Loading...
HomeMy WebLinkAboutR29- Economic Development ECONOMIC DEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO FROM: Maggie Pacheco,Director Housing& SUBJECT: PUBLIC HEARING-CALIFORNIA Community Development STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY DATE: March 13,2000 ORIGINAL AUTUMNWOODAPARTMENTS Synopsis of Previous Commission/Council/Committee Action(s): On June 1, 1988,the City of San Bernardino executed a Joint Powers Agreement by and between the City and the California Statewide Communities Development Authority (CSCDA)for the purpose of facilitating the issuance of mortgage revenue bonds for multi-family housing and other economic development activities within the City of San Bernardino. i Recommended Motion(s): OPEN PUBLIC HEARING CLOSE PUBLIC HEARING (Mayor and Common Council) MOTION: RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO APPROVING THE ISSUANCE OF MULTI-FAMILY HOUSING REVENUE BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY FOR THE 160 UNIT AUTUMNWOOD APARTMENTS IN THE CITY OF SAN BERNARDINO, CALIFORNIA. Contact Person(s): Gary Van Osdel/Maggie Pacheco Phone: 663-1044 Project Area(s) Ward(s): Seven(7) Supporting Data Attached: 0 Staff Report 0 Resolution(s)O Agreement(s)/Contract(s) 0 Map(s)O Letter/Memo FUNDING REQUIREMENTS Amount: $ N/A Source: Budget Authority: N/A SIGNATURE: Gary an Osdel,Executive rector .Maggie f heco,Director Housing& Economic Development ency Community Development Commission/Council Notes: GVO:ssj:03-20-00 CSCDA Bond COMMISSION MEETING AGENDA Meeting Date: 03/20/2000 Agenda Item Number: R;Lg ECONOMIC DEVELOPMENT AGENCY STAFF REPORT California Statewide Communities Development Authority Issuance of Multi-Family Mortgage Revenue Bonds for the 160 Unit Autumnwood Apartments BACKGROUND The California Statewide Communities Development Authority (the "Authority") is authorized pursuant to California Government Code and the terms of an Amended and Restated Joint Exercise of Powers Agreement, dated June 1, 1988, Section 9, by and between the City of San Bernardino and the Authority (the "Agreement"), to issue revenue bonds in order to facilitate the development or rehabilitation of multi-family rental housing projects. There are over 148 California cities and 40 districts of some type who are participants under this joint powers arrangement, including the City of San Bernardino. The Authority is authorized by the Agreement to issue bonds, notes, certificates of participation, or other evidences of indebtedness in order to promote the provision and maintenance of multi- family housing. However, in order for the Authority to issue bonds the financing must be authorized by the governing body of the jurisdiction in which the project is situated. CURRENT ISSUE Accordingly, the Authority is proposing to issue $9 million in multifamily housing revenue bonds to facilitate the refinancing and rehabilitation of the Autumnwood Apartments (the "Project") at the request of the developer Steadfast Properties and Development, Inc. The Project consists of the 116-unit apartment complex located at 2020 Guthrie and a series of 11 buildings (which contain a total of 44 units) also located on North Guthrie. Steadfast Properties and Development, Inc., will form a limited partnership, Steadfast Autumnwood, L.P., who will own and operate the two properties as a single project for a total of 160 units. Steadfast has a strong track record of rehabilitating multifamily rental housing. It has acquired and rehabilitated 37 apartment projects with a total of more than 8,300 units during the last five years. Thirty-five of Steadfast's multifamily projects are in California, and 32 of these are in Southern California. In addition to the Autumnwood Apartments, Steadfast has acquired and rehabilitated four other multifamily projects in San Bernardino: Park Heights Apartments, Village Green Apartments, Creekside Village Apartments, and Rainbow Gardens Apartments. Improvements planned for the Project, include, but are not limited to, construction of a new leasing office, learning center, additional laundry facilities, exterior paint, improvement to the landscaping, security fencing,roofing, and other interior and exterior improvements. Steadfast is -------------------------------------------------------------------------------------------------------------------------------------------- GVO:ssj:03-20-00 CSCDA Bond COMMISSION MEETING AGENDA Meeting Date: 03/20/2000 Agenda Item Number: XA1 Economic Development Agency Staff Report CSCDA Multi-Family Mortgage Revenue Bonds March 13, 2000 Page Number-2- --------------------------------------------------------------------------------------------------------------------- estimating that approximately $1.8 million in hard construction costs will be spent on the overall rehabilitation work of the Project. Presently, two-thirds of the rehabilitation planned has been completed. In conclusion, the Project is located in the heart of the Arden-Guthrie area, which is the focus of revitalization efforts by the Agency. The Agency and City have invested heavily in the area through the development of the soccer complex, acquisition, demolition and rehabilitation of the area. Steadfast's rehabilitation of the Project will significantly contribute to the Agency's/City's revitalization efforts in the Arden Guthrie community. FISCAL IMPACT None. The proposed bonds do not constitute a debt of the City, or pledge of the faith and credit of the City or the Agency. The Agreement further states that the Authority is a separate legal entity, separate and apart from the City/Agency, and its debts, liabilities and obligations are not obligations of the City or the Agency. The proposed bond issuance will be secured with the real estate and project revenue will be used to secure the indebtedness issued by the Authority. RECOMMENDATION That the Mayor and Common Council adopt the attached Resolution. . ..C.