8G Consent 2009 0302 - Laserfiche WebLink

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REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO STAFF REPORT DATE: TO: FROM: BY: February 23, 2009 Stephen Hollister, Executive Director Redevelopment Agency APPROVED AND FORWARDED TO THE REDEVELOPMENT AGENCY -n...~~//~~ Stephen L. Hollister Executive Director Luke Sims, Community Development Director Cynthia Battenberg, Business Development Manager Tim Ricard, Project Specialist SUBJECT PROJECT/PROJECT DESCRIPTION: A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO APPROVING AN OWNER PARTICIPATION AND LOAN AGREEMENT BETWEEN THE SAN LEANDRO REDEVELOPMENT AGENCY AND THE SCRIBNER FAMILY PARTNERSHIP FOR THE DEVELOPMENT OF PROPERTY LOCATED IN THE ALAMEDA COUNTY -CITY OF SAN LEANDRO (JOINT) REDEVELOPMENT PROJECT AREA AT 101-159 PARROTT STREET & 1600-1660 WASHINGTON AVENUE APN: 077-0545-040-1, 077-0545-039 AND 077- 0545-060 SUMMARY AND RECOMMENDATION In order to build on the success of the Downtown Farmers' Market and improve the appearance and services of an important downtown business, staff recommends that the San Leandro Redevelopment Agency (Agency) approve the attached resolution authorizing the Agency to enter into an Owner Participation and Loan Agreement (OPA) with the Scribner Family Partnership authorizing a forgivable loan of $85,000. BACKGROUND Analysis In June 2007, the Agency approved the Commercial Rehabilitation Program (Rehab) in order to stimulate investment and improve the appearance of private businesses by providing matching forgivable loans of up to $50,000 per business. Funds are reimbursed to businesses based on receipts for up to 50% of approved expenditures. The funds are provided in the form of a 10-year forgivable loan. The Agency holds a Deed of Trust and Promissory Note, which (assuming the developer complies with all provisions set forth in the agreement) is released at the end of 10 years.