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HomeMy WebLinkAbout144 RDA_CCv0001.pdf RESOLUTION NO. 144 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS APPROVING THE OFFICIAL STATEMENT TO BE USED IN CON- NECTION WITH THE $5, 670, 000 PRTNCIPAI, AMOUNT TAX ALLOCATION BONDS 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 sub- stantially the form presented on this date and attached hereto as Exhibit "A" , and authorizes its distribution to the prospective purchasers of the $5 , 670 , 000 princi- pal amount "1975 Redlands Redevelopment Project Tax Allocation Bonds" , of said Agency. ADOPTED, SIGNED AND APPROVED this 27thday of "Tune , 1975 . of 4 1 01;_d (e I o p m en t A 9-0 racy COAST of the City of Redlands , California ATTEST: e 'yb_ry ol. ttae Rede lop-- m 7tMency off the CV` y1(0)pf_ Redlands, California EXHIBIT "A" [Attach a. copy of official Statement in the form presented to Agency on June 26 , 1975 . 1 Proof of June 27., 1,975) Bowne of L.A.— (213) 748-9851 REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS Jack B.Cummings,Chairnicin I'llsovorth E, Miller Chresten, M, Knudsen Charles G DeNfiriyan Bertha Rose Grace R, P. Merritt,Jr., Acting Fxecutive Director Mrs, Peggy A, Moselev. SceTetar.v Edward F, Taylor, Attorne.v T, F. O'Donnell, Treasurer Professional Services Charles Kober Associates. Architects Los Angeles O'Melvenv&Myers, Bond Counsel Los Angeles Stone& Youngberg Municipal Financing Consultants, Inc. Los Angeles and San Francisco Bank.of America NT&SA,Fiscal Agent 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 Financiag Consultants, Inc., financing consultants to the Agency, All of the following summaries of the statutes and resolutions are made subject to all of the provisions of such documents. These summaries do not purport to be complete statements of such provisions and reference is rnade to such documents for further information.. The infortnarion contained in this Official Statement has been compiled front sources believed to be reliable. The Official Statement contains estimates and matters of opinion, which are not intended as representations of fact. 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 Redland-5588-111 - r 00 It t- 04 �r j v � z CCS CCS Cq ,� '� „� ,r _ - _ .. 71 °� � ,�., � �, z'-.` w✓ a .} '^' 3. � :t. � �..i -✓, r� J :. e..: t �11 t) — �j — 9 — 4 6 Ij Cl CL 1? 'r, IU = 0r+j cj tj ;Ji ;IS ttl LU cz 8 vs z: tz tG to 5 r—I rd Oj 4- Cli cj zj� '5 tz It > cl) tj cz > EC t.) U 10 4; x 15 5 0 r. cl tLo e.) ni cu 0 J C., LZ u u u 0 z 0 xr u Pik u 0 LL z Jl t E c tt tj 75 Calaqj N 63 th 13 -5 CL 4, E7 al Ct ct tf, Proof of June., 27. 1975 Bowrie of L.A.— (213) 748-985I. Authority for Issuance The $5,670,000 of 1975 Redlands Redevelopment Project Tax Allocation Bonds of the Redevelopment Agency of the City of Redlands currently being TH E B N D EB'ii offered for sale will be issued pursuant. to Resolution No. 1.42 of the agency, adopted June; 27, 1975. The bonds will be issued tinder provisions of the C::orn-- munity Redevelopment Law, Division 24, Part 1. of the California Health and Safety (ode, commenc- ing with Section 33000, Sale of the Bonds Bids for the purchase of the bonds will be re- ceived by the Redevelopment Agency of the City of Redlands at or before: 10:00 A.M, on Tuesday, July 15. 1975, f)etails of the tants of sale are: set forth in the; Notice Inviting Bids adopted by the Agency on June 24, 1975, Description of the Bonds 4.'he bonds will be dated July 1, 1975, and will be initially issued as coupon bonds in denominations of $5,000 each. The bonds will be numbered 1. to 8401'he bonds mature on July I in the amounts and in they years shown in the accompanying Schad.. tale of Maturities. SCHEDULE OF MATURITIES Year Maturity Year Maturity 1978 9(),()()(') 1990 `23C1,(7 O 1979 100,000 199 t 250,000 1980 )it"),t)t}t) 1992 270>000 1981 120,0(;)o 1993 300.000 1482 130w000 1994 320,000 1983 140,000 00 1995 340,(,')00 1984 15(}.000 1996 370.000 1985 1(i(:)0)(} 1997 400,tit 0 1986 17(:),00() 1998 . . 130,000 1987 . . 1911,000 1 999 470,000 1988 20(),000 2000 510.000 1989 220,000 Interest on the..: bonds is payable serniaannuaily on. January I and July I of each year, conttnencing January 1, 1976, frtterc st and principal will las° paid at or by the Los Angeles or San Francisco C`orprarate Trust Agency ofthe, Bank of America, N'F SA,fiscal agent of the redevelopment agency. Interest. and principal will also be payable at paying agents to be named in Chicago,Illinois;and New York,New.York. 3 t:;it r of Redlaud 5588-TR Proof of June 27, 1975 Bowne of L.A,— (213) 748-9851 Redemption Provisions on bonds front income taxation. T'he opinion of The bonds maturing, on or before July 1, 1987 are Bond Counsel will not consider or extend to any- ,lot subject to c.all for redemption prior to their Hia- documents which Bond Counsel (lid not prepare or review or to any. Z7 agreements. representations, offer- writy dates, Tlie bonds maturing oil and after July 1 July ing circulars or other material of any n kind cocern- 198�' aM subject to call for redemption oil any in- ing the bonds riot mentioned in this paragraph. terest paymeat datc, oil and after July 1, 1987. The bonds are redcenrable at par, plus accrued interest Tax Exempt Status and a prctnium equal to one quarter of one percent of the prinCil),11 ZAITIOUnt for each year or fraction of a In, the opinion of bond counsel interest (,)it the year front the redemption (late to the maturity date. bonds is exempt from federal income taxes and from State of California