BusDev Highlights 2006 0209 - Laserfiche WebLink

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• over aten-year period. This type of loan is consistent with past redevelopment projects sponsored by the Agency. The loan will require that the restaurant remain in operation during the duration of the loan term and that the property be kept in excellent condition. Should the property be sold, the Agency will have the option of requiring repayment of the loan or may assign the loan to another restaurant business depending on the circumstances at that time. Mayor Young suggested that Mr. Francisco prepare a marketing plan for his new restaurant and strongly encouraged him to retain the well-established "Jake's" identity in the restaurant name. The Committee agreed that the restaurant provides a valuable destination which will be of benefit to other nearby businesses including prospective tenants of the adjacent retail development which will be soon completed. Staff will proceed to draft the OPA and bring a recommendation to the Agency in March. 2. Discussion Regarding Significant Pending Development Applications • Proposed Commercial Condominium Conversion (14515 Catalina Street): Sally Barros provided an overview of an application by the Chess Group to subdivide one of the former MDL Information Systems buildings at 14515 Catalina Street to create a commercial condominium. The existing building is in good condition and generally meets the current zoning requirements for the Industrial Park (IP) Zoning District. The project is proposed to have 10 units ranging in size from about 1,500 to 3,500 square feet. She noted that the property is currently vacant and that no businesses would be displaced by the condominium conversion. Luke Sims described the type of tenants that would be interested in the space offered by the project including various wholesale suppliers such medical equipment distributors, etc., industrial service providers, light assembly businesses and professional offices. He further noted that space for sale is hard to come by in San Leandro and that many businesses want to take advantage of low interest rates and are looking in other cities to purchase space where industrial condominiums are more prevalent. • Site Plan Review for Bayfair Center Building B (15555 East 14th Street): Sally Barros presented the proposed plans for the new "sub-anchor" space that will be developed at the location for the former Long's Drug Store at Bayfair Center. The proposed renovation plan includes a new facade for the building and an improved exterior pedestrian arcade connecting the tenant space with the existing Target Store. She explained that the proposed plans were scheduled for review by the Zoning Enforcement Officer later in February. Construction of the planned improvements is scheduled for completion in time for the 2006 holiday season. Luke Sims noted that the space was being considered by Old Navy but that a lease had not yet been signed. 3. Update on 2398 East 14th Apartments Development and Management Plan