Loading...
HomeMy WebLinkAbout28- Development Services CITY OF SAN BERNARDINO - REQUEST FOR COUNCIL ACTION From: MICHAEL E. HAYS,Director Subject: Authorization to Proceed--- 1913 Act Acquisition Assessment Dept: Development Services District for off site improvements—Tract 0 R l u ►�'A L No. 10260 and Tentative Tract No. 14112 Date: February 14, 2000 File No.14.40-118 Synopsis of Previous Council Action: MCC Date: 02-22-2000 10-18-99 ---Authorized to proceed with the formation of an Assessment District pursuant to the Municipal Improvement Act of 1913 for water and sewer fees relative to the development of Tract Nos. 11261, 13822 and 10260 was granted. 12-20-99—Resolution authorizing execution of agreements for Investment Banker and Bond Counsel relative to the formation of proposed Assessment District No. 1026 was referred to the Ways and Means Committee. Recommended Motion: 1. That the Director of Development Services and the City Clerk be authorized to proceed with the formation of an Acquisition Assessment District No. 1026,pursuant to the Municipal Improvement Act of 1913 for off-site improvements relative to the development of Tract Nos. 10260 and Tentative Tract No. 14112. AND 2. That the Director of Development Services be authorized and directed to prepare Agreements for Bond Counsel with the firm of Sabo and Green; for Investment Banking Services with the firm of Miller and Schroeder; and for Assessment Engineer with the firm of GBF-Friedrich&Associates relative to the formation of Assessment District No. 1026 Michael E. Hays Contact person: LASZLO"Les"FOGASSY Phone: 5026 Supporting data attached: Staff Report, Maps, Cost Ward: 4 Estimate re own FUNDING REQUIREMENTS: Amount: $162,690 (Formation&consultant fees to be paid for Irom deposit by petition r) Source: (Acct. No.) N/A (Acct. Description) N/A Finance: Cou il Notes: Y , a3 ° Ga ;z ��000 Agenda Item No. 7 �e / 0�3/Co1i'T000 .CITY OF SAN BERNARDINO — REQUEST FOR COUNCIL ACTION Staff Report SUBJECT: Authorization to Proceed---1913 Act Acquisition Assessment District for off site improvements —Tract No. 10260 and Tentative Tract No. 14112. BACKGROUND: On September 13, 1999, this office received a request from Century Homes,the developer of portions of Tract No. 11261, all of Tract No. 13822 and all of Tract No. 10260, for the formation of an Assessment District pursuant to the provisions of the Municipal Improvement Act of 1913. The purpose of that request was to finance the water and sewer fees relative to the development of these tracts and thus assist the developer in the development of these tracts. On October 18, 1999,this office was authorized to proceed with the formation of the proposed Assessment District. Request for Proposals for Bond Counsel,Assessment Engineer and Investment Banker were mailed out and responses received. On December 20,1999, Agreements for Bond Counsel and Investment Banker were submitted for approval. The item was referred to the Ways and Means Committee. There were several discussions with the developer at the Ways and Means Committee meetings and the item was continued several times. At the February 9, 2000, Ways and Means Committee meaning,the developer indicated that Tract Nos. 11261 and 13822 (Arrow Vista at California and 16'")would be dropped from the request for the district. In addition to retaining Tract No. 10260, the developer requested that Tentative Tract No. 14112, located at Foothill Drive and Sterling Avenue,be included in the proposed district. The developer does not presently own either tract but both properties are in escrow. A vicinity map is attached showing the location of the two tracts. The modified request is to finance off-site improvements. These improvements consist of rough grading, installation of curb, gutter,paving, sidewalk, sewer, drainage,perimeter blockwalls and landscaping. The total cost of the improvement, incidental expenses and formation costs is$3,715,518, as shown under the section entitled Recapitulation on the attached worksheet. The developer will pay $1,846, 900 of these costs and is requesting that the remainder, be financed through the assessment district. Below is a summary of the assessments for each tract. Details are shown on the attached breakdown of costs. Tract 10260 Tent.Tract 14112 Total District Total Assessment $844,523 $1,024,095 $1,868,618 Single family lots 46 56 102 Assessment per lot $ 18,359 $ 18,287 CITY OF SAN BERNARDINO — REQUEST FOR COUNCIL ACTION Staff Report-Continued It is proposed that bonds would be sold to provide the necessary funding. The assessments would be spread over 20 years at 6% interest. This would result in an annual assessment of approximately $1595 per single family lot. The formation costs (excluding Investment Bankers Bond Discount, which will be paid for from Bond proceeds), are estimated to be $162,690,which will be deposited by the developer. Thus, in the event the district isn't formed, no City funds are used for the formation proceedings. If the formation of the district is successful,these fees will be returned to the developer and will be included in the total assessment. If authorization to proceed is given, staff will prepare Agreements for Bond Counsel, Assessment Engineer and Investment Banker. The Agreements will be presented at a future Council Meeting. Once the Agreements are in place, we can proceed with the necessary documents, including an Engineer's Report that will detail all aspects of the assessment district. Staff can send out new Request for Proposals, or the proposals submitted previously for the original proposed district can be updated and submitted for your action. FINANCIAL IMPACT: The $162,690 formation costs will be paid by the developer. RECOMMENDATION: Staff recommends that authorization be given to proceed with the formation of the assessment district and that authorized be given to prepare Agreements for Bond Counsel with the firm of Sabo and Green; for Investment Banking Services with the firm of Miller and Schroeder; and for Assessment Engineer with the firm of GBF-Friedrich& Associates relative to the formation of Assessment District No. 1026. CITY OF SAN BERNARDINO — REQUEST FOR COUNCIL ACTION Staff Report-Continued It is proposed that bonds would be sold to provide the necessary