HomeMy WebLinkAbout05.W- Bond Expenditure Agreement between Successor Agency to the Redevelopment Agency of the City of San Bernardino 5.W
RESOLUTION (ID # 4365) DOC ID: 4365 D
CITY OF SAN BERNARDINO — REQUEST FOR COUNCIL ACTION
Agreement
From: Bill Manis M/CC Meeting Date: 03/21/2016
Prepared by: Lisa Connor, (909) 663-
1044
Dept: Successor Agency Ward(s): All
Subject:
Resolution of the Mayor and Common Council Acting as the Successor Agency to the
Redevelopment Agency of the City of San Bernardino Approving a Bond Expenditure
Agreement Between the Successor Agency to the Redevelopment Agency of the City of
San Bernardino and the City of San Bernardino and Approving Certain Related Actions.
(#4365)
Current Business Registration Certificate: Not Applicable
Financial Impact:
The City's Housing Division administers the City's affordable housing programs and
projects. The City's Housing Division will also administer the affordable housing
programs and projects provided through the Successor Housing Agency. Therefore,
the transfer of the LMIHF Assets to the Successor Housing Agency will significantly
enhance the City's endeavors with respect to creating, preserving and/or improving
affordable housing within the City. In addition, any future program income received
from the LMIHF Assets will revolve to the benefit of future affordable housing endeavors
offered under the auspices of the City.
Motion: Adopt the Resolution.
Synopsis of Previous Council Action:
None
Background:
Pursuant to Health and Safety Code ("HSC") § 34172 (a) (1), the Redevelopment
Agency of the City of San Bernardino was dissolved on February 1, 2012. Consistent
with the provisions of the HSC, on January 9, 2012 the Mayor and Common Council
elected to serve in the capacity of the Successor Agency to the Redevelopment Agency
of the City of San Bernardino ("Successor Agency"). The Oversight Board for the
Successor Agency ("Oversight Board") has been established pursuant to HSC § 34179
to assist in the wind-down of the dissolved redevelopment agency.
Per HSC § 34191.4 (c), once a successor agency has received a Finding of Completion
(the "FOC") it is allowed to use bond proceeds from bonds issued prior to 2011 and a
percentage of proceeds from bonds issued between January 1, 2011 and June 27,
2011 for purposes for which the bonds were sold, providing that such proceeds in
• excess of amounts needed to satisfy approved enforceable obligations shall be
Updated: 3/17/2016 by Linda Sutherland D I Packet Pg. 563
5.W>
4365
expended in a manner consistent with the original bond covenants, and further
providing that such expenditures shall constitute excess bond proceeds (the "Excess
Bond Proceeds") obligations that shall be listed separately on a successor agency's
Recognized Obligation Payment Schedule (the "ROPS").
In addition, the HSC provides for a cooperative relationship between cities and their
redevelopment agencies, as well as their successor agencies who have assumed the
duties and obligations of the former redevelopment agencies. Pursuant to HSC §
33220 cities are permitted to aid and cooperate in the planning, undertaking,
construction, or operation of redevelopment projects. Further, HSC § 34178 (c) allows
a successor agency and its sponsoring city to enter into agreements for the purpose of
conducting the work of winding-down the former redevelopment agency as set forth in
HSC § 34177.3 (b), subject to the obtaining the approval of its oversight board. As a
consequence of receiving its FOC on December 22, 2015, the Successor Agency may
now utilize its Excess Bond Proceeds for their intended purposes, subject to the terms
and limitations set forth in that certain Bond Expenditure Agreement between the
Successor Agency and the City, which is included as Exhibit "A" to the attached
Resolution (the "Bond Expenditure Agreement").
The Successor Agency has Excess Bond Proceeds in the amount of $6,045,430 from
the San Bernardino Joint Powers Financing Authority Tax Allocation Bonds Series
2010A (4th Street Corridor Project-Federally Taxable Recovery Zone Economic
Development Bonds)(the 2010A TABs") and $2,701,558 from the San Bernardino Joint
Powers Financing Authority Tax Allocation Bonds Series 2010B (Northwest
Redevelopment Project Area)(the "2010B TABs" and, together with the 2010 TABs, the
"TABs") together totaling $8,746,988 that is to be transferred to the City to facilitate the
handling of proceeds of the TABs as more particularly set forth in the Bond Expenditure
Agreement in conformity with covenants applicable to each of the TAB issues. Further,
the Successor Agency does not have the technical capability of causing the
development of capital projects; however, the City of San Bernardino (the "City") does
have the requisite technical capability of causing the development of capital projects.
