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Home My WebLink About1985/11/20 - Agenda Packet - RDACrTY OF RANCM CUiAMONGA 0 ' a REDEVELOPMENT iLGENCY AGENDA R Dm Lions Part Community Center 9161 Base Lice gnat PAnebo Cucamonga, California bovacber 20, 1985 i` A. Roll Cell, Fright _, Bnquet _, Mikelr Dahl _, and Ring B. Approval of Hicutes: Bone auodtted. 2. CRIBRRT muffin The . sllanmg Conant CAleadar dtms tse .mpscted to be routine and ao Omtrovarrial. TbeV will be acted upon by the 10D1 at ens ties adtboct discuasioa. A. Approvel to receive and file current Imestcont Schedule za of Rovembar 10, 1985. m NO ireas submitred. A. STATY A. SRT pubLIC ORr321r.' DI_'t VE'DLCflL 18 1965 P6u3= ACCIPTAmrs 07 sins By te[ .eeRL-ni rte. PL1.11,FiZSt PR1P0SA1 108 GAIT MTn Amp ASNOC..• � f R OLUTICR No. RA 85 -16 A gPSOLOTICR OP INC RIDIVE OPMESI AGBpCT CP A TIC CITY Or BATCRO COCAWrh. CAL17O, rA, ..:.`.•• • °RPIIDING Volt IS80ARCR OP ?3,700,000 RARCRO 'Ct CAMOMCA, IMMLOPMNIT AGENCY COMMERCIAL ,•,P�`':,'' DM' LOPMdTATFAMDN -RO7M a- )St } re`Yto •fiei'c't$u:`= iti.'�t` � ''� , Adjou u.sda�, �kgaaieri21; ;1985, E:00 p.m., Lion. ParkfCoiumLtj:Ce`ntor:' • F^'k.�"t.^,i it:; - �f `� ,. 'y ��'•'.: _ - .', ,u"�a (1) - A = -1 Y? (3) �f ,✓ T r: 20y�,�,r _ RANCHO CUCAMONGA o'.r..lr 0.19ea • .ys.asor.. ii Qrbi Oryr� D lras G hwt y 1tEW�Y.Dit tNAiF0.B,li.�er Dl. 3 Sovmber 24, 1985 To$ RDA Board and Era.x.^.ive Director FAOM$ Robert A. Rirso, 2asistmt City Mnagar SUBJECT, Beonive and PIJV - WoCho Commom" Fedevalotornt Agency Investment Schedule Statue Report as of 1wrn3oar 14, 1985 All inw.statnts am LOertin etas of Deposit .wattnib:�O.V�BIDTYC• )OSTOMM210Iia: • ILMMUCLICAWOMLCAUFOMA01M10. (IIgM " A FUMCB7 LVCA80'GA Mmllydommr ALICE INVEST/EM' SC®D7E STATUS BMEM f I85TI10TIRi PURCIUM DAR 51170Rrrr DATE AMCD7rr M71EW'ST RXIE 1 talifotaia Federal Savings 07/02/85 12/30/05 200,000.00 0.07900 California Federal Savings 07/02/85 12/30/85 200,000.00 0.07900 Great "214-M Savings 07/11385 01/07/86 100,000.00 0.07EOo ,•� Great {aestam Savings 09/J3/85 03/03/86 500,000.03 0.08200 Califomla radaral Savings O'i/03/85 03/03/86 200,000.00 0.08050 W ifomia Fateral Savings 09/03/85 03/03/86 200,000.00 0.0F050 i�•• Greet Waste, Savings 06/20/85 22/17/05 1,000,000.00 0.07600 N Great Waste, Savings 10/11/85 03/10/86 500,000.00 0.08200 AC, Great W*stam savings 20/11/85 03/10/86 100.027.15 0.08200 ` Great ttaetarn Savings 10,131AS 02/28/86 1,000.000.00 0.07950 c FoctLill Idtspeudent BI-k 10/31185 02/18/56 2,000.000:00 0.07375 h; L31.1foania Fa42ral '.beings 02/28/86 500,000.00 0.07950 _20/!1,/85 California Federal Sastngs 11104185 OS/05/86 200,000.00 0.08200 Great Aastsln Savlags 11/12/65 05/121% 500,00D.00 0.08100 Great oostam SS Vings 11/06/85 02/06186 1.1c8,291.25 0.08050 As of 11/14 65 Grand Total 380.3111.40 All inw.statnts am LOertin etas of Deposit .wattnib:�O.V�BIDTYC• )OSTOMM210Iia: • ILMMUCLICAWOMLCAUFOMA01M10. (IIgM " A CITY OF R'.NCHO C REDEtTWI'MENT Sal kff REPORT DATE: November 20, 1985 ' TO: Chairman end Members of the Rcdevelopmert Agency FROM: Jack Lem, AiCP, Deputy Executive Director B f• Linde D. Danfels, Senio• :edeveloprnmt Analyst SUBJECT: PRAT FINANCING PROGRAM KANTER AND FOOTHILL BACKGROUND: On April 17, 1985 the Redevelopment Agency pproved an Inducement resolution for a proposed financing proyrom for Y.anter and Foothill Property. The Initial p, oposed financing would allow for Certificates to be sold by the Agency for the benefit of Kanter and Foothill Property. The proceeds of the note of the Certificates wou!d be used for the development of a 45,000 sq. ft. neighborhood commercLsl shopping center at the northeast comer of Foothill Boulevard anu Ramona A%enue. Gary Kanter Associates !xis informed the Agency stof f that they do Move a commitment from a bank and that dtey m� now ready to proceed with the financing program. The bank, The Mitsubishi Dank of Coii:an:o toes submitted a preliminary intent to be the lender in this Program and will be the antictgated purchaser of the entire 53,100,000 issues Because the Bank will be purchwing i'he entire amount of the Program , n Commercial Development Revenue Note is propo.md to be sold rather than Certificates. The Bonk will purchase the single Note and the sae will be structured sues, root the Note can .ot be resold by the Bank. ANALYSIS: This form of Financing differ from the Certificate Issue recen fly sold by tM7 �ency In that only a single note will be issued an also that there are no provisions for resole of the Note. fkv=e o Note is going to be issue) it is nece:scry for a competitive bit. to take place and the Agcney to award the sale of the Note. This Is explained furtfwr in the attached Memorandum from Best, Best 6 Krieger, proposed Bond Counsel fat If. financing program. The attached Resolution authorizes the Agency to notice the taking of bids end also designates the deadline for the submittal of bids to be December 18, 1995. At the ell award December Safe 1985 so will rreviewd as w as the of f the Note. The Resolution also G;Potnt et, Best 3 Krieger as Bond Counsel for the Program subject to the terms ad conditions on ,fix � •.. - ., , �- �, REDEVELOPMENT AGENCY STAFF REPORT November 20,1911S PROPOSED FINANCING PROGRAM FOR KANTER & FOOTHILL PROPERTY APPLICATION NO. 84-03 Page 2 Best & KrIecier as Bond Counsel for the Program subject to the terms end conditions an the attached proposal. RECOMMENDATION: Approval of the attached Resolution which will implement the twing 0 appoint Bond Counsel for the proposed financing program. Res �ctfullly Sub Itted, aCK 'c"U""7 Deputy Executive Director attachme,itsi Resolution Memoroneum from Best, Best & Krieger Proposal from Best, Best & Krieger for Borid Counsel Services • �z "w O'IICes OI BEST SE51' 6 KRIEGER November 15, 1985 MEMORANDUM - TO: CHAIRMAN, REDEVELOPMENT AGE`IrY MEMBERS AND EXECUTIVE DIRECTOR FROM: BOND COUNSEL ME: INSTALLMENT SALE FINANCING OF RANCHO CUCAMONGA VILLAGE SHOPPING CENTER PROJECT The Agency has heretofore evidenced its intention to finance the above - referenced project (the "Project ") by means of an installment sale financing arrangement The financing arrangement contemplated for the Project is similar tc the structure used in financing the Project for A H Reiter but contemplates the issuance of a prooLssory note (the "Note ") rather than certificates of participation The Note will be issu:d in the amount of $3,100,000 and the pioceeda will be used t" provide permanent financ- ing for the acquisition and construction of a .:ommercial shopping center to be owned by Kpnter and Foothill Property (the "Developer ") pursuant to agreements that will be pre_ aented to the Agency at its meeting of December 18, 1985 In order to satisfy the Cocmunity Redevelopment Law (Part 1 of Division 24 of the California Health and Safety i, Cade) pursuant to which the Note is being issued and cer- tain provisions of the California Government Code it is : necessary to award the sale of the Note by competitive bid. ■ S u• ornees or BEST BEST 6 KRIEGER The attached Resolution nttthorizes the Agency to publish notice with respect to the taking of bide and designates December 13, 1985 as the date on which bids will be re- ceived and the sale of the Note awarded The Resolution also hires our firm an Bond Corm -el Frannie J Baum John R Rottechaefer s RESOLUTION D.O. eA RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY 07 RANCHO CUCAMONGA, PROVIDING