HomeMy WebLinkAboutR3- Economic Development ECONOMIC DEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
REQUEST FOR COMMISSION/COUNCIL ACTION
From: Barbara J. Lindseth Subject: TROPICANA, ORANGEWOOD
Acting Director MOBILE ESTATES AND FRIENDLY
VILLAGE MOBILEHOME PARKS
Date: March 28, 1995
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Synopsis of Previous Commission/Council/Committee Action(s):
On February 28, 1995, the Housing Committee recommended approval in
concept of bond issues for acquisition of the Friendly Village and
Tropicana Mobilehome Parks.
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Recommended Motion(s):
(Mayor and Common Council)
MOTION A: That the Mayor and Common Council set a public hearing on
April 17, 1995, at 11:00 a.m. for the issuance of certain
bonds in connection with the Friendly Village Mobilehome
Park, the Orangewood Mobile Estates Mobilehome Park and the
Tropicana Mobilehome Park.
Joint Powers Financing Authority)
MOTION B: That the Joint Powers Financing Authority set a public
hearing on April 17, 1995, at 11:00 a.m. for the issuance of
certain bonds in connection with the Friendly Village
Mobilehome Park, the Orangewood Mobile Estates Mobilehome
Park and the Tropicana Mobilehome Park.
i
Administrator Barbara J. Lindseth
Acting Director
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Contact Person(s): _ Jerry Butler/Ed Flores Phone: 5081
Project Area(s) : MT. Vernon Ward(s) : 2nd, 3rd
Supporting Data Attached: Staff Report
Funding Requirements: Amount: N/A Source: N/A
Budget Authority: N/A
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Commission/Council Notes:
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BJL:2052A
COMMISSION MEETING AGENDA
Meeting Date: 4/03/1995
Agenda Item Number:
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ECONOMIC DEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
STAFF REPORT
Friendly Village and Tropicana Mobilehome Parks
On February 28, 1995, the Housing Committee recommended approval of
certain bond issues for the acquisition of the Friendly Village and the
Tropicana Mobilehome Parks.
For acquisition of the Friendly Village Mobilehome Park, located at
2151 West Rialto Avenue and comprised of 85 mobilehome spaces, a tax
exempt and a taxable bond in an aggregate principal amount of not to
exceed $2,900,000 will be issued. The bonds will be used to purchase
the park and to pay for certain associated costs, and shall be repaid
from rental revenue derived from the park.
For the acquisition of the Tropicana Mobilehome Park, located at 721
East Ninth Street and comprised of 146 mobilehome spaces, a tax exempt
and a taxable bond in an aggregate principal amount of not to exceed
$4,100,000 will be issued. The bonds will be used to purchase the park
and to pay for certain associated costs, and shall be repaid from
rental revenue derived from the park.
For the acquisition of the Orangewood Mobile Estates Mobilehome Park,
located at 2160 West Rialto Avenue and comprised of 155 mobilehome
spaces, a tax exempt bond and a taxable bond in an aggregate principal
amount of not to exceed $5,000,000 will be issued. The bonds will be
used to purchase the park and to pay for certain associated costs, and
shall be repaid from rental revenue derived from the park.
It is now necessary to set a date and time for a joint public hearing
of the Mayor and Common Council of the City of San Bernardino and of
the San Bernardino Joint Powers Financing Authority in accordance with
Section 147(f) of the Internal Revenue Code of 1986, as amended. The
date and time for said public hearing shall be April 17, 1995 at 11:00
a.m. in the City Council Chambers, City Hall, 300 North D Street.
Based on the foregoing, staff recommends adoption of the form motions.
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Barbara J. Lindseth, Acting Director
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BJL:2052A COMMISSION MEETING AGENDA
Meeting Date: 4/03/1995
Agenda Item Number: `)