funding. The assessments would be spread over 20 years at 6% interest. This would result in an annual assessment of approximately $1595 per single family lot. The formation costs(excluding Investment Bankers Bond Discount,which will be paid for from Bond proceeds, is estimated to be $162,690,which will be deposited by the developer. Thus, in the event the district fails,no City funds will be used for the formation proceedings. If the formation of the district is successful,these fees will be returned to the developer and will be included in the total assessment. If authorization to proceed is given, staff will prepare Agreements for Bond Counsel, Assessment Engineer and Investment Banker. The Agreements will be presented at a future Council Meeting. Once the Agreements are in place,we can proceed with the necessary documents, including an Engineer's Report that will detail all aspects of the assessment district. Staff can send out new Request for Proposals,or the proposals submitted previously for the original proposed district can be updated and submitted for your action. FINANCIAL IMPACT: The $162,690 formation costs will be paid by the developer. RECOMMENDATION: Staff recommends that authorization be given to proceed with the formation of the assessment district and that authorized be given to prepare Agreements for Bond Counsel with the firm of Sabo and Green; for Investment Banking Services with the firm of Miller and Schroeder; and for Assessment Engineer with the firm of GBF-Friedrich&Associates relative to the formation of Assessment District No. 1026. i ESTIMATE OF COSTS AND EXPENSES FOR ASSESSMENT DISTRICT NO. CITY OF SAN BERNARDINO Description Zone 1-46 Lots Zone 2--56 Lots Sterling Heights at Northpark Sterling Heights at Del Rosa Tract No. 10260 Tract No. 14112 Cost and Expenses Cost and Expenses Preliminary Confirmed Preliminary Confirmed I. CONSTRUCTION COSTS A. Rouah Grading Pre Water Site $9,200.00 $11,200.00 Clear and Grub $12,000.00 $42,000.00 Import/Export $6,900.00 $0.00 Excavation and Over Excavation $149,309.00 $546,000.00 Soils Testing $10,000.00 $65,000.00 Survey and Staking $18,400.00 $48,720.00 B. Streets Staking $0.00 $0.00 Fine Grade $0.00 $0.00 Paving $138,486.00 $350,485.00 Curb and Gutter $62,250.00 $134,600.00 Sidewalk $45,000.00 $94,050.00 C. Sewer-Water Staking $0.00 $0.00 Mainline and Laterals $217,000.00 $326,000.00 Manholes and Clean-outs $23,400.00 $66,000.00 Trenching $0.00 $0.00 Inspections $0.00 $0.00 D. Drainage Staking-Trenching $0.00 $0.00 Pipelines $131,916.00 $55,600.00 Perimeter Landscape $0.00 $0.00 E. Landscape Perimeter Blocking $59,450.00 $12,950.00 Staking $0.00 $0.00 Perimeter Landscape $96,780.00 $0.00 F. Water&Sewer Facility Fees $0.00 $0.00 Subtotal Construction $980,091.00 $1,752,605.00 10%Construction Contingencies $98,009.10 $175,260.50 TOTAL CONSTRUCTION $1,078,100.10 $1,927,865.50 II. ENGINEERING&RELATED CONTT.COSTS Inspection $4,600.00 $5,600.00 Testing $2,000.00 $2,500.00 Plan Check $4,600.00 $5,600.00 Contract Administration $37,000.00 $42,000.00 Surveying and Staking $37,000.00 $42,000.00 Design Engineering Subtotal Engineering $85,200.00 $97,700.00 10%Engineering Contingencies $8,520.00 $9,770.00 TOTAL ENGINEERING $93,720.00 $107,470.00 TOTAL CONSTRUCTION & ENGINEERING $1,171,820.10 $2,035,335.50 III. CONTRIBUTION BY PROPERTY OWNER -$556,900.00 -$1,290,000.00 IV. PROCEDURAL AND FORMATION COSTS City Formation Expenses $11,500.00 $14,000.00 Trustee Fees $11,500.00 $14,000.00 Printing (Official Statement,and Advertising) $6,900.00 $8,400.00 Appraisal $6,900.00 $8,400.00 Financial Advisor $6,900.00 $8,400.00 Bond Counsel $11,500.00 $14,000.00 Assessment Engineer $11,500.00 $14,000.00 Sub-Total Procedural Expenses $66,700.00 $81,200.00 10%Procedural Contingencies $6,670.00 $8,120.00 TOTAL PROCEDURAL $73,370.00 $89,320.00 V. BOND ISSUANCE COSTS A. Capitalized Interest(12 mo's @ 6.5%) $54,892.50 $66,560.00 B. Bond Reserve(@ 10% $84,450.00 $102,400.00 C. Bond Discount(@ 2%) $16,890.00 $20,480.00 TOTAL BOND ISSUANCE COSTS $156,232.50 $189,440.00 RECAPITULATION I. CONSTRUCTION COSTS AND CONTINGENCIES $1,078,100.10 $1,927,865.50 U. ENGINEERING&RELATED CONSTRUCTION $93,720.00 $107,470.00 M. LESS CONTRIBUTION BY PROPERTY OWNER -$556,900.00 -$1,290,000.00 IV. PROCEDURAL&FORMATION COSTS $73,370.00 $89,320.00 V. BOND ISSUANCE COSTS $156,232.50 $189,440.00 TOTAL AMOUNT OF ASSESSMENT 5844,522.60 51,0 24,095.50 Assessment Amount per Residential Lot $18,359.19 $18,287.42 Value of Finished Lot Per Century Estimate $60,434.00 $60,434.00 Lien to Value Ratio 3.29 to 1 3.30 to 1 TRACT NO. 10260 TENTATIVE ¢ TRACT NO. 14112. a A-, 0// Hi�ip� to 15 _ No Scale o cO � 40th St. 330 a Big o FOOTHIL DR. q o Marshall Blvd. _ V W 210 O Q O Highland Ave. z�n 3 a � IN � o 9 n a E Bose Line St. � in o 9th St a 5th St. V Rialto Ave. a 15 Mill St. °o c 0 v 210 o. Orange Show Rd. r 0 VICINITY MAP CITY OF SAN BERNARDINO PROPOSED 1913 ACT ACQUISITION ASSESSMENT DEVELOPMENT SERVICES DEPARTMENT DISTRICT FOR OFF—SITE IMRPROVEMENTS REAL PROPERTY SECTION ---TRACT NO. 10260 AND TENTATIVE TRACT NO. 14112. ® indicates un—incorporated areas within City's Sphere of Influence Created by: L, Foga! 5 Date: 211412000 i , ! COP 1 1 1 PROPOSAL FOR 1913/15 ACT ASSESSMENT DISTRICT ! FOR i 1 STERLING RIDGE At Holcomb Hill and 1 1 STERLING POINTE At University Heights ! 1 FOR THE CITY OF SAN BERNARDINO i 1 1 1 A ' . r ior4 Table of Corate, ,; PART 1 - ASSESSMENT DISTRICT PROGRAM GENERAL INFORMATION: ir . A. INTRODUCTION B. 1913/1915 AD PROGRAM VS. MELLO-ROOS CFD'S iC. MARKETING PROGRAM i i D. OTHER PROJECTS WITH AD'S i PART II PROJECT DESCRIPTION A. PLANS AND ELEVATIONS iB. PROJECT PROFORMAS AND COST BREAKDOWN 1 C. COMPARABLE SALES i i� D. DISCLOSURE i a � = PART 1 ASSESSMENT DISTRICT PROGRAM GENERAL INFORMATION ' A. INTRODUCTION Century Crowell Communities, LP, headquartered here in San Bernardino, is a leading builder of both entry level and move-up housing in the 1 Inland Empire and the Greater Palm Springs areas. Century Crowell has built and sold over 360 homes this year with a combined sales volume of $80,000,000. ' We are currently under contract to acquire the Arrow Vista project (62 lots in the West End) from the City of San Bernardino Economic Development Agency. We are also under contract to