HomeMy WebLinkAbout147 RDA_CCv0001.pdf RESOLUTION NO. 147
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF REDLANDS APPROVING THE OFFICIAL STATEMENT TO BE
USED IN CONNECTION WITH THE $3, 760,000 PRINCIPAL
AMOUNT PARKING LEASE REVENUE BONDS, SERIES B, OF
SAID AGENCY
The Redevelopment Agency of the City of Redlands
DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows :
Section 1. This Agency hereby approves the official
Statement prepared on its behalf by Stone & Youngberg
Municipal Financing Consultants, Inc. , in substantially
the form presented on this date and attached hereto as
Exhibit "A", and authorizes its distribution to the pros-
pective purchasers of the $3, 760,000 principal amount
"Parking Lease Revenue Bonds, Series B", of said Agency.
ADOPTED, SIGNED AND APPROVED this 3rd day of July,
1975 .
airman of the Redeve'lopment Agency
of the City of Redlands, California
ATTEST:
7
ofp
the Redeve1W ment
Agency of the City of Redlands
California
(SEAL)
FJMIBIT "A
Attach a copy; of Official Statement in ;the
form presented to Agency on July 3 1975.
Proof cif June 30, x.915 ' Bowne of L.A.— (21.3) 748-98,5x
REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS
Jack B.Cummings,Chairman
Ellsworth E. Miller Chresten M, Knudsen
Charles G. 17eMir)yan Bertha Rose, ( race
R� P.Merritt,Jr. Acting Execrative Director
Mrs. Peggy A. Moseley, Secretary Edward F. Taylor, Attorney
T. F. O'Donnell, Tretasurc,,r
Professional Services
Charles Kober Associates,Arc,•hitects
Los Angeles
O'Melveny&Myers,Bond Counsel
Los Angeles
Stone&.Youngberg Municipal Financing Consultants, Inc.
Las Angeles and San Francisco
Bank of America NT&S A,Fiscal Agent
nt
Los Angeles and San Francisco
The information contained in this Official Statement was prepared under the direction of the:;Redevelopment
Agency of the City of Redlands by Stone & Youngberg Municipal. Financing Consultants, Inc., financing
consultants to tire:Agency.
All of the following summaries of the statutes and resolutions are; made subjcet to all of the, provisions
of such documents. These summaries do not purport to be complete statements of such provisions and
reference is nude to such documents for further information.
e information contained in this Official Statement has been compiled from sources believed to be
reliable. The Official Statement contains estimates and matters of opinion, which are not intended as
representations of tact. This Official Statement is not to be construed as a contract with the purchasers: of
the bonds.
THE DATE OF THIS OFFICIAL STATEMENT IS JULY 3, 1975
City of R€y€llund— 586-TR
Proof of June 30, 1975 Bovine of I..,.A._ 0138 748-985.1
CONTENTS
Introdnetion . . . . . . I Adjacent Development ll.
The Financing Program 13
The Bonds . . 3 Estimated Financing Requirement . . 13
Authority For Issuance 3 Estimated Annual Bond Service and
Terms of Sala 3 Rentals 14
Description of the Bonds 3 Estimated Tax Increment 14
Registration 4
Financial. Data . . . . 16
Redemption . . . 4
Assessed Valuations 16
Legal Opinion 4
Tax Rates . . . . . , . . . 1.7
Tax Exempt Status , . . . . . , . . 4
Tax Levies and Delinquencies 17
Eligibility For National Banks . . . . . . . . 4 Fuad
Legality For Investment in California . . 4 Revenues,3alanc.esExpenditures
'xp enclitu�e s and 17
Purpose 5 Overlapping Bonded Debt . . 1",9
osc, Direct and C}vc,rla
Security 5
The Lease Agreement . . . . 5 The City . . . . . . . . . . 20
Creation of Special Funds . . . . . 5 Municipal. Goverrnment. 20
Disposition of Bond Proceeds . . 6 Population . . . . . . . . . . . . . . . . . 20
Deposit and Application of Revenues . . 6 Construction Activity . . . . . . 20
Investment of Funds . . . . . . . . 7 Employment . . . . . . , . 20
Additional Bonds . . . . . . . 7 Industry 21
Insurance 7 Military Activity 22
Other Covenants g Commerce 23
Banking 3
The Project 9 Transportation 23
The Redevelopment Agency . . . 9 Utilities 23
The Redevelopment Project Area . . . . . . 11 Education . . . . . . . . . . . . . . . . . 23
The Proposed Shopping Center . . 11 Community Facilities . . . . . . . . . . 24
The Developer 11 Agriculture . . . . . . . . . . . . . . . . 24
City of ti€clland 558G-TR
Proof of dune 30, 1975 Bowne of LA,-- (2.13) 748-1185A
_---------- The Redevelopment Agency of the City of Red-
lands was created.by Ordinance No. 143E of the City
Council, dated April 6, 1971 and pursuant to the
Community Redevelopment Law of the State of
i�1 T R T I California. Ordinance No, 1436 provides for the
111 City Council to act as the Agency.
Ordinance:. No. 1500 of the. City Council, dated
September 26, 1972, approved the redevelopment
Plan for a 500 acre area in the:; central portion of
the City known as the. Redlands Redevelopment
Project.
The Agency has entered into a disposition and
development agreement providing; for the construc-
tion of a shopping center which will cover an area
of six blocks in the central business district. The
Agency will acquire all of the land in the six block
area (including land owned by the:. City which will
be deeded to the: Agency without cost) and will deed
the shopping center building sites to the developer.
The Agency will also provide approximately 470
surface parking spaces within the six-block area and
approximately 1.50 additional spaces across the street
forming the southern perimeter of the six-block area.
The developer will construct a subsurface parking
garage with approximately 300 spaces below a por-
tion of the shopping center.
The shopping center will contain a department
store, a mall and mall shops, a food market and a
financial building including a branch bank.
The Agency is also engaged in the redevelopment
of a three;-block area directly north of the, shopping
center. A 40,000 square foot furniture store has
already been constructed there to house a. business
formerly located in the six-black area. Plans call for
the construction of a restaurant and a professional
building including a savings and loan association
office.
On April 30, 1374, the Agency sold `tt2,440,000 of
Series A Parking Lease revenue Bonds to finance
the acquisition and clearance of sites for parking
facilities.
On October 30, 1974, the Agency sold $2,000,000
of 1974 Tax Allocation Notes to finance the acquisi-
tion and clearance of additional land, including both
land to be used for parking and land to be deeded to
the developer.
On July 15, 1975, the; Agency will offer for sale
$5,670,000 of 1975 :Redlands :l cdeve-lopment Proj-
ect Tax Allocation Bonds. "T'he proceeds from the
. City of Rf,,d and--,586-,rR
Proof of June 30, 1975 Bowne of LA,— (213) 748-985A
sale of the bonds will be used to pay the costs of ac- To insure prompt payment of the bonds, certain
quiring and clearing the balance of the land to be safeguards are provided in the, resolution providing
conveyed to the developer in both the six-block area for their issuance, including the following provisions.
and the adjacent three-block area, plus a portion of 1. An amount equal to the first 30 months' interest
the land to be used for surface parking-, to repay the on the bonds will be deposited in the Bond
$2,000,000 of 1974 'Tax Allocation Notes; to repay Service Fund from the bond proceeds. The first base
a $300,000 advance from the City to the Agency and rental payment will not be due until after the first
to reimburse certain funds previously advanced to the tax increment from the shopping center is expected
Agency by the developer. to be received by the Agency. It may be noted, that,
The $3,760,000 of Series B Parking Lease Reve- if completion of the shopping center is delayed by
nue Bonds currently being offered for sale will be six months beyond the expected date, the Agency
used to finance the acquisition and clearance of the will still receive tax increment revenue-, in time to
balance of the land to be used for surface parking and reimburse the City sufficient money to cover the first
the construction of the surface parking facilities. rental payment.
Both the Series A and the Series B Parking Lease 2, The amount in the Reserve Fund will be increased
Revenue Bonds are secured by a pledge of the rental to an amount equal to the annual base rental due
revenues due the Agency from the City under a lease under the amended lease.
of the parking project.