personal income taxes tinder Registration existing federal and SlinC StnUtCS, regulations and court decisions. I'lle bonds will lie issued in two forms: as coupon bonds in denominations of $5,000 which will be Security initially issued, and as fully registered bonds in de- Under the California Coninninity Redevelopment 11.0111illatiODS of S5,000 or any multiple thereof. C.ou- Law and the Redevelopment Plan,taxes levied by any pon bonds and fully, registered bonds will be ex- changeable, one for the other,, art the option of the taxing agency oil taxable real property in the project holder. as niore fully setforth in Resolution No. area,will he divided as follows: 1. Frozzen Tax Besse--- Fach year commencing with Legality for Investment in California the 1973/74 fiscal year, each taxing agency which receives ad valorena taxes from the project area has 'rhe Community Redevelopment Law provides that been entitled to receive I' ou he amnt calculated by bonds issued fit the manner of, and for such, purposes applying its then current tax rate to the amount of as. these bonds are legal investments for all batiks, assessed valuation in the project area up to the including trust companies and savings banks, for in- amount which was shown ori the assessment roll last surance corriparties, trust funds, public bodies and equalized hefore tile effective date of the Redevelop- various financial institutions, and that such bonds are Inerit Plan (in this case, the 197'2/73 roll). authorized as security for public deposits. I Tax Irict,ernew _(ourmencing with the 1973/74 "I'lle Superintendent of Batiks of the State of Cali- fiscal year, the Redevelopment Agency has been fornix has waled that bands of a redevelopment entitled to receive the amount calculated by applying agency are legal investments in California for savings the their current tax rates of all ta.axing agencies to tile banks, amount of any increase in assessed valuations over that shown on the 1972/73 equalized assessment Legal Opinion roll for the project area. This arnount, is referred to in this official statement as the tax increment or The IlnqWAfified opinion of 0'Me[veny & Myers, tax increment revenues. or tax revenues. 47he first Los Angeles, California, bond counsel to the Re- tax increment of tire Re I dlands, Redevelopment Proj- development Agency of the City of Redlands, ap- ect occurred in the 1973/74 fiscal year. proving, the validity of the bonds will be furnished the purchaser at the tone the bonds are delivered. A The bonds are payable solely from 'Vax Revenues copy of the legal opinion will tie printed can the back (as defined in the Resolution) received oil and after of each bond, August 1, 1975, the Reserve Fund, ,in(,] trot certain The% statements of law and legal conclusions set other limited funds as provided fit the Resolution, forth in this official statentent tinder tile caption The bonds are special obligations of the Redevel- "The Bonds" have been reviewed by Bond Counsel. opment Agency. They are not a debt of the City Bond Counsel's cniployment is limited to a review of Redlands, the State of (,.'alffornia or any political of the legal proc,,edures required for the authorization subdivision of tile state. Neither the City, the State, of the bonds air(,] to rendering an opinion as to the or any of its subdivisions are liable for payment of validity of the bonds arid the exemption of interest the bonds. 4 City(A Redlawl......5588-TH 4, 4r, -�-4 11 0 0 -31 tz c-, t= A-5 �75 W > > cu C- a ,5 CC Lrl tA — = ;_, > > ®r, > > > Y, 44 t E5 IM as 7; 44 ILI s > > > > CL Z: tz U. !z > tz (f3 s C E CL U) > ILI, t� 6j !t 4 5 -5 -n rq i5 CA, > > 4D IZ Ij 7- 9 CZ :.t C- -Ij t: z- > tk 5, wl in- cr 7 5 �c s = �: > U J Proof of June 27� 1975 Bowne of L.A� -- (2131) 748-9851 Reserve and quate funds have been committed. without assurning As noted above, an antount which, together with any increase in the then current tax rates, the interest earnings to be derived during the first 24 3. The Reserve Fund will be increased to an arnount nlonths after the date of the bonds front the deposit equal to the next two interest payments oil the or investment of nioncy initially deposited in the Re- outstanding bonds and the additional bonds from serve Fund and Special Fund. will tie equal to one bond proceeds. years inurcst on the bonds will be placed in the Re- serve Fund from bond proceeds. Money in. the Re- 4. Interest oii the, additional bonds will be I pavatfle serve Fund niav be used to the extent necessary to on January I and July I ruld principal will pay interest (-,it the bonds if the money in the mature July F. Special I Fund is insufficient for the purpose and may be used 5. The additional bonds may not be subject to call to meet the final payment of interest and of principal, for redemption prior to July 1, 1987, whether by purchase, redetription prior to maturity -File agency may also issue short ter notes. pav- or payment at maturity. I If tile attiourit in the Reserve Fund is less than able no later that, one year from then- date, out of the linnin'lurn 1�eSCANC fund balance the balance must the tax revenues to be received in said one year be restorcd by transfers of the first available money in period, for the purpose of replenishing the ininiinurn reserve fund balance. the Special Fund czar, with proceeds of short tern, borrowings, as described below. Nothing in tile bond resolution prevents the Any, moneys in tfic. Reserve Fluid in excess of agency frorn issuing additional bonds which are not the minitnurn reserve