&. Maggie P eco, Director Housing & Community Development -------------------------------------------------------------------------------------------------------------------------------------------- GVO:ssj:03-20-00 CSCDA Bond COMMISSION MEETING AGENDA Meeting Date: 03/20/2000 Agenda Item Number: U- ��D I RESO 0 `NOV C` 2 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO APPROVING THE ISSUANCE OF 3 MULTIFAMILY HOUSING REVENUE BONDS BY THE CALIFORNIA a STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY FOR THE 160 UNIT AUTUMNWOOD APARTMENTS IN THE CITY OF SAN 5 BERNARDINO, CALIFORNIA 6 WHEREAS, the California Statewide Communities Development Authority (the 7 "Authority") is authorized pursuant to the provisions of California Government Code Section 8 6500 et seq. and the terms of an Amended and Restated Joint Exercise of Powers Agreement, 9 dated as of June 1, 1988 (the"Agreement"),among certain local agencies throughout the State to of California, including the City of San Bernardino (the "City"), to issue revenue bonds in I1 accordance with Chapter 7 of Part 5 of Division 31 of the California Health and Safety Code 12 for the purpose of financing multifamily rental housing projects; and 13 WHEREAS, Autumnwood Apartments I and II, L.P. (collectively, with any related C1a �/ entity, the "Borrower") has requested that the Authority issue multifamily housing revenue 15 bonds in an aggregate principal amount not to exceed $9,000,000 (the "Bonds") for the 16 purpose of providing financing for the acquisition and rehabilitation of a 160-unit multifamily 17 residential rental project located at 2005, 2020, 2029, 2051, 2073, 2095, 2105, 2123, 2141, 18 2159, 2177 and 2195 North Guthrie Street, San Bernardino, California and generally known 19 as Autumnwood Apartments (the "Project"); and 20 WHEREAS, the Bonds will be "private activity bonds" for purposes of the Internal 21 Revenue Code of 1986 (the "Code"); and 22 WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, private 23 activity bonds are required to be approved by the "applicable elected representative" of the 24 governmental units on whose behalf such bonds are expected to be issued and by a 25 -I' osco;ao i I governmental unit having jurisdiction over the entire area in which any facility financed by Q2 such bonds is to be located, after a public hearing held following reasonable public notice; and 3 WHEREAS, there has been published, at least 14 days prior to the date hereof, in a 4 newspaper of general circulation within the City, a notice that a public hearing regarding the 5 Bonds would be held on the date hereof; and 6 WHEREAS, such public hearing was conducted on said date by the Mayor and 7 Common Council, at which time an opportunity was provided to interested parties to present 8 arguments both for and against the issuance of the Bonds; and 9 WHEREAS, the members of this Mayor and Common Council (this "Council") are the 10 applicable elected representatives of the City; and 11 WHEREAS, it is intended that this Resolution shall constitute the approval of the 12 issuance of the Bonds required by Section 147(f) of the Code and Section 9 of the Agreement; 13 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY 14 OF SAN BERNARDINO AS FOLLOWS: 15 Section 1. The above recitals are true and correct. 16 Section 2. The Council hereby approves the issuance of the Bonds by the 17 Authority. It is the purpose and intent of the Council that this Resolution constitute approval 18 of the Bonds for the purposes of (a) Section 147(f) of the Code by the applicable elected 19 representative of the governmental unit having jurisdiction over the area in which the Project 20 is located, in accordance with said Section 147(f), and(b) Section 9 of the Agreement. 21 Section 3. The officers of the City are hereby authorized and directed,jointly and 22 severally, to do any and all things and to execute and deliver any and all documents that they 23 deem necessary or advisable in order to cant' out, give effect to and comply with the terms 24 and intent of this Resolution and the financing approved hereby. 25 '2" 03/20/00 I Section 4. The City Clerk of the City shall forward a certified copy of this 2 Resolution and a copy of the affidavit of publication of the hearing notice to: 3 Ana Marie del Rio, Esq. Orrick, Herrington & Sutcliffe LLP 4 Old Federal Reserve Bank Building 5 400 Sansome Street San Francisco, California 94111 6 Section 5. This Resolution shall take effect immediately upon its adoption. 7 8 9 10 I //// 12 13 14 15 16 17 18 19 20 21 22 23 24 25 -3' 03/20100 I RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO APPROVING THE ISSUANCE OF 2 MULTIFAMILY HOUSING REVENUE BONDS BY THE CALIFORNIA 3 STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY FOR THE 160 UNIT AUTUMNWOOD APARTMENTS IN THE CITY OF SAN 4 BERNARDINO, CALIFORNIA 5 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and 6 Common Council of the City of San Bernardino at a meeting thereof, held on the day of , 2000, by the following vote to wit: 8 Council Members: Aves Nays Abstain Absent 9 ESTRADA _ 10 LIEN 11 MCGINNIS 12 SCHNETZ 13 SUAREZ — © 14 ANDERSON MILLER 15 - 16 17 City Clerk 18 19 The foregoing resolution is hereby approved this day of 2000. 20 21 Judith Valles, Mayor City of San Bernardino 22 Approved as to form and Legal Content: 23 James F. Penman 24 City Attorney 25 By: 4- 03/20/00