The sites acquired by the Agency with the pro- 3. Various types of insurance will be provided in-
ceeds of the Series A bonds were leased to the City eluding fire and extended coverage insurance,
tinder terms of a lease agreement dated May 1, 1974. earthquake insurance and business (rental) interrup-
The agreement was amended as of May 15, 1975, to tion insurance for the foregoing perils equal to
cover the balance of the parking sites (including the twelve months' rental, plus public liability and work-
land to be acquired for parking purposes with the men's compensation protection.
proceeds of the Tax Allocation, Bonds), plus the 4. A policy of title insurance with lender's leasehold
parking facilities to be constructed on the sites. The endorsement insuring the validity of the lease will
amendment also releases from the lease a parcel of be obtained following acquisition of the parking sites,
land acquired with the proceeds of the 'Series A An interim binder will be obtained prior to the de-
Parking Lease Revenue Bonds, which will not be livery of the bonds.
used by the Agency for parking. The amended lease
will provide for an annual base rental sufficient to Redlands is located in the southwestern portion of
meet the combined bond service requirements of the San Bernardino County, approximately 60 miles east
Series A and B Parking Revenue Bonds, of Los Angeles, The City is well known as an attrac-
Under the lease the City agrees to include the total tive residential community and the site of the Univer-
rental in its budget for each fiscal year in which the sity of Redlands. Commerce and industry are also
rental is due, The City expects to derive the funds to important to the City's economy and retail commer-
meet the rental payments from money to be reim- cial activity is expected to increase with the com-
bursed to it by the Agency front tax increment pletion of the shopping center in the redevelopment
revenues derived by the Agency from the redevelop- project area,
ment project. Under the law, the Agency may reim- The population of the City was certified by the
burse the City for the cost of City-owned land which State Department of Finance to be 37,500 as of
will be used for the redevelopment project and for January 1, 1975.
other materials and services provided by the City for
the benefit of the redevelopment project., including The assessed valuation of the City for the 1974/75
the rental payments on the parking project. How- fiscal year is $89,961,345, an increase of more than
ever, the obligation to reimburse the City has been 30 percent since 1969/70. Secured tax delinquen-
subordinated to the Agency's obligation to meet debt cies for the 1.974/75 fiscal year represented 3.24
service on its tax allocation bonds, Furthermore the percent of secured tax levies. Tbe direct and over-
City is obligated to make the rental: payments due lapping general obligation bonded debt of the City
to the Agency under the lease whether or not it as of July 29, 1975 is estimated to be $, ,_ .1 -
receives such reimbursements from the Agency. or . . . . percent of the 1974/75 assessed valuation,
7 City of Redland5586-TR
Proof of June 30, 1975 Bowne of L.A, (213) 748-9851
Authority For Issuance
The $3,760,000 of Series B lurking Lease Rev-
enue Bonds of the: Redevelopment Agency of the
City of Redlands will be issued under provisions of
TH E B 0 N DEB the Community Redevelopment Law, Part: 1 of
Division 24 of the California Health and Safety
Code, commencing with Section. 33000 and pursuant.
to the terms of Resolution No. of the Agency
_-_--_ adopted. July 3, 1975. A copy of the resolution
is included in the basic legal documents accompany-
ing this Official statement.
Series A bonds in the amount of `fi2,44O,OOO were
issued pursuant to Resolution No. 129 of the:Agency,
adopted April 16, 1974
Terms of Sale
Bids for the purchase of the bonds will be re-
ceived by the Redevelopment Agency at or before
1€1:00 A.M., on Tuesday, July 29, 1975 in the office
of the City Cfork, of the City of Redlands, City Hall,
30 Cajon. Street, Redlands, California 92373. The
bids wilt be referred to the Agency for action at a,
meeting to be held at 2:00 P.M. on the sante day.
Details of the terms of sale are contained in the
Notice lnviti.ng Bids adopted by the. Agency an
July 3, 1975,.
Description of the Bonds
The $3,760,000 of bonds will be issued in denom-
inations of $5,000 cacti and will be numbered B1
through 1-3752, The bonds will be dated. May 1.5,
1975 and will nature serially on May 15 of each
of the years and in the amounts shown below..
SCHEDULE OF MATURITIES
Principal Principal
Years Maturing Years Maturing
1978 20,0001 1991 . . . $170,OOO
1979 60,000 1992 . . . 180,000
1980-81 70,000 1993 200,000
1982-83 80,000 1994 2101,000
1984-85 100,000 1995 240,000
1986 110,000 1996 260,OOO
1987 120.000 1997 280,0:100
1988 . . . . 130,000 1998 . . . 300,000
1989 - . . . 1.40,000 1999 330,000
1990 . . . 160,000 2000 . . . 350,000
f.;ity of Ited3and—55586-'111
Proof of June 30, 1975 Bowne of ',[.,,A.— (213) 748-9851
Interest will be payable semiannually on May 15 to be mailed to owners of registered bonds not less
and November 15 of each year, commencing No- than 30 days prior to the redemption date. If all
vember 15, 1975. of the outstanding bonds are registered, only mailed
Both interest and principal will be payable at the notice need be given.
office of the fiscal agent, the Batik. of America Legal Opinion
NT & SA, in I-os Angeles and San Francisco, Cali-
fornia, and at paying agents in Chicago, Illinois and Myers, Los Angeles, California, Bond Counsel for
New York, New York. the Agency, attesting to the validity of the bonds
Registration will be furnished without cost to the original pur-
chaser of the bonds. A copy of the legal opinion
The bonds will be issued as coupon bonds which will be printed on each bond without charge to
may be exchanged for fully registered bonds. The the purchaser.
,fully registered bonds will be exchangeable for The statements of law and legal conclusions set
coupon bonds under the terms set forth in Resolu- forth in this official statement under the heading"The
tion No. Bonds" have been reviewed by Bond Counsel. Bond
Counsel's employment is limited to a review of the
Redemption legal procedures required for the authorization of the
Except in the event of condemnation of the pro- lease described below and of the bonds and to ren-
ject or substantial damage which renders the project dering an opinion as to the validity of the bonds and
or any portion, unuscable, bonds maturing on or the exemption of interest on bonds from income tax-
before May 15, 1987 are not subject to call for ation. The opinion, of Bond Counsel will not con-
redemption prior to maturity, Bonds maturing on cider or extend to any documents which Bond
and after May 15, 1988 may be called for redemp- Counsel did not prepare or review or to any agree-
tion, at the option of the agency, in inverse order ments, representations, offering circulars or other
of maturity, and by lot within a single maturity on any material of any kind concerning the bonds not
interest payment date commencing May 15, 1987. mentioned in this paragraph.
In, the event that all or a portion of the project Tax Exempt Status
is condemned or damaged, the Agency may use the
proceeds of the award in condemnation or insurance In the. opinion of bond counsel the interest on
proceeds to provide substitute facilities to be rented the bonds is exempt from incorne taxes of the United
to the City or to call and redeem bonds. If only a States under present federal income tax laws (ex-
portion of the property should be condemned or cept that interest on bonds held by any substantial
damaged and less than all of the outstanding bonds user of the project or related person may be taxable),
are to be redeemed, the Fiscal Agent will select a Such interest is also exempt from personal. income
principal amount in each maturity to be redeemed taxes of the State of California under present state
so as to provide for as nearly equal bond service as law.
possible on the remainder of the bonds. The bonds
to be redeemed within each maturity will be selected Eligibility For National Banks
by lot. A request has been niade to the Controller of
redeemable at par value plus the Currency for a ruling that the bonds are eligible
The bonds are,
accrued interest and a premium of one quarter of one for purchase, dealing in, underwriting and 'unlimited
holding by national batiks.
percent of par value or each year or fraction of a
year from the redemption date to the maturity date, Legality For Investment In California
but not to exceed five percent, 'The maximum pre- Section 33663 of the Community Redevelopment
pre-
mium payable if the bonds were redeemed on May Law provides that the state, municipalities and
15, 1987, would be 31/4 percent. other public bodies, banks, trust companies, savings
Notice of redemption is to be published in a banks, insurance companies and other financial in-
newspaper of general circulation in Los Angeles stitutions may legally invest funds subject to their
and a financial journal circulated in New York and is control in bonds of a redevelopment agency,
4' (3ity of Redland-_5586-TR
Proof of June 30, 1975 Bowne of LA,— (213) 748-9851
The State Superintendent of Banks has ruled that valuations in the project area which will produce tax
bonds of a redevelopment agency are eligible for increment revenues to the Agency which may be used
investment by savings banks in California. As such, to reimburse the City for its rental payments.
the bonds are believed to be eligible to secure de- Ordinance No. 1560 provides for a maximum
posits of public funds, semiannual rental of $370,000. However the actual
amount of the base rental will be determined after
Purpose the sale of the bonds and will be in an amount
The bonds are being issued to finance the acquisi- sufficient to cover annual Series A and B bond service
tion, of sites for, and construction of public parking requirements over the entire term of the issue,
facilities within the Redlands Redevelopment Project. The City is required to provide for the operation
The parking project is to be leased to the City and maintenance of the parking facilities to be
when improved. constructed on the sites and to pay to the Agency
as additional rent the amount necessary to pay
Security taxes and assessments, if any, premiums for in-
surance required by the lease or the bond resolution
and any other expenses of the Agency in connec-
equally secured by air exclusive pledge of the annual tion with the parking project which are not met from
base rental payable by the City of Redlands to the other sources.
