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DEPARTMENT OF ECONOMIC <br />AND COMMUNITY DEVELOPMENT <br />290 North "D" Street, Sixth Floor • San Bernardino, CA 92415-0040 • <br />(909)388-0800 <br />Fax (909) 388-0844 <br />October 30, 1997 <br />COUNTY OF SAN BERNARDINO <br />PUBLIC SERVICES GROUP <br />THOMAS R LAURIN <br />Director <br />ECIV <br />'C)F <br />O� AJ4y <br />City of Colton R e 0 z 1 V <br />650 North La Cadena Drive <br />eo <br />Colton, CA 92324 NOV 2 4 1997 <br />Attn: Len Wood, Interim City Manager RED clryop <br />'eVt�dP j0V-Lg�� o� <br />Dear Mr. Wood: <br />The San Bernardino County Department of Economic and Community Development CD had <br />been requested by Steadfast Properties to provide tax-exempt multifamily mortgage revenue b <br />financing for a project in the City of Colton. The bond financing will provide for the acquisition <br />and rehabilitation of the 600 -unit Casa Del Rio project located at 800E. Washington Street by <br />Steadfast Properties. <br />The County Board of Supervisors approved an Inducement Resolution for this project on October <br />28, 1997, and will hold a TEFRA hearing on November 25, 1997. In order for the financing <br />to <br />move forward, approval by your City Council of the attached Cooperation Agreement the <br />Agreement) is needed. This Agreement allows the County to submit an application to the <br />California Debt Limit Allocation Committee (CDLAC) and to ultimately provide tax-exempt <br />financing if an allocation is granted. There is no financial commitment required by the City. All <br />fees required for the CDLAC application or the bond financing will be provided by Steadfast <br />Properties. <br />In order to process the application for the first CDLAC meeting in January, the application must <br />be submitted by December 12, 1997. Thus, we request your cooperation in scheduling the <br />attached Agreement for City Council approval prior to December 12, 1997. Upon approval, <br />please provide ECD with five (5) certified copies of the Agreement, each with original sig atures <br />as required by the Clerk of the Board of Supervisors. <br />JAMES J. NLAWEK <br />tart A rnini tra li ,e pf;c,�r <br />. f4 riI a ....,,...., ... er of uporvi o <br />rs <br />Assistant iri r ir JON i First � rIct DENNIS <br />Third <br />Pub lic Services Group JERRY EAVES stitcYecon District LY . ,.. <br />Fifth District Fourth }E <br />