12/8/2022
1 RiversideCA.gov
1 RiversideCA.gov
CONSENT TO ENCUMBRANCE AND ESTOPPEL
CERTIFICATE WITH JVE HOLDING, LLC, 1408-
1520 SOUTH E STREET, SAN BERNARDINO
City Council
December 20, 2022
Community and Economic Development Department
RiversideCA.gov
2 1. City, through Riverside Public Utilities (RPU), owns the
5.13-acre parcel of land at 1408-1520 South E Street in San Bernardino (Property).
2. The Property was first developed in by a previous
tenant in 1985 and has various commercial buildings
which are subleased to small businesses.
3. On December 18, 2012, City Council approved a new
55-year ground lease (Lease) with CRE Retail, LLC.
4. On October 16, 2014, CRE Retail, LLC assigned rights and obligations to JVE Holding, LLC (JVE).
BACKGROUND
1 2
12/8/2022
2 RiversideCA.gov
3 5. On October 16, 2015, Board of Public Utilities
recommended approval of a Consent and Estoppel
Certificate allowing JVE to refinance loan in the
amount of $1,300,000.00. City Council approved that
item on November 10, 2015.
6. On July 24, 2017, Board of Public Utilities
recommended approval of a second Consent and
Estoppel Certificate allowing JVE to refinance their
loan in the amount of $2,000,000.00. City Council
approved that item on August 8, 2017.
BACKGROUND
RiversideCA.gov
4 1. JVE is requesting the City to approve a third Consent to Encumbrance and Estoppel Certificate increasing
their loan amount to $2,800,000.00.
2. City required to provide the Lender with copies of
any default notices sent to JVE and attest that JVE is
not currently in default under the lease.
DISCUSSION
3 4
12/8/2022
3 RiversideCA.gov
5 Priority 6 – Infrastructure, Mobility & Connectivity
Goal 6.2: Maintain, protect and improve assets and infrastructure within the City’s built environment to ensure and enhance reliability, resiliency, sustainability, and facilitate connectivity.
Cross-Cutting Threads
STRATEGIC PLAN ALIGNMENT
RiversideCA.gov
6 That the City Council:
1. Approve the Consent to Encumbrance and Estoppel
Certificate with JVE Holding, LLC and Commonwealth
Business Bank; and
2. Authorize the City Manager, or his designee, to execute the Consent to Encumbrance and Estoppel Certificate,
including making minor non-substantive changes, and
to sign all documents necessary to complete the
transaction.
RECOMMENDATION
5 6