purchase 46 lots in the North Park area from the Heers family. In addition to these two projects, we are negotiating to joint venture the development of the Sterling Heights subdivision (56 view lots) in Northeast San Bernardino. In connection with these developments, we have obtained signed Assessment District applications from the current project owners. With the exception of Arrow Vista, It is not our intention to close escrow on these properties unless we can obtain Assessment District financing from the City of San Bernardino. ' While most of the Southern California real estate market has recovered from the historic downturn of the 1990's, many outlying areas are only now just beginning to show signs of recovery. We believe the key is new construction starts and improved housing stock, with resulting growth in retail sales. It is our experience, however, that this does not happen until the new home buyer perceives that he is getting significantly more value for his dollar. Because the cost of construction is the same, a builder can only provide that value in reduced land cost, which in outlying areas is often only a fraction of the total home sale price. More significant assistance is provided by the use of moderate Assessment Districts which lower the ticket price of the home approximately $10,000 or more, without generating buyer resistance to the assessment payment, which is tax deductable. s I AM is B. 1913/1915 AD PROGRAM vs. MELLO-ROOS CFD'S Century Crowell Communities understands that the use of large Mello- Roos Community Facilities Districts has created problems for the City of San Bernardino in the past. An Assessment/Acquistion District program, however, greatly minimizes the risks involved. Attached is a comparison of the typical AD/Acquisition program to past CFD programs used by the City. Mello-Roos Districts are generally used in areas that have not been opened to development, and which need a large amount of infrastructure prior to the construction of the first building to be occupied. They can be used not only to pay for major roads, drainage and utility systems, but can also fund schools, parks, public libraries, police and fire stations, and other facilities typically having a more regional benefit to the public. 1913/1915 Act Assessment/Acquisition Districts are generally used to pay for public improvements with a direct benefit to smaller developments, such as on and off-site sewer and water improvements, interior and exterior streets, perimeter landscaping, block walls, neighborhood parks and other localized improvements, including infrastructure and capacity fees. Under the 1913/1915 Act laws, Century Crowell Communities has been successfully placing Assessment/Acquisition Districts on its single family residential developments, most recently in the Cities of Rancho Indio and La Quinta, California. Typically, the debt burden is in the approximate range of$7,500 to S10,000 per lot, with the cost to the homebuyer being in the range of$50 to $75 per month. A typical AD involves from 100 to 300 lots, and covers from about $1,000,000 to $3,000,000 in improvements. Unlike large Mello-Roos Districts which may involve multi-million dollar facilities and hundreds of residences, AD's are small, manageable, and have far less risk of default. The reason for this is that the bond proceeds are not released until the improvements are completed. Because the improvement are direct benefit improvements, this generally occurs before the first home is sold. In addition, sales are already underway, with model openings nearly ready to go. Finally, even with an Assessment/Acquisition District involving 300 or more lots, we are not attempting to sell out a single project, but rather have independent model complexes for a number of projects all operating at the same time. Thus, the sales absorption is much faster. 2 0 z M L Q N � tq c y c > a Q U v C c: N C Z U > v o n. N N c v v L W F- p Oa .O N ti aJ L N N N v m m a y 0 v v u y c 3 v N c o Z C E v v Q T V " v c E y v v CL Z w u -0 O_ a) +�+ O N C] L O a7 G `QO u E Q � u `o oc 3 � ac c ° n (o Oa l o v o c N u _v E w n v m 0 CCY E^ t 6.E E ou a� a o n L `o I U v $ r a o c c Q V v -o E O tC N O 01 O V C O " • a) C 'y z E v ch 3 O � v � v c CL c E v U 0 O D w v c a ° E o �� v aci °1 � v � c E a U O O N v N fp O O .V `� c = v a v i 3 v cc� O a) Cl n N W 5O . > � C 0 v E a E E 15 E Y° z =o N T i N u o E C O U c o v ° v u 3 v � o c Z' F c a `j ° o y E E v 0 o c a o m o > E QO aa) y > E E al c° N '0 C,a� o > c W O �F W1' Q 'O N ai .0 ate`/ H Z J v u >� > >. (a O E � Q ip v 1 �^ O 6 i O cm ai V) JQ �Vit 01 � i E n v yL C LL W LL v —O O N a N u >' G i O } Of m - -0 O E C C .O-N y N cu v C a1 > v i tEif n CA tri Z Q/ i m .0 v j. 0 j N p S c v o E o E o 0 0 c o �p C V T O a+ _ i c O C O d N v U C 10 N =O C V O � O fO O N N ate+ 30 >` v "O y�j i O C CL aJ O v �o u v u0 E c O �^ 6�1 O i m a �0 y0 2 c U C PART 1 ASSESSMENT DISTRICT PROGRAM GENERAL INFORMATION A. INTRODUCTION Century Crowell Communities, LP, headquartered here in San Bernardino, is a leading builder of both entry level and move-up housing in the Inland Empire and the Greater Palm Springs areas. Century Crowell has built and sold over 360 homes this year with a combined sales volume of $80,000,000. We are currently under contract to acquire the Arrow Vista project (62 lots in the West End) from the City of San Bernardino Economic Development Agency. We are also under contract to purchase 46 lots in the North Park area from the Heers family. In addition to these two projects, we are negotiating to joint venture the development of the Sterling Heights subdivision (56 view lots) in Northeast San Bernardino. In connection with these developments, we have obtained signed Assessment District applications from the current project owners. With the exception of Arrow Vista, It is not our intention to close escrow on these properties unless we can obtain Assessment District financing from the City of San Bernardino. While most of the Southern California real estate market has recovered from the historic downturn of the 1990's, many outlying areas are only now just beginning to show signs of recovery. We believe the key is new construction starts and improved housing stock, with resulting growth in retail sales. It