FOR THE ISSUANCE OF $3,100,000 1985 RANCHO CUCAMONGA RF.DEVELOPYHNT AGENCY COMMERCIAL DEVE[OPMEtNf REVENUE NOTE WHEREAS, the Redevelopment Agency of the City of Rancho Cucamonga (the "Agency ") is a redevelopment agency duty created, established and authorized to transact busi- ness and exercise its powers, all under and pursuant to the Community Redevelopment Law (Part 1 of Division 24 of the Health and Safety Code of the State of California) and the powers of the Agency Include thq power to issue obligations for any of its corporate purposes; and WHEREAS, the Agency deems it necessary to issue at this time its 1985 Commercial Development Revenue Note in the 2rincipal amount of $3,100,000 (Rancho Cucamonga Village Shnpping Center Project) (the "Note ") fir the purpose of providing permanent financing for the acouisition of com- mercial shopping center improvements to by constructed by Kanter and Foothill Property, a California general partner- ship, at the northeast corner of Foothill Boulevard and Ramon (the Project), located in the Rancho Redevelopment Project Area of the Agency (the "Project Area "). NOW, THEREFORE, BE iT RESOLVED, DETEr..MINED AND ORDERED by the Redevelopment Agency of the City of Rancho Cucamonga as follows: SECTION 1. Sale Authorized. The sale of Three Millior One Hundred Thousan M ars ($3,100,000) principal amount of its 1985 Commercial Developmenc Revenue Note (Rancho Cucamonga Valley Shopping Center Project) (herein sometimes referred to as the "Note "), in accordance with la,, is hereby aut %orized. The Note shall be losued and the pr,.ceed:. thereof uaed pursuant to the terms of such agrcemerts and documents as the Agency may hereinafter approve prior to the issuance of the Note. SECTION 2. Official Notice of Sais. The invita- tion for bids for t e pure use oP is. The is hereby authorized, such invitat-ion to be substantially in accor- dance with (i) the Official Notice of Sale attached to and incorporated herein as Exhibit "A" (the "Official Notice of Sale) anc (it) the Eid Forr. attached to and incorporated 3 s- .1 I herein as Exhibit "B" (the "Bid Form-), with both of said _ forms being subject to such changes and modifications as may be deemed appropriate or necessary by Agency staff and cccn- sel to the Agency. SECTION 3. Publication of Official Notice of Sale. The Secretary or the Agency shall cause the 0 c a Notice of Sale to be published once in the Daily Report, a newspaper published and of general circulation in the City of Rancho Cucamonga, California, at least ten (10) days pr-or to the day fired for the receipt of bids. SECTION 4. Terms and Conditions of Sale. The terms and conditions 7 C a o er ng ain-a t e ea a of the Note shall be as specified iu said Official Notice of Sale, including such modifications thereto as permitted pursuant to Section 2 hereof. SECTION S. Purnishinq of Official Notice of Sale and Official Statement. The Secretary oof t e�Agency is sere y out nor ze an irected to cause to be furnished to prospective bidders a reasonable number of copies of the Official Notice of Sale (including the Bid Form). SECTION 6. Publication of Intention to Sell. The publication of a Notice of Intention to L So i-'n tie Bond Bider, One State Street Plaza, New York, New York, or such other publication petmitted under the applicable provisions of the California Government Code as Lie Agency may e.etermire, substantially in the form attached hereto as 4xhibit "C" with such changes and modifications as may tie deemed appropriate and necessary by Agency staff and counsel to the Agency is hereby authorized and approved, which publication shall be at least 15 days prior to the date fixed for thq receipt of bids. SECTION 7. Bond