Consistent with the foregoing, the Successor Agency desires to provide the Excess
Bond Proceeds to the City for the purpose of enabling the City to use such funds in the
manner consistent with the covenants applicable to the TABs. The transfer of the
Excess Bond Proceeds to the City for use in the manner consistent with the covenants
applicable to the TABs is evidenced in the Bond Expenditure Agreement between the
Successor Agency and the City, which is included as Exhibit "A" to the attached
Resolution. Therefore, the attached Resolution approves the Bond Expenditure
Agreement between the Successor Agency and the City, which in order to be effective
will require separate later approvals by the Oversight Board and the California
Department of Finance (the "DOF").
In addition, the attached Resolution has been reviewed with respect to applicability of
the California Environmental Quality Act (the "CEQA"), the State CEQA Guidelines
(California Code of Regulations, Title 14, §§ 15000 et seq., hereafter the "Guidelines"),
and the City's environmental guidelines. Therefore, the attached Resolution is not a
Packet Pg.564
Updated: 3/17/2016 by Linda Sutherland D '
5V11',.. ,
4365
"project" for purposes of CEQA, as that term is defined by Guidelines § 15378, because
this Resolution is an organizational or administrative activity that will not result in a
direct or indirect physical change in the environment, per § 15378 (b) (5) of the
Guidelines.
Fiscal Impact
Per the Bond Expenditure Agreement, the City may spend Excess Bond Proceeds
received or retained under the Bond Expenditure Agreement on any project, program,
or activity authorized by the Mayor and the Common Council of the City (the "Selected
Projects"). The Selected Projects may include projects that are described in the Official
Statement for the TABs, as depicted on Exhibit "A" to the Bond Expenditure Agreement,
or as otherwise allowable under the tax certificate executed and delivered for all or a
portion of the TABs. Expenditure of proceeds from the 2010B TABs shall be subject to
HSC § 34191.4(c) (2) as it may be amended from time to time.
Further, the City must spend the Excess Bond Proceeds consistent with the original
bond covenants applicable to the particular Excess Bond Proceeds, and must comply
with all requirements of the federal tax law and all applicable requirements of the HSC
as to the use of such funds. The City shall be solely responsible for ensuring that
Excess Bond Proceeds are maintained and spent in accordance with bond covenants
and other applicable laws. In addition and consistent with the foregoing, the use of the
Excess Bond Proceeds is depicted on Recognized Obligation Payment Schedule 16-17
A and B as enforceable obligation Nos. 131 and 132, which requests the use of
$6,045,430 from the 2010A TABs and $135,078 from the 2010B TABs for a total of
$6,180,508. It is anticipated that the City will select specific projects for funding at a
later time. It is further anticipated that additional funding from the 2010B TABs will be
available in the future as the Successor Agency meets the prerequisites therefor as
prescribed in the HSC.
