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• Minutes - San Leandro City Council Meeting - July 18, 1994 Page - 9 - 7. NEW BUSINESS Item Removed from the Consent Calendar. 6.B. Resolution Accepting a Loan and Authorizing the City Manager to Sign a Contract with the California Department of Boating and Waterways for the Marina Improvement Project (provides for a loan contract in the amount of $500,000 at 4-1/2% for a 30-year period) . Council Member Galvan noted that the loan provided for improvements for the docks and other items related to the needs of boaters. He asked what consideration has been given to a non-dredged marina. City Manager Mike Oliver said that a private curette had recommended discontinuing dredging if the Marina cannot be self-supporting. He said the long-term financial projections for the Marina indicate that expenses will outstrip revenue. He said the City Council started a program two years ago to bring the expenses and revenues in line and to develop additional revenue sources, such as a Residence Inn. He said if in the long term it becomes apparent that the Marina cannot be self- supporting, staff will make recommendations to the City Council for alternatives. He said the Marina has been dredged and can be maintained for the next five years, and during that time staff will come back with a long-range plan for the Marina. The following Resolution was then introduced. Resolution No. 94-130, Resolution Accepting a Loan and Authorizing the City Manager to Sign a Contract with the California Department of Boating and Waterways for the Marina Improvement Project (provides for a loan contract in the amount of $500,000 at 4-1/2% for a 30-year period) . (1955) Introduced by Council Member Polvorosa, who moved its adoption, seconded by Council Member Galvan, and carried by the following called vote: AYES: Council Members Galvan, Kerr, Loeffler, Myers, Perry, Polvorosa; Mayor Corbett ( 7 ) NOES: None ( 0 ) ABSENT: None ( 0 )