fund balance shall be transferred payable out of the tax revenues or refunding bonds, by tile Fiscal Agent, ul the Special Fund or the Re- provided that il'such refunding bonds are to be issued dempLion Fund. to refund only a portion of the outstanding bonds, tile Agency must rnect tile same conditions as im- posed for additional bonds. Additional Bonds 'I'lle Agency may issue additional parity bonds to Investment of Funds meet Redevelopment Project costs, subject to The All moneys held by the agency in the Redevelop- following con(litions: meat Fluid or by the fiscal agent in the Special Fund 1, '17he agency is in compliance with all covenants and the Reserve Fund, except, such moneys as are set forth in the resolution providing for the issu- invested, shall be held in time or demand deposits ance. of these bonds. in any bank or trust, company authorized to accept deposits of public funds and shall be secured by 2. The maximuni annual bond service o.n. the out- bonds or other obligations authorized as security for standing bonds and the additional bonds shall be public funds, at least equaled by the 1 ax Revenues received or to be received by the Agency during the fiscal year in Moneys in the Redevelopinent. Fund, the Special which such parity bonds are issued, based upon Fund and the Reserve 1"und tray be invested in direct the most recent assessed valuation of the Redevelop- obligations of the United States or obligations for menta Project Area, Plus, at the option of the Agency, which file full faith and credit of the United States ,,in allowance for additional revenues to be received are pledged, subject to the following limitations: by the Agency (luring the twelve month period 1. Redevelopment Fund: Obligations nlust mature commencing on the day following the end of the on or prior to the time the Agency estimates it period for which interest, on t[w additional bonds will require the funds, shall have beeu funded front the proceeds of the additional bonds, based oil an, estimate by the 2. Special Fund: Obligations ritust tuature prior to Assessor or Auditor-Ccauroller of San 'Bernardino the (late of the interest or principal payntent to County, or by a licensed indepe.ndent M.A.I. ap- which they are to tic applied. praiser, of the increase in assessed valuation which will result frorn, projects for which substantial binding 3. Reserve Fund: Money in the Reserve Fund may obligations have been incurred and for which ade- only be invested in negotiable (:ibligations. C'�ity of Proof of June 27, 1975 Bowne of LA.­ (213) 748-9851 Mowcovt,,r, the Agency covenants in the bond close of each fiscal year a financial statement for the resolution not to cause proceeds from the sale of the year which shall be certified by an independent cer- bonds to he invested in such a manner as to cause tified public accountant and shall he made available the bonds to be classified as arbitrage bonds and to any bondholder on request. fLIrtll(,'r covenants that it will comply with other 7To deposit in the Special Fund, for the purpose Trcisury Department regulations regarding arbi- of paying', bond principal an(] interest, the pro- trago, ceeds of any award for property taken in erarnent domain proceedings if such property will become tax Other Covenants exempt as a result, The resolution providing for the issuance of the 8. Not to dispose of land area in the redevelopment: bonds contains certain covertants by which the project area for public use which would make agency agrecs: it tax exempt (except property planned for public 1. To carry out to completion with practical, dis- use in the redevelopment, plan) if it would substan- patch the Redeveloprnent Plan and not to amend tially impair the security of the bonds or the rights the plan in any way which would substantially im- of bondholders,. pair the security of the bonds or the rights of bond- holders. Remedies 2. To use bond proceeds as provided in the resolu- tion and to manage all properties owned by it Any bondholder shall have the right, by man- on the redevelopment project in a businesslike man- dames or other appropriate action, to compel the ner, performance, by the, agency and its members, of the duties imposed by the bond resolution or the Com-, 3, Not to issue additional bonds which have a numity Redew1opritent Law. superior [let) on the tax revenues of the Agency and not to issue bonds having a parity lieu on such revenues, except in accordance witli, the provisions Amendment of Resolution for such additional bonds in the resolution. The bond resolution rnay be amended with the 4To punctually pay bond interest and principal consent of the owners of at least 60 percent, of the when due from the tax revenues. outstanding bonds (excluding bonds owned by the S. To pay or cause to be paid all in lieu taxes, Agency or the City of Redlands), provided that no such amendment shall reduce the principal amount I Us"Sessruen ts or other governmental charges which of or interest rate on any bond, extend the maturity may be imposed on the property or the revenue of date or the interest payment dates or the rnedium of the Agency, payment of interest and principal, without the con- 6. To keep separate and proper accounts and rec- sent of the affected bondholder, nor may the per- ords and to prepare within 120 (lays after the centage required to approve amendments be reduced. 7 City of, Redland­55WT]k o4c 0 7:� 5 u C4 ti- ti t) tri u cu >, s tj tn' 0 cl, a; -lety f1:5 15 zi cd 4° CL— it p rc :t4 E5 clA > vs Cd 0 z 23 CD Z -5 > 2 cd u V� Ct It" rl— r4 4.t Oki / i�ln�!] \ % � , m / ± . � - 2 � \ } q % G y \ / Proof of June 27, .1.975 Bowne of L.A...