAND TITLE ASSOCIATION OWNERS POLICY FORM B. 1870 (AMENDED 1 ().17-70j
WITH REGIONAL EXCEPTIONS
SCHEDULE OF EXCLUSIONS FROM COVERAGE
,. Any law, ordinance or governmental regulation (including but not limited to building and zoning ordinances) restricting or regulating or
prohibiting the occupancy, use or enjoyment of the land, or regulating the character, dimensions or location of any improvement now or
hereafter erected on the land, or prohibiting a .eparation in ownership or a reduction in the dimensions of .rea of the land. orthe effect
of any violation of any such law, ordinance or governmental regulation.
2, Right. of .min.nt dom.in or govemm.ntal rights of polic. power unle.s notice of the .x.rci.. of .uch rights .ppears in the public
record. .t O.t. of Policy.
3. Defect.. lien., .ncumbr.nc.s, .dv.... cl.ims, or oth.r m.tt.r. (.) cre.t.d, .uffered, ..Ium.d or .gre.d to byth. insured claimant; (b)
not known to the Company .nd not .hown by the public r.cord. but known to the in.ur.d cl.imant .ltllar.t Dat. of Policy or at the date
.uch cl.im.nt .cQuir.d .n ..t.t. or Int.r..t by thil policy .nd not di.clo..d in writing by the in.ured clalm.nt to the Company prior to
the d.te .Uch inlur.d cl.im.nt becem..n inlured h.reund.r, (c) r..ulting in no loss or d.mag.toth. in.ur.d cl.imant; (d) attaching or
cr..t.d .ubseQu.nt to O.te of POlicy: or(.) r.lulling in 10.s or dam.g. which would not h.ve be.n .u.talned II the insured claimant had
paid value for the e.t.te or Int.r..t in.ur.d by this policy.
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(Li.t of print.d Exc.ptiO"s .nd Exclu.ion. Continu.d on R.verse Side)
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- (Continued)
C SCHEDULE B
This policy doe. not insu.. .galnst Iou or dIl_ by ........ of the malt... shown In parts one and two loIlowlng:
Part On.:
1. Tax.. or ......m.nts which ere not .hown.. ..I.tlngllen. by th. reconIa of .ny wing .uthorllythatlevle. W.. or ......m.nt. on
...1 property or by the public NCOrds.
2. Anylacta, rlghll, Int.....s, or clalma which ere not shown by th. public recorclll but which could be _.Ined by.n in.pection of SSid
land or by making Inquiry of parsons In _Ion th.r.ol.
3. Eaaem.nll, c1.lm. of ....m.nt or encumbrances which ... not .hown by the public NCOnda.
4. DlaCrepancles, conIllclIln bounclllry II..... shorteg.ln..... .ncroachm.nll, or .ny other lacts which. correct surv.y would disclose,
and which a.. not shown by public reconds.
5. Unpat.nted mining Cl.lms; r...rvatlons or..ceptlons In pat.nt. or In Acts .uthorlzlngthe I..uanca ther.ot; wat.r rights, clsim. ortitle
to w.t.r. .
6. Any lien, or right to s lien, lor ..rvlces, labor or mat.ri.1 heretofore or he...It.r lurnlshed, Imposed by I'w .nd not .hown by the
public reconda.
.0 AMERICAN LAND TITLE ASSOCIATION LOAN POLICY. 11170
WITH ALTA ENDORSEMENT FORM 1 COVERAGE (AMENDED 10.17,70)
WITH REGIONAL EXCEPTIONS
SCHEDULE OF EXCLUSIONS FROM COVERAGE
The following malt... .r. .xpressly ..cl_ lrom th. cov...g. of this policy.
C 1. Any I.w, ondin.nca or gov.rnment.1 regul.tlon (Including but notlimlled to building .nd zoning ondlnancesl restricting or r.gulating or
prohibiting the occupancy, u.. or .nJoyment of the I.nd, or regulating th. che..ct.r, dlmansions or location oI.ny Improy.ment nowor
......It.r .rected on th. land, or IIfO/Ilblllng. ..pa..tlon In ownership or. reduction In the dim.nsion. or .... of the land, or the eltect
oI.ny Ylolatlon of .ny ,uch law, ondln.nca or llO..rnmanlal regul.tlon.