Counsel. The law firm of Best, Bert i nrteger is here y rota ned as Bond Counsel on the terms -set forth in the proposal letter of said firm pre- sented to this meeting and the Chairman is hereby authorized and directed to execute said proposal letter f • end in the name of the Agency. SECTION 8. General Authorization. Bond Counsel is hereby authorized and 3 recto to oper. t e Lids at the time and place specified in said Official Uotice of Sale and to present the same to the Agency. Bond Counsel is hereby authorized and directed to receive and record the receipt of all bids made pursuant to said Official Notice of Sale, to cause said bids to be examined for compliance with said Official Notice of Sale, to cause computations to be made as -2- ■e to which bidder has bid the lowest net interest cost to the Agency and to present such bids to the Agency, as proiided In said OP.fW al Notice of Sale, along with a reporr as to _ the foregoing And any other matters deemed pertinent to the award of the Dote and the proceedings for the issuance thereof. SECTION 9. Effective Date. This Resol ,tion shall take effect upon adopt Ton. n: ADOPTED AND APPRUVED this _th day of Novembe , 1985. a Cii i man o�Re— ee7e—v—e-. pment Agency of the City of Rancho Cucamonga ATTEST: t Secretary of the lie eve Opment Agency of the City of • Rancho Cucamonga (SEAL) 6' 9, V \ G • r.' ply - P; �y y -3-• '1 JRRO168 ' 1r �' 7<y•`;%/4!!y *,,y44yaa�1:a�(�•e`Y'a! ))n,, ��\s rr''31��, •� '. 1 •\ _ , �- y \tr} Jd Iw1�3�`. a..e�Y,��llY�htiJ+t N✓?rAi'Me`+.•�i�'�x' _ yh• .�! :t .•C •::Iia _ �• r } I, Ln "REN l:, hAh— tRNAN. Secretary of thr. Redevel- •• . cpment Agenc;, ut the City u' Rancho Cucamonga do hereby cer- tify that •h:: foregoing Resolution was regularly introduced and adopted by the members of the Redevelopment Agency of the City of Rancho Cucamonga at a regular meeting thereof held on the th day of November, . °05, by the following vote of the members.- AIM; - N )ES: ABSP,NT: ABSTAIN: IN WITNE95 VRFRMP, I have hereunto snt my hand and affixed the official seal of the Redevelopment Agency of the City of Rancho Cucamonga this day of November, 1985. Secretary o t e Re eve opment Agency of the City of Rancho Cucamonga JRR0046 r �'r.s >' f �Y. �pment Agency �fEthe CitySoff RRancho Cucamonga do hereby cer- tify that the foregoing Resolution was regularly introduced and adopted by the members of the Redevelopment Agency of - the City of 7•ncto Cucamonga at a regular meeting thereof held on the L1. day of November, 1985, by the following vote of the members: AYES: ABSi NT: ABSTAIN: IN wrrnSS WHEREop, I have hereunto set my hart and affixed the official seal of the Redevelopment Agency of the City of Rancho Cucamonga this _ day of November, 1585 Secretary o t s Re eve opment Agency of the City of Rancho Cucamonga 0044 ' "f•• A 6' .dl EXHIBIT A OFFICIAL NO'lICE�OF SALE REDEVELOPMENT AGE $3,100,000 NCY OFTHECITY OF RANCdO CUCAMONGA 1985 COMMERCIAL DEVELOPMENT REVENUE NOTE (RANCHO CUCAMOGA VILLAGE SHOPPING CENTER PROJECT) tI IS be received d by a HtIEBY GIVEN that sealed proposals will of by representative of the Redevelopment Agency the City if Rancho Cucamonga at the office of the Executive Directcr of the Agency at Suite C, 937.0 Baseline Road, Rancho Cucamonga, California 91730, on DECEMBER 18, 1985 at 11:00 a.m. (Pacific Time) for the purchase of $3,100,000 principal amount of it note of the Agency designated the Redevelopment Agency cf the City of Rancho Cucamonga 1985 Commercial Development Revenue Note (Rancho Cucamonga Village Shopp.ng Center Project) (the "Note") to be issued under the provisions of a Servicing Agreement, dated as of December 1, 1985 (the "Servicing Agreement ") between the Agency