City Attorney Review:
Supporting Documents:
Resolution Approving Bond Expenditure Agreement v1 0 (DOC)
Agrmt. 4365 (PDF)
3
Updated: 3/17/2016 by Linda Sutherland D Packet Pg. 565
I RESOLUTION NO. 2016-
2 RESOLUTION OF THE MAYOR AND COMMON COUNCIL ACTING AS THE
SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
3 BERNARDINO APPROVING A BOND EXPENDITURE AGREEMENT BETWEEN THE
4 SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO AND THE CITY OF SAN BERNARDINO AND APPROVING CERTAIN
5 RELATED ACTIONS. E
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6 WHEREAS, pursuant to Health and Safety Code (the "HSC") § 34172 (a) (1), the a
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7 Redevelopment Agency of the City of San Bernardino was dissolved February 1, 2012; and
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8 WHEREAS, consistent with the provisions of the HSC, on January 9, 2012 the Mayor and x
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9 Common Council of the City of San Bernardino elected to serve in the capacity of the Successor
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Agency to the Redevelopment Agency of the City of San Bernardino (the "Successor Agency"); and
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11 WHEREAS, the Oversight Board for the Successor Agency (the "Oversight Board") has
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12 been established pursuant to HSC § 34179 to assist in the wind-down of the dissolved
13 redevelopment agency; and
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14 WHEREAS, HSC § 34191.4 (c) allows a successor agency that has received a Finding of a,
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•.�. 15 Completion (the "FOC") to use bond proceeds from bonds issued prior to 2011 and a percentage of
16 proceeds from bonds issued between January 1, 2011 and June 27, 2011 for purposes for which the C
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17 bonds were sold, provides that such proceeds in excess of amounts needed to satisfy approved W
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18 enforceable obligations shall be expended in a manner consistent with the original bond covenants, m°
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19 and further provides that such expenditures shall constitute excess bond proceeds (the "Excess Bond C
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20 Proceeds") obligations that shall be listed separately on a successor agency's Recognized Obligation
21 Payment Schedule (the "ROPS"); and o
22 WHEREAS, the HSC provides for a cooperative relationship between cities and their
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23 redevelopment agencies, as well as their successor agencies who have assumed the duties and
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24 obligations of the former redevelopment agencies; and =
25 WHEREAS, HSC § 33220 authorizes a city to aid and cooperate in the planning, Q
26 undertaking, construction, or operation of redevelopment projects; and
27 WHEREAS, HSC § 34178 (c) allows a successor agency and its sponsoring city to enter
28 into agreements for the purpose of conducting the work of winding-down the former redevelopment
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Packet Pg.566
1 agency as set forth in HSC § 34177.3 (b), subject to the obtaining the approval of its oversight
2 board; and
3 WHEREAS, as a consequence of receiving its FOC on December 22, 2015, the Successor
4 Agency may now utilize its Excess Bond Proceeds for their intended purposes, subject to the terms c
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5 and limitations set forth in that certain Bond Expenditure Agreement between the Successor Agency E
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6 and the City, which is attached hereto as Exhibit"A" (the "Bond Expenditure Agreement"); and ¢
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7 WHEREAS, the Successor Agency has Excess Bond Proceeds in the amount of$6,045,430
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8 from the San Bernardino Joint Powers Financing Authority Tax Allocation Bonds Series 2010A (4th
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9 Street Corridor Project-Federally Taxable Recovery Zone Economic Development Bonds)(the 0
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10 2010A TABS") and $2,701,558 from the San Bernardino Joint Powers Financing Authority Tax 00
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11 Allocation Bonds Series 2010B (Northwest Redevelopment Project Area)(the "2010B TABs" and,
12 together with the 2010 TABs, the "TABs") together totaling $8,746,988 that is to be transferred to
13 the City to facilitate the handling of proceeds of the TABs as more particularly set forth in the Bond
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14 Expenditure Agreement in conformity with covenants applicable to each of the TAB issues; and
15 WHEREAS, the Successor Agency does not have the technical capability of causing the
16 development of capital projects; however, the City of San Bernardino (the "City") does have the =
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17 requisite technical capability of causing the development of capital projects; and w
18 WHEREAS, consistent with the foregoing recital, the Successor Agency desires to provide 0
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19 the Excess Bond Proceeds to the City for the purpose of enabling the City to use such funds in the E
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20 manner consistent with the covenants applicable to the TABs; and a
21 WHEREAS, the transfer of the Excess Bond Proceeds to the City for use in the manner o
22 consistent with the covenants applicable to the TABs is evidenced in the Bond Expenditure 0
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23 Agreement between the Successor Agency and the City, attached hereto as Exhibit"A"; and
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24 WHEREAS, consistent with the foregoing, this Resolution approves the Bond Expenditure E
25 Agreement between the Successor Agency and the City, attached hereto as Exhibit "A", which in Q
26 order to be effective will require separate later approvals by the Oversight Board and the California
27 Department of Finance (the "DOF"); and
28
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1 WHEREAS, this Resolution has been reviewed with respect to applicability of the
N,,, 2 California Environmental Quality Act (the "CEQA"), the State CEQA Guidelines (California Code
3 of Regulations, Title 14, §§ 15000 et seq., hereafter the "Guidelines"), and the City's environmental
4 guidelines; and
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5 WHEREAS, this Resolution is not a "project" for purposes of CEQA, as that term is E
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6 defined by Guidelines § 15378, because this Resolution is an organizational or administrative L
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7 activity that will not result in a direct or indirect physical change in the environment, per § 15378 r
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8 (b) (5) of the Guidelines; and x
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9 WHEREAS, all of the prerequisites with respect to the approval of this Resolution have =
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10 been met. 00
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11 NOW, THEREFORE, BE IT RESOLVED BY THE SUCCESSOR AGENCY TO THE
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12 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, AS FOLLOWS:
13 Section 1. The foregoing recitals are true and correct and are a substantive part of this
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14 Resolution.