2. Rights of amlnant domain or governm.ntal right. of polic. _r un.... notica of th. ...rcl.. of such rights appears In the publiC
records .t Dat. of Polley.
3. OeIacts, II.ns, .ncumbrancas, .d..... claims, or oth.r malta.. (.) c...tad, .uII.red, ...umecl or agreed to by th. In.u..d cl.imant; (b)
not known to the Company.nd not .hown by the public recond. but known to thalnsured clalm.ntalth.r.t O.t. 01 Policy or .tthe date
such claimant acQuired.n .st.t. or Int....tlnsured by this policy or acquired thalnsured mortg.g. .nd not dlaclosed in writing by the
Insured claimant to the Company prior to th. dIlt. such In.u..d cl.lm.nt became .n in,ured her.und.r, (cl ...uttingln no loss or
dIlm.ge tothe insured Cl.lm.nt; (dl.ltachlng or c...ted .ubeeQu.ntto O.t. of POlicy(..capttoth. ."'.nt insurance I.."orded herein
uto .ny st.tutory lien tor labor or mat.ri.1 or to th. ."'.nt insur.nc. i. ."ordad h...in.. to _..m.nts lor atr..t improyements
und.r conllructlon or completed at O.t. of Policy).
4. Un.n1orcaablllly ofth.llen of the Insured mortg.ge becau.. oft.llu.. of the insured.t D.ta of Policy or 01 .ny.ub..quent owner 01 the
Indebtednes. to comply with _Ilcabl. "doing bu.lness" laws of th. .t.t. In which th. land Is sltu.t.d.
SCHEDULE B
ThiS policy doe. notln.ur. .g.ln.tloss or d.mag. by ....on 01 th. m.lt.rs .hown In part. one .nd two lollowlng:
P.rt One:
1. Ta.es or ......ment. which are not Ihown al existing liens by the records of any taxing authority that levies taxes or assessments on
re'l proparty or by th. public records.
2. Anyl.cts, rights, Int.r..tl, orclaima which .r. not.hown by th. publiC recond. but which could be ascart.lned by.n Inspection of said
land or by m.klnglnQuiry of person. In _.ssion th.r.ol.
3. ea..m.nts, cI.lm. 01 ....m.nt or .ncumbr.nca. which .r. not .hown by th. publiC recond..
4. Dlscr.pancl.s, conlllct.ln boundllry Iin.s, .hortsg.ln .r.s, .ncroachm.ntl, Dr .ny oth.rl.ct. which. correct .urv.ywould disclose,
and which .r. not .hown by public r8COnda.
5. Unpat.nt.d mining cl.lm.; r...rv.tion. or ..caption.ln patant. or In Act. .uthorlzingth. i..u.nca th...of; w.ter rights, claims or title
tow.ter.
Ce. Any lien, Dr right to . li.n, lor ..rvlces, I.bor Dr mat.rl.1 h.r.tofor. or h.r..It.r lurni.h.d, Imposed by I.w .nd not shown by the
public record..
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;. "2'&l~!j;Jiiptit\' ~li\o~;\G~'I:)IT ^GRE~E~IT, d~tcd the /larch 5, 1984
C:~y of , .19_, b~' and batween San lI..mardino ....t Si~e
r.c.tIftunit.v l>>'WlGa1~nt eorDDrat:ion , "no.1t acur.slt .5
n'~ ". n A CA 92411 "
r.~n~.~.r w~~ ts succes.ors .ng ....9nS C~ . Grontoe);
an~ the ECO~ONIC DE\"ELOP~IENT AD:.JI:.JISTMTIO~I, UNITED STAT!:S OF
~~!:RIC~, ~ncse address is N3in Commerce '8uildins, W~shin;ton,
D.C. 20230 (h"rein~ft:tr with its successors and assJ.gns cellec!
-EllA-) .
D!:rImTIO~;S.
1. -Gr~ntee- includes any grantee under2'jtles I, IV, IX,
or X of the Public Works and Economic Development Act o~ 1965,
as a..~.d (hereinafter referred to as the -Act->, or Title II,
Chapter IV, of the Trade Act of 1974.