and The Mitsubishi Bank of California as servicing agent (the "Servicing Agent ") and pursuant to the Community Redevelopment Law of the State of California (being Part 1 Lf Division 24 of the California Health and Safety Code). TLe Note is more Pa:t_cularly describe,' in the form of the Servicing Agreement on file with the Secretary of the Agency (wh.ch is incorporated herein by reference) and copies thereof will be furnished to any interested bidder upon requeot. ISSUE: The Ncte will be issued in fully registered form in 9enomination 01 $3,100,000, to be dated the date of delivery •o the purchaser. MATURITY: The Note will mature and become payable ca lc monthly installments of principal and interest, caela'd from ana after the Acquisition Date (as defined in the ervicing Agreement) on the basis of a 25 -year amor- tization due PAYMENT: The principal and interest on the Note are payable in lawful money of the United States of America f_: to the registered owner by check or Qtaf� of the Servicing Aget.t. PREPAYMENT: The Note is subject to prepayment in - whole or in pact on any monthly payment date after the Acquisition Date, as described in the Servicing Agreement. PURPOSE: The proceeds of the Note ate to be applied to finance the acquisition of certain real penperty within a redevelopment project area of the Agency, to be resold by the Agency to Kanter and Foothill Property, a California general partnership, pursuant to the Installment Sale �]reemint heceinafteT referred to. SECURITY: This Note under and subject to the Servicing Agreement ..re special obligationu of the Agency and is payable solely from and is secured by a pledge of the Revenues (as such tera is defined in the Servicing Agree- ment) derived from the installment sale of the Project pursuant to an Installment Sale Agreement betveen the Agency and Kanter and Foothill Property, in substantially the form on file with the Secretary of the Agency. TAX - EXEMPT STATUS: In the opinion of Best, Best G Krieger, bond counsel to the Agency, interest on the Note is exempt from federal income taxes and State of California personal income taxes under existing laws, reoulations, rulings and udicial decisions. LEGAL OPINION: The legal opinion of Best, Best i Krieger, Riverside, California, approving the val)dtty of the Note, will be furnished to the successful bidder w.thout cost. TERMS Oe SALE FORM OF BID: MAXIMUM DISCOU2T: All bids must be- for not less than all of the Note hereby offered for sale and for not less than ninety -five pardent (95t) of the par value thereof and accrued interest thereon to the delivery date. Each bid must be in accordance with the terms and conditions of this notice. 'Ids may be mailed or delivered to the Agency, in care of the Executive Director at the address mentioned above, but must be received by the time mentioned above. INTEREST RATE: Bidders must specify the rate of interest which the Note shall bear. The maximum rate bid t may not exceed twelve percent (12%) per annum. _2_ BEST BID: The Note will be awarded to the best renponsible bidder therefor, considering the Interest rate or rates specifie9 and the discount bid or premium offered, - If any, on the b sis of the lowest net interest test. HIGBT of IIWWTICN: The Agency reserves the right. is its discretion, ti reject any and all bids and to waive any irregillarity or informality in any bid. PRIMPT AWARD: The Agency will take action awarding Lhe sale of the Note or rejecting all bids not later than twenty-six (26) hcurs after the expiration of the time herein prescribed for the receipt of bids, unless such time of award is waived by the successful bidder, tlotica of the averd will be given promptly to the successful bidder. DELIVERY AND PAYXMT. Delivery of the Note will be made to the successful bidder in Los Angeles, California, as soon aF the Rote can be prepi.red, which it is estimated will be within 30 days from the sale date. Payment for the Note must be made by Federal Reserve Dank funds check which Is immediately available to the Agency in Los Angeles, California. Any expense in providing imr diately available funds shall be borne by the purchaser. RIGHT OF CAIRBI.LATION: The successful bidder shall have the right, at its option, to cancel the .