is our experience, however, that this does not happen until the new home buyer perceives that he is getting significantly more value for his dollar. Because the cost of construction is the same, a builder can only provide that value in reduced land cost, which in outlying areas is often only a fraction of the total home sale price. More significant assistance is provided by the use of moderate Assessment Districts which lower the ticket price of the home approximately $10,000 or more, without generating buyer resistance to the assessment payment, which is tax deductable. C B. 1913/1915 AD PROGRAM vs. MELLO-ROOS CFD'S Century Crowell Communities understands that the use of large Mello- Roos Community Facilities Districts has created problems for the City of San Bernardino in the past. An Assessment/Acquistion District program, however, greatly minimizes the risks involved. Attached is a comparison of the typical AD/Acquisition program to past CFD programs used by the City. Mello-Roos Districts are generally used in areas that have not been opened to development, and which need a large amount of infrastructure prior to the construction of the first building to be occupied. They can be used not only to pay for major roads, drainage and utility systems, but can also fund schools, parks, public libraries, police and fire stations, and other facilities typically having a more regional benefit to the public. 1913/1915 Act Assessment/Acquisition Districts are generally used to pay for public improvements with a direct benefit to smaller developments, such as on and off-site sewer and water improvements, interior and exterior streets, perimeter landscaping, block walls, neighborhood parks and other localized improvements, including infrastructure and capacity fees. GUnder the 1913/1915 Act laws, Century Crowell Communities has been successfully placing Assessment/Acquisition Districts on its single family residential developments, most recently in the Cities of Rancho Indio and La Quinta, California. Typically, the debt burden is in the approximate range of $7,500 to S10,000 per lot, with the cost to the homebuyer being in the range of$50 to $75 per month. Atypical AD involves from 100 to 300 lots, and covers from about $1,000,000 to $3,000,000 in improvements. Unlike large Mello-Roos Districts which may involve multi-million dollar facilities and hundreds of residences, AD's are small, manageable, and have far less risk of default. The reason for this is that the bond proceeds are not released until the improvements are completed. Because the improvement are direct benefit improvements, this generally occurs before the first home is sold. In addition, sales are already underway, with model openings nearly ready to go. Finally, even with an Assessment/Acquisition District involving 300 or more lots, we are not attempting to sell out a single project, but rather have independent model complexes for a number of projects all operating at the same time. Thus, the sales absorption is much faster. 2 0 z o i cu H C Q a) m o U Z U E a c ` n c � v v cu W p C vOi a 0 f0 a1 N L v N m N y n. p v v n G i c 3 v L C o Z p E v > ¢ -0X ' vtO v v Q � z u o � -0 ai _^ � o c v o � E a p a 0 U a E a ° 3 i a 1^.. s 0 M ro F - c c a yti c °_ o v ° m � = av o v o >o N �, R a c v �, v E w fo C- 0 .tip v E a a E E m = 3 0 ° v E c v U M — N O O m .- a v C u C_ O- O d L m N U aJ u L N N ¢ U L 'C E i0 vt +' i 0 H H E `� O V >i m tC0 7 y 0 O C i- v Z z C m O C O L a) C a vOi E w v v v _ o t, v U E � O > C > Q u p v M v -0 U m Q v� c v a fA V) m V OU CL p O Y T C C v1 O i - U c v c u 0 E w o v v v v E p W cu U o a E a r a) E a v -0 v N H co O � O u " C v n v N � v i a > V) t0 2 Cl) > to c a) w O 7 > U O C O W Q L h + 9 p- v L O� C i 0 v V E d 7 3 o U L 'O U d-� i z O O O O c J Z � 2 Y v T � L u \° v M p C O c � aci .� u 3 v v O c N F E .'v ° i E E v o a QD W aa)) > `O v rCO ai a L v io Z cA Ln >o `m E o �o °� m-0 E W nWi n a N N - v =' N Z w P~-1 N L v V O C j V V a, C d o m C T v E ¢ -i N v N O m ` t O O O y J U u ° m a E m E N L c LL CW LL m c f0 a) C N N O N C v O G } fO M O v C C C a F- 01 -O E u to aj 1-1 O cn CO > > > .> N w O. M Z v , L v T 0 7 Q v Q -p C V V c` O -O m .O a it N C O o 0 E a 0 o a. m c. O c a) C N w +' U) o O C O C O V= L v H yOj C N Z a O yO C a) y v C p >' O -p i O N V -O O -O OO1 V �) O v C-n L) f 0 C i+ vOi vvi O ` u E m O v 0 L p v D (o a` 0 Q = c Fo U c �u ai C. MARKETING PROGRAM v TO PROMOTE THE CITY OF SAN BERNARDINO Our Assessment/Acquisition District program in Rancho Indio has enabled us to open up five projects in that City within the last eighteen months. Prior to our entrance into that market, most new home projects in the City were in the process of winding down, with no new projects under consideiaiion. We believe the impact of several new projects, each with an advertising budget which contributes to overall advertising for new Century Crowell homes in that City, has helped its image as a City-on-the-move. Our strategy in coming into a new market is to develop at least three projects within the same general area. These projects will have different product lines, or have other differences such as HOA/non-HOA, view/non-view, etc., which provide the potential homebuyer with a selection. Our sales people can often meet objections by referring potential buyers to our other projects. Additionally, each project can carry a certain dollar amount for marketing. If a portion from each project is allocated to a joint marketing program, it gives us additional presence and buying power. For example, rather than purchasing a small advertising space in the newspaper real estate section, we can purchase a full or half-page weekly add for all of the projects. Through our marketing, we believe we can have a positive impact on the perception of what is happening in the San Bernardino market. (See attached advertising mock-up.) We have not built a project in San Bernardino since we completed 400 homes in the Cimarron Ranch project in the West End area of San Bernardino in the early 90's. This was a highly successful project in an area that many believed would not carry product of that quality. 3 - Your Choice o) Lifestyle �piS i i c - a h DEL REY AT ARROW VISTA Classic Homes _ Four Outstanding Plans 1,300 to 2.010 Square Feet From $106,990 • - :; : •, :.. .n ., I� CIMARRON RANCH NORTH ` - :?: .