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15 Section 2. The Mayor is hereby authorized to execute the Bond Expenditure Agreement
16 between the Successor Agency and the City, which is attached hereto as Exhibit "A" and is
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17 incorporated herein. w
18 Section 3. The City Manager, as the Successor Agency's Executive Director or m0
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19 designee, is authorized to take such actions and execute such documents as are necessary to
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20 effectuate the intent of this Resolution. a
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21 Section 4. This Resolution is not a "project" for purposes of CEQA, as that term is o
22 defined by Guidelines § 15378, because this Resolution is an organizational or administrative
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23 activity that will not result in a direct or indirect physical change in the environment, per § c
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24 15378(b)(5) of the Guidelines.
25 Section 5. This Resolution shall take effect upon its adoption and execution in the Q
26 manner as required by the City Charter and its effectiveness is subject to approvals by the Oversight
27 Board and the DOF.
28
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1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL ACTING AS THE
SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
2 BERNARDINO APPROVING A BOND EXPENDITURE AGREEMENT BETWEEN THE
3 SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO AND THE CITY OF SAN BERNARDINO AND APPROVING CERTAIN
4 RELATED ACTIONS.
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5 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Successor
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6 Agency to the Redevelopment Agency of the City of San Bernardino, at a meeting thereof, held Q
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7 on the 21St day of March, 2016, by the following vote, to wit: 3
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Council Members Ayes Nays Abstain Absent w
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MARQUEZ m
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BARRIOS LO
11 VALDIVIA
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12 SHORETT >
13 NICKEL E
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14 RICHARD
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15 MULVIHILL
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17 Georgeann Hanna, City Clerk
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The foregoing Resolution is hereby approved this 21St day of March 2016. co
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20
R. Carey Davis, Chairman c
21 Successor Agency to the
22 Redevelopment Agency of the o
City of San Bernardino
23 Approved as to Form:
24 Gary D. Saenz, City Attorney
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By: a
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27
28
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1 EXHIBIT "A"
2
3 BOND EXPENDITURE AGREEMENT
BETWEEN THE
4 SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
5 AND THE
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CITY OF SAN BERNARDINO
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7 (See Attachment)
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BOND EXPENDITURE AGREEMENT
This Bond Expenditure Agreement (the "A reemen '
) is entered into on March 21, 2016, by
and between the City of San Bernardino, a municipal corporation (the "City") and the Successor
Agency to the Redevelopment Agency of the City of San Bernardino(the "Successor Agency"). The
City and the Successor Agency are collectively referred to herein as"Parties"or individually referred
to as a"Party".
