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11-28-2022
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11-28-2022 BPU RPT 06
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11-28-2022 BPU AGENDA
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<br /> RIVERSIDE PUBLIC UTILITIES <br /> Board Memorandum <br />BOARD OF PUBLIC UTILITIES DATE: NOVEMBER28,2022 <br />SUBJECT:CONSENT TO ENCUMBRANCE AND ESTOPPEL CERTIFICATE WITH JVE <br />HOLDING, LLC AND COMMONWEALTH BUSINESS BANK 1408-1520 <br />SOUTH E STREET, SAN BERNARDINO, CALIFORNIA <br />ISSUE: <br />Consider approval of theConsent to Encumbrance and Estoppel Certificate with JVE Holding, <br />LLC and Commonwealth Business Bank -1408-1520 South E Street in San Bernardino, <br />California. <br />RECOMMENDATIONS: <br />That the Board of Public Utilitiesrecommend that the City Council: <br />1.Approvethe Consent to Encumbrance and Estoppel Certificate with JVE Holding, LLC and <br />Commonwealth Business Bank; and <br />2.Authorize the City Manager, or designee, to execute the Consent to Encumbrance and <br />Estoppel Certificate, including making minor and non-substantive changes, and to sign all <br />documents necessary to complete the transaction. <br />BACKGROUND: <br />The City, through Riverside Public Utilities (RPU), owns the 5.13-acre parcel of land located at <br />1408-1520 South E Street in San Bernardino County, CA (Property). The Property was first <br />developed in 1985by the previous tenantand has severalcommercial buildings which are <br />subleased to small businesses. <br />On December 18, 2012, City Council (Council) approved a 55-year ground lease (Lease) with <br />CRE Retail, LLC for commercial, office,and retail use of the Property. <br />On October 16, 2014, CRE Retail assigned its rights and obligations under the Lease to JVE <br />Holding, LLC(JVE). <br />On October 16, 2015, the Board of Public Utilities(Board)recommended approval ofa Consent <br />and Estoppel Certificate between JVEand Commonwealth Business Bank (Lender) allowing JVE <br />to refinance their loanin the amount of onemillion threehundred thousand dollars <br />($1,300,000.00). The Council approved the item on November 10, 2015. <br /> <br />
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