HomeMy WebLinkAboutR05-Redevelopment Agency
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REDeVELOPMENT AGENCY .AI;QUEST FOR COMMISSION/COUNCIL ACTION
<'-'1m: Glenda Saul, Executive Director
Subject: INDUCEMENT APPLICATION - WESTERN
COMMUNITIES ASSOCIATES PROJECT
Dept: Redevelopment Agency
Date: January 9, 1986
Synopsis of Previous Commission/Council action:
Ordinance 3815 providing for the issuance of Industrial Development Bonds
12/16/85 Continued to January 21, 1986
Recommended motion: (Mayor and Common Council)
Continue to March 3, 1986
M//d ,~[I
Signature
Contact person:
~leBaa Saa1
Phone: 383-5081
Supporting data attached:
YES
Ward: 5
FUNDING REQUIREMENTS:
Amount: $
u/...A...
Project: SC
Date:
No adverse Impact on City:
J~ll~LJ 21t 1986
Icil Notes:
1127K/EB
1/21/86
Agenda Item No. f-5
--l...
CI-. ~ OF SAN BERNARDINO - REQUE~T FOR COUNCIL ACTION
STAFF REPORT
Ordinance 3815 provides for the issuance of Industrial Development Bonds,
including multifamily mortgage revenue bonds. The city has received an
application for bond financing from Western Communities Associates. Below is a
recap of the application:
Principals:
Western Communities Associates, a
partnership.
Amount of Financing:
$7,500,000
Project:
Construction of 192 apartment units.
Location:
Northeast corner of Kendall Drive and
University Parkway.
Target date for financing:
March 1, 1986
Construction Schedule:
Start March 1, 1986
Complete July 15, 1987.
Increase in jobs:
During construction only.
Reserve and development fees:
1% of $7,500,000 = $75,000.
2 bedroom 1 1/2 bath - $495/month
2 bedroom, 2 bath - $525/month
3 bedroom, 2 bath - $565/month
Rent Schedule:
Zoning:
PRO 14 Plan conform to zoning.
NOTE: This project is also covered under a Disposition and Joint Development
Agreement with the Redevelopment Agency.
Staff recommends continuing the item to March 3, 1986, in order for the
applicant to comply with new multifamily bond requirements.
15-0264
1127K/EB
1/21/86
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