HomeMy WebLinkAboutR04-Redevelopment Agency
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REDEVELOPMENT AGENCY-REQUEST FOR CO_ISSION/COUNCIL ACTION
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,
Glenda Saul, Executive Director
m:
S b. S P COMMERCIAL DEVELOPMENT - IDB
u ject: PUBLIC HEARING
Dept: Redevelopment Agency
March 7, 1986
Date:
Synopsis of Previous Commission/Council action:
Ordinance #3815 provided for the issuance of IDB's.
10/7/85 Resolution 85-390 Inducement Resolution
11/4/85 Public Hearing continued to 11/18/85.
11/18/85 Public Hearing continued to 12/2/85
12/2/85 Public Hearing continued to 1/20/86
1/20/86 Public Hearing continued to 3/17/86.
Recommended motion:
(MAYOR AND COMMON COUNCIL)
Move to table the Public Hearing to consider IDB financing for SP Commercial
.~ Development's mini storage facility on Caroline Street.
~#-A ~J
Signature
b..Lena& ~aUL
Contact person:
Supporting data attached:
1!l/A
Phone: 3 383-5081
Ward:
::;v
Il!.;:'
FUNDING REQUIREMENTS:
Amount: $
Project:
March 1/, 1.~1l6
Date:
No edverse Impact on City:
I:..ncil Notes:
,
S4~~/Sl
3/17/86
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Cltr' OF SAN BERNARDII-<) - REQUEU FOR COUNCIL ACT ~N
STAFF REPORT
In October of 1985, the Council adopted Resolution 85-390 inducing SP Commercial
Development's project for a mini storage facility on West Caroline Street in the
South Valle Project. SP Commercial Development has an existing OPA with the
Agency to construct eight buildings during the period April, 1985 to April, 1997.
The Home Club was complete in September, 1985. The second building, Camping
World, is 80% complete. The third structure is the mini storage facility which
holds said inducement resolution. The mini storage is approximately 70%
complete. The developer was hopeful that he would be able to aecure IDB financing
to take out his construction loan.
Due to the current uncertainty of IDB's aud the City's 1986 possible allocation
reduction for commercial and industrial project, we find it necessary to recommend
tabling of this item.
As we currently understand the issue, the state must wait until Congress acts on
the-Tax Reform Bill before it can determine the allocation procedure. We have
heard two possible allocation procedures being considered by the state:
a) Allocation on a per capita basis - i.e. San Bernardino should receive
approximately $6.8 allocation. The use of this allocation to be as
follows:
20%
50%
6-10%
Balance
- For non profit organizations.
Housing.
Tax allocation bonds.
- Commercial & Industrial
b) Allocation to be granted to cities/counties on a requested basis much
like we have had to do with our single family projects, wherein, a
yearly request is made and considered. If approved, the city/county
would be required to use same wi. thin a specified period of time..
Staff recommends tabling of this public hearing. There is discussion that
Congress will act and the State will adopt a procedure for allocation sometime in
June. At that time it will be necessary for the City to review the availability
of IDB's for 1986 and to prioritize the manner in which this allocation should be
used.
Attached, for your reference, is a summary of the applicant.
~
544G/SL
3/17/86
75-0264
CITY OF SAN BERNARDIh<> - REQUECl FOR COUNCIL AC~N
STAFF REPORT
Below is a recap of the application:
APPLICANT:
S.P. Commercial Development,
a California Limited Partnership
PRINCIPALS :
Me~T Simchowitz - 50%
Pearson Land Ltd. - 50%
AMOUNT OF FINANCING:
$1./, Million
PROJECT:
Construction of 62,000 sq. ft.
public storage facility
LOCATION:
3 acre site located at
155 W. Caroline Street
TARGET DATE OF FINANCING:
Final Quarter, 1986
CONSTRUCTION COMPLETION:
April, 1986.
$1,025,000 x 1% - $10,250
$1,400,000 x 1% - $14,000
INCREASE IN TAX INCREMENT:
RESERVE AND DEVELOPMENT FEE:
'",,~-
JOBS:
6, after construction
The developer is proposing a public storage facility for this site because of its
location on an earthquake fault. The developer believes the only projects suited
for the site would be a storage facility or a parking lot.
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544G/SL
3/17/86
75-0264
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