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Program and stimulating investment in the appearance of private businesses. She recommended the Redevelopment Agency approve modifying the approved program reimbursement from 50% to 75% of the total project cost. Development Specialist Ricard provided the Committee with background information explaining that due to the recession, many of projects in the advanced planning and pre- construction phases are being postponed. Property owners are reluctant to spend money due to reduced sales and uncertainty about the economy. In order to encourage private investment, staff recommends the Commercial Facade Improvement Program reimbursement be increased from 50% to 75% for the remainder of FY 2008-09 and FY 2009-10. Research on facade improvement program best practices shows that other nearby municipalities' contributions range from 50% to 100% of the project cost. Staff also recommends increasing the dollar amount the Executive Director can approve from $25,000 to $50,000 to streamline the approval process. Recommendation: The Committee recommends the Agency increase the Facade Improvement Program project reimbursement from 50% to 75% for the remainder of FY 2008-09 and FY 2009- 10 and increase the dollar amount the Executive Director can approve from $25,000 to $50,000. 5. Update on Development Projects a. Creekside Plaza: Community Development Director Sims explained that Innisfree Companies, the developer of Creekside Plaza, will begin construction on the third and final building this spring. b. San Francisco Business Times: Business Development Manager Battenberg informed the Committee that Agency will be taking out a 3/8ths page ad in the April 2009 San Francisco Business Time. The ad will highlight upcoming development in San Leandro, and will feature the Marina, Creekside Plaza, the Downtown Transit Oriented Development and the Kaiser hospital. 6. Public Comments None 7. Committee Member Comments None 8. Adjourn The meeting adjourned at 6:00 p.m.