- (213) 748-9851 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 at 110,245 square foot the city in aid of the redevelopment program indud- covered garage extending below the department store ing rentals. and a portion of the mall. Approximately 470 stir- face parking spaces will be provided by the Agency The Redevelopment Project Area on 248,300 square feet of land adjacent to the The Redevelopment Project covers approximately buildings. About 150 additional parking spaces will 500 acres of land within the City of Redlands, be provided by the Agency on 50,150 square feet extending from north of the Interstate 10 freeway of land located across the street forming the southern across the central part of the City and including the perimeter of the 12,6 acre area. downtown business area. The developer estimates that the shopping center The boundaries of the project area are shown by will draw customers primarily from a market area Figure 2. with a population of about 100,000 people, The 1974/75 assessed valuation of the project A diagram of the shopping center, and an adjacent area is shown in Table 1. area which is described below, is shown as Figure 3. The Developer Table 1 The developer of the shopping center is R-J Investments, a California Corporation owned by REDEVELOPMENT AGENCY OF Richard D. Jones, its president, and Frank A. Klaus, THE CITY OF REDLANDS former chairman of M.icrodot, Inc. 1974/75 Assessed Valuation Mr. Jones, an attorney, is also the chief executive Increase officer of Northridge Fashion Center, a 1,450,000 Total Less: (Decrease) square foot regional shopping center in the San Assessed Frozen From Fernando Valley and of Valley Plaza, an 860,000 Valuation square foot regional shopping center in Bakersfield. He was responsible for the completion of construe- Secured 9,045,550 8,083,190 $ 962,360 tion and leasing of the Northridge Fashion Center, Utility 31.460,060 3,139,150 320,910 which was approximately half constructed and half leased when it came under his direction. Unsecured 2,461,040 2,540,840 (79,800) Total `114,966,--51011 6 $13,763,1801 11 ---- -X1203,470- - .1 Prior to the formation of R-J Investments Mr, ----------- Jones did legal and develrytiment work on Metcalf Plaza, Fontana Square and Harbor Heights shopping The Proposed Shopping Center centers, as well as Northridge Fashion Center and The proposed shopping center for which the Valley Plaza. Concurrently be engaged from time to Agency will furnish parking will,be located on a 1.2.6 time in his own real estate business, consisting of two acre site within the downtown business district of the multistory office buildings, in Pasadena and Whittier, city, It.will include a 60,000 square foot department Jena and single resiCalifo nia, construction of apartment units in Pasa- store, a 22,100 square foot enclosed mall. with ap- dential units in (,",arpinteria, California, proximately 74,000 square feet, of mall. shops, and a 12,000 square foot financial building which will Adjacent Development include a 5,000 square foot bank. The Harris The Agency has named Sequoia Pacific, a, South- Company, which operates department stores in the em Pacific Couipany, as developer of a three-block neighboring (,,itics of San Bernardino and Riverside and in the City of Indio, southeast of Palm Springs, area immediately to the north of the shopping center. as well as a 30,000 square foot store in Redlands, However it is expected that R,-J Investments will be has entered into a lease ()f the department store. named developer of this area in place of and with Von's has entered into a lease of the market, The the consent of Sequoia Pacific, developer is negotiating with United California Bank A. new 40,000 square foot furniture store has on a lease of the bank buildingbeen built in this area to house as business which had C*ity of lledlanli-­5588-TR Proof of June 27, 1975 Bowne of L.A. — (213) 748-93,51 been located in the area being acquired and cleared acquisition and clearance of land to he conveyed to for the shopping center, the developer, to acquire and clear the balance of the Planned development in the area consists of a land to be conveyed to the developer, to reimburse the $296,585 previously paid to the Agency by the professional building and a restaurant, Ilome Sav- developer, to repay a $300,000 advance from the ingi and 1-oan Association has made application for a permit for a 2,000 square foot temporary branch City to the Agency, and to acquire certain land to be office within the Redevelopment Project Area. It is used for surface parking and to be leased to the City anticipated that it, will establish a permanent branch in place of that portion of the garage site previously office in the professional building, leased to the City. On July 3, 1975 the Agency authorized the call for bids for $3,760,000 of Series B Parking Lease The Financing Program Revenue Bonds to be sold on, July 29, 1975, to The Redevelopment Program originally called for finance the acquisition of the balance, of the land the Agency to acquire and clear the six.