Agency for the use of the parking project under terms
of the lease described below. Any income derived by The City is obligated under the lease to budget
the Agency from the investment or deposit of money for and appropriate the amount of the rentals due
held in any fund created in connection with the sale in each fiscal, year. Under terms of the bond resolu-
of the bonds, except money in the Acquisition and tion the Agency is required to enforce the terms of
Construction Account, will also be used, if required, the lease. Should the City default in its obligations
to triect bond service. under the lease the Agency has the right to relet the
premises for the account of the City without termi-
nating the lease and the City is obligated to make up
The Lease Agreement any deficiencies in revenues to the Agency.
The parking sites to be acquired and cleared with The lease provides that the proceeds of any
the proceeds of these bonds will be leased under condemnation award or insurance payment for dam-
terms of a lease agreement dated May 1, 1974, and ages to the project will be used to repair or replace
amended as of May 15, 1975, The lease will ter.mi- the facility or to call and redeem bonds. It further
nate on May 1, 2009, or when payment, or provision provides that if the Agency has sufficient funds to
for payment, of all bonds has been made. The lease repair or replace the facility (including funds to
may be terminated earlier in the event of condemna- meet debt sex-vice during the: time required) it must
tion or destruction of the project, or default by the do so unless the City consents to the redemption of
City tinder terms of the lease, bonds instead.
Ordinance No, 1560 of the City Council, approv-
ing the amendment to the lease, was adopted on Creation of Special Funds
June 19, 1975, The ordinance becomes effective 30
days after approval, Resolution No, 129 of the Agency provided for
the establishment of special funds for the control
The lease provides that the City will pay the
Agency in advance equal serni-annual installments and administration of bond proceeds and of the
of base rentals on August 15 and February 15 of revenues pledged to meet bond service. 'These funds,
each year. Rentals will commence on the later of their sources and uses, are listed in the tabulation
February 15, 1978 or the date the Agency gives at the top of the following page, The tabulation also
shows whether the funds are held by the Fiscal
the City written notice that the property is avail-
Agent or the
able for use for parking purposes, The expected Treasurer and whether money in the
fund may be invested.
completion date of the parking facilities is September
1976. The February 15, 1978 date was selected in Further details of the funds are described on the
order to allow tirne for increases to occur in assessed following pages.
5 City of Redland-5586-TR
Proof of ;dune 30, 1975 Bowne of La,A.-- (213) 748-98511
REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS
PARKING LEASE REVENUE BONDS
Special Funds
Fund or Account Meld By Source Use
Acquisition and Construction Treasurer Bond Proceeds First 30 months' interest,
Account Reserve Fund and Acquisition
and Construction Costs
Revenue Fund Treasurer City rental payments and Transfers to other funds
other pledged revenues
Bond Service. Fund Fiscal Agent Bond proceeds and Payment of gond principal
Revenue Fund investment and interest
earnings
Reserve Fund Fiscal Agent Bond proceeds (and, if Payment of bond principal
required, Revenue Fund) and interest
Maintenance and Operation Treasurer Revenue Fund Insurance and other project
Fund related expenses
Surplus Revenue Fund Treasurer Revenue Fund Purchase or redemption of
bonds, transfers to Acquisition
and Construction Account, or
reimbursement of City rental
payments
Disposition of Bond Proceeds account is to be used to acquire and construct the
Upon delivery of the bands the following amounts project to be leased to the City. Any balance remain-
ing in the account may be transferred to the Bond
will at transferred to the fiscal agent for deposit as Service: Fund or to the Redemption Fund, in either
indicated. of which cases it is to be applied as a credit toward
1.. Bland Service Fund—An amount equal to the base rental due from the City tinder the lease, or
first 30 months' interest on the; bonds will be retained in the account and used to finance future
deposited in the Bond Service Fund and used to pay parking project improvements.
interest as it becomes due.
. Reserve Fund$----An amount which, together Deposit and Application of Revenues
with the amount already in the fund, will be equal 1. Revenue Fund--All pledged revenues are to
to one year's base rental under the lease will be be placed by the. Treasurer in the Revenue Fund
deposited in the Reserve Fund., from which they will be transferred for the purposes
Money in the Reserve Fund is to be used to pay and in the order of priority listed below,
bond interest and principal in the event there are
insufficient revenues for the purpose and money 2. )Bond Service Fund----C)n car before May 1,
withdrawn from. the Reserve:: Fund must be re- 1978, the Treasurer will transfer to the Fiscal Agent,
plenislted from the first available revenues. The far deposit in. the Bond Service. Fund, an amount
fund may also be used to meet the final payments which, together with the balance in the fund, will
be equal to the principal and interest: coming due
of 'bond principal and interest:.
an May 15, 1978. On or before November 1, 1978
3. Parki
Proof of June 30, 1975 Bowne of LA.— (213) 748-985-L
interest payment date and one half the principal issued on a parity with the Series A and B bonds
coming due on the next principal payment date. under the following conditions:
3. Reserve Fund—The Treasurer will transfer 1. The additional bonds must be issued to finance
to the Fiscal Agent for deposit in the Reserve Fund the parking project or an addition to it and
from the first available revenues the amount, if any, must be declared by the Agency to be necessary for
required to maintain the balance in the fund at an that purpose.
amount equal to one year's base rental. 2. The Agency must not be in default under the
4. Maintenance and Operation Fund—The resolution providing for the issuance of these
Treasurer will place in the Maintenance and Opera- bonds.
tion Fund the amount necessary to pay taxes and 3. The proceeds from the sale of the additional
assessments, if any, levied on the project and any bonds, together with any other, money available,
operating costs of the Agency in connection with for the purpose, must be sufficient to meet the costs
the issuance of the bonds or of the project to be of acquisition and construction, incidental expenses
financed by them, including insurance premiums and of bond issuance, interest during the period of
fiscal agent fees. acquisition and construction and the required trans-
Under terms of the lease the City will operate fer to the Reserve Fund as described in paragraph 5
and maintain the project. However if the Agency below.
should be required to operate and maintain it as a 4. The Agency and the City must have entered
result of a default by the City under the lease, the into a new or supplemental lease agreement
costs will be met from this fund. which provides for sufficient annual base rental pay-
5. Surplus Fund—Any money in the Revenue ments to meet bond service requirements of the out-
Fund on June 15 of any year, beginning June 15, standing bonds and the additional, bonds.
1978, provided it is not required to meet future debt 5. Provision must be made to increase the Reserve
service requirements under the schedule of base Fund to an amount equal, to the new annual
rental payments, will be transferred by the Treasurer base rental figure,
to the Surplus Fund and may be used by the
Agency for additions or improvements to the project, 6. The additional bonds must 'be payable as to
to purchase or redeem bonds, to reimburse the City principal on May 15 and as to interest on May 15
for any rental payment, or transferred to the Main- and November 15 and may not be subject to call
tenance and Operation Fund. for redemption prior to May .15, 1987, except in
the event. of condemnation or destruction of the
Investment of Funds project.
Money in the Acquisition and Construction Fund, Insurance
the Bond Service Fund and the Revenue Fund may
be deposited or invested in accounts or federal The resolution of issuance requires that the
securities which will mature on or before the date Agency maintain or cause to be maintained. the fol-
the money must be paid out of such funds. Any lowing policies of insurance covering the parking
interest earnings will become a part. of such funds. project.
Money in the Reserve Fund may be deposited or 1. Insurance against damages by fire, earthquake,
invested in accounts or federal securities maturing etc.—The Agency will, maintain insurance
at any time prior to the last principal payment date. against damages by the following causes in the fol-
Interest earnings which bring the balance in the fund lowing amounts, if obtainable from reputable in-
to an amount in excess of one year's base rental will surers on the open market,
be transferred to the Revenue Fund, a. Against fire—Insurance against tire, light-
ning and perils normally included under "ex-
Additional Bonds tended coverage," in amounts equal to the full
The resolution provides that no additional bonds insurable value of the project, or the Agency's
having a priority in, payment out of the pledged, outstanding bonds together with any premiums
revenues may be issued. Additional bonds may be payable upon redemption, whichever is less.
