HomeMy WebLinkAboutContracts & Agreements_56-1998_CCv0001.pdf DEVELOPMENT IMPACT FEES FINANCING AGREEMENT
This Agreement is made this 15th day of September, 1998 by and between the City of
Redlands,a municipal corporation("City")and William Caronna,Donna Caronna, Rick Dischinger
and Debbie Dischinger, as individuals, (collectively "Obligee").
RECITALS
WHEREAS, Obligee has obtained entitlements from the City to construct and operate a
"Brew Pub"and restaurant facility located at 19 E. Citrus, Suite 101, in the City of Redlands (the
.'Project"); and
WHEREAS,as a condition of approval for receiving its entitlements from the City,Obligee
is required to pay certain fees to the City to defray the costs the City will incur in constructing capital
improvement facilities to serve the Project and alleviate the burden imposed by the Project on
existing City facilities; and
WHEREAS, Obligee's payment of such capital improvement fees is further required as a
condition of Obligee's receiving a certificate of occupancy for the Project; and
WHEREAS,Obligee has requested City defer collection of the capital improvement fees in
accordance with the terms and conditions of this Agreement;
NOW,THEREFORE,in consideration of the mutual promises contained herein and for such
other good and valuable consideration, the receipt of which is hereby acknowledged, the City of
Redlands and William Caronna, Donna Caronna, Rick Dischinger and Debbie Dischinger agree as
follows:
DJM353,61,F
AGREEMENT
Section 1. Payment of Fees. Obligee shall pay to the City the sum of eighty eight thousand,
eight hundred dollars($88,800) in equal monthly payments over the term of this Agreement within
fifteen days of each monthly due date in accordance with the payment schedule attached hereto as
Exhibit "A" and incorporated herein by this reference. Obligee shall have the right to pay off the
principal balance,plus any accrued interest,at any time in accordance with the amortization schedule
attached hereto and payment terms, which shall terminate this Agreement. Failure to make any
payment, including late payments, within fifteen days of a due date shall subject Obligee to a late
fee penalty of three percent(3%)of the amount then owed. In the event any payment is not received
within 45 days of its due date, Obligee shall be in default of this Agreement and the City may take
any and all reasonable or necessary steps to ensure collection of the sum owed under this Agreement.
Section 2. Place ofPayment. Obligee's payments shall be mailed to the City Treasurer,P.O.
Box 3005,Redlands,California 92373,or delivered in person at the City Treasurer's Office located
at the Redlands Civic Center, 35 Cajon Street, Suite 15B.
Section 3. Water Use Credit. Failure of Obligee to make any of the payments due under
this Agreement shall result in the reversion of the tenant incremental water and sewer flow credits
to zero. Incremental water and sewer flow credits resulting from payment of this Agreement shall
accrue to the tenant as an asset of the tenant.
Section 4. Attorneys'Fees. In the event any action is commenced to enforce or interpret the
terms or conditions of this Agreement the prevailing party shall, in addition to any costs and other
relief, be entitled to the recovery of its reasonable attorneys' fees.
Section 5. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of California.
Section 6. Entire Agreement/Amendment. This Agreement represents the complete
DJM35361,1-, 2
understanding between the parties and supersedes all prior agreements, discussions and
understanding, whether verbal or Nvritten, relating to the subject matter hereof. No amendment of
this Agreement shall be effective unless made in writing and executed by the parties.
Section 7. Severability. If any provision of this Agreement is determined to be invalid or
unenforceable by a court of competent jurisdiction, the remainder of this Agreement shall not be
affected thereby and shall remain in full force and effect, unless such invalidation renders any
remaining provisions impossible or impractical to enforce.
Executed this day of September, 1998.