-block area to be used for parking purposes, and the construe- in which the shopping center will be located, to tion of the surface parking facilities. construct surface parking surrounding the shopping center and a parking garage over which a portion of Estimated Financing Requirement the shopping center will stand, and to sell the level- Table 2 shows an estimate of the funds required oper the site for the shopping center, including air by the Agency from the proceeds of the 1975 Tax rights to the area over the garage, Allocation Bonds and the Series B Parking Bonds On April 30, 1974 the Agency sold $2,440,000 currently being otfcred for sale, of Parking Lease, Revenue Bonds, Series A, to finance the acquisition and clearance of land to be Table 2 used for parking facilities, including 55,434 square REDEVELOPMENT AGENCY OF THE feet of land to be used for the parking garage. At CITY OF REDLANDS the time the parking facility sites were acquired the Agency also acquired approximately 18,712 square Estimated Funds Required feetof land which was sold to the developer, together Parking Tax with the air rights over the 55,434 square feet of Revenue Allocation garage site, for a total of $296,585, Bonds Bonds . ...................... ............ ......................................... Subsequently it was determined that. it would be Land Acquisition . . . 708,308 $1,095,147 impractical for the Agency to construct the garage, Relocation 345,500 4,500 and the developer to construct the shopping center Demolition . . . . . . 241,910 48,000 facilities above it, due to the problems associated Repayment to City 300,000 with having two contractors and two owners involved Repayment. to Developer 296,585 in what was to be essentially a single construction Construction 1,050,000 442,354 project� Accordingly the agreeatent with the devel- oper was modified to provide that the developer Engineering 188,600 35,400 will construct the garage and the Agency will deed to Contingencies 105,00() 44,000 the developer the shopping center site., including the Subtotal . . . . . . . . . $2,63-9,318 $2,-265,986 land to be used for the garage. Repayment of 1974 Notes 2,040,356 On October 1, 1974, the Agency sold $2,000,000 Subtotal $2,639,318 $4,306,342 of 1974 Tax Allocation Notes to finance the acquisi- Funded Interest. 676,800 907,200 tion, clearance and improvement of additional land, Reserve 448,4()() 453,600 including both land to be retained by the Agency as Cost of Issuance . . . 75,000 92,000 sit". for the surface parting and land to be conveyed to the developer, Total Funds Required $3,939,518 $5759,142 Less: Interest Earnings 84,000 90,000 17he proceeds from the sale of the bonds currently being offered for sale will be used to repay the 1.974 Net Funds Required $3,755,518 $5,669,142 Tax Allocation.Notes which were used to finance the Bond Issue . . . . $3,760,000 $5,670,000 12, City of Redland-1,5588-TR Proof of June 27, 1975 Bovine of L.A, - (213) 748-9851, Maximum Annual Bond Service Estimated Tax Increment Requirements Table 4 shows an.estimate of the tax increment to Table 3 shows a, schedule of maximum annual be derived by the Agency upon completion Of the bond service for the $5,670,000 of '1975 tax alloca- shopping center and the adjacent area to the north. tion bonds, based on an interest rate of eight percent, The value of the improvements in, the shopping together with the annual revenue requirement after center and the adjacent area are equal to the esti- taking into account transfers from the Reserve Fund mated costs of construction. The estimated costs to the Special f7und as pertnitted by the resolution. Of CODStrUCtioll of the shopping center mall and corn- Table 3 REDEVELOPMENT AGENCY OF THE CITY OF RED ANDS 1975 Tax Allocation Bonds Maximum Annual Bond Service Requirement Interest Principal Total Less, Net Fiscal Principal Estimated Maturing Bond Transfer From Revenue Year Outstanding C. 8% July I Service Reserve Fund Requirement 1975/76 $5,670,000 $ 453,600 $ $ 453.600(,,) $ $ (k) 1976/77 5,670,000 453,600 453,601)(D (f) 1977/78 . . . . . . 5,670,000 453,600 9(),()()() 543,600 7,200 536,400 1978/79 , , , 5,580,000 446,400 100,000 546,400 8,0()0 538,400 1979/80 . . . . . 5,480,000 438,400 110,000 548,400 8.800 539,600 1980/81 5,370,000 429,600 120'000 549,600 9,600 540,000 1981/82 . . . . . . . 5,250,000 420,000 130,000 550.000 10,400 539,600 1982/83 5,120,000 409,600 140,000 549,600 11,200 538,400 1983/84 . . . . . . . . 4,980,000 398,400 150,000 548,400 12,000 536,400 1984/85 4,830,000 386,400 160,000 546,400 12,800 533,600 1985/86 . . . . . 4,670,000 373,600 170,000 543,600 13,000 530,000 1986/87 4,500,000 360,000 190,000 550,000 15,200 534,800 1987/88 4,310,000 344,800 200,0000 5441,800 16,000 528,800 1988/89 4,110,000 328,800 220,00020, 548,800 17,600 531,200 1989/90 3,890,000 311,200 230,00(1(9) 541,200 18,400 522,800 1990/91 3,660,000 291.800 250,000(( 542,800 20,000 522,800 1991/92 3,410,000 272.800 2701000) 542,800 24,600 521,200 1992/93 3,140,000 251,200 300,000,r�) 551,200 24,000 527,200 1993/94 2,840,000 227.200 320.000547,200 25,600 521,600 1994/95 2,520,000 201,1600 340,OOOQ 541,600 27,200 514,400 1995/96 2,180,000 174,400 370,000(D? 544,400 29,600 514,800 1996/97 1'8(0'000 144,800 400.000(�D 544,800 32,000 512,800 1997/98 1,410,000 112,800 430,000) 542.800 34,400 508,400 1998/99 990,00(7 78,400 470.000) 548,400 37,600 510,800 1999/2000 510'000 40,800 510,OOOQ 550,800 40,800 510,000 $7,804,800 $5,670,000 $13,474,800 $ 453,600 512,114,000 Q) Paid from bond proceeds aj Callable on, and after h,fly 1, 1987 ............... ............... ...... --------- City of Proof of June 27, 1,975 Bowne of 'L.A.