7 City of Redland---5586-TR
Proof of June 30, 1.975 Bowne of L.A.— (213) 748-985,x
1), Ag ainst earthquakes—Insurance against 2. To pay, discharge, or contest any lawful claims
earthquakes, in amounts equal to the full insurable and any taxes, assessments, or other govern-
value of the project, or the Agency's outstanding mental charges upon the project or the revenues
bonds, whichever is less, subject to deductibles of which might impair the security of the bonds.
ten percent for any one loss. 3. To promptly acquire and clear the sites and con-
c, Against war risks—Insurance against war struct the parking facilities.
risks in an amount not less than the value, new, of 4. To enforce and abide by the lease agreernent,
the project.. 5. Except as permitted by the lease, not to mort-
d, Against darnage b'v sprinkler systems, steam gage, encumber, sell, lease, place a charge on
boilers, etc. —Insurance against damage caused or otherwise dispose of the project or the revenues
by sprinkler systems, steam boilers, pressure, ves- therefrom, except under the provisions for substitute
sels and similar apparatus, if appropriate, in facilities and not to enter into any agreement which
amounts to be determined by the Agency and impairs the rights of the bondholders with respect
approved by the fiscal agent. Such protection is to the revenues or operation without making ade-
not expected to be appropriate since no structure quate provision to protect the rights of bondholders.
will be financed by the bonds. 6. To keep proper books of record and accounts
2. Insurance Against Business (Rental) Interrup- and to file with the Trustee annually, within 120
tion—The Agency will maintain insurance days after the end of each fiscal year, detailed cert-
against business (rental) interruption against all of ified audits covering the operation of the Agency,
the perils described above in an amount equal to at showing revenues, expenses, insurance in force, and
least one year's rental under the lease, the status of each fund.
7. To maintain or cause to be maintained the
3, Liability and Workmen's Compensation In- project.
surance---The Agency will inaintain public 8. If for any reason the Agency should operate the
liabilty insurance of at least $250,000 per person project, to fix and collect charges sufficient to
and $1,000,000 per accident with respect to bodily pay bond principal and interest when due, to pay all
injury or death and $50,000 for property damage, operation and maintenance expenses and to maintain
plus workmen's compensation insurance for all per- the special funds provided for in the Resolution.
sons employed in connection with the Project.
9. In the event the City fails to budget for the rental
payments as required under the lease to take
Other Covenants such action as is necessary to have the City budget
Resolution No. 129 contains certain additional and appropriate money for such payments and to
covenants under which the Agency agrees. advise the fiscal agents of the actions taken.
L To punctually pay bond principal and interest 10, Not to make any use of the bond proceeds which
as they become due. would cause the bonds to be arbitrage bonds.
8 City of Red1tind55861-TR
Proof of Jurie 30, 11375 Bovine of LA.— (213) 748-985.1
The Series B harking Lease Revenue Bonds are
being issued to finance the acquisition and clearance
of land for parking lots and the construction of park-
ing lots oil these lands r on lands previously acquired
T H R EC by the Agency.
The parking lots will surround three sides of a new
shopping center to be constructed under terms of a.
Disposition and Development Agreement between the
Agency and R-J Investments, Newport Beach, Cali-
fornia. The shopping center will be located on lands
to be conveyed by the Agency to the developer under
terms of the. Disposition and Development Agree-
ment. It will include a subsurface garage containing
approximately 300 parking spaces which. will be
constructed by the developer under terms of the
Disposition and Development Agreement. Upon
completion of construction the garage will be deeded
to the Redevelopment. Agency.
The Redevelopment Agency
The Redevelopment Agency of the City of Red-
lands was created under provisions of Ordinance No.
1,436 of the City Council of the City of Redlands,
dated April b, 1971, and pursuant to the Community
Redevelopment: Law of the State of California. In
the Ordinance the. City Council declared itself to
be Agency,
,
Under the Community Redevelopment Law„ the
Agency is a separate public body and exercises gov-
ernmental functions in executing deity adopted re-
development projects. The Agency has the right to
acquire property, by purchase or eminent domain
proceedings, to clear, develop and improve property,
to sell or lease such property, to accept financial
assistance from any souree and to issue bonds.
The Community Redevelopment Law authorizes
a method of financing; redevelopment projects based
upon the increase in property taxes within the proj-
ect area which may occur as redevelopment proceeds.
The assessed valuation within the project area is
frozen at the level existing prior to the; adoption of
the redevelopment plan and all overlapping taxiing
agencies continue to receive the taxes derived by
the levy of their current tax rates against assessed
valuations of the project area tip to this frozen base.
All property taxes collected upon any increase in
assessed valuations above the; frozen base will be
credited to a redevelopment agency to the extent
necessary to repay any indebtedness incurred by the
City sof Redland—,586-TIA
cr,
cr�
Proof of June 30, 1975 Bowne of 1,.A,— (213) 748-9851
agency in the development of the project. Such developer is negotiating with United California Bank
indebtedness may include a contractual obligation on a lease of the bank building.
of the agency to reimburse to the city the costs Approximately 300 parking spaces will be pro-
of property, services and improvements provided by vided by the developer in a 110,245 square foot
the city in aid of the redevelopment program includ- covered garage extending below the department store
ing rentals, and a portion of the mall. Approximately 470 sur-
face parking spaces will be provided by the Agency
The Redevelopment Project Area on 248,300 square feet of land adjacent to the
buildings. About 150 additional parking spaces will
The Redevelopment Project covers approximately be provided by the Agency on 50,150 square feet
500 acres of land within the City of Redlands, of land located across the street forming the southern
extending from north of the Interstate 10 freeway perimeter of the 42.6 acre area.
across the central part of the City and including the
downtown business arca. A diagram of the shopping center, and an adjacent
area which is described below, is shown as Figure 3.
The boundaries of the project area are shown by
Figure 2. The Developer
The 1974/75 assessed valuation of the project The developer of the shopping center is R-J
area is shown in "fable 1. Investments, a California Corporation owned by
Richard D. Jones, its president, and Frank A. Klaus,
Table I former chairman of Microdot, Inc.
REDEVELOPMENT AGENCY OF Mr. Jones, an attorney, is also the chief executive
THE CITY OF REDLANDS officer of Northridge Fashion Center, a 1,450,000
1974/75 Assessed Valuation square foot regional shopping center in, the San
Fernando Valley and of Valley Plaza, an 860,000
Increase square foot, regional shopping center in Bakersfield.
Total Less: (Decrease)
Assessed Frozen From He was responsible for the completion of construc-
Valuation Tax Base Tax Base tion anti leasing of the Northridge Fashion Center,
..........
Local which was approximately half constructed and half
Secured $ 9,045,550 $ 8,083,190 $ 962,360 leased when it came under his direction,
Utility , , 3,460,060 3,139,150 320,910 Prior to the formation of .R-J Investments Mr.
Unsecured 2,461,040 2,540,840 (79,800) Jones did legal and development work on Metcalf
Total $14,966,1 650 $13.763. - 18 0 $I- 2-0-3-4 70 Plaza, Fontana Square and Harbor Heights shopping
centers, as well as Northridge Fashion Center and
Valley Plaza. Concurrently he engaged from time to
time in his own real estate business, consisting of two
The Proposed Shopping Center multistory office buildings, in Pasadena and Whittier,
The proposed shopping center for which the California, construction of apartment units in Pasa-
Agency will furnish parking will be located on a 12.6 Jena and single residential units in Carpinteria,
acre site within the downtown business district of the California.