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DJM3536LE 3
CITY OF REDLANDS
tit Date
Wi11ia E. Cunningham, May r
Attest:
L��Poyzer, C � C r
Date
it ram Caronna
Date
Donna Caronna
f
Date
ich Dischinger
} Date
Debbie Dischinger
DJM35361-E 4
Brick House Brewery and Restaurant
Compound Period .......: Monthly
Nominal Annual Rate ... : 9.500
Effective Annual Rate .. : 9.925 %
Periodic Rate .............. : 0.7917 %
Daily Rate ................. : 0.02603 %
CASH FLOW DATA
Event Start Date Amount Number Period End Date
I Loan 10/15/1998 88,800.00 1
2 Payment 11/15/1998 2,844.53 36 Monthly 10/15/2001
AMORTIZATION SCHEDULE - Normal Amortization
Date Payment Interest Principal Balance
Loan 10/1511998 88,800.00
1 11/15/1998 2,844.53 703.00 2,141.53 86,658.47
2 12/15/1998 2,844.53 686.05 2,158.48 84,499.99
1998 Totals 5,689.06 1,389.05 4,300.01
3 01/15/1999 2,844.53 668.96 2,175.57 82,324.42
4 02/15/1999 2,844.53 651.73 2,192.80 80,131.62
5 03/15/1999 2,844.53 634.38 2,210.15 77,921.47
6 04/15/1999 2,844.53 616.88 2,227.65 75,693.82
7 05/1511999 2,844.53 599.24 2,245.29 73,448.53
8 06/15/1999 2,844.53 581.47 2,263.06 71,185.47
9 07/15/1999 2,844.53 563.55 2,280.98 68,904.49
10 08/15/1999 2,844.53 545.49 2,299.04 66,605.45
11 09/15/1999 2,844.53 527.29 2,317.24 64,288.21
12 10/15/1999 2,844.53 508.95 2,335.58 61,952.63
13 11/1511999 2,844.53 490.46 2,354,07 59,598.56
14 12/15/1999 2,844.53 471.82
2,372.71 57,225.85
1999 Totals 34,134.36 6,860.22 27,274.14
15 01/15/2000 2,844.53 453.04 2,391.49 54,834.36
16 02/15/2000 2,844.53 434.11 2,410.42 52,423.94
17 03/15/2000 2,844.53 415.02 2,429.51 49,994.43
18 04/15/2000 2,844.53 395.79 2,448.74 47,545.69
19 05115/2000 2,844.53 376.40 2,468.13 45,077.56
20 06/15/2000 2,844.53 356.86 2,487.67 42,589.89
21 07/15/2000 2.844.53 337.17 2,507.36 40,082.53
22 08/15/2000 2,844.53 317.32 2,527.21 37,555.32
23 09/15/2000 2,844.53 297.31 2,547.22 35,008.10
24 10/15/2000 2?844.53 277.15 2,567.38 32,440.72
25 11/15/2000 2,844.53 256.82 2,587.71 29,853.01
26 12/15/2000 2,844.53 236.34 2,608.19 27,244.82
2000 Totals 34,134.36 4,153-33 29,981.03
0919B Page 2
1 rick House Bre- wery mrd taurant'
Date Payment Interest Principal Balance
27 01/1 5/2GOI 2,844;63 215.69 2,628.84 24,015M
28 02/15/2001 Z844.53 194,88 2,649.66 21- jM.33
29 03/15/290 2,844.63 173.90 2,679,63 -1 5,70
30 64/15/2001 j344,53 162.76 2,691,77 6, 3.93
31 06118/2001 -844.53 131;46 2,713.98 3, ,x.86
32 96/1512001 2844.83 109.97 2,734.66 't, 56.29
33 07/15/2001 2,344,53 8&32 2,768.21 .3
34 98115120101 2,644,63 66.50 2,77 3.03 -6,622M
3609/19/20 x,844.53 44.51 2,8 301,012 Z-82- 2.03
6 0115/200 x,844.53 22.5€3 2,82 .03 OM
2691 Totals 28,445.30 1,200.48 27,244.82
Grand Totals 1#0 ,413,138 13,603.08 88,800.00 -