— (213) 748-9851 mercial areas were provided by Charles Kober meet and the Department of Building Safety, The .Associates, AIA, architects for the developer. The estimates are based on plans announced by private estimated costs of fixtures and inventories were pro- developers. vided by CoJdwclI Banker, leasing agents for the project. The estimated costs of construction and the It. may be noted that the estimated tax increment estirnated value of inventories in the adjacent area is sufficient to meet the maxinutru revenues required were furnished by Coldwell Banker. Land values in to cover debt service on both the Tax Allocation both areas are as estimated by the Agency staff. Bonds and the Parking Lease Revenue Bonds, 'The ValUatiOn of building permits which have been without taking into account any increase in sales tax issued for construction of taxable improvements revenues to be derived by the City, although such sales tax revenues wo within the Redevelopnient Project were compiled by uld be available to the City to the City Department of Building Safety. meet a portion of the rental payments securing the Parking Lease Revenue Bonds. R-J Investments esti- The estimated value of other improvements antici- mates that the shopping center will produce taxable pated within the Rcdevcloprricnt Project Area were sales of $10,550,000 which would yield the City made by the, City Director of Community Develop- $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,OOWD $1,830,000 $ 6,130,000 Will . . . . . . . . 548,000(j) 548,000 Fixtures 1,986,OOOt 1 389,000 2,375,000 Inventories . . . . . . . . . . . . . . . . . . . . . . . . . 1,785,000(1,) 950,000(Da 2,735,000 L'and 937,788(11; 697,5'87rf 1.625,645 Sublotal59,556,788 $3,856,857 $13,413,645 Valuation of Building Permits Issue(] In Project Area . . . . . . . . 5,877,341 Other Anticipated Construction In Project Area . . . . . . . . . . . . . . 16,4 3 8,000 "Total Estimated Increase In Property Valuation . . . . . . . . . . $35,728,986 Times: Assessment Rate - - - - - - - - 25 Gross Increase In Assessed Valuation . . . . . . . . . . . . . . . . . . . $ 8,932,246 Less. Existing Assessed Valuation of Area to be Cleared . . . . . . . 724,860 Net Increase In Assessed Valuation . . . . . . . . . . . . . . . . . . S 8,207,386 Existing Increase Over Frozen Tax Base 1,203,470 Basis of '-f-as, Increment . . . . . . . . is 9.410,956 'Times: 'fax Rate Per $100+ 100 . . . .122956 "Tax Increment $ 1,157J21 Maximurn Annual Fax Allocation Bond Service (From Table 1 550.800 Balance Available $ 606,321, Annual Base Rental Securing Parking Lease Revenue Bonds . . . . . 585,000 Balance . . . . . . S 21,321 Source: Charles Kober Associates, AIA Source: Coldwell Banker Source: City stair ............ ...... ............. 14 City of Redlands 55882111 Proof of June 27, :1975 Bowne of L.A>-- (2'13) 748-9851 _.__... Redlands is the third largest city in San Bernar- dino County. Flie city covers an area of 221,/z square miles and lies within the. San Bernardino Valley in tire:, southwestern portion of San Bernardino THECITY"k County. It is situated 63 nines east of Los Angeles, 103 miles north of San. Diego and 500 miles south- east of San Francisco, Redlands comprises part of the San Berriarditrio-Riverside-Otitario 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 air excellent university and an attractive residential conitrunity, Redlands also has a diversified comniercial and industrial. [case. The climate of Redlands is warn) owing to its proximity to the Mojave Desert. The mean tempera- ture of the: average hot day in. Aufust. is 87 degrees. The mean temperature of the: coldest clay in January is 41 degrees. Precipitation amounts to a yearly average of about 15 inches. Municipal Government The ("ity of Redlands was incorporated in 1888. It is a general law city operating under the council- manager form of government. The City Council is composed 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 Tlie 1970 census showed a population of 36,355 for the City of Redlands, an increase of 35.5 percent from the 1960 population of 26,829. The State, Department of Finance certified the. 1975 population of the city of 37.5t)t:). Construction Activit The number and valuation of building permits issued by the. City of Redlands are set forth in the tabulation on the following pra.<(ge, Employment The 1974 San Bernardino County Industrial Di- rectory lists 70 manufacturing funis in Redlands of which 13 employ more than 50 persons. Major non-manufacturing employers include fed- eral, state- and local government, General l c le,phone. Company, and the University of Redlands, City of Redlands 5588-TR Proof of June 27, 197:3 Bowne of 1,.X — (21:3) 748-9851 CITY OF REDLANDS Building Permits and Valuation Year: 1970 1971 1972 1973 1974 VALUATION Single Farnily Residential $1,889,190 S 2,352,160 �1,869,870 S1,892,275 $ 596,700 Multiple Dwellings 1,195,930 3,067,955 3,830,350 187,850 65,000 (."carrtraaercica( 302,550 581-500 581,850 783,000 1.875,000 Industrial 375,900 288.600 253,110 134.00(;1 637,650 C"onaanuaaity Facilities( - - - - 1,776,000 1,554.470 37,000 1.883,920 315,900 Alterations 1,126.345 1,088,630 1,787,740 2,878,280 1,410,620 Cather 241,735 1,1601.165 439,410 1,109,110 403,523 Total Valuation . - - - - - $6,907,650 $10,094.480 ";8,799,330 `x8,868,435 $5,307,393 PERMITS Residential 122 156 107 80 20 Other New Construction 13 13 17 13 18 Alterations and Others 676 744 774 837 756 Total Permits 81.1 913 898 930 794 (,f) Churches, hospital, schools and museum. ..,.,,... ..................... ....... .._. ........... .............,.. ,. ...,................ __. _.._..... ,........,...............,..... ....,............... ............... ,.............. .....,....... ............... Shown below is the; distribution of eniploymctlt The. local Redlands community labor market is by industry for the City of Redlands and the star- located within the larger San. Bernardino Riverside- rounding; conatnunitie.s of Bryn Mawr, 1,oana Linda, Ontario Metropolitan 1.,abor ,area. Nlost major ern- Yucaipa, Nlent.one, and C"alimesa. as of July 1970, ploye.rs located in this area are within easy conumtt- the latest period for which information is available. ing distance of Redlands. This larger area of "1'°hese figures were: estimated by the California 3e- employment analysis is naxach more meaningful in. partme.nt of 1=:mp10yrnent Development. connection with measuring the economic impact on. Redlands clue to the mobility of labor within the REDLANDS LABOR MARKET area. The distribution of employment for the naetro- politan area, for the last two years is shown. in the Employment July 1970 Estimates tabulation can the facing page. — -4 The government sector, including federal, state, % of Total Total and local employees, and military civilian workers, was the leading category, followed by the trade and Agriculture, forestry, fisheries 500 2.5 services sectors. The primary metals and transporta- 4liaaing t) 0.0 tion equipment industries were the leading enlploy- Contract construction 900 4.4 ers amongst manufacturers. Mamlfacttaring 3.400 16.8 IC1dltStt'y I r ansport<ation, communication. utilities 900 4.4 The major manufacturing facilities with marc.. than 'Trade 3,300 16.3 50 employees located in Redlands are listod on finance,, insurance, real estate: 700 3.4 the facing page. Government 8,000 39.4 The 1.974 Sara. Bernardino County Industrial Di- Service fabricating, naanufacaur- ernc:nt 2.,600 12.8 rectory ' g, p ranging in size from less Total 20,300 1000 than 10 employees to more than 1,000 employees. 16 City of Redlands --- 55588-'Fli Proof of June 27, 1975 own of I- ..-- (213) 748-9851 - - - — Transportation equipment is another major indus- SAN BIS€ MARC INO-RIV RSIDE-ONTARIO try and includes manufacturers of mobile boons and LABOR MARKET AREA trailers, fiberglass parts, truck trailers and automo- Employment bile parts, and aircraft naainterianc.e,. a March March Other major c ni lovers arc the General Telephone Classification 1974 1975 1 _ p p Company (405) and the. C)niversity of Redlands lulaiiaitacturing - - - - 55,400 51,100 (469). Mineral Extraction 2,600 2,600 Contract Construction 15.100 12,300 Military Activity Transportation, Coriailaaknication and Utilities 10,000 18.600 Four major rnifitary installations arcs located in 1"rade 75,700 79,500 San Bernardino County while two other facilities Finan,.-e, lnsasrance and Real Estate 12,100 11,900 with headquarters in adjacent counties occupy laor- Services 67,500 69,400 tions of the; county. Norton Air Force 'Base, near the City of San Bernardino, employs the laagest. (3overnnient 113,600 88,100 military and civilian contingent, 'nic principal instal- Agricultiare 21,900 20,700 lation at Norton is the 63rd Military Airlift: Wing, Total 352,900 351200 and the: base serves as one of the three ports of air embarkation and debarkation for the Pacific theatre, Kaiser Steel, located just 15 miles northwest of Red- George fair Force Base, near Victorville, is he-ad- lands in F°ontana, employs over 8,000 people and is quarters for the 479th Tactical, lighter Wing, pro- the reason for the:, major esmp7loyment, being in the viding pilot ;and maintenance crew training, metals processing sector. As would be expected, The Marine Corps Supply Station near Barstow much of the other major industry located in Fontana has the responsibility of storage,, maintenance, repair, either supports or uses the outpiit of Kaiser Steel. issuance and shipment of military materials to Another major industry is citrus processing, cawing Marine Corps installations worldwide. Advantages to the citrus agriculture base of the county. The of the base include, its desert site with low humidity largest: firm in this sector is the Grange Products and rainfall and excellent transportation facilities. Division of Sunkist Growers, Inc. Located in On- another Marine Corps facility located at `.f"wenty- trario, the firm employs over 700 people. Nine: Palms covers an area of 932 utiles, principally CITY OF REDLANDS Largest Industries Air f-'actors Co. I)ivision of Wehr Corp. 100 Diffusers Bili, Rear °l iniher° 93 particle board Brookside Daairra 80 Dairy and milk distribution I..t Z-Boy West Division 225 lJpholstcred furni wire Pawnee Plastics 40 Thermoplastic extrusions Ric:hniond Corporation 14.5 plastic packaging materials Stevens Hosiery, tric. 64 Wortien's hosiery 'Teledyne Batt ry Products Division of Teledyne, Inc. 110 �ircrartt, ¢automotive aand marine hatteries Tri-City Concrete 135 Ready-mix concrete Universal-brindle. Corporation 85 1"lurraha'ng fixtures Westinghouse l.lectric Corporation 112 Electric vehicles SOUrce: Redlands Chamber of C orninerce. — .........w .. .... 17 City (.if 11e dlaai:ads 5588-TH Proof of June 27, 1975 Bowne of 1,,A.