City. It will include a 60,000 square foot department
store, a 22,100 square foot enclosed mall with ap- Adjacent Development
proximately 74,000 square feet of mall shops, and a The Agency has named Sequoia Pacific, a South-
12,000 square foot financial building which will ern Pacific Company, as developer of a three-
include a 5,000 square foot, bank, The Harris block area immediately to the north of the shopping
Company, which operates departntent stores in the center. However it is expected that :l -;l Investments
neighboring Cities of San Bernardino and Riverside
.and in the City of Indio, southeast of Palm Springs, will be named developer of this area in place of
as well. as a 30,000 square foot store in Redlands, and with the consent of Sequoia Pacific.
has entered into a lease of the department store. A new 40,000 square foot furniture store has
Von's has entered into a lease of the market. The been built in this area to house a business which had
II (Aty of Redland-5586-TR
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Proof of June 30. 1975 Bowne of 1,.A.— (213) 748-9851
been located in the area being acquired and cleared The proceeds from the sale of the bonds currently
for the shopping center. being offered for sale will be used to acquire and
Planned development in the area consists of a clear the balance of the surface parking sites and
professional building and a restaurant. Home Sav- to finance the costs of constructing the surface park-
ings and Loan Association has made application for ing facilities.
a permit for a 2,000 square foot temporary branch On July .15, 1975 the Agency plans to sell
office within the Redevelopment Project Area. It is $5,670,000 of Tax Allocation Notes to finance the
anticipated that it will establish a permanent branch redemption of the 1974 Tax Allocation Notes, the
office in the professional building. acquisition clearance and site preparation of the
balance of the land to be conveyed to the developer,
The Financing Program the acquisition of certain land to be used for surface
parking and to be leased to the City in place of that
The Redevelopment Program originally called for portion of the garage site previously leased to the
the Agency to acquire and clear the six-block area City, the repayment of a $300,000 advance from
in which the shopping center will be located, to the City to the Agency, and the reimbursement
construct surface parking surrounding the shopping of the $296,585 previously advanced by the de-
center and a parking garage over which a portion of veloper to the Agency.
the shopping center will stand, and to sell the devel-
oper the site for the shopping center, including air Estimated Financing Requirement
rights to the area over the garage. -Table 2 shows an estimate of the funds required
On April 30, 1974 the Agency sold $2,440,000 by the Agency front the proceeds of the 1975 Tax
of Parking Lease Revenue Bonds, Series A, to Allocation Bonds and the Series B Parking Bonds
finance the acquisition and clearance of land to be currently being offered for sale.
used for parking facilities, including 55,434 square
feet of land to be used for the parking garage. At
the time the parking facility sites were acquired the Table 2
Agency also acquired approximately 1.8,712 square REDEVELOPMENT AGENCY OF THE
feet of land which was sold to the developer, together CITY OF REDLANDS
with the air rights over the 55,434 square feet of Estimated Funds Required
garage site, for a total of $296,585.
Parking Tax
Subsequently it was determined that it would be Revenue Allocation
impractical for the Agency to construct the garage. Bonds, Bonds
and the developer to construct the shopping center Land Acquisition $ 708,308 $1,095,147
facilities above it, due to the problems associated Relocation , , 345,500 4,500
with having two contractors and two owners involved Demolition . . . 241,910 48,000
it what was to be essentially a single construction Repayment to City — 300,000
project, Accordingly the agreement with the devel- Repayment to Developer 296,585
oper was modified to provide that the developer Construction 1,050,000 442,354
will construct the garage and the Agency will deed to Engineering . . . . . . . 188,600 35,400
the, developer the shopping center site, including the Contingencies105,000 44,000
land to be used for the garage, without charge. It Subtotal 82,639,318 $2,265,9 1 8 1 6
is expected that the developer will contribute the Repayment of 1.974 Notes 2,040,356
garage to the Agency following completion but the
garage will not be included in the project to be leased Subtotal $2,639,318 $4,306,342
to the City. Funded Interest 676,,R00 907,200
Reserve . . . 448,400 453,600
On October 1, 1974, the Agency sold $2,000,000 Cost.of Issuance 75,000 92,000
of 1.974 Tax Allocation Notes to finance the acquisi- 'Total Funds Required $3,839,518 $5,759,142
tion, clearance and improvement of additional land, Less: Interest Earnings 84,000 90,000
including both land to lie retained by the Agency as Net Funds Required $3,755,518 $5,669,142
sites for the surface parking and land to be conveyed
Bond Issue . . . . . . . . $3,760,000 $5,670,000
to the developer,
13 City of Redland-5)586..TR
Proof of June 30, 1975 Bowne of L.A.- (213) 748-9851
Estimated Annual Bond Service Estimated Tax Increment
and Rentals Table 4 shows art estimiate of the tax increment to
Table 3 presents an estimate of annual bond be derived by the Agency upon completion of the
service requirements for the Series B bonds, based shopping center and the adjacent area to the north.
on an estimated interest rate of eight percent, to-
gether with actual annual bond service requirements The value of the improvements in, the shopping
for the Series A, bonds sold on April 30, 1974, and center and the adjacent area are equal to the esti
an estimate of the annual base rental requirements. mated costs of construction. The estimated costs
Table 3
REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS
Parking Lease Revenue Bonds, Series A
Estimated Annual Bond Service and Base Rental
Estimated Series B Bond Service
Actual Combined
Interest Principal Total Series A Annual
Fiscal Principal Estimated Maturing Bond Bond Bond Base
Year Outstanding @8% May 15 Service Service Service Rental
........... ................... - -_.............
1975/76 $3,760,000 $ 300,80001' $ $ 300,800`) 166,300 $ 467,100(k) $
1976/77 3,760,000 300,800 300.8000) 166,300 467,100 C*
1977/78 3,760,000 300,800 20,000 320,800 196,300 51.7,1070(:0) 292,500
1978/79 3,740,000 299,200 60,000 359,200 224,200 583,400 585,000
1979/80 3,680,000 294,400 70,000 364,400 220,000 584,400 585,000
1980/81 3,610,000 288,800 70,000 358,800 225,800 584,600 585,()00
1981/82 3,540,000 283,200 80,000 363,200 220,900 584,100 585,000
1982/83 3,460,000 276,800 80,000 356,800 226,000 582,800 585,000
1983/84 3,380,000 270,400 100,000 370,400 220,400 590,800 585,000
1984/85 3,280,000 262,400 100,000 362,400 224,800 587,200 585,000
1985/86 3,180,000 254,400 110,000 364,400 218,500 582,900 585,000
1986/87 3,070,000 245,600 120,000 365,600 222,200 587,800 585,000
1987/88 2,950,000 236,000 130,0000 366,000 215.200 581,200 585,000
1988/89 2,820,000 225,600 140,00040 365,600 218,200 583,800 585,000
1989/90 2,680,000 214,400 160,0000 374,400 210,500 584,900 585,000
1990/91 2,520,000 201,600 170,0000 371,600 213,130 584,730 585,000
1991/92 2,350,000 188,01007 180,00040 368,000 215,090 583,090 585,000
1992/93 2,170,000 173,600 200,0000 373,600 216,380 589,980 585,000
1993/94 1,970,000 157,600 210,00040 367,600 217,000 584,600 585,000
1994/95 1,760,000 140,800 240,0000 380,800 206,950 587.750 585,000
1995/96 1,520,000 121,600 260,0000 381,600 206,900 588,500 585,000
1996/97 1,260,000 10(),8()() 280,0000 380,800 206,180 586,980 585,000
1997/98 980,00o 78,400 300,00040 378,400 204,790 583.190 585.000
1998/99 680,000 54,400 330,0000 384,400 202,730 587,130 585,000
1999/2000 350,000 28,000 350,0000 378,000 378,000 585,000
------------
$5,298,400 $3,760,000 $9,058,400 $5,064,750 $14,123,150 $13,162,500
(D Paid from bond proceeds
(ti) One half paid from bond proceeds
(i) $231,550 paid from bond proceeds
C4) Callable on and after May 15, 1987
14 City of Iledland-5586-'rii
Proof of June 30, 1975 Bowne of L,A,— (213) 748-9851
of construction of the shopping center mail and com- Tax increment revenues are not pledged to the
mercial areas were provided by Charles Kober Asso- payment of the Parking Lease Revenue Bonds.
ciates, AIA, architects for the developer. The However, it is expected that any such tax incre-
estimated costs of fixtures and inventories were pro- ment revenues which are in excess of debt service
vided by Coldwell Banker, leasing agents for the requirements of tax allocation bonds to be issued
project. The estimated costs of construction and the by the Agency will be paid to the City as reim-
estimated value of inventories in the adjacent area bursements for rental payments pursuant to a re-
were furnished by Coldwell Banker. Land values in imbursement agreement approved by the City and the
both areas are as estimated by the Agency staff. Agency on June 19, 1975.