2. -Real pro?erty- means any land, iw~rovod land, struc-
ture, appurtenances thereto, or other improvements, excl~dinq
co~.~le maChinery and equipment. ImprOved land also inclu~es
lane! ~~ich is improved by the construction of such facilities
as roa~s, aewers, and wat3r and ges lines which are not situate~
directly On the land but which improve such land.
3. -Sell- and its derivatives ahall include any conveyance
or trans~er of any intere.t in ~~e real property, inClUding, but
not li~itee! to, renting or leasing such real property.
Il!:C!TALS:
kiiEREAS, Grantee aubmitted an ap?lication, designated as
ED;. Project No. 01-01-02615 ,for financial a..istance pursuant
to ~~e Pu~lic 60rks ane ~~gncmic Development Act of 1965, as
arnenoee! (P.L. 89-136, '2 U.S.c. 3121, et aeq.).: and
WF.E!U:AS, by Ofrer of Grant dated Sept. 23, 1983 ,
rDA offered to Grantee a orant to aasJ.at Jon financJ.ng
con.truction of . conmercial o~fice facility
(~ere1naf~er CAllea .ProJ~~tN); ana
.s amenciec
the
hl~?~S, said Proje~t included acquisition of ane!/or speci-
fically improving thO! red property describee! in Exhibit "A"
atteched hereto and incorporatee! herein at this point as though
set forth in full: '!,ncl
hllEIU:AS, on Sept. 3D, 1'83 , the Grantee accepted the
O:fer of Grant sU~ject to certaJ.n terms and conditions, pursuant
to which the Grantee covenanted and agreed to comply with the
applicable requirements of 13 Code of Federal Reguletions Part
31C, .s amended. and .
.mER!:AS, the grant funds will be uaed for the construction
or rehabilitation of bu~ldings or recreational facilities: and
l~tREAS, the Grantee, as owner of all or part of the real
property described in Exhib.i.t -A- attached hereto agreed to
record these Agreements in the appropriate office for the record-
ing of public records affecting real property so as to constitute
notice to all persons of any and all restrictions on title to ane
Use of the Project ancl all or port of the real property described
in Exhibit "A- attached hAreto: and
WIIEREAS, the San Bernardi no Countv JIotcoroler
172 w. ~ir4 St., ..n ~.r~u.nu, ~
:Ls the I'Toper offJ.ce to recorcl these agreements.
D AT REQUEST OF .,'~ '. Rd-1 AA960
AND MAIL TO , # l(~otibroil/
__~~ W...:G' I.:.Ie G.-/)C--f!.?: ,/ OFfICIAL r.ECOIlD5
.. .1' ,~_ ~A~ po
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NOW THEREFORE. in consider:tion of financial assistsnce
~.nde~ed and/~, to be ~endered b~ lDA ~nd of other good and
valuable coni 'tration. the rer' ~~t and adequ~cy of which the ~
parties bere~acknOwledge. an~.Jb aSFure that the benefit. of --'
the Project will accrue to the public and be used as intended
by both EDA and the Grantee. the.Grenteelhefe~~,covenants and
.gre.s .a .fo11_a: . :1', ... < .:.;..'.U
Project is In years
Isee 13 erR 314.6 (all.
1. The expected useful life of the
years as determined by A/F. n.t.....in.tlon
per Exhibit "B".
2. During its expected uaeful life the Project shall not
be used for other than the purpoaes for whicb the P~oject was .
financed by EDA. as stated in the application. unleas the prior
written approval of the Assistant Secretary is obtained. .
3. The real property acquired as a part of the Project or
specifically improved and included as a part of the Project. as
described in Exhibit "A" attached bereto. and including any
interest therein. shall not be sold. leased. tranaferred. con-
veyed or .ortgaged without the prior written consent of the
Assiatant Secretary.
.. . Whenever real property is sold. leased or otherwise
conveyed pursuant to 13 eFR 314.3 (al (11. the tranafeEOr shall
add to the document conveying such interest a covenant, which
has been previously approved by the Assistant Secretary, pro-
hibi ting the uae of such property for any purpose other than the
general and special purpose of the grant as detendned by the
~sistant Secretary. The inatrument containing this covenant
.hall be recorded in the pertinent county public records affect-
ing real property or filed with the appropriate office in the .
b~reau of Indian Affairs in the case of Indian Projects.
