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Minutes - City of San Leandro City Council and Page - 4 - <br /> Redevelopment Agency Meeting - August 5, 1996 <br /> however, they just received the lender's authorization to <br /> participate. There is not much other financing available. The <br /> lenders were asked to sign off as a partner in this process. These <br /> bonds will be purchased by the City of San Leandro to be held in our <br /> own portfolio. The City and taxpayers are not going to suffer loss <br /> of income. It is a prudent and wise investment. It is our <br /> opportunity to invest in our own community. These properties have <br /> added value by rehabing their properties and put them back in <br /> productive use. <br /> Related to the voluntary assessment district, CDBG funding. We think <br /> we have an application that applies to the Unreinforced Masonry <br /> Buildings. Out of the 40 buildings there were two that were not <br /> truly commercial, the Mission Belle and Alta Mira Club. Alta Mira <br /> would qualify for a grant, we make a grant of up to $50,000. In turn <br /> for our assistance, they will make their building available through <br /> Community Services. We think we have an equitable arrangement and <br /> are able to provide assistance. <br /> Council Member Polvorosa: On these loans, what happens if they sell <br /> property? <br /> Jermanis: The property owner will disclose that debt, the new owners <br /> will have an opportunity to assume the loan. <br /> The Hearing was then opened to the public. <br /> There being no comments from the public, on motion of Council Member <br /> Galvan, seconded by Council Member Polvorosa, and carried by a <br /> majority vote (7), the Public Hearing was closed. <br /> The following Resolutions were then introduced: <br /> 3.1.1 Resolution No. 96 -119, Ordering Changes and Modifications, <br /> Seismic Retrofit Assessment District No. 96 -2. (2813) <br /> M /S /C Galvan and Young. Ayes: 7; Noes: 0 <br /> 3.1.2 Resolution No. 96 -120, Determining to Undertake Proceedings <br /> Without Further Action Under Division 4 of the Streets and <br /> Highways Code, Seismic Retrofit Assessment District No. 96 -2 <br /> (acknowledges receipt of petitions from property owners to <br /> participate in assessment district). (2813) <br /> M /S /C Polvorosa and Loeffler. Ayes: 7; Noes: 0 <br /> 3.1.3 Resolution No. 96 -121, Adopting Engineer's Report, Confirming <br /> the Assessment, Ordering the Work and Acquisitions and <br /> Directing Actions with Respect Thereto, Seismic Retrofit <br /> Assessment District No. 96 -2 (establishes voluntary assessment <br /> district to finance seismic retrofit for seven commercial <br /> properties). (2813) <br /> M /S /C Glaze and Polvorosa. Ayes: 7; Noes: 0 <br />