It may be noted that the estimated tax increment
The valuation of building permits which have been is sufficient to meet the maximum revenues required
issued for construction of taxable improvements to cover debt service on both the Tax Allocation
within the Redevelopment Project were compiled by Bonds and the Parking Lease Revenue Bonds,
the City Department of Building Safety. without taking into account any increase in sales tax
revenues to be derived by the City, although such
The estimated value of other improvements antici- sales tax revenues would be, available to the City to
pated within the Redevelopment Project Area were meet a portion of the rental payments securing the
made by the City Director of Community Develop- Parking Lease Revenue Bonds. R-J Investments esti-
ment and the Department of Building Safety. The mates that the shopping center will produce taxable
estimates are based on plans announced by private sales of $10,550,000 which would yield the City
developers. $100,225 in sales tax revenues.
Table 4
REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS
Estimated 1977/78 Tax Increment
Shopping Adjacent
Center Area Total
...................
Commercial Buildings $4,300,000((i) $1,995,000n� $ 6,295,000
Mail548,000Q�;1 548,000
Fixtures 1,986,000(2',Id 640,000(x) 2.626,000
Inventories 1,785,000(ti,) 640,000Q_) 2,425,000
Land . . . . . . . 937.788(':_ 840,7141) 1,778,502
Subtotal . . . . . . . . . . . . . . . . . . . . S9,556,788 $4,115,714 $13,672,502
Valuation of Building Permits . . . . . . . . . . . . . . . . . . . . . . 5,877,341(9
Other Anticipated Construction . . . . . . . . . . . . . . . . . . . . . . . . . 16,438,0000)
Total Estimated Increase In Property Valuation . . . . . . . . . . . $35,987,843
Times: Assessment Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Gross Increase In Assessed Valuation - - - - - - - - - - - - - - - $ 8,996,960
Less: Existing Assessed Valuation of Area to Be Cleared - - - - - - 7214,860
Net lncre�ase In Assessed Valuation . . . . . . . . . . . . . . . . . . . $ 8,272,100
Increase Over Frozen Tax Base . . . . . . . . . . 1,203,470
Basis of Tax Increment . . . . . . . . . . . . . . . $ 9,475,570
Times; Tax Rate Per $100 100 . . . . . . . A21524
Tax Increment . . . . . . . . . . . . . . . . . $ 1,151,509
Maximum Annual Tax Allocation Bond Service . . . . . . . . . . . . . . $ 585,000
Annual Base Rental (From Table 11 . . . . . . . . . . . . . . 550,800
Total Revenue Requirement . . . . . . . . . . . . . . . . 1,135,800
Balance . . . . . . . . $ 15,709
CI) Sour= Charles Kober Associates, AIA Source: Coldwell Banker (,i) Source: City staff
..........
15 City of Redlaind
Proof of dune 30, 1175 Bowne of L.A.--- (213) 748-9851
_. ._ Assessed Valuations
Assessed valuations for the City of Redlands are
established by the San Bernardino County Assessor,
DATA/� except for utility property which is assessed. by the
F A 1 A L VTS► State Board of Equalization. According to the State
Board of Equalization, San Bernardino County
assessed valuations for the 1974/75 fiscal year aver-
aged 23.6 percent of full cash value. Utility property
was reported to be. [assesssed at approximately 2
percent of full v{glue.
The assessed valuation of the City reflects two
types of exemption from ad valorem taxes ($1,751)
of the assessed valuation of an owner-occupied
dwelling and 50 percent of the assessed valuation of
business inventories) which do not result in any
revenue loss to local taxing agencies since an amount
equivalent to the taxes which would have been pay-
able on such exempt property is paid by the State.
The following tabulation shows tlae 1974/75 as-
sessed valuation of the City of :Redlands before and
after giving effect to these exemptions.
CITY OF REDLANDS
1974/75 Assessed Valuations
Homeowners' Assessed
and Valuation
Base Business For
Assessed Inventory Revenue
Valuation Exemptions Purposes
Secured $61,938,480 $12,072,375 $74,010,855
Utility . . 7,285,31.5 335 7,285,650
Unsecured 7,128,940 1,535„900 5,664,840
Tectal . . ?76,352,735 $13,608,610 $89,961,345
Following is a summary of assessed valuations of
the City over the past five years.
CITY OF REDLANDS
Assessed Valuations
Fiscal Assessed
Year Valuation
1970/71 . . . . . . `fi70,660,260
1971/72 . . . . . . . . . . . . . . . . . . . 75,752,490
1972/73 78,365,110
1973/74 . . . . . . . . . . . . . . . . . . . 85,714,410(5)
1974/75 . . . . . . . . . . . . . . . . . 89,961,345tjD
(D Before deduction of homeowners” and business inven-
tory exemptions.
Q After deducting incremental increase in Redevelopment
Project.
16 Cits, of Redland---558621'R
Proof of June 30, 1975 Bowne of L.A.— (213) 748-98511
Tax Rates (including taxes of the county, city, schools and
special districts) for the past five years, together
The total City of Redlands tax rate for the
1974/75 fiscal year is $2.225 per $100 of assessed with the amounts and percentages delinquent as of
June 30, of each year.
valuation made up of the following components.
CITY OF REDLANDS CITY OF REDLANDS
1974/75 Tax Rates Tax Levies and Delinquencies
Delinquent June 30
General .960 Fiscal Year Tax Levy Amount Percent
-- -----------
Retirement .405 1969/70 $6,792,156 $203,418 199%
Parks .445 1970/71 7.107,124 167,452 236
Recreation .080 1971/72 7,860,057 201,838 2.57
Library .285 1972/73 8,214,033 193,190 235
Sewer . . . . . . . .050 1973,174 . . . . 8,178,886 265,313 3.24
'Fotal $1225
------ --...........
The total. tax rate for the largest code area in the Revenues, Expenditures and
city (assessed valuation $75,446,080) is $12.1524 Fund Balances
per $100 assessed valuation of all property, plus Table 8 presents a five year summary of the City's
2.69 cents per $100 on land only, The components general revenues and expenditures, as reported to
of this rate are shown below, the State Controller.
...... The City's annual report listed fund balances as
TAX CODE AREA 501 of June 30, 1974, as shown below. The negative
1974/75 Tax Rates fund balance in the Sewer Construction Fund was
due to the fact that a major sewerage construction
County $ 3.0034 program is being funded in large part by State and
City . . . . . . 2.2250 Federal grant programs under which funds are not
Schools 5.6440 received Zuntil after each phase of construction is
Flood Control 0.3000
Water District 0.9800 completed, thus requiring the city to advance and
Total I�.1524,--K,� encumber funds which are later reimbursed by
Water Conservation 0.0269C2) grant atonies.
.... .......... ......................
Applicable to all property, CITY OF REDLANDS
Ci) Applicable to land only.
Fund Balances June 30, 1974
Tax Levies and Delinquencies General Fund S 1,471,533
City of Redlands ad valorem taxes are collected Park Fund 219,709
by the San Bernardino County Tax Collector at the Legal and Capital Fund (Water) 1,379,818
same time and on the same rolls as county and Water Bond Acquisition and
school taxes. Ad valorem, taxes are payable in two Construction Fund 664,407
installments on November I and February 1, and State Gas Tax Fund 625,148
become delinquent on December 10, and April 10, Sewer Rental Fund . . . 842,154
respectively. 'Taxes on property on the unsecured Revenue Sharing Fund 149,90O
roll are assessed on March I and become delinquent Sewer Construction Fund (1,323,474)
on August 31, in the next fiscal year. All Other Funds (300,345)
Following is a Summary of the total secured taxes Total 3,728,850
levied within the City of Redlands for all purposes
17 City of liedland-5586-TH
Proof of June 30, 1975 Fac,one of 1,.A.,-- (213) 748-%, 5.1
Table 8
CITY OF REDLANDS
General Revenues and Expenditures
Fiscal Year 1969170 1970/71 1971/72 1972173 1973174
REVENUES.
Property Taxes $1,278,519 $1.,300,714 w1,480,724 $1,606,705 $1,616,224
Other Taxes 853,694 848,936 932,491 1,010,974 1,103,742
Licenses and Permits 102,687 117,381 146,685 137,412 108,063
F=ines and Penalties 59,997 53.861 70,206 66,892 64,823
Use of Monev and Property . . . . . . . . . . . . . . 197,070 207,360 173,047 192,868 307,484
From Other Agenci
Proof of June 30, 1975 Bowne of L.A.— (213) 748-9S5.1
Direct and Overlapping Bonded Debt of July 1, 1972, and the other in 1.973 with a final
maturity of February 1, 1983. Table 9 shows a
The City's direct, general obligation bonded debt summary of the direct and overlapping general obli-
consists of $720,000 of sewer bonds which were gation bonded debt of the City of Redlands as of
issued in two series, one in 1962 with a final maturity July 29, 1975.
