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Home My WebLink About03- Redevlopment Agency too*,,. REDEVELOPMENT AGENCY-REQUEST FOR COMMISSION/COUNCIL ACTION n. Glenda Saul , Executive Director Subject: BOND ISSUE - NORTHWEST Dept: Redevelopment Agency Date: February 12, 1988 Synopsis of Previous Commission/Council action: September 9, 1986 - Resolution 4930 authorizing the issuance of a principal amount not to exceed $3,500,000 of Tax Allocation Bonds for the Northwest Redevelopment Project. September 9, 1986 - Resolution 4931 provided for the sale of a principal amount not to exceed $3,500,000 of Tax Allocation Bonds for the Northwest Redevelopment Project. February 1 , 1988 - Resolution 5074 provided for the sale of a principal amount not to exceed $4,000,000 of Tax Allocation Notes for the Northwest Redevelopment Project. (Synopsis of Previous Commission/Council Action Continued) FTecommended motion: (COMMUNITY DEVELOPMENT COMMISSION) MOVE TO ADOPT A RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, AWARDING $4,000,000 PRINCIPAL AMOUNT OF REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO NOTES, TAXABLE SERIES, FOR THE NORTHWEST REDEVELOPMENT PROJECT TO THE SUCCESSFUL BIDDER AND APPROVING THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS. Signature Contact erson: Glenda Saul Executive Director p Phone: 383-5081 Supporting data attached: Yes Ward: FUNDING REQUIREMENTS: Amount: $ Project: NW No adverse Impact on City: Date: February 18, 1988 icil Notes: SYNOPSIS OF PREVIOUS COMMISSION/COUNCIL ACTION CONTINUED: February 1 , 1988 - Resolution 5975 authorized the issuance of a principal amount not to exceed $4,000,000 of Tax Allocation Notes for the Northwest Redevelopment Project. February 15, 1988 - A Resolution approving further amendments to the Resolution authorizing the issuance of $4,000,000, Tax Allocation Notes , Taxable Series , for the Northwest Redevelopment Project. February 15, 1988 - A Resolution of the Mayor and Common Council approving the issuance of $4,000,000, Tax Allocation Notes , 1988 Taxable Series , for the Northwest Redevelopment Project. February 15, 1988 - Move to adjourn to February 18, 1988 at 3:45 P.M. to award the Tax Allocation Notes , 1988 Taxable Series , to the successful bidder. I REDEVELOPMENT AGENCY-REQUEST FOR COMMISSION/COUNCIL ACTION STAFF REPORT Projected increment from the Northwest Redevelopment Project Area for fiscal year 87-88 is $362,000. New increment to be added to the project by the completion of the Community Hospital ' s office building and the Baseline and Medical Center Drive Project, increase the tax increment projections in the next few years to $500,000. There is sufficient increment in the Northwest Redevelopment Project Area to issue bonds for the cost of public improvements and notes currently outstanding for the acquisition of the properties and/or for the recapture of existing project costs ($3,325,000) . This does not mean, however, that no further assistance agreements may be entered into for new development within the Northwest Project Area. There are over 500 acres of land in the Northwest Industrial Area. This area is badly in need of infrastructure. New development in this area could produce new tax increment over and above the amount necessary to service debt for the Haagen project. Using a standard rule of thumb, this 560 acre tract could produce over 7,000,000 square feet of new development. At $40 a square foot, this new development could produce an increment stream to the Agency of approximately $2,000,000 a year at full build out. 500 Acres = 21 ,780,000sq ft land 35% coverage = 7,600,000 sq ft dev 7,600,000 sq ft x $40 = $280,000,000 value $280,000,000 x 70% of 1% = $1 ,960,000 Under the approved UDAG agreement with the Department of Housing and Urban Development, the City has committed that the Agency will participate in the Baseline and Medical Center Drive Project by acquiring the site and paying for certain on and off site costs . The development agreements are being reviewed by Haagen Development. It is anticipated that they will be submitted for full approval on February 15, 1988. The sale of this issue should proceed immediately to assure our compliance with our agreement with HUD and provide the funds for our participation. According to the tentative action schedule, the bid opening for the bonds will be at Security Pacific National Bank on February 18, 1988 at 11 :00 A.M. and the Community Development Commission will need to meet on February 18, 1988 at 3:45 P.M. to award, to the successful bidder, the Tax Allocation Bonds for the Southeast Industrial Park and the Central City North Redevelopment Project Areas , and to award the Notes, Taxable Series , for the Northwest Redevelopment Project Area. 0811A SBE00093-3/2812S/gg • 01/28/88 $4,000,000 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO NORTHWEST REDEVELOPMENT PROJECT TAX ALLOCATION NOTES TAXABLE SERIES Tentative Action Schedule Date Action February 1, 1988 Redevelopment Agency of the citv of San-Bernardino meets and adopts: 1. Resolution providing for sale of Notes and directing the publication of certain notices. 