•--:. _ r. -z.•. I Country Living/City Convenience Large Lots 1,600 to 2. 700 Square Feet = - .-�.• a From $124,990 �• - 3 I STERLING POINTE AT NORTHPARK _ IJ Stunning Views of the City Lights Exclusive Gated Community 2,000 to 2,700 Square Feet From $169,990 --" STERLING RIDGE AT HOLCOMB HILL Stunning Views of the City Lights Exclusive Gated Community 2,000 to 2,700 Square Feet From $194,990 --_— ?_i ' !� WOODBRIDGE AT LITTLE MOUNTAIN Value Price Homes ! Four Outstanding Plans 1,400 to 2,400 Square Feet -- '--\ From $119,990 �_\ 6 WHISPERING GLEN AT UNIVERSITY PARK U Value Priced Homes H(Y4ES Five Outstanding Plans 1.400 to 2,400 Square Feet MU wn i soi.r.; rvn rr From $119,990 -- IK O M •• 111E ORF.NI D. OTHER CURRENT PROJECTS WITH AD'S Many, many other projects in the Inland Empire, particularly move-up projects, have Assessment/Acquistion Districts or CFDs. For example, Highland Grove by Centex Homes in the City of Highland, has an Assessment District of $150 per month to $160 per month, per home. Home prices range between $180,000 and $220,000 (base). Sycamore Highlands in the Canyon Crest area of Riverside has a Mello Roos District with payments at $152 per month. Hunters Ridge and Southridge in Fontana and Las Colinas in Rialto all have higher assessments, up to $250-$300 per month. Attached is a sample prepared by Grubb & Ellis and The Meyers Group showing typical AD payments—some being combined with HOA dues. These are the types of projects that we are competing with. To get the market for upscale houses in San Bernardino started, we need to be able to advertise at comparable or even lower prices. This can only be done with assessment district assistance. 4 ° o U 2 n N Xuadad Ioa(gnS n � elonba S 9QaM IaO N uozuop allnd e w CA »5' BO'UN ajaep vep Q sale3S3 zaluao H +1 N Y sawpsed PIaJAaag � Ip w N Q T, asON slUno m O Q U U N ° �IJ � .Oanoaslp alland r--i r� o V 1 N N AJed'O'aed walsa/,1 O e b N r luouulej alae0 ueA w SM113 ISeaaJOj L � Q o �O N � w uonewID slyno y q N O W a ro � 4lUOW j T C7 � d U J O N PART II PROJECT DESCRIPTION A. PLANS AND ELEVATIONS (See attached.) 5 Starlight At University Heights O F E A T U R E S ELEGANT EXTERIORS + ca! ifomia �kdite;:aGCaa ,a Beauci"tying durable concrete Zile roof ere:iors create a distinct :a Fronkc and landscaping with automatic neighborhood sprink.ec s7s:em :a T.vo or r ice-ca: ;nZ :+ Id: a,d r;ar yard masopr: :+ Whice trimmed w:ndo•.v frames blockwa11 tracing cicouti-ouc widn r.,ul!icns on .a ,Mc-31 roll-up 93 rap dcor f:or,c eieva:lens SUXtrTUOUS NtASTER SUITES :a Dual cultured marble basins with re-ear area (per plan) Oval cub with separate shuwc; :a Soaciuus walk-in closets >+ Dressing area :+ ]Maple bath cabinetry with - ?a Upgraded chrome and polished brass euro-glide drawers faucets and accesories :+ Seaeious bed ehambea .vEth ENERGY SAVINGS AND SAFETY FEATURES :+ Dua! pane wtadows •3. R-13 wall insulation, :+ insufaccd encnv doors with R-3" ceiling insulation deubic sr-u:ir; locks •_ Smoke deteeors :+ Au:onatic Whit setback thrmosca; © RICHLY DETAILED INTERIORS L:a -iy termed hand =-owcled :a Uotraded lighting fixtures cc ings, :vans and custom rounded ?coming cramlc vile r..::v Borne: t:eatmeacs a Central air tondircning -n4f :• Deco:a:or vin.,! flooring in kitchen, :a Cozy woodbumin� fire i-ce hr.;ing ba;ii and laundry arras and 100"b scura a wicit I � " and lot on ca;oe:in In ether hVin areas tile surrounds as `ours anal cera:aic r.vi gg f'::-:viral for c;iling has in Ear..By :a Colonist doors with room 2.-.d r,asre. bedroor., polished brass lever handles + Dramatic volume ceilings 3 Decorative plant shelves :+ Pcc-:vir;d for ccicphorc and cable TV. in all bedrooms Fell-sized eamrainment cenrer G0UR.M. ET KITCHENS i-S roc..^..s- brea.kfas: .- Focd was[: disc�ose: .r.d islan?s (pc: oia n; ._ Hand finished rape cahi-;::y v:i:h - •iccId Ilk:'hive even •::i: c:dccn F.irges;euro-giidc --cu:ac: ceo -op and buii: in -=jus:a ble s;:r.:•es Mic:cvrave - :a Generous pan:r• ._ Hu-d•s:: Ex- ee.=:c «ie c :ceps - Recessed pl=birg for ic•e:make: - OPTIONS AVAILABLE 'a �•l:;;p,-ed w'a:d:Obe deaa :a See Des;ta:; for addi;ior_i 'a Acclla-ce uCt.'ades c_scomiz:r c g a • poin;men:t ® - ••:': -,'•�3:--Nalnn:.vU•••::S.r:•••Y••Y :-.--:-:_e, _a[iif..T:eCaft 3'.L]I•-Y Kfi.�O l: v+ter•.V:{} r:•0CL(t Jl apn}3::91. ?:I:f�itOf.�..'�aWNan,3'J.ti.l art "."7:bn lw J•'• yV Wt alb K3lc C4�;� Starlight At University Heights - Pian � �I I ' Oprbnal Pool $11 II V I Rer.ev: I _ N(o C. Cm: Rcor.. Rmm l L► !li 3uS i I ii ref � r 'VIII n� ACC ICC j;�{�j O :Z\v�� Dining Illillli!!':!IIIIIII! l !I!iEiillilll!Ilil .diitr III L" I 1 Ca:C...p i I i I �:� /H''{ ♦ ay - 4� rte' � 1- � _ .� •- 'x�."s t ����� l -._ r w TO I:, TO Tr Or PLO M = a in ( �6 •'+`��` `�� .ate,' {" Starlight ` o -- Q At University Heights Plan 3 O opuoeal tool S soa Morning C = c &mien \�iillililiiii 1 i Fove: . Zee:no^i S<r.k. _,g I Jill III 1 Te<a Rc=i -eme Tie::e: i i 7 7 I ! I Starlight e , At University Heights Plan 3F Ccrora! Dine$ Living Masce-. Suice ....... Baci IO _ L .MT _� =illlllll�li�llll IC I Mcrairg .. ....... L.f Rcar I : I i E...:r:� I °walk in Q dose: Citing I h� � I -_ -• Rillllllilllllil iC 1 wire i Gres:Rnor.. I I li car: ^^icd i }!e3 Cea:r: 2 G:Gj.:i Poai sn. Spa I' i r _ j I� IA 11 I R -_, L, k � a QQ 6 Starlight At University Heights Flan 4 occional Pwi and Spa Rcom Retreat Living Dining Gas Rean • ooi ae !Gt:Sea .%tu:e: G�I!iiill "� media °1 VN 0 ax_ru:r-2 ao< i� L' � Yne Nike { ) 10 f m I �I ��i <ional If I °<d:oom i F C� space p 2 or i Ca:Ga:agr it Re::eo: I i i1J i I ' L—_ I i I ! Starlight -- C At University Heights Plan 4L O;n onal Pool and Spa \Iorz�ng 1� Rocco Rr.:ea: L:,,nx Di-in; G:r.; Rcnr- ol Ep c o c `— _ .l'Etchen Mau—:5c:m ,nik ma j 5<aim(pia, 1L) c... _ . ................ = c.ose•`q � -- £�I M ;'Entry Dat 1, oot. .. i ' Bedrecm 2 Jw'd�, Ga.—.e Ra IQ))l 10 II_t Opronai t 'eo:uam 3 ce_is I l�i 1 f .\ • I w J ` ■rte' yxf r. r ' �ati CIO At . ` A F, ALAL � l� B. PROJECT PROFORMAS AND ASSESSMENT DISTRICT COST BREAKDOWN (See attached) 6 DRAFT a - fill °'vNi a,-5mm m °c c O � >0 0 0 0 w n o w O o 0 �l m $m x $m m m m � u m N g u � g Pn n 0 0 m C m F b 0 0 0 0 = W LL° •7 cq m? o o. r�t p d`mm ' c g 1-HI-F N oo �.E ° m °cC dog Uo omit c Z _ 3 � cQ EyoJC nao¢ U u9ma OaV 3 q E ° oc- � ocLLy o cm 0 we omin � <«UEv coom3II m - _`o `o o p `o a 5 E N a n m,cd ¢¢ °c om a` $ a m 0 a m g v a V `m u g' -5 E ? E E m O.a v m N W r W6000.