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File #: CC-19-809    Version: 1 Name:
Type: Agenda Item Status: Agenda Ready
File created: 7/29/2019 In control: City Council
On agenda: 8/13/2019 Final action:
Title: Request City Council to Receive and File the Statement of Income and Expense for June 2019 related to the Construction Loan Agreement with Ayala@210LLC for On-Site Improvements for the Renaissance Plaza Retail Center on Renaissance Parkway.
Attachments: 1. Exhibit A - Banner Bank Stmt Ayala-210 LLC 2019-06.pdf, 2. Exhibit B - Escrow Payment Budget1b.pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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For City Council Meeting [August 13, 2019]
TO: Honorable Mayor and City Council
APPROVAL: Rod Foster, City Administrator
FROM : Robb R. Steel, Assistant CA/Development Services Director

Title
Request City Council to Receive and File the Statement of Income and Expense for June 2019 related to the Construction Loan Agreement with Ayala@210LLC for On-Site Improvements for the Renaissance Plaza Retail Center on Renaissance Parkway.

Body
BACKGROUND:
On March 14, 2017, the City Council approved an Option to Purchase and Develop Site Agreement ("PDS Agreement") by and between the City of Rialto and Ayala@210LLC ("Developer") for a commercial development known as the Renaissance Plaza on an 8-acre site situated east of Ayala Avenue and north of Renaissance Parkway/Easton Avenue for the proposed Cracker Barrel, Sonic, and hotel ("Project").

On April 24, 2018, the City Council approved a Purchase and Sale Agreement that replaced the PDS Agreement and a Construction Loan Agreement (CLA) by and between the City of Rialto and Developer for a maximum loan amount of $3,700,000 ("Approved Budget"). The CLA funds the on-site improvements in the Project that includes contractor and consultant costs for grading, asphalt, curb, gutter, and landscaping using City's General Fund non-operation reserves ("On-Site Improvements").

On April 30, 2018, staff appropriated $3,700,000 to Account Number 010-500-2158-3001 to pay the authorized Developer expenses per the CLA ("City Account"). On June 25, 2018, the City also deposited $3,700,000 with Banner Bank pursuant to Sections 3.2 and 3.3 of the CLA ("Banner Account") as a fund guarantee for the benefit of the general contractor. The appropriations and deposits required represented contributions from the General Fund's non-operational reserve.

On June 14, 2019, the City Council approved CLA Amendment #1 increasing the Approved Budget by $300,000 to a maximum loan amount of $4,000,000.

Banner Bank holds the guarantee amoun...

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