--intrnct of purchase if thn Agency shall fail to execute the Note and tender the sane for delivery within 60 days from the date of the action aw.rding the sale of the Note. Dated: November , 1985. BY Secretary Reddvelopment Agency of the City of Rancho Cucamonga 0 _3_ JRi(0168C/lI -t5 -a5 EXHIBIT R Bid Form December ld, 1985 Executive Director Z!evelooment Agency of the City of Racrhr Cucamonga 9370 Baseline Road Rancho Cucamonga, California 91730 Re: $?,100,000 Redevelopment Agency of the City of rancho Crcamonga 1985 Commercial Cevelzraent Revenue Note (Rancho Cuc.wonga Village Shopping Center Pro;evt) near P.... Evans: In accordance with ;hr official Nutice of Sale, dated Novewne- , 1985, for t.:e nbove- referenced Note, we hereby offer to purchase all of said Nuts at n purchase price equal to _ percent t) CE the par value thereof. So d Ncte a to bear l�etast at he rrte of percent f 1) per annum. Pnis bid i- subject to all of the terms an cnnditions set fe,rth in saii Official Notice of Sale. Very truly yours, "r i 'r i` 'r• i . JRR0168A/11 -15 -85 1 f A F3HIBIT C 140'IICE OP INTENTION TO SELL NOTE $3,100,000 REDEVELOPMENT AGENCY OP THE CITY OF RANCHO CUCAMONGA 1985 COMMERCIAL DEVELOPMENT REVENUE NOTE di (RANCHO CUCAMONGA VILLAGr SHOPPING CENTER PROJECT) i z NOTICE TS IEREBY GIVEN that sealed proposals wiil be rece.ved by a representative of the Redavelooment Agency at the office of the Executive Director of the Agency at Suite C, 9320 Baseline Road Rancho Cucamonga, California 9.730, on DECEMBER 18, 1985 at 11:00 a.m. (Pacific Time) for the purcnase of $3,10C,000 principal amount of a note of the Agency designated the Redevelcpmvut Agency of :'.e amity cf Rancho Cucamonga 1985 Commercial Development Revenue Note (Rancho Cucamonga Village Shopping Center Proje ^.t) (the "Note "). The Note will be dated its date of delivery, and will bear interest from its date at its rate to be fixed upon the sale thereof. Additional informati•m is available on request from the Executive Director at 'he above aldrese. Dated: November , 1985 By: gocze[ary P.edevelope: -nt Agency of the n . the City of Rancho Cucamonga i; JRR0168B/11 -15 -85 7 �afwV4 •. tS.MA. Hwy ..�Lyy.�, O.[ [6 ' f71A.4��1''4{• +•Olaf\ .VU. Rl. Y..{JMOf[ r. :i.v 1vY.• Gb. . i6,n y ��[. VrW o,rmcL or BEST. BEST G KR:EGER • llo0 Ja.rNOr On.[r, �nW n o 00. 101. ..VS.LIOC,t U /OYNq 90301 R[r/NON[ 1n.) 666-9450 November 15, 1985 /4N LIMiNOL OIl1LL b0 Wt � MJ1,[�W4LLVY O .OA lT0 M.N L/nNO..[/iWwwY LIIL[ mvt q. .wo.0.9.A0[ om[e bR b9.u9 /o, a.n.Aa., " W.. LOL 1p/L Mnl. o,"M L! R0.b[ LO[L .Y.[NO MMM[.4YId1.Y tl[!O (llL)iq•[NL 1111... PP[, a1....a •�[�.o. a =. »7 a..., .) ti000rable Chairm.:n and Members of the Redevelopment Agency cf the City a. Rancho Cucamonga Rancho (wamonga, California Re: Proposal for Bond Counsel Services ,985 Rede•.elopm :nt Agency of the City of Ranchn Cucamonga Commercial Development Revenue Note Gentlemen: We are pleaeed to subuit the following proposal for bond counsel services in connection with the Redevelopment Agency of the City of Rancho Cucamonga's proposed issua.)c- and sale of its $3 100,000 1985 Redevelopment Agency of the City of Rancho Cu[:am ,)nga Commercial