`�° ���y dljmOwOwiiJ _U=fF- c- �N(�¢iZZLL2Z a m fl m m q u f n m o 0 0 0 0 0 o O au. :9 ZZZwi�a` a :Nnamm�mq-��-m � �glo,{ rti.°�f°i4wmnmgo �Nna n,o N N N N N N N N n n n n n n t7 o ¢ LL N 1lNI CN 0 8 S m P mp n p N N n 88 m 0 0 0 4 n p Na t J0 N N OON A GOON IO���1(j�Ol�i NtG fI I�IQ04� 0 w0 G N�0 OOSO S°N bfN OS00mN°I000YOI�(nyOnPll�S°0O°N Y� 00080 V SNiO PO00 Nn�'S fin�QOhb4n qm1pNN 0fVh0�-00P ON � I•�nn =i mOS S NY flbry^NN gOCO_NnNOIfmO N0n0 �` NNp O^':. Fb. PNN n P '� n NNn� IA Y� » m b I � nn$ qSY a~{I N NNIOSSa��N Om�NnN00NN�NSNSN '1 OOO�O <C °�O. iV n WON n 10 PONN�" �-C n NNNIC.:G n(V ntnv Nl�`p/'-- i m�n Or 'I N N N w` N �;4 N'0 q P N N:(100$OPON 0$g00pNO� P00gn0$N N1 000 C 04^''N :N 001[1 � OQOPN�� �y�j qn � NN � I� Sf1y 1C�T1'1 CI 1�Nf1Vn4� �• q� - Cv II N N N "'t w• I� I m°N'�$ W�' o floo $'n$oln lnOgo oNO$'g��o°mom$°o°on oon �n Inc N N0000Cgfm 1X OrynNm4ONng0q ' IO OO4 ^fie-NO �OOIN 01V 0100P� "� `_ 1 0610 00 ��$n ate.C: O N (V L N N ^ w 0Of0fS SSNO nOQpp'.n pQNNO pp O.n pp NB n33n vpvp OhmgO�N ss Na qOC N NN-OOOfgI � N ObAY1n f011�4C11�b0NA0� ^~'ll N �" OOC-CI 4° :yam n ote '. N .N P pO V1 V pI }��' 1I}�� .� ONN I 'AA�ryN�TnIVmNl7010� - 41 $t01 _ Im�l �1 I v � I y � � •- � ww �00;$ SC�100 O�S�QpON000° On�p°^ngn4°NNOO�N N D `�8'' N NNO`�Y(,18800 � °y� �NSSCN� pa p 1� H OONnN NO 2 I 0 Nn N4nSlr1 � ^I � � PO4 qb II�� i�01N p IAN IV �ryN A IO QOO(V �0n �N0�TOIN0N01400�- { G0p SN U (]� 0 00 n(p 1n 0 ng0000 nn�pNnN° a 888 �..� nGGG/'IgP -0000'N mGgNOd��(J�- ��NYfO Oy 2 Nn N0n0 q^"1n10 OgO N p Q tm NNNmmN N(V(nV!0`I Iq`I,in nNl ln�lmm4 N N m d v m p Se y !y mY No W � o ' uLL r y n m gy Sovc 1' rL I\I °OLL m¢ Y ,/lyw WO UUg NN U OOmL, m ' OC'1� 0 Yi U vl m ¢ � m _m �� N m0gca ° og p bbgmm qqK OUOCK � y W Jc � p mq Q� vm GI° mm S 'O < ° mU j � ,mp,ww om0 ggSoJ.3 ?. c O OC ¢ = cUaQc Ut7 e `om ' W Nlc oN d o8 ! mmxv avE c ~ n❑ 5559 mu ¢ i5 °irm @a<- Ucv qU' -e c cT¢ ; c < W a J E Z Z W L m m o r F o mffi E 2 U c 8 q. o m O in O E aZY Y0 m E � um !j�!j agLL LLmi3u0 ii� 5ffi °pomEU E 3 'E g fir w vo ° o v s E m ° p S a`m m'•n°r ° o j w m 1`f�5 0 °d '� it °ry m a $ o m O@ 5�o 0 o F i a J JJ C mammO ❑(y m�U=�F-C��N(�Wa auOle J. DRAFT cdo a nm m6 m a V ro N7so w r e wU, q S > O% - m m m m LL m A H N 0 c C S O m � m m m m q V m N O O C NV3a J000 ^ Wm WO .� '_- f f F F N o ? o E N o O m a m a H U o F O� q m m HW o w V m e c m a g U m m m U E s q E _ O J n `°� U � mU.� o,_mY m_m °c m m 's o c 3 X m 3m fd� � �LLmO� Eum f.mmsmm� gmUOSH4cLLa W Q L m US� e°aN mmmm^U EB'ay �ma m � ac �s a an - 9p �y 2 l" m 8 q `m `m v o v E o N ' m m u m o E c O b a m U 3 m s nw$3LL E T E e C _Z5, U JE _ a�- cJ U � sacmc mEsa E `mE _ . 9'. a3'Yi uaE V ? `g m p °`-� J w - `m 5'° 5'°E . 4 S H f `m° °O'o 0 0? - '6 $EEE 'aa�' Oa 000J JttlnaN°mJOwO w°LLJ=US�r� n Vm<aZZazZ � �Nnamm �mm-- - --m- mgn -rv..°�mamm �mmo �N,nanm aumr � zz°zwa �a` a rvNNrvrvNNNNrvnnnn�P ,.,,., = v a LL LL O N q p N O fl O O O n O O n Q m O ON N m O �g q n 0 0 ml O O O N � nNpQ q$0 n OINO Nm40 mO1N0 �- N N m N NnOO S(mNQN 4 mC10(nV Nt�1 m as "Cp mgmNgPOYf OlgggmOl Q NQO 0O ^ z N�' 0m C N �N OON n p 000(V J0 I NN Q I`m'Ni°'Of1N fONl74m a a' �» S 0^r^•1 1NNO�I rC1 NN�O p VO 0NS i O 1° t7 N S OIiO pm O W N v N N N�.00m O-N�n n N N m w O n Y n 0 1m 0 1 g 0 O ry 0 O ry g m m p O m N OOA f�ll, N NJi n N m go Nn 0 m N4 0 w N n M �IrlpOOrO OONO �(yy 10000T00 O 00�000 rymryPOC1010 On WWW I OOfO'f0 pS4 � n NONOOmO O ',m OmOmflnNnO' OS y OO � °�, 4. ry .� mCN Q' N n'000 n N_ !m m�nCENmmnN rypn N Y m m 40 `j W�„C NN m vONN� N�N�m�-O flNnCl4 Vln °'i eN mP O N f° W O O 'ry S N O O n 0 0 0 .m O N O Q 0 0 m N g O N O O ONO N q 0 O Y)OOOmPON rpOmnOVNfO QOmmnO N Qv O mQQN- V �na �ryN �0l7NAfV t�l 01� ��y � � O n �w 'i tOOnrO WSNO ��Y�!!! ryON OIOOOnNO00�elONOmCImryOOn �000n I Nq OIOQ � N Nh.O 00CC qf0 O �mnl'I m �Of1NOO �pp I(y OOnfm p 'O Nnnm40nllgmOlmO d' SOq n0 ZLLfVPN NNN mQ0 N ` �^m�HmJOONmNf]Qm � N 1 mm 1 NOnf� apn0 CIpQOAIO t^(��N000�170?O �-pfOnQONm OON I � Ne mOOQ N NIIOOSCIO ` •O NI�Nn �n401`.^,p'Q,f N ^ XJ 00' _01 00 r� `N ry OOYI ma00N m m mmnn ^9 1 NN n :w m�-N Y1J0fIN m(V f)Ob � mCm OS I�LIIr p_ � SOOIO 0Sv0 NO Nr(IO SSOSp�001IVgj�ONnlN1 fNI CtNanmfpj000 N a A OO NO 'ryq gypj .Z N SON IV N�IVN p1N n O404N �01�'CV N.-mCI fV b(V t74m N m r..1 > N .Ni N V p� morvnPrlmnn�o,m mngponogn mninoo � �.I � o + _ OI 00 �- N°1g4N O:m mnOnmryn gryrOggpY1 Q� Opp � �10GvYl-wv �-00G OiN mGq(JOV ��(v�- � _(yGG � O G 's Nnv mm� m O1----m- mgry tpnmm0 N(ryV� mNryryNNNiP �TTm ,V m A, O m m p 3 C N W �m F u1 S a m 0 - M m -C N V < _d °p q ym O = O LL LL N y 1 ` Q O= VJ LL L< Z J O _m Q m N a M _w ° 9 U H N N U O b m r Y N 6 a L' O f” L a= LL LL �r iQL f d� z wJ aa o0' z 9 L EJ E '`ua fN` W E C 0 0Om S U LHfo' Ha m_CJ-O 1 Y9m"•iN3 o w"C�m JgLL 5Ba E m Uy3�m LLO em c 7LL gm iE t U �NJU mga�Y VpO h m p j O _ q c N.c m Cc Q a3�c°E u OE E 2 3wEaH N Oa�O m Q r LLa$`e E r�g=a?w 1= ' VSOio�ma jG�°E o �J"cc mm aru9�U�O`m oc >a saaqy�`m W d cN a y- - DRAFT E w m m__�gymc°c`u S N O`fma i°q j L n°m ON-Uom L NO Nm J�0 V Nn J Uv_U c r°nm�K F W m x N m ig E n mY E E O"a oawE S j PNN cw°o LL y°NNm o.a WO LL N E��w m--m_-E T .R¢m3�O°u VO w m N E Y r NNLL m N m a_m n^NJ o q�o Nry N-5^�o-m NmNU N°N m°V_°N�CryS E-°`mc j NON CaE cm°�1 j CONtqO O)Q-(O N5`V mm m uc i_W E°O�t°3^-Q>V°�CN EaU��°oI c CqImmU-V m N o)O"c P� Ncav`m 72A C L m�'C¢_LLC°°ym 1 N 0 aMOU m`°n CaN$>m`IE ag N° g vQ O =U W co gmU F V LL ° w U w° U o uZ' 0 c E aSc NC MaN O'an L` Tz=°°°m $m 1 LL a Oo>N v_a- a c�c°m°cm 0liE CU E a E j z N OIO 8.A.m SPc N . o 000 OLL=- md=c N m ' '. � CIN OI qo 0000 H oo p ClN � O NI8A0-R- Sq qOq S N=NNOOSN ON_^ OOM p M` Y � m ^ MrP NOm 'O NSW mmOgNOOPN001 0T 000 O� HOPI I m0 � N -NH^PWGb jN g-1 Clm 0Nw4 �WO�mmryg0 NN 808,0 0S 0 OW 0 0 0 ���yyy111 M q0 OON S'N n0_S(p Din 000 v0pr 'm0 Nm N00 N *Rs WN h IV Yf�N mOYIN� .q NNg4NPOON 00NmN NO 2 N�P WN N^ NmNNm� q (7N Ol7PPmC(V l N a oNio mn I N N n wN LLL_ I IMPMCOMmNOp OON�0SPN � Oia N "t S 41 :1 O IM101 m��y1 �WC1[V OC1PPmTN OI(V O S OSO 8800 /ay SONS'NnONSmOOS00NNOgOWfOM O(pp 00 OO�� {p II I^N Miry ^(r ^' O NNN000 ONmNN'Og000000000 OOm 001 rn0 NOPN� IP^ANN OINNW17MPmPN OM gas. a .. 