Table 9
CITY OF REDLANDS
Direct and Overlapping Debt
Population . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.500
1974/75 Assessed Valuation $ 89,961,345
Estimated Nlarket Value . . . . . . $379,136,000(17
Percentage Debt Applicable
Applicable July 29, 1975
............ .......
San Bernardino County . . . . . . . . % $
San Bernardino Valley Municipal Water District . . . . . . . . . . . . . . . . . . . . .
San Bernardino Unified School Distriet(-) . . . . . . . . . . . . . . . . . . .
Redlands LJnified School Distriet0 . . .
City of Redlands . . . . . . . 100.0000 720,000
Total . . . . . . . . . . . . .
Percentage Of
Assessed Market Per
Valuation Value Capita
Assessed Valuation . . . . . . . . . . % % $ 2,399
Direct Debt OX) 0J9 19,200
Direct and Overlapping Debt . . . . . . . .
(D 'rhe State Board of Equalization reports that San Bernardino County assessed valuations for, 1974/75 averaged 23.6
percent of full cash value. Utility property is reportedly assessed at approximately 251/c,
(-i) Excludes bonds sold subsequent to the (late of this official statement, revenue bonds and shares of City and San Bernardino
County Lease obligations.
Q�1, Including predecessor elementary and high school districts.
19 City of Redland--5586-TR
Proof of June 30, 1975 Bowne of L.A.-- (213) 741-9551.
Redlands is the third largest city in San Bernar-
dino County. The city covers in area of 221,
square miles and lies within the San Bernardino
Valley in the southwestern portion of Sari Bernardino
T H E C"O"I TY County. It is situated 63 miles east of t.os Angeles,
103 miles north of Sari Diego and 500 miles south-
east of San Francisco, Redlands comprises hart of
the San `Bernardino-Riverside-Ontarit) Metropolitan
Area and is part of the locale,of major population and
economic growth.
Long known, as the; center of a leading citrus
growing area, the site, of an excellent university and
an attractive residential community, Redlands also
has a diversified commercial and industrial base.
The climate of Redlands is warm owing to its
proximity to the Mojave Desert. The mean tempera-
ture of the average hot day in August is 87 degrees.
The mean temperature of tire coldest day in January
is 41 degrees. Precipitation amounts to a. yearly
average of about: 15 inches.
Municipal Government
The City of Redlands was incorporated in 1888,
It is a general law city operating under the council-
manager form of government. The City Council is
comprised of five members who are elected at large
to alternating four-year terms at elections held every
two years. The Council selects one of its members
to serve-as Mayor.
Population
The 1970 census showed a population of 36,355
for the City of Redlands, an increase of 35.5 percent
from the 1960 population of 26,129.
The State Department of Finance certified the
1975 papulation of the: city to be 37,50(1.
Construction Activity
The number and valuation of building permits
issued by the City of Redlands are set forth in the
tabulation on.the following page:,
Employment
The 1974 San Bernardino County Industrial Di-
rectory lists 70 manufacturing firms in Redlands of
which 13 employ more than 50 persons..
Major non-manufacturing employers include: fed-
eral, state and local government, General Telephone.
Company, and the University of Redlands,
20 City of ttedl nd---;:r586-TH
Proof of June 307, 1975 Bowwrne>. of L.A.-- (21.3) 7 48-985A
CITY OF REDLANDS
Building Permits and Valuations
Year: 1970 1971 1972 1973 1974
VA1.UA 1"1ON
Single Family Residential $1,889,190 $ 2,352,160 51,869,870 $1,892,275 $ 596,700
Multiple Dwellings 1,195,930 3,067,955 3,830,350 187,850 65,000
Commercial . . . 302,550 582,500 581,850 783,000 1,878,000
Industrial - - . 375,900 288,600 253,110 134,000 637,650
Community Facifities(? - - - 1,776,000 1,554,470 37,000 1,883,92O 315,900
Alterations 1,126,345 1.088,630 1,787,740 2,878,280 1,410,620
Other 241,735 1,160.165 439,410 1,109,110 403,523
Total Valuation $6,907,650 $10,094.480 $8,799.330 58,86«4,435 S5,307,393
PERMI`[5
Residential 12? 156 107 80 20
Other New Construction 1.3 13 17 13 18
Alterations and Others 676 744 774 837 756
Total Permits 811 913 898 930 794
0 Churches, hospital schools and museum.
Shown below is the distribution of employment. The, local. Redlands community labor market is
by indrtstry for the City of Redlands and the sur- located within the larger San. Bernardino-Riverside-
rounding communities of Bryn :Mawr, Loma Linda, Ontario Metropolitan. Labor Area. Most major em-
Yucaipa, Mcntone, and C:",alimesa as of July 1.970, players located in this area are within easy commut-
the: latest period for which information is available. ing distance: of Redlands. This larger area of
These figures were estimated by the California Ile- employment analysis is much more meaningful in.
partnze:nt of Employment Development. connection with measuring the economic impact on
Redlands due to the mobility of labor within the
area. The distribution of employment for the metro-
REDLANDS LABOR MARKT politan area for the last: two years is shown in the
Employment tabulation at the tap of the fallowing page.
July 1970 Estimates
_._-_.____ The government sector, including federal, state,
% of and local employees, and military civilian workers,
Total Total
was the, leading category, followed by the trade and
Agriculture, Forestry, fisheries 500 2.5 services sectors. The primary metals and transporta-
Mi.ning 0 0.0 tion equipment industries were the leading employ-
Contract construction . - - 900 4.4 ers amongst manufacturers.
Manufacturing . . . . . 3,400 16.8
Transportation, corm-sonication, Industry
utilities 9O0 4.4 The.: major manufacturing facilities with more than
Trade 3,300 16.3 50 employees located in Redlands are listed on
Finance, insurance, read estate 700 3.4 the following page.
Service . . . . . . . . . . . . 8,00() 39.4 The. 1974 San Bernardino County Industrial Di-
Government 2,600 12.8 rectory listed close to 1,000 fabricating, manufactur-
ing, and processing firms ranging in size from less
Total 30,30() 100.0
_._._..w ..__. .._ _..._. than 10 employees to more that) 1,000 employees.
21 city of 1tedland--a5a 86-*Ftt
Proof of June 30, 1975 Bowne of L.A.--- (213) 748-335.1
Transportation equipment: is another major indus-
SAN BERNARDINO-RIVERSIDE-ONTARIO try and includes manufacturers of mobile homes and
LABOR MARKET AREA trailers, fiberglass parts, truck trailers and automo-
Employment bile parts, and aircraft maintenance.
(March March Other major employers are the General Telephone
Classification 1974 1975 p
Company (405) and the University of Redlands
Manufacturing 55,400 51,100 (469),
Mineral Extraction 2,600 2,600
Contract Construction 15,100 12,300
Transportation, Communication Military Activity
and utilities 19,000 18,600 Four major military installations are located in
Trade 75,700 79,500 San Bernardino County while two other facilities
Finance, Insurance and Beal Estate 12.100 11,900 with headquarters in adjacent counties occupy por-
Se:rvice;s 67,500 69,400 tions of the county. Norton Air Force Base, near
Government . . 83,600 88,100 the City of Stan Bernardino, employs the largest
Agriculture 21,900 20,700 military and civilian contingent. The principal instal-
lation at Norton is the 63rd Military Airlift Wing,
Total 152,900 354,200 and the base serves as one of the three ports of air
embarkation and debarkation.for the Pacific theatre.
Kaiser Steel, located just I S miles northwest of Red- George Air Force Base, near Vi.ctorville, is hcad-
lands in Fontana, employs over 8,000 people, and is quarters for the 479th. Tactical 'Fighter Wing, pro-
the reason for the major employment being in the viding pilot and maintenance crew training,
metals processing sector. As would be expected,
much of the other major industry located in Fontana The; Marine Corps Supply Station. near Barstow
has t
either supports or uses the output of raiser Steel. issuance
responsibility of storage, maintenance, repair,
issuance. and shipment of military :materials to
Another major industry is citrus processing, awing Marine Corps installations worldwide. Advantages
to the citrus agriculture base of the county. The of the base include its desert site with lose humidity
largest firm in this sector is the.. Orange Products and rainfall and excellent transportation facilities.