- (213) 748-9851 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 SLU11111,11-V 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-foot Board of Equalization, runway, accommodates general aircraft, Ontario As noted prQviously, a significant increase in com- International Airport, 25 miles west of Redlands, is operated morcial activity is expoxted to be produced by the by the Los Angeles Department of Air- shopping center which is part of the redevelopment ports. It is served by An- California, Hughes Air West, A project to he financed by the bonds currently being nterican Airlines, Continental Airlines, offerod, Golden West Airlines, PSA, United Air lines and Western Airlines, Banking Utilities "I'lic Batik (it' America NJ, & S.A. has two Electric power is furnished by Southern California branches in Redlands. The Batik of California N.A., Crocker National Bank., the Bank of Redlands, the Edison Company, Southern California Gas Coni-, Securitv First National Batik and the United Califor- party provides natural gas service. Telephone, ser- Vice is furnished by Genct-al Telephone and Elec- nia Batik each have one branch. tronics Corporation, In addition, there are two savings and loan offices in the city, Provident Federal Savings and Education I..oan Association and Redlands Federal Savings and Al 1,oan Association. is of the populated area of the City of Redlands is in the, Redlands Unified School District, 7be 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 raili-cords, the Santa Fe and the Southern Pacific, the San Bernardino Unified School District. Shown CITY OF REDLANDS Taxable Sales Distribution (in thousands) Year: 1970 1971 1972 1973 1974 Apparel stores, 2,524 1 2,681 S 2,754 S 2,449 $ 2.240 General onerchandise stores 9,121 5,1'75 7,564 7,663 7,583 Food stores 8,688 8,751 7,479 6,612 6,863 Package hquor stores 1,630 1,718 1.636 1,752 1,805 Eating ant] drinking places 4,201 4,782 6,4 3 5 7,439 8,424 Drug Stores 1,192 1,312 1,231 1,234 1,297 Home furnishings wid appliance stores 2,932 2,995 3,017 3,261 3,381 Building material and farm implement stores 1,441 1.42(1 1,150 1,234 1,369 Motor vehicie dealers, zaaatak StApply stores and service stations 17,800 20,745 24,066 29,622 27,294 Other retail outlets - - - 3,845 4,139 5,073 6,286 8,652 Total Retail Sales $53,374 5;53,718 $61,005 $67,552 $68,908 All other outlets 8,046 9,069 9,501 10,007 10,327 'I otal All Sales $61,420 $62,787 $70,506 $77,559 $79,235 ... ....... . ............. Oty of Rcdlands 5588-TH Proof of june 27, 1975 Boone of I—A,— (213) 748-9851 below is the enrollment for the Redlands Unified Just west of Redlands lies Lorna L,inda University, School District in recent years. a Seventh-Day Adventist co-educational institution, with an annual enrollment of about 3,000, Other colleges within a short commuting distance of Red- ENROLLMENT OF SCHOOLS lands include the University of California at R,jver- side, California State College at San Bernardirio, Year Elementary Secondary San Bernardino Valley Community College, and the Grafton Hills Community College, 1970 8,407 5,732 1971 6,146 5,937 Community Facilities 1972 5,743 5,744 Redlands has one general hospital with a bed 1973 5,455 5,867 capacity of 195. Local medical practitioners include 1974 5,186 5,692 81 physicians and surgeons, 22 dentists, and 15 miscellaneous specialists. 1-onia Linda University Hospital and the recently authorized 1,otna Linda An important, factor in the economic and social Veterans Administration Hospital are 6 miles west makeup of the city is the presence of the University of Redlands, of Redlands. The University was foonded in 1907 Recreational facilities include a movie theatre, by the Baptist Church. In 1966 the university was the University of Redlands' Glen Wallichs Theatre, reorganized to include the University College and the Crafton Hills Community College Theatre, the Johnston College, N4ajor fields of study at the Redlands Bowl (,in outdoor theatre), a lawn bowl- University College are business administration. ing facility, two public swimming pools, 7 parks, chstry, education, government, English, engineer- 13 playgrounds, and a golf club, ing, music and physics. Johnston College emplia- sizes the "laboratory method of learning" in which Agriculture the student's independent, class, and field work re- in.force each other. Rather than separater academic Redlands is at the center of a rnajor navel orange departments, there are "Dimensions": Interpersonal, producing area. There, are still many grovessur- Irounding the citdespite the increasing urbanization. nterctiltural, International, and Environmental, city The following tabulation summarizes agricultural The campus covers over 100 acres and contains production throughout San Bernardino over the past 34 buildings surrouriding to large quadrangle, five years, SAN BERNARDINO COUNTY Gross Value of Farm Production 1970 1971 1972 1973 1974 ----------- Fruits and DUtS 13,175,200 S 32,453,900 S 21,360,900 5 33978,100 $ 20,596,500 vegeutbles 2,639,000 2.012,000 2,732,500 2,829,000 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 Nursery prodocts 2,791100 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 pooltry 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 S 1 M031,200 5192,433,300 $263,450,100 5285,603,600 ................................ —---------............. 9 City of Redlands -- 5588-TR STATE OF CALIFORNIA COUNTY OF SAN BERNARDINO SS . CITY OF REDLANDS I, Peggy A. Moseley, City Clerk of the City of Redlands and Secretary of the Redevelopment Agency of the City of Redlands, California, DO HEREBY certify that the foregoing resolution was duly adopted by the Redevelopment Agency of said City and was approved by the Chairman of said Agency at an adjourned, adjourned meeting of said Redevelopment Agency held on the 27th day of Tune 1975, and that it was so adopted as follows : AYES : Members Miller, Grace, Chairman Cummings ABSTAIN: Members DeMirjyn, Knudsen NOES : Members None ABSENT: Members None (SEAL) 24U gg Cit rk of 'tVe City Redlands,, Sed et'ary of the RedeveKpment Agency