IN WITNESS WHEREOF, the parties bave hereunto ..t their
hand as of the day and yea~ first above written by their duly
;~thorized officer.
san Bernardino tlan side
"'-unity De l_nt r:ornoration
Grantee
(SEAL)
ATTESo; :....... . S ron Cooger
.....) ".J..~ c . Title:5eniorVicepres
By~", .,~~_.~~
ren E. Robinson .
Ti t e: h___h"l' h .,,_ ~ "u_A
of nirector&
STIm: CE'
CAliforni.
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cxum OF r;an Bernardino
"u,," . 19...Jjo before lilt. personally
, IaDorn tt> _ (or pl'O\IelS tt> .. on the
I In be 51'. "ice Pr.sillent
(Title of ()f'f; carl
of San ~.rn.r~ino ~~est Side COrIft,uni t Develof'tftent Cort'JOZ'ation
. (Name 0 pnvate or pj>l1C OClzpora on. state agency.
Irdian tribe)
the entity that aecuted the wi thin and fDze9:>ing instNlBnt. and acknowledged the
said instNll!nt tt> be tl;'e free. and 'IlDluntazy act ard dNc! of ail! entity. for the
_ ard purposes U-eU1 IIl!Ollt.ionld. and on oath stated that "-'she was authorized
tt> execute MilS instNll!nt. .
IN Wl'1'NESS WIlERfXF. I have hereunto set IIfl' hand and affixed II!l' official seal
the day lUllS year first aI:love written.
I
On this Hh day of
appeared Sharon C"ooper
cath of r.arcn T.. Robinson
.
V1.S.1On or
I. =~~ f
r State 0 . /-'
.residing atl/,j~'77 .
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EXHIBIT A
1ft the City of San Bernardino, Parcell of Parcel
Hap No. 1121 a.' recorded in Book IS of ;Parcel Map.,
page. 72 and 73, Records of San Bernardino County,
State of California.
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.JOSEPH r""ieoNAOIM'-'" & ASSOCIATES. IN~
E N GIN E E Y. N G . A" C "". TEe T u PI E . P LAN N I N ~
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EXHIBIT B
February 13, 1984
Mr. Paul Weldon
Project IlIl11ger
Public Works ~ivision
U.S. Departllent. of c-rce
Economic Development Administration
1700 Westlake Avenue North
Seattle. WA 98109
Re: EOA Project No. 07-01-02675
Dear Mr. Weldon:
This is to inform you that the above-referenced project has
been designed for a useful 11fe of thirty (30) years.
If you have further questions, please call.
Very truly yours.
MAN & ASSOCIATES. INC.
I~~
nadillln. P.E.
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........ E-1oMdinwI. P. E..........c............ P.I.,o.... F............ LI., N......... P,E.,WllliIm..~. P.!
....... ..1. 1M. .u.A.. ,...,.. ~ AJ.A.. G.r MiIIIr. 41.4.: ~~. P.l.,........ It.......... P.I., e.n u... P.l
_ E. MIU. aTIIEn . IAN aElIINfIDNO, ~ORNIA. IIAILJNG ADClM:1I: P.O. lOX uu. IAN IERNI'IIDINO. CA ..., . (7'.>>U5-3I06
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San Bernardino West Side
Community Development Corporation
November 22,1985
iris. Glenda Saul
Executive Direc1Dr
Redevelopment Agency
300 North "D" Street
San Bernardino, C A
Re: Prqjecb:ld Income&: h~ l AoaJysIs
T. Hughes 'l"f1ltf'1g
Dear Glenda,
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As per your request, attached Is a revised Income 8. Expense Analysls for the
Hughes building.
For the Sl.ke of time, the calculations on years 2 through 5 are annualized and
only include the maj:>r categories.
I hope this information Is s.tfflcient, however, if any questions should arise,
p1e~se call me.
Sincerely,
i;;J.. > ,:/'
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Valerie Pope Lucllam
President
VPL/kr
Attachment
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1736 W. Highland Ave.