0000 as 000810 NOPOh Oi n '� II 1 im (qiB °IS S [NV NAnS Om N 40NON y0^NONNOOON .v ^ �/ iN qN N �N I�OCIm! �^ N_(00WMgm0�SW iDV1 0O MS 00 mOfm m ^m A N I O � NImN000N Sin rION Y100Q0 � SOO �O ~ � e e a mP n(pP OPYI OOmO N 000 NOO O�N'PNJOO,N 800N0 �- ^ ^ �NCjO ^ � 000 Z ^ N OP mmn m' W" PNn m W O P ul ^ ^NNNdmN N(mVNNNNM ma7� m� NN dam C a ma` E N z g w LL °o N a o a r L<G z 9 O O V 6 vI ° 9 v U q S O O W A g C d U U ° 0 1' O W O wm c � °` �N mO J a _oJ . Hp Noyw� � • or'u oo o-c cac V w U NO °' cUQ ° � Q � °I OQ � ° 7J F UOgL-� E � 4 ° LUNYC`� OQOLCJNOON J O �K Of4C I-hq 3 d � - Ecc qUT . vo � c ° < W 6 N mot _ C7NO O ° mwv � aiI°c cm �Q° F- U 5v ryry U ` Em�� ~ am `` .e r' O�mu ELt1LL CCQm�LLC- m=are maro O <z< Q $.� ° am<oa Qm2 � Ohm U -�Um E= °rN Ong ° 2 2_ _ EU- J � `m00009mv E m o o E g o1= ° N ° , ~ < N N N o �NEm m � z r¢ YJ os 'aam�mN� 1JQ�1 m - mW ii°- eg- w � �am[ �f 0!: �cN � E JOJC i7 amSm5 b5 090°=fit°-53�n(�i OOOam^ W1 aLLSCa1N >❑ DRAFT j W N q�@pa m EEEE ° x ° Q N m L y u.o g P a m �4 S m m r >O p 0 0 LL - E c mm m 5 u m ac °u - 2 - mmmm w > N 2 t Ocw L m w s o o O m 'o xi w LL m m q '. ,^� n 5 N O C FHFF 4j aym _ QE NO°c¢ = 3 +Sw Uo o .N. m c m Z c cc - $w a'�mc Ox � cgom°U m � mnU W cm c V E- mq - m N s e is m O Z•¢ c °A o�.ti m e o `m O Y cm y m u °c b a o 'c °N m `m ti me m c U W$ $ m m ♦ E b c V m E - n. ° Q 'E ° U U E '^ c m - m a e E c ° ? m U m °n n m m °- w 2E ° � Sc� e � va ? �o �r9wmEgoEm. o �-& o.m Imo °osm �Kmm `o�-Q< w �3NEO'<m$.-c° a°° `m m '�'a`¢ m m - _ x _ m 0 'o i t o > c Z c' o > - V C - ♦J J C N LL N m W C W LL J a O O is m m 9 O a ` c� � st-- � �mOQadOa`zz ¢ dy m 'c_ E E '90 o ry0 nUNH � 2ZZwn >a` y ' N nammnmm � ^ '+,mrm �Nrvry� � mmin rymo -� namm a y - NrvNN Nnn nnn a - : ,QR _ pp 0 mm ii _ (y Omy� �SO ° O °�O OiN NOm ♦-m° nNmSY1(7�04N0^�.P.-. c Or = °0 N N rjN N NNIA mONN- OmrNmNN00 0c� p OO(my rN O = JO mN NNOO(V� Ian.-NN�0l7 fV O1�1 f7Pm N � NrN Oil O:O NC O � C.w SS22 SO_ � N O OI CI P O!m PO N NjNNPO°1iO� 'NhmmmVl NN'OP ^m mm n 1 �N P ON I �i0°r°piS 0S °° S ° �(1 ONnS Sm_ °^ OmOOtN1S 0NgPNP1°O °ry W OONON NO O O O O O� N In ON _ m�nmNNm NPm N Oy ^, NnN ry0 IZ<vr ON w NONN N mNHm�01 l7NOCI PPO N ill W7 NON ` aO S�S S 00 ° O ry- O O p OO NON 01�O r O O O O N O r° O O n O O O N n'ir OO ° 'OOmr Onv(p 'm ONOnrPnN PPnPm l(1 OO � n � m0 DY ° N N.r m O m P N m N m N N - IN OIN NNrOPN� P LO 'P mN �-l1l N� ,a�-�N�01nryOrjPm (V ^ . L ILy 88 0000 IO n:',m�^.NO °`♦"N OmjO N N N°O NNgL.w n mN^OgOnO Po°r� o.'m Om°gmom N$NN N^N0°000m0orymmmOmq POvp{p ON 2 Q N N O '''ryryryyyy opOm8280 000 ° a CN Om °O.O O8 °O a 0000 rSPpmm °N S'CONV -NOONPb°° I(]l 00 � �I-!� � 0 G NNrm Ir N�m0On0mmr q COI nfOn mpS Y IN ON � N wAOt7-y - � b L IINI I�, mN a N� Pm ^Nm�ON - 0Nt71nN N N S� yq �Ne o�nn � °�' me a ..ryryyy of PS NmNmOON S� I�mOnmPPO0NT0000 � � � Oe O �..� NOOON'PN �OOI17mOON0 � � PC .-(y tcp - � OGO N N O N ZN^ N m r m m^ n P m r m m O N m r m m o p N ry N N N N n n m S P /gym IN ^ �� m rn 22 W L' ¢ xm � c' o O M 5 :� 3 3 ♦ H V °- 7 m LL N W N O • LL LL m N G O x 0 ? YI Z O ap omc m o- r m m � m u o o oUO �°o w m°W LL m a o S'm c c m LL a C m cm.N-o 0 uc m E m m a<o o`m O` U a o: `aO E. N U 2 G0 o32 = ° aE am o f iZ-ll O¢r O j cC m CC C U; L pp c jC U�fy- m N u`m d d � � g . E mEb F- - c ,er om $ Evm- smm. Lim 'c u on c° N 2.0 7a Ha m Sm3� ' ° �w o O f �i n cm m U m ry u a o o. m ^ O n m N m �i � A 7 2 n 0 N • 88V>8A m 80 ypO I{y� mP V r WV NN Wd uN>M�N O OS pOOSOS S br IO p00 000 00 S 080�pPN�O (Ql ijN 2L ji El S S S S S S S S S S S S S S S S S S S S O S O S O 0 T- m F R O N P P u 3 v' N p SP BN bppW� yN8y Sd� ? i O O O O SSS O N O N p .O O O O O O O O O O O O ONO O p S O C O S 'Z y i�S j O S O S SOS S O S S S S 88 S S SOS S 9.S O O 99 S 9.8 m O S N 1 $ � ..Fm A N d 6 « ) § 2 § § I\ | ■ƒ fillip ; \ ) n § k ( } \ \ \ \ \ \ \\\\ \ (\ \\\\\\\ \ \ [ C. COMPARABLE SALES Attached are comparable sales for the Sterling Ridge area. Virtually all homes with size comparable to what we propose to build run from approximately $160,000 to $285,000, including all landscaping, pools, window coverings, patios, etc. Our prices, including options, need to be competitive with these resales in order to be successful. We also have increased costs due to the need for broker co-op programs. 7 - H3, 546 'fVJ -z-••COWxlOrt 3499 76w7v. lt ,`> R4W -------- rl 73W — .x 177 s — — — h' 7-71- 1 Odd ' is I i - ] ,] r �I ] v m sr a a , r.;.,} - x., "c.- -ONiUadv83a Nvs ©27813,5%D 547B6 4303cNeGOLDEN Unit City/Area d Dt : 05/14/99 DOM: 146 S/O:C-21 LOIS LAVER R Fin:CONV/ 274 L/P: 6959o;l 3r: 4A Be : 4 . 00 Gar: 3A Sqft : 3224 Yr: 1960 Cm: 3* Tr/Md: S/P. -FABULOUS 6/O:LOIS LAUER REALTY 909-748-7074 L/A:SUE MILLER / -FABULOUS 909-794-72) L900755 S/D 547C6 4230 QUAIL C_ZNYQN SB 274 L P: 3ra 4A Ba/03/00 Gar:2A2Sgftt :C2737�Yr:L1955 F3n:CONVTr Md: S/P. 300000 S L/O:C-21 LOIS LAUER REAL 909-748-7074 L/A: SUE MILLER / / -VIEW 909-794-7275 3705962 S/D 54726 1480 TERRACITA and Dt : 03/17/98 DOM: 150 S/O : LOIS LAUER REALTY Fin:CONV 274 L/P. 249900 S Br: SS Be : 3 . 50 Gar: - Sqft : 2775 Yr: 1970 Cm:SiF Tr/Md: S/P. 225000 /O : LOIS LAUER REALTY 909-862-4500 L/A:SUE MILLER / -PRIVATE' 909-794-7275 8706533 S/A 54786 * 4350 *QUAIL CANYON End Dt :11/19/97 DOM: 6 S/O: SPELLACY & ASSOCI Fin:CONV 274 L/P. 247000 S 3r: *3A Be : 2 .50 Gar-4D Sgft : *2374 Yr:*1958 Cm:3 Tr/ S/P% 215000 VO:SPELLACY & ASSOCIATE 909-883-8911 L/A:SUSAN SMITH 909-887-9280 2828818 S/D 547C6 4411 QUAIL CANYON ROAD SB 274 L/P: 239000 S 3ra 3DA Be : 3/00 Gar: 54SgfO. LO685�YrR 19E55T F3n:CONVTr/Md. S/P% 225000 L/O:THE REAL ESTATE PROF 909-864-6684 L/A:DONNA CALL 909-862-9316 E817231 S/D 547B6 4093 CAMELLIA Ss 3^d Dt : 07/31/98 DOM: 13 S/O : RECIPROCAL LISTIN Fin:CONV 274 L/P. 215000 S 4B Be : 3 . 00 Gar:2A Sqft : 2911 Yr: 1979 Cm:3 . 0$ Tr/Md: S/P . 215000 : PRUDENTIAL CALIFORYiI 909-787-7088 L/A: SHERRY PERRY / 909-485-0810 1900047 S/D *547B6 * 1200*E*40TH End Dt : 06/21/99 DOM: 123 S/O :REALTY EXECUTIVES Fin:CONV 274 L/P: 206000 S 3r: *4B Be : 2 .50 Gar:1D Sgft : *2605 Yr: *1902 Cm:3 Tr/Md: S/P% -203000 VO : SPELLACY & ASSOCIATE 909-883-8911 L/A:SUSAN SMITH 909-887-9280 I825741 S/A 547C6 1808 DALEY CANYON RD SB End Dt : 08/05/99 DOM: 71 S/O :RECIPROCAL LISTIN Fin:CONV/ 274 SAP; 197000*S 3r: 3B Be : 2 . 