RECITALS
WHEREAS, pursuant to Health and Safety Code (the "HSC") § 34172 (a) (1), the
Redevelopment Agency of the City of San Bernardino was dissolved February 1,2012; and
WHEREAS, consistent with the provisions of the HSC, on January 9, 2012 the Mayor and
Common Council of the City of San Bernardino elected to serve in the capacity of the Successor
Agency to the Redevelopment Agency of the City of San Bernardino (the "Successor Agency"); and 0
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WHEREAS, the Oversight Board for the Successor Agency (the "Oversight Board") has Q
been established pursuant to HSC § 34179 to assist in the wind-down of the dissolved redevelopment
agency; and
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WHEREAS, HSC § 34191.4 (c) allows a successor agency that has received a Finding of w
Completion (the "FOC") to use bond proceeds from bonds issued prior to 2011 and a percentage of
proceeds from bonds issued between January 1, 2011 and June 27, 2011 for purposes for which the m°
bonds were sold, provides that such proceeds in excess of amounts needed to satisfy approved
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enforceable obligations shall be expended in a manner consistent with the original bond covenants,
and further provides that such expenditures shall constitute excess bond proceeds (the "Excess Bond
Proceeds") obligations that shall be listed separately on a successor agency's Recognized Obligation LO
Payment Schedule (the"ROPS"); and
WHEREAS, the HSC provides for a cooperative relationship between cities and their E
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redevelopment agencies, as well as their successor agencies who have assumed the duties and Q
obligations of the former redevelopment agencies; and
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WHEREAS, HSC § 33220 authorizes a city to aid and cooperate in the planning,
undertaking, construction,or operation of redevelopment projects; and Q
WHEREAS, HSC § 34178 (c) allows a successor agency and its sponsoring city to enter
into agreements for the purpose of conducting the work of winding-down the former redevelopment
agency as set forth in HSC § 34177.3 (b), subject to the obtaining the approval of its oversight board;
and
WHEREAS, as a consequence of receiving its FOC on December 22, 2015, the Successor
Agency may now utilize its Excess Bond Proceeds for their intended purposes; and
WHEREAS, the Successor Agency has Excess Bond Proceeds in the amount of$6,045,430
from the San Bernardino Joint Powers Financing Authority Tax Allocation Bonds Series 2010A (4`h
Street Corridor Project-Federally Taxable Recovery Zone Economic Development Bonds)(the
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5.W.6
"2010A TABs") and $2,701,558 from its San Bernardino Joint Powers Financing Authority Tax
Allocation Bonds Series 2010B (Northwest Redevelopment Project Area)(the "2010.B TABs, and
together with the 2010B TABs, the "TABs") that together total $8,746,988 that are to be transferred
to the City of San Bernardino (the"City") to facilitate the handling of proceeds of the TABs as more
particularly provided herein in conformity with the covenants applicable to each of the TAB issues;
and
WHEREAS, the Successor Agency does not have the technical capability of causing the
development of capital projects; however, the City does have the requisite technical capability of
causing the development of capital projects; and
WHEREAS, pursuant to this Agreement, the Successor Agency desires to provide the
Excess Bond Proceeds to the City for the purpose of enabling the City to use such funds in the
manner consistent with the covenants applicable to the 2010A TABs and, as further set forth in
Section 2 below, a portion of the 2010 TABs; and W
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WHEREAS, the Parties intend that this Agreement shall constitute an excess bonds a,
proceeds obligation within the meaning of HSC § 34191.4 (c) to be paid from Excess Bond Proceeds; Q
and
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WHEREAS, the Successor Agency has listed this Agreement inclusive of the requirement
to transfer Excess Bond Proceeds to the City on its ROPS 16-17 A & B as an obligation to be funded w
with Excess Bond Proceeds.
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NOW, THEREFORE, in consideration of the mutual promises, covenants and conditions m
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set forth hereinafter, the parties agree as follows:
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1. Incorporation. The foregoing Recitals are true and correct and are a substantive part Lo
of this Agreement.
2. Successor Agency's Obligations: Subsequent to the Effective Date, as defined a,
below, the Successor Agency shall: i) transfer to the City all of the Excess Bond Proceeds from the Q
TABs, plus all interest accrued thereon up to the date of such transfer; and ii) assign to the City all
duties and responsibilities with respect to the administration of any capital projects that are funded E
with Excess Bond Proceeds, including without limitation, as set forth therefor in the indenture or
indentures of trust under which the TABs were issued.
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3. City's Obligations: The City shall have the following obligations under this
Agreement:
a) Retention of Excess Bond Proceeds: The City shall accept, hold, and disburse Excess
Bond Proceeds transferred to the City pursuant to this Agreement, including current Excess Bond
Proceeds and future Excess Bond Proceeds. The City shall retain any Excess Bond Proceeds that it
receives and shall use such funds for uses consistent with applicable bond covenants.
b) Use of Excess Bond Proceeds: The City may spend Excess Bond Proceeds received
or retained under this Agreement on any project, program, or activity authorized by the Mayor and
the Common Council of the City (the "Selected Projects"). The Selected Projects may include
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projects that are described in the Official Statement for the TABs, as depicted on Exhibit "A" hereto,
or as otherwise allowable under the tax certificate executed and delivered for all or a portion of the
TABs. Expenditure of proceeds from the 2010B TABs shall be subject to HSC § 34191.4(c) (2) as it
may be amended from time to time. Further, the City must spend the Excess Bond Proceeds
consistent with the original bond covenants applicable to the particular Excess Bond Proceeds, and
must comply with all requirements of the federal tax law and all applicable requirements of the HSC
as to the use of such funds. The City shall be solely responsible for ensuring that Excess Bond
Proceeds are maintained and spent in accordance with bond covenants and other applicable laws.