2. Resolution of Issuance. February 3, 1988 Notice of Intention to Sell Notes published in The Bond Buyer. February 3, 1988 Bond Counsel submits Note Form to Jeffries Banknote. February 5, 1988 City Clerk publishes Notice of Intention in The Sun. February 15, 1988 Redevelopment Agency of the City of San Bernardino meets and adopts: 1. Resolution Approving Further Amendments to Resolution of Issuance. February 15, 1988 Mayor and Common Council meet and adopt: 1. Resolution Approving Issuance of Notes by Agency. February 18, 1988 Bid Opening at Security Pacific National 11:00 A.M. Bank. - 1 - February 18, 1988 Agency meets and adopts: 3:00 P.M. I. Resolution Awarding Notes. February 19, 1988 Final OK to print Notes. March 1, 1988 Closing for the Notes at Sabo & Deitsch. Delivery of definitive Bonds. /2812S 2 - SBE00079-6/2826S/sk 02/05/88 RESOLUTION NO. A RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, AWARDING $4 , 000 , 000 PRINCIPAL AMOUNT OF REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO NOTES, TAXABLE SERIES, FOR THE NORTHWEST REDEVELOPMENT PROJECT TO THE SUCCESSFUL BIDDER AND APPROVING THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS WHEREAS, at the time and place fixed for the opening of bids for the $4 , 000, 000 principal amount of Notes of the Redevelopment Agency of the City of San Bernardino (the "Agency" ) , designated $4 , 000, 000 Redevelopment Agency of the City of San Bernardino, Northwest Redevelopment Project , 1988 Tax Allocation Notes, Taxable Series (the "Notes" ) , the bid as hereinafter described was publicly opened, examined and read, and such bids together with the net interest cost thereof has been entered in the minutes; and WHEREAS, ( ) bids have been received by the Agency at the time and place as set forth in the Notice Inviting Bids, and said bids as received by the Agency are attached hereto as Exhibit "A" and are incorporated herein by reference and made a part hereof; and - 1 - WHEREAS, the bid of the bidder hereinafter named is the best bid made by a responsible bidder for the Notes in full compliance with the Notice Inviting Bids as previously distributed to prospective bidders for the Notes . NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. That the bid of offering $ , plus accrued interest to the date of delivery for said Notes and bearing interest payable commencing on September 1, 1988, and semiannually on each March 1 and September 1 thereafter until the various serial and term maturity dates on the Notes in the principal amount of $4 , 000 , 000 at the rates of interest per annum as set forth in said bid and at an initial discount of %, is hereby approved and accepted by the Commission on behalf of the Agency. The bid of is the best bid for the Notes yielding the lowest net interest cost to the Commission on behalf of the Agency. Said bid is hereby accepted and the Notes are hereby awarded to said bidder in accordance with the terms of the proposal, and any irregularity or informality in said bid is hereby waived by the Agency in accordance with said Notice Inviting Bids . - 2 - Section 2 . That purchase price on the Notes is hereby fixed at the price as stated in Section 1 hereof and the interest rates are hereby fixed at the rates as set forth in the bid of the successful bidder. Section 3 . That the Chairman of the Agency, the Executive Director, Agency Treasurer, appropriate Agency Staff or such other Agency official or officer as is appropriate under the circumstances, is hereby directed to deliver the Notes to the successful bidder upon payment therefor together with accrued interest to the date of delivery. Section 4 . The Official Statement with respect to the Notes as distributed to prospective bidders and as presented to the Agency is hereby approved together with the Notice Inviting Bids and the Bid Form, all as on file with the Secretary of the Agency. The Chairman, the Executive Director and Secretary of the Agency, or such , other Agency officer or official as appropriate, are hereby authorized and directed to execute the Official Statement where and as indicated, and the Secretary of the Agency is hereby authorized and directed to deliver copies of the Official Statement to the Purchaser in such reasonable quantities as requested by the Purchaser . Section 5 . The Chairman, the Executive Director, the Secretary, the appropriate Agency Staff or such other person who may act in their place, are hereby authorized and directed to execute - 3 - and deliver any and all of the closing documents and certificates in connection with the issuance, sale and delivery of the Notes, including, but not limited to, the Resolution of Issuance with Security Pacific National Bank, as Fiscal Agent , the Fiscal Agent Agreement and the Notes to the Purchaser . The Fiscal Agent shall pay the costs of issuance with the proceeds of the Notes as invoices representing such costs of issuance are presented to the Agency Staff for payment , and such costs of issuance are hereby approved for payment by the Agency through the Fiscal Agent in accordance with bills or invoices presented to and approved by the Staff of the Agency. Section 6 . The Commission hereby specifically authorizes and directs the Agency Executive Director and Agency Counsel, with the approval of Bond Counsel , to make any and all necessary and required changes, modifications or amendments to the Resolution of Issuance and the Resolution of Sale of the Commission as may be reasonably requested by any municipal bond insurer or any nationally recognized municipal bond rating agency proposing to insure or issue a rating on the Notes, or any other such changes, modifications or amendments as deemed necessary by the Executive Director of the Agency, Agency Counsel and Bond Counsel . - 4 - 4 Section 7 . This Resolution shall take effect upon adoption. The foregoing resolution is hereby approved this day of 19 By: Chairman of the Community Development Commission of the City of San Bernardino By: Secretary of the Community Development Commission of the City of San Bernardino Approved as to form and legal content : Sabo & Deitsch A Professional Corporation Interim Agency Counsel 5 - SECRETARY' S CERTIFICATE OF ADOPTION AND AUTHENTICATION I , GLENDA SAUL, Secretary of the Community Development Commission, DO HEREBY CERTIFY that the attached Resolution is a true and correct copy of Resolution No. adopted 1991 by the Community Development Commission of the City of San Bernardino, by the vote set forth below, and that said Resolution has not been amended or repealed. Check Appropriate Box COMMISSION MEMBERS YEAS NAYS ABSENT ABSTAIN ESTHER R. ESTRADA JACK REILLY JESS FLORES MICHAEL MAUDSLEY TOM MINOR VALERIE POPE-LUDLAM I—I NORINE MILLER DATED: 1988 . Glenda Saul, Secretary of the Community Development Commission of the City of San Bernardino [SEAL] SBEO0079/2826S 6 -