00 Gar:2D Sqft : 2291 Yr: 1953 Cm:3* Tr/Md: / -TURN KEY L/O :WESTCOE REALTORS INC 909-784-2500 L/A:LIVIA EARP 909-825-2612 1822895 S/D 547D7 * 1920*E*FOOTHILL 2.nd Dt : 12/23/98 DOM: 65 S/O: PEGGY UNDERWOOD R Fin:CONV 274 L/P. 199000 S Br: 4A Be : 3 . 50 Gar: 3D Sq_t : *3056 Yr: *1954 CM: 3$ Tr h,S /P: 182000 / /O :HOMELIFE SCHNARRE 909-883-8665 L/A: SHP12ON & DUPNE d / 909-425-5274 L900947 S/D 23S/O:C-�RLOIS LAUER R Fin:FHA / S/P: 183000 SB 274 L/P: 189900 S 3r: 4A Ba: 3 . 00 Gar: 2A Sgft : 2356 Yr: 1960 Cm: 3$ Tr/Md: / -POOL! /O:C-21 LOIS LAUER REAL 909-748-7074 L/A:SUE MILLER 909-794-7275 8701623 S/A *547C7 * 1816 *SONORA End Dt : 12/15/97 DOM: 391 S/O :HOMELIFE SCHNARRE Fin:VAS2 274 L/P; 185000*S 3r: *4A Be : 2 . 50 Gar: 2A Sgft : *2486 Yr: *1963 CM:3* Tr/Md: S/P% 185000 L/O : HOMELIFE SCHNARRE 909-883-8666 L/A: SHARON ROSEMAN 909-425-5274 ,4Dt 809/S/D 10/977DOM: *7235/ONSPELLACY & ASSOCI Fin:CASH *SB 274 L/P : 179900 S 31 . * 72 Be : 2 . 00 Gar: 2A Sgft : *2153 Yr: *1964 Cm:3$ / S/P: 160000 /O : LOIS LAUER REALTY 909-862-4500 L/A:SUE MILLER Tr/htd: / -SECLUDED 909-794-7275 MLS## Type TGNO Address Unit City/Area St 9704228 S/D *547S6 - 1305 *ANDREAS +SB 274 L P: :nd Dt : 05/01/98 DOM:315 S/O:LOIS LAUER REALTY Fin:CONV/ S/P: 163000 S Jr: *4A Ba : 2 .50 Gar:2A Sgft : *2244 Yr: *1959 Cm:3$ / L/O:LOIS LAUER REALTY 909-862-4500 L/A:SUE MILLER Tr Md: / -909-7794-7275 94-7275 :836353 S/D *547A5 * 4951 *MARIPOSA *SB n:nd Dt : 02 '28/99 DOM: 17 S/C : SPELLACY & ASSOCI Fin:CONV 274 L/P: 179000 S Br: *4A Ba : 2 . 00 Gar: 3A Scft : *2091 Yr: *1963 C[n:3 / S/P: '-72000 Tr/Md: ,/O : SPELLzCY & ASSOCIATE 909-883-8911 L/A:SUSAN SMITH / _ B707515 S/D *547C7 * 1737 *BONITA VISTA *SB 274 L/P: 178500 S .End Dt : 02/17/98 DOM: 70 S/O:RECIPROCAL LISTIN Fin:CONV/ S/P: 167000 1r: 3A Ba: 2 . 00 Gar: Sqft : 1886 Yr: *1951 Cm:3$ Tr/Md: / _ ,/O:COVER, JOHN L. 909-886-4426 L/A:JOHN COVER 909-886-4426 7.821665 S/D *547D7 * 3772 *ELM *SB 274 L/p: 174000*S :nd Dt : 01/29/99 DOM: 165 S/O :RAINBOW REALTY Fin:CONV/ S/P: 174000 Jr: *4B Ba : 2 . 50 Gar: 2A Sqft : -2552 Yr: *1968 Cm:3 Tr/Md: L/O:C-21 SHOWCASE 909-864-3970 L/A:DIANE HARKISON 909-883-1745 :900104 S'!D *547C7 * 1778 *BONITA VISTA *SB 274 L P: r-9 Dt : 04/29/99 DOM: 64 S/O :C-21 LOIS LAUER R Fin:CONV/ S/P: 168000 S C)*4A Ba : 2 . 50 Gar: 2A Scfc : *2426 Yr: *1963 Cm:3$ Tr/Md: :HOMELIFE SCHNARRE 909-883-8666 L/A:DUANE MARLOW 909-425-5274 2817625 S/D *54736 * 4151 -FERNDALE *SB 274 L/P: 169900*S Trod Dt : 03/'_9/99 DOM: 222 S/O:LOIS LAUER REALTY Fin:CVET/ S/P: 165000 3r: *3A Ba : 2 . 00 Gar: 2A Scft : *2337 Yr: *1962 Cm:38 Tr/Md: ,/O : LOIS LAUER REALTY 909-862-4500 L/A:SUE MILLER 909-794-7275 7.801984 SD *547C7 * 3989 *LA HACIENDA *SB 274 L/P: 169900 S and Dt : 101'27/98 DOM: 246 S/O: LOIS LAUER REALTY Fin:CONV/ S/P: 160000 3r: *3A Ba: 2 . 00 Gar: 2A Sgft : *2008 Yr: *1957 Cm:3t Tr/Md: L/O: LOIS LAUER REALTY 909-862-4500 L/A:SUE MILLER / -POOL 909-794-7275 :928707 S/A 547B6 4550 HARRISON CkNYON R SB 274 L/P: 169000 S End Dt :12/30/99 DOM: 31 S/O : C-21 SHOWCASE Fin:CONv/ 3r: 3B Ba : 3 . 00 Gar: 2 Saft : 2091 Yr: cm: 3$ /Md: S/P: 165000 Tr ,/O : C-21 SHOWCASE 909-864-2121 L/A:ANDY AVENA 909-863-14065 L900874 S/A *547C7 * 3995 *LA HACIENDA + 'nd Dt : 08/30/99 DOM: 51 S/O: SPELLACY & ASSOCI Fin:FHAB/ 274 L/P: 168500 S 3r: *3A Ba : 2 . 50 Gar: 2 Scft : *2890 Yr: *1955 Cm: 3 S/P: 168500 /O: SPELLACY & ASSOCIATE 909-883-8911 L/A:SUSAN SMITH it/Md. / 909-887-9280 3706716 S/D *547C7 * 1743*E*RALSTON *SB 274 L/P; 165000 S and Dt : 11/25/97 DOM: 14 S/O:LOIS LAUER REALTY Fin:VA / S/P: 156500 3r: *4A Ba: 2 . 50 Gar: 2A Sgft : *2402 Yr: *1963 Cm:3& Tr/Md: L/O: LOSS LAUER REALTY 909-862-4500 L/A:DYER CLOVA 909-882-5701 )6619 S/D *547B6 * 1391 *ANDREAS *SB E Dt : 11/20/97 DOM: 28 S/O :HOMELIFE SCHNARRE Fin:CONV/ 274 L/P: 159000 S 3 3A Ba: 2 . 00 Gar: 2D Sgfc : -2282 Yr: *1960 Cm: 3V Tr/Md: S/p' 135000 ,/O : HOMELIFE SCHNARRE 909-883-8666 L/A:GARY LEE /A-POOL HOM 909-872-1258 1902829 S/A *547C7 • 3655 *LA HACIENDA *SB 274 L/P: 157900 S End Dt : 05/11/99 DOM: 48 S/O:RECIPROCAL LISTIN Fin: FHA / S/P: 157900 MLS# Type TGNO Address H803792 S/D * Unit City/Area / 547$6 * 4444*N*GOLDEN St F ,. Dt : 07/10/98 DOM: 32 S/O:OUT OF AREA *SB 274 L/P: 154000 S C *3A Ba: 2 . 00 Gar:2A Sgft : *2062 Yr: *1971 CM:3* " Tr/Md: S/P� -155000 �O:CENTURY 21-E-N REALT 909-861-2800 L/A:BOBBIE MILLER •/ 909-612-2174 8705811 S/D *547C7 * 3957 *OXFORD *SB 274 L/P: 152000 S End Dt : 10/27/97 DOM. 39 S/O:COLDW Br: *4A Ba: 2 . 00 Gar:2A Sgft : *2090 Yr: *1961 Cm:3 : 149500 ELL BANKER K Fin:CONV/ S/P L/O:COLDWELL BANKER KIVI 909-862-5411 L/A:HEIDI BONHAMTr/Md: / _ 909-405-2025 I904530 S/D 547B7 * 1148 *SONORA *SB 274 L/P: 151900 S End 3A Ba : 09/99 DOM: 99 S/O:C-21 LOIS LAUER R Fin:FHA / S/P: 147000 Br: *3A Ba : 2 .50 Gar:2A Sgft : *2504 Yr: *1964 Cm:3 Tr/Md: C./O:C-21 SHOWCASE 909-864-3970 L/A:DAVID SMITH 909-886-2312 m , - D. DISCLOSURE Attached is a proposed Disclosure form to be signed by the Buyers, and, if necessary, recorded. We believe that the level of sophistication of the type of Buyer who can afford at Sterling Ridge or Sterling Pointe home will virtually preclude any complaints to the City regarding the Assessment/Acquisition District. 8 .1f II DEVELOPER'S DISCLOSURE STATEMENT REGARDING ASSESSMENT DISTRICT PAYMENTS Lot , Tract , City of San Bernardino, California DEAR HOMEBUYERS THE HOME YOU ARE PURCHASING IS, OR WILL BE, INCLUDED WITHIN A SPECIAL ASSESSMENT DISTRICT. THIS ASSESSMENT DISTRICT HAS BEEN, OR WILL BE, PUT IN PLACE AT THE REQUEST OF THE DEVELOPER. THE PURPOSE OF THIS ASSESSMENT DISTRICT IS TO PAY FOR PUBLIC IMPROVEMENTS SERVICING YOUR HOME AS FOLLOWS- 1. INCLUDING, BUT NOT LIMITED TO, 2. INCLUDING, BUT NOT LIMITED TO, 3. INCLUDING, BUT NOT LIMITED TO, THE ASSESSMENT DISTRICT (ASSESSMENT DISTRICT # ) IS AN ENCUMBRANCE ON YOUR HOME (LIKE A LOAN) AND IS PAID OFF OVER A PERIOD OF 20 YEARS. THE CHARGE APPLYING TO YOUR HOME IS APPROXIMATELY $_ PER MONTH. THIS SUM WILL BE INCLUDED IN THE ANNUAL REAL PROPERTY TAXES AND COLLECTED BY THE COUNTY TAX COLLECTOR AT THE SAME TIME AND IN THE SAME MANNER AS REAL PROPERTY TAXES. BY SIGNING BELOW, YOU ARE ACKNOWLEDGING THAT YOU HAVE RECEIVED AND HAVE READ THIS DISCLOSURE, AND HAVE WAIVED ALL RIGHTS TO PROTEST THE ESTABLISHMENT OF THE ASSESSMENT DISTRICT. Buyer Date Buyer Gale ADDISSS.DOC