The City shall indemnify and defend the Successor Agency, and its officers and agents,
against, and shall hold the Successor Agency, and its officers and agents, harmless from, any claims
causes of action, or liabilities arising from any use of Excess Bond Proceeds by the City that is
inconsistent with or unallowable pursuant to the applicable bond covenant or the failure of the City to
ensure that Excess Bond Proceeds are used in accordance with bond covenants, federal tax law, and
the HSC.
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The City assumes all contracts, if any, entered into by the Successor Agency or the former a,
redevelopment agency related to activities to be funded by Excess Bonds Proceeds, with the Q
exception of those contracts retained by the Successor Agency relating to Enforceable Obligations. 3
The City shall perform its obligations hereunder, and under such assumed contracts, in accordance
with the applicable provisions of federal, state and local laws, including the obligation to comply Q
with environmental laws such as CEQA, and shall timely complete the work required for each w
project.
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C) Investment of bond proceeds: Until expended, City will cause proceeds of the 2010B m
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TABs to be invested in tax-exempt obligations.
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4. Entire Agreement; Waivers; and Amendments: LO
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a) This Agreement constitutes the entire understanding and agreement of the Parties
with respect to the transfer and use of Excess Bond Proceeds. This Agreement integrates all of the
terms and conditions mentioned herein or incidental hereto, and supersedes all negotiations or Q
previous agreements between the Parties with respect to the subject matter of this Agreement.
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b) This agreement is intended solely for the benefit of the City and the Successor Q
Agency. Notwithstanding any reference in this Agreement to persons or entities other than the City Q
and the Successor Agency, there shall be no third party beneficiaries under this agreement.
C) All waivers of the provisions of the Agreement and all amendments to this
Agreement must be in writing and signed by the authorized Representative of the Parties.
5. Severability: If any term, provisions, covenant or condition to this Agreement is
held by a court of competent jurisdiction to be invalid, void of unenforceable, the remainder of the
provisions shall continue in full force and effect unless the rights and obligations of the Parties have
been materially altered or abridged by such invalidation, voiding or unenforceability. In addition, the
Parties shall cooperate in good faith in an effort to amend or modify this Agreement in a manner such
that the purpose of any invalidated or voided provision, covenant, or condition can be accomplished
to the maximum extent legally permissible.
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6. Further Assurances: Each Party agrees to execute, acknowledge and deliver all
additional documents and instruments, and to take such other actions as may be reasonably necessary
to carry out the intent of this agreement.
7. Effective Date: This Agreement shall only be effective subsequent to its approval by
the Successor Agency's Oversight Board and the California Department of Finance.
8. Governing Law: This Agreement shall be construed and interpreted according to
the laws of the State of California.
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the dates
indicated below.
CITY OF SAN BERNARDINO a
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By: a
R. Carey Davis, Mayor 3
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Date: x
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SUCCESSOR AGENCY TO THE m
REDEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO o
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By:
R. Carey Davis, Chairman
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Date: c
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APPROVED AS TO FORM:
Gary D. Saenz, City Attorney a
By:
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By:
Georgeann Hanna, City Clerk
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EXHIBIT"A"
EXCERPTS FROM THE OFFICIAL STATEMENTS
FOR THE
2010A AND 2010B TAX ALLOCATION BONDS
DESCRIBING THE PROJECT
Project Description for the 2010A Tax Allocation Bonds(taken from page 3 from the Official Statement)
The 4`h Street is designated as the "0 Street Corridor" in Downtown San Bernardino from "E" Street west to `H"
Street and from 2nd street north to 5th Street. 0 Street was formerly the major access route to the Interstate-215
Freeway (1-215"). The California Department of Transportation ("Caltrans") currently has underway I-215
widening and construction and reconfiguration of on-and off-ramps to the 1-215.Due to the closure of the off-ramps
at this location, the Agency plan for this 3 block areas is to limit 4`h Street to 2 travel lanes with pedestrian friendly
walking areas and limited vehicular access.The Agency proposes to alter the width of the streets to remove 2 travel
lanes plus the current curb-side parking and install decorative paving stones and other amenities that will denote this
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area as the "Theater District." The "Theater District" is anchored by the historic 1,760 seat California Theatre E
constructed in 1928 and the Agency owned 20-plex theater facility. y
The projects the Agency intends to finance with the proceeds of the Bonds are as follows: `t
Items Estimated Cost
4`h Street from E Street to H Street — $2,000,000
Redesign/construct 41h Street to 2 travel lanes with
pedestrian friendly walking areas, limited vehicular w
access, restriping, and streetscape including, but not =
limited to: landscaping, medians, lighting, signage,
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signalization,public areas,water features.
