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Minutes - San Leandro City Council Meeting - October 19, 1992 Page - 10 - NEW BUSINESS (continued) City Attorney Steve Meyers said the section she was referring to was related to acquisition assets, which are the tenant improvements, and that they cannot be encumbered. He said this is what the City is, essentially, funding. He said this document would be recorded and if the borrowers violated the covenant the loan would become due. Mike Oliver said staff would be coming back to the Council with guidelines for the process. The following Resolution was then introduced: Resolution No. 92-292, Resolution Approving Community Development Block Grant (CDBG) Small Business Loan and Regulatory Agreement with Diogenes Investors for Bancroft Center, 600 Dutton Avenue (provides financial assistance to small businesses, as outlined in the City's "CDBG Economic Development - Small Business Assistance Program Guidelines") . (2096) Introduced by Council Member Corbett, who moved its adoption, seconded by Council Member Polvorosa, and carried by the following called vote: AYES: Council Members Corbett, Faria, Kerr, Myers, Polvorosa ( 5 ) NOES: Council Member Perry ( 1 ) ABSENT: Mayor Karp ( 1 ) C. Mike Oliver spoke regarding recent actions related to the City's financial situation. He said staff has distributed the Budget Bulletin, has initiated a budget hotline that gives information to the p ublic and an opportunity to comment, and has also sent out a City newsletter which deals strictly with financial conditions in the City. He said the City Council has been working diligently to keep the community informed. He described the Public Advisory Task Force on City Finances, an ad hoc committee which will be going forward starting in early November through January. The members will be educated on finances and will make recommendations on three policy areas: disaster preparedness, City revenue, and City services. He said the Task Force will consist of about 50 people, representing a broad spectrum of the community. He said interested parties can complete a card and their name will be placed on a list of nominees for City Council consideration. He said the City Council will discuss the nominations on October 26, make the nominations on November 2, and make formal appointments on November 9. He said the first meeting of the Task Force will be held on November 10, and meetings will be held thereafter on Tuesdays. He said the City needs to deal with $2 million of unfunded reserves this year and a growing deficit over the next two years.