Division of Sunkist Growers, Inc. IAacatcd in On- Another Marine Corps facility located at. Twe;nty-
t.ario, the firm employs over 700 people. Nine Palms covers an area of 932 miles, principally
CITY OF REDLANDS
Largest Industries
Company Employment Product
Air Factors Co. Division of Wehr Corp. 100 Diffusers
Ilia; hear Timber 93 Particle board
Brookside Dairy 80 Dairy and mill: distribution
La- -Boy West Division 225 Upholstered furniture
Pawnee Plastics 40 'J"herrnoplastic extrusions
Richmond Corporation 145 Plastic packaging materials
Stevens Hosiery, Inc. 64 Women's hosiery
Teledyne Battery Products Division of'Teledyne, Inc. 110 Aircraft. automotive and marine batteries
Tri-City Concrete: 135 Ready-mix concrete
Universal-Rundle Corporation 85 Plumbing fixtures
Westinghouse Electric Corporation 112 Electric vehicles
Source: Redlands Chamber of Commerce.
22, City of Redlands---5586-T II
Proof of Jurte 30, 1975 Bowne of I.Q.A.- (213) 7483-9851
serving training functions for regular and reserve Interstate Highway 10 is a six-lane freeway which
forces. passes through the city. It provides freeway access
to San. Bernardino, the Los Angeles area, eastern
Commerce parts of San Bernardino County, and connects with
Shown below is a sunintary of taxable retail sales other freeways for interstate and intrastate travel.
within the City of Redlands as reported by the State Redlands Municipal Airport, with a 4,500-f(x-)t
Board of Equalization. runway, accommodates general aircraft. Ontario
As noted previously, a. significant increase in cont- International Airport, 25 miles west of Redlands,
incrciat activity is expected to be produced by the is operated by the Los Angeles Department of Air-
shopping center which is part of the redevelopment ports. It is served by Air California, Hughes Air
project to be, financed by the bonds currently being West, American Airlines, Continental Airlines,
offered, Golden West Airlines, PSA, United Air Lines and
Western Airlines,
Banking Utilities
The. Bank, of America N.T. & S.A. has two Electric power is furnished by Southern California
branches in Redlands, The Bank of California N.A.,
Crocker National Bank, the Bank of Redlands, the Edison Company. Southern California Gas Coin-
Security First National Bank and the United Cali- party provides natural gas service. Telephone ser-
vice,Bank each have one branch. vice is furnished by General Telephone and Elec-
tronics Corporation.
fit addition, there are two savings and loan
offlices in the city, Provident Federal Savings and Education
Loan Association and Redlands Federal Savings and All of the populated area, of the City of Redlands
Loan Association. is in the Redlands Unified School District, The
Transportation district operates eleven elementary schools, three
junior high schools, and a senior high school. A
Redlands is served by two major transcontinental small portion of the city is within the boundaries of
railroads, the Santa Fe and the Southern Pacific. the San Bernardino [Jnified School District, Shown
CITY OF REDLANDS
Taxable Sales Distribution (in thousands)
Year: 1970 1971 1972 1973 1974
Apparel stores . . . . . . . . . $ 2,524 $ 2,681 $ 2.754 2,449 $ 2,240
General merchandise stores . . . . . 9,121 5,175 7,5n4 7,663 7,583
Food stores 8,688 8,751 7,479 6,612 6,863
Package liquor stores 1,630 1.718 1,636 1,752 1.805
Eating and drinking places 4,201 4,782 6>435 7,439 8,424
Drug stores 1,192 1,312 1,231 1,"234 1,297
TIOnle furnishings and appliance stores . . . . . . . . . . . . 2,932 2,995 3,017 3,261 3,381
Building inaterial and farm implement stores . . . . . . 1,441 1.420 1,150 1,234 1,369
Motor vehicle dealers, auto supply stores
and set-vice stations . . . . . . . . 17,800 20,745 24,666 29,622 27,294
Other retail outlets 3,845 4,139 5,07.1 6,286 8,652
Total Retail Sales $53,374 $53,718 $61.005 $67,552 $68,908
All other outlets 8,046 9,069 9,501 10,007 10,327
Total All Sales . . . . . . . $61,420 $62,787 $70,506 577,559 $79,235
City of Itedlands 5586-TH
Proof of June 30, 1975 Bowne of L.A.-- (213) 748-9£35.,
below is the enrollment for the Redlands unified with an annual enrollment of about 3,000. Other
School District in recent years. colleges within a short commuting distance of Red-
_._ lands include. the. University of California at River-
ENROLLMENT OF SCHOOLS side, California State College at San Bernardino,
__ ---_._--- San Bernardino Valley Community College, and the
Year Elementary Secondary Crafton Hills Community College.
197() 8,407 5,732
1971 6,146 5,937
Community Facilities
1972 5,743 5,744
1973 5,455 5,867 Redlands has one, general hospital with a bed
capacity of 195. Local medical practitioners include.
1974 5,186 5,692 81 physicians and surgeons, 22 dentists, and 15
miscellaneous specialists. Loma Linda University
An important factor in the economic and social Hospital and the: recently authorized Loma. Linda
makeup of the city is the presence of the University Veterans Administration Hospital aro: 6 miles west
of Redlands. The University was founded in 1907 of Redlands.
by the Baptist Church. In 1966 the university was
Recreational facilities include kr movie theatre,
reorganized to include the. University College and the University of Redlands' Glen Wallichs 'Theatre,
Johnston College. Major fields of study at the, the Crafton Hills Community College. Theatre, the
University College are business administration., Redlands Bowl (an outdoor theatre), a lawn bowl-
chemistry, education, government, English, engineer- ing facility, two public swimming pools, 7 parks,
in.g, music kind physics. Johnston College. empha- 13 playgrounds, and a golf club.
sires the "laboratory method of learning" in which
the student's independent,, class, and field work re-
inforce each other. Rather than separate academic Agriculture
departments, there are "Dimensions" Interpersonal,
Intercultural, International, and :Environmental. Redlands is at the center of a major navel orange
producing area, 'There are still malty groves sur-
The campus covers over. 100 acres and contains rounding the city despite the increasing urbanization.
34 buildings surrounding a large quadrangle.
The following tabulation summarizes agricultural
Just west of Redlands lies Loma Linda University, production throughout Sari Bernardino over the past
a Seventh-Day Adventist co-educational institution, five years.
SAN BERNARDINO COUNTY
Gross 'Value of Farm Production
1970 1971 1972 1973 1974
Fruits and nuts $ 13,175,200 $ 32,453,900 $ 21,:360,900 Is 31,978,100 $ 20,596,500
Vegetables 2,639,000 2,012,000 21732,500 2,8211,00(} 3,454,500
Field crops 6,092,900 5,608,000 6,472,000 9,074,000 12,065,100
Seed crops . . - 36,000 82,000 45,300 101,600 96,900
NUrSCry products 2,792,100 2,884,600 4,117,200 3,551,200 4,462,700
Apiary products 279,000 389,400 662,700 1,302,200 1,174,000
Livestock and poultry 27,283,000 29,657,000 30,655,000 41,786,000 37,832,400
Animal products 113,910,100 115,944,300 126,387,700 172,828,000 205,921,500
Total Value $166,207,300 $189,031,200 $192,433.300 $263,450,100 `3285,603,600
74 City of Redlands ---,558()-T11
STATE OF CALIFORNIA
COUNTY OF SAN BERNARDINO SS.
CITY OF REDOANDS
I, Peggy A. Moseley, City Clerk of the City
of Redlands, California, DO HEREBY CERTIFY that the
foregoing resolution was duly adopted by the Rede-
velopment Agency of said city and was approved by the
Chairman of said Agency at an adjourned regular meeting
of said Agency held on the 3rd day of July, 1975, and
that it was so adopted as follows :
AYES : Members: Miller, Grace, Chairman Cummings
ABSTAIN: Members: Knudsen
NOES: Members: None
ABSENT: Members : DeMirjvn
(SEAL)
City Clerk of the City of Redlands
Secretary, Redevelopment Agency
STATE OF CALIFORNIA
COUNTY OF SAN BERNARDINO SS.
CITY OF REDLANDS
I, Peggy A. Moseley, City Clerk of the City
of Redlands, California, DO HEREBY certify that the
above and foregoing is a full, true and correct copy
of Resolution No. 147, and that the same has not been
amended or repealed.
DATED: July3, 1975.
(SEAL)
City Clerk of the City of Redlands