San Bernardino, CA. 92411
Phone. (714) 887-2546
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HDGHES BDlLDING
r- PROJECTED INCOME. EXPENSE ARALYSIS
'-' YEAR 1
Total Total
Income MODtbly Annua1ly
Leases 8. Rents $ 10,730.00 $ 128,762.76
Operatl.ng EXI"" i
Management fee C 5% $ 440.00 $ 5,280.00
Refuse service 50.00 600.00
Electrlcity (com mon areas) 400.00 4,800.00
Taxes 965.00 11,580.00
Insurance 250.00 3,000.00
Water 150.00 1,800.00
Janitorial 400.00 4,800.00
Security 260.00 3,120.00
Lands::ape/grounds maintenance 200.00 2,400.00
Maintenance reserve 135.00 1,620.00
C Sub-total Expenses 3,250.00 39,000.00
Debt Service
C 525,000 @ 12% 5,400.00 64,803.00
Total ExI- 8,650.00 103,800.00
Net Income $ 2,080.00 $ 24,960.00
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2Dd Year 3rd Year 4th Year 5th /~'I77
Income $135,200.00 $ 141,960.00 $149,058.00 $ 156,510.00
Operating Expenses 40,950.00 42,997.00 45,147.00 47,405.00
Debt Service 64,803.00 64,803.00 64,803.00 64,803.00
Total Expeo 105,753.00 107,800.00 109,950.00 112,208.00
Net Income $ 29,447.00 $ 34,160.00 $ 39,108.00 $ 44,302.00
to 3'- {./lV -~'-I6J ?, ~8.J 'l f'83 ? 'tJI3
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1. Management tee is 5'1 of revenue
2. Maintenance reserve is 1.5'1 of gro&l revenue
3. Debt service is based upon borrowlng 525,000 @ 12'1 amorl:lzed over 30 yrs.
4. 2nd through 5th year increase in income and expenses are at 5'1.
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Jan. 1884
REDEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO, CALIFORNIA
DATE
November 21, 1985
Sandy Lowder
TO
01en J. Jones
FROM
SUBJECT Cole Estates - SBWSCDC - NW
In February, 1984, the Agency entered into an OPA with SBWSCDC for the
development of 20 aingle family homes on Victoria and Home Streets in the
Northwest Project Area. Following is a recap of the asseased value of these.
home s.
PARCEL AV 83/84 AV 84/85
143-201-02 $ 93,000 $ 149,600
- 143-201-05 31,000 62,400
'- 143-201-06 31,000 39,400
143-201-07 31,000 55,000
143-201-08 31,000 54,400
143-201-09 31, 000 57,900
143-201-10 31,000 57,120
143-201-11 31,000 61,600 sold
143-201-12 31,000 56,700
143-201-13 31,000 60,180 sold
143-201-14 31,000 63,360
143-201-15 31,000 43,400
143-201-16 21,000 59,310
143-201-17 31,000 50,800
143-201-18 31,000 55,600
143-201-19 31,000 55,600
143-201-20 31,000 54,400
143-201-21 31,000 55,600
$610,000 $1,092,370
AV 84/85 $1,092,370
AV 83/84 610,000
482,310
x 1%
New Tax Increment $4,823.70
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All of the homes above, with the exeption of the two marlted "aold", are owned
by Banlt of California.
In addition, 143-201-02 has three homes built on it, and no parcel map has
been approved which establishes the aingle family lot for each houae.
tJ[
Olen J. Jones
OJ:s :ll2G
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SALE OF STATE COLLEGE PROPERTY
BY WESTSIDE CDC & DISBURSEMENT OF FUNDS
I..
DEBTS - May 1982
Solorex
CDBG
Miscellaneous
$232,000.00
121,762.00
144,510.59
$498,272.59
II. SALE TO TWIST
Parcel #1 - May 82
Solo rex $ 53,272.10
CDBG 27,443.21
Miscellaneous 144,510.59
$225,225.90
*NOTE PAYABLE TO SOLOREX!CDBG $273,046.69
III. SALE TO HATLE
Parcel 2 & 3 Aug. 83
C *NOTE $273,046.69
INTEREST ON NOTE 34,130.83
CDBG OTHER 88,911.14
$225,225.90
$435,000.00
Balance to WSCDC
396,088.66
$ 38,911.50
NOTE: Properties above sold to Westside CDC by RDA for $56,655.
APPLICATION OF FUNDS
SBWCDC RDA
Original Purchase -0- $56,655.00
Sale to Twist $225,225.90 -0-
Sale to Hat1e 396,088.66 38,911.50
$621,314.56 $95,566.50
OJ: jmh : 0864K
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