Development Revenue Note in order to finance a commercial shopping center to be owned by Kanter and Poothiil Property, .1 California general part- nership, under Part 1 of Division 24 of the California Health and Safety Code. The firm of Hest, Best 6 Krieger would be happy to serve as bond :aunsel on this financing and proposes to perform the follcw.ng services on the basis set forth in this letter. fie will confer and consult with the Agency's staff and consultants on all matters relating to the financing Including participation in the rev,ew and selection of appropriate financing methods We will assist the Agency in identifying the most advantageous metMcd cf financing base-! upon our experience and we u.11 attend all meetings of the Agency's staff and consultants at which financing methods are to be discussed and analyzed for successful completion of the financing. /a 11 uw ornees or BEST BEST r. KRIEGER Honorable Chairman and Members of the Pedevelopment Agency of the City of Rancho Cucamonga ::ovember 15, 1985 Page 2 Our services will include bondpreparation frms and of other ordinances, resolutions, notices, documents required in the proceedings. We wile also review any official statement of the Agency, and prepared on behalf attend all dirtgsmeetings which any action the to be in connection with Subject to 'completion of the financing to our satisfaction, Hest, Best s Krieger will issue its approving to legal opinion p oceedings ave asers of the Note hn that sl been legally undertaken a for effect the that interest orissuance the cNOte sale is exempt lfromyFederal and State personal ineomv tax. We wil'. also Issue supplemental opinions and certificates as may be necessary or appropriate. Finally, we will confer and consult with ise dbring oificiale with respect to problems which Note, and provide the period of ser ^icing and pt.ym any and all otter services commonly expected of bond counsel. The fee for the foregoing legal services with respect to the issuance of ttlaid Note ourl expenses incurred in In addition, we will be ? connection with the financing cut of proceeds of the financirg. The fee for the fcregoing services will be prs he proceeds of upon cospletion and sale of the Note from t the financing. If other services are requestea: by the b, tley will scope be performed on a tim basis at the outl aove hourly rate of the attorneys involved. In the event that Note es not issued, we vile be e to paid a reasonable fe I rates eoEuthelactorneys in�oura firm upon the app 13 u. OI�C" P BEST BEST 6 NRtEGER Honorable Maim= and Keahmrs of the edevelcpment Age=7 of the City of Rancho nUca= ^qa Roce2ber 15, 1595 'lage 3 undertaking the work prior to abamd .t, a=3 to be paid by the particapaticg developers. rf this errar,®e= is satisfactory to T=, please return to us a =i,l of tt:is Letter creeoted by an zmtborized officer of the Agency. Rpspectfally submitted. Pracc,� J. P� of Best, Best s erieger PJB:cc TP-OM OF SOM CW3:M PJ}Tir=�- KPPSDOW TJIS rr l C , 1935. Wt—horiaed Officer of tte aedevelipment Rsency of the City of Rancho Cvca=oga M?nOI3 •-f )_ LJ • rovember 20, 1985 CIII OF RUCEO CUCAMCNGA RIDEVELOPMIDI ACTICT MIRDTCS 1. CAIL To 01MM A meeting of the Redevelopment Agency of the City of Rambo Cucamonga met on Wedsasdq. November 20. 1985, in tb* Licas Pork Community Center. 9161 Base Line toad. Rancho Cucamonga. The meting vu called to order at 7105 p.m. by Chairman Jon D. Maim. Present ear* Agency Members: Pamela J. Wright, Charles J. Buquat II, Richard M. Dahl, Jeffrey King, and Chaim Jon D. Mikels. Also presant mores Executive Diractor, Lavern N. Wasserman; Deputy Director, Jack Los; Assistant Secretary. Beverly A. Ambelet; and City attorney, Jams. Mariann. « * * * A, : 2A. Approval to receive and file current Investment Schedule as of November 14. 