5`h Street from E Street to H Street—Freeway gateway $600,000 m
and streetscape including, but not limited to:
landscaping, medians, lighting, signage, signalization, a,
public areas,water features. M
Court Street from E Street to Arrowhead Avenue — $450,000
Streetscape including, but not limited to: landscaping, E
medians, lighting, signage, signalization, public areas,
water features. Q
E Street from 5`h Street to 2nd Street — Streetscape $400,000 C
including, but not limited to: landscaping, medians, E
lighting, signage, signalization, public areas, water
features.
F Street — 5`h Street to 4`h Street — Streetscape $400,000 Q
including, but not limited to: landscaping, medians,
lighting, signage, signalization, public areas, water
features.
Streetscape 2nd Street from 1-215 to E Street—Freeway $650,000
gateway and streetscape including, but not limited to:
landscaping, medians, lighting, signage, signalization,
public areas,water features.
Theater Square — public areas, utilities, water features $650,000
development pads.
Temporary Bus Facility Infrastructures — streetscape, $400,000
on-site vehicular infrastructure; public building
renovations.
Convention Center—streetscape,utilities,public areas. $300,000
Reader Board Sign. $900,000
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Various Northwest Redevelopment Project Area $950,000
infrastructure projects.
Contingency (unused funds to Northwest $550,000
Redevelopment Project Area).
Total: $8,250,000
Project Description for the 2010B Tax Allocation Bonds(taken from page 3 from the Official Statement)
The Project is expected to include various infrastructure improvements throughout the Project Area.The projects the
Agency intends to finance with the proceeds of the Bonds are as follows:
Items Estimated Cost
Various Neighborhood street light and street $1,500,000
construction projects.
Baseline at California — rigbt-of-way easement, $350,000
curb/gutter/sidewalk.
West Highland Corridor Improvements between Macy $800,000
Street and California Street—the design/reconstruction E
of street including storm drains, sewer, streetscapes, ai
landscaping, upgrade signage and signalization, Q
utilities, curb and gutter, sidewalk; fagade Q
improvement; demolition of buildings; clearance of
parcels along the south side of West Highland.
I-210/State Street Corridor Infrastructure $950,000
Improvements from State Street exit to Lytle Creek — x
the design/reconstruction of street including storm w
drains, sewer, streetscapes, landscaping, upgrade c
signage and signalization, utilities, curb and gutter, o°p
sidewalk;other development incentives.
Various land acquisition/assembly projects,demolition $2,300,000 M
of blighted properties,etc. v
Southeast corner of Highland and Medical Center $830,000 LO
Drive — sidewalk, curb and gutter; additional street M
lighting; undergrounding of utilities; upgrade to mains v
sewer connection. E
Medical Center Drive South of the Magnolia at $450,000
Highland Project — sidewalk, curb and gutter; Q
additional street lighting; undergrounding of utilities; c
upgrade to main sewer connection. E
E
Highland Avenue west of Medical Center Drive —the $1,000,000
U
design/reconstruction of street including storm drains,
sewer, streetscapes, landscaping, upgrade signage and Q
signalization,utilities,curb and gutter sidewalk.
Total: $8,180,000
Note:The total amount of the listed projects exceeds the amount of net bond proceeds for both TABs. Accordingly,
the bond proceeds were not considered the sole source of funding for the sum of the listed projects. The bond
documents do not identify the supplemental funding sources.
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