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consensus of the Committee that the Redevelopment Agency approve a loan agreement <br />with 1750 Doolittle LLC in the amount of $559,200. <br />Applicable General Plan Policy <br />Policy 7.06 -Adaptive Re-use -Encourage private investment in vacant or underutilized <br />industrial and commercial real estate to adapt such property to changing economic needs. <br />Permits and/or Variances Granted - N/A <br />Environmental Review- N/A <br />Code Compliance Review - N/A <br />Board/Commission Findings- N/A <br />Summary Of Public Outreach Efforts - N/A <br />Fiscal Impact <br />This loan will cost $559,200, which requires increasing the FY 08-09 Budget by <br />$559,200 and will be funded out of the West San Leandro/MacArthur Boulevard <br />Redevelopment Project Area fund balance. <br />Budget Authority <br />There are sufficient funds in the West San Leandro/McArthur Boulevard Redevelopment <br />Project Area fund balance for this project. <br />~~ e~- ~~ <br />Perry Carter, Interim Agency Treasurer <br />Attachments: <br />Exhibit A Map <br />CONCLUSION <br />In order to assist in the development of a cohesive project at the corner of Doolittle Drive <br />and Williams Street, staff recommends Agency approval of the resolution extending 1750 <br />Doolittle, LLC an interest only loan. <br />G:~DEP'I~Office of Business Deve]opment~F'iles RDA\WSL-MacArthur AreaU 750 DoolittleALoanRptCounci19-1-08..doc <br />