1985. M0710N: Moved by Dahl, setooded by ring to approve the Consent Calendar. No- CLOD carried unanimously 5 -0. No items submitted. A, * * e * * m, 2MALt - et .e * m * * * * 4_STAev LEFOLIN AA. BIT F[ALTC evm•1mG OLT2 OP DEMMM IS, 1915 FOL TBE L^rU- -MCZ Or BIDS BY (�) =- AGENCT TOIL THE FINANCING PtOFOft M- FDL C ev LANTLIt m a. mTrl =_- Staff report by Jach Asa, Deputy Director. (0203 -06 IDA) t. proposed shoppin; cent" with approrimtely, 45,000 square feet of floor area on the northeast corner of Foothill Boulevard and Ramona Avenue. The amount to be financed is $3.1 million. This will be a to -exempt note, and therefore most advertise for competitive bid. Chairman Mikels opened the meeting for public cosaeat. There baicg none, the meeting was closed. Secretary Vassermaa read the title of Issolution No, LABS -16. RESOLMOS NO. RA85 -16 4 RESOLUTION OF INS RED VELOPIENT AGENCY OF THE CITY OF LASCBO CUCAMONGA. CALIFORIIA, PROVIDING FOR ISSUANCE or $3.100.M RANCNO CUCAMONGA REDEVILOPMENT ACINCT COKKESCIAL DEVELOPMEM? RLVENOE ROLE MOTION: Nosed by Dahl. seconded by tint. to approve Resolution No. RUS-16 and waive farther reading. Notion carried mnasimoasly 5-0. * * * * * * 43. AMZ2 t=, Mr. Wasserman requested a Closed Session to reconvene. (2) (0203-06 IDAJ NOTION: Moved by Boquet, seconded by Dahl to adjourn to a Closed Session to reconvene. Notion carried ooanimovsly, 5•0. i Redevslopment Agency Minutes November 20, 1983 Page 2 The Agency adjourned at 7107 p.m. and reconvened neberr Of the Agency present. at 7 ;20 p. v, vl th all which would munderscertain conditionsfreseinsd ssueborizatloo forpIndurial Resolution velopment bond, calm for the A. N. gaiter Copan7. The reason is that ve have- not receLvad a.oe payment vhicb was due to the City by contractural Obliga- tion. If ve<maeeivm payment by Fzllsy, November 22, ve will proceed vith the issse..ae�pt giosaly authorized, otbotvite it is to be reacloded. Secretary Wassermeo read the title of Resolution No. RA83 -17. RESOLUTION N0. RA83 -17 A RESOiLUTION OP THE REDEVELOPMENT AGENCY Of THE CITY OF RANCHO CUCAMONGA, CALIFORNIA. RESCINDING gErr.oLUTION g0. RASS -12 WHICH PROVIDED FOR Tag INSTALLMENT HALE FIllANCIEG OF A COMMERCIAL AND INDUSTRIAL plW= NT A. 8. SHIRES DEVQOF_ KENT COMPANY . and waive furtherbreading. Dahl to S -0. solution No. RA83 -11 e e e c e e 5. a:rw.ewwM NOTIONt s b. Dab seconded y g s 19858:00 to Thrsd y. November 21, unsetnouely S -0a•b:tbaLioo.parkCoontty Notion carried meeting adjourood at 7:21 p.m. Respectfully oubmittad. 4=t ' � En An tbda Assistant Secretary Approved: February 19. 1986 w: COCA."m �,. ? CRY OF MCMIONGA RAN iO o ' a REDEVELOPMENT AGENCY Z AGENDA 1, 19" Lions Park Cocm+nlh Center 9161 Ease Lice Road Rautbo Cucamonga. California November 20, 1985 A. Roll Call: Yrigbt —. Buquat —• Mikels —. Dahl _, and Ring B. Approval of Moores: None submitted. 2, CaSWT CALMDAR_ The following Cwsent Calendar itemM are expected to be routine and noo - controversial. They will be acted Upon by the RDA at "a time without discussion- A. Approval to receive and file current tovestatnt Scbedule as of Nwerber 14. 1985. go item submitted. /y` STAPP_ IIP�yS A r DATE OF DE1'E!@ER 18 1985 POA TeE ACCEPTANCE OP BIDS RT THE AGENGT FOR i8E FINANCING 1•gG'C`_:,_. FOR GARY RA97ER A•ID ACtOCEAT[S. RESOLUTION N0. RA 85 -16 A RESOLUTION OF TS' REDEVELOPMENT AGENCY OF THE CITY OF RANCHO CUCAMONGA- CALIFORNIA, pROFIDISC FOR ISSUANCE OF 97 100,000 RASCRO CUCAMONGA REDEVELOPMENT ACEVCT COMMERCIAL DEFELOPHENT REVENUE NOTE S ADIOOl4IRT Adjourn to Thursday, November 21. 1985. 8:00 p. m., Lice# Park Community Center. (1) (1) (3)