Reso 2017-150 - Laserfiche WebLink

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WHEREAS, on October 3, 2017, the City Council Finance Committee recommended that the City Council approve the two-part package of financial assistance for the BAL Theatre; and WHEREAS, the two-part package of financial assistance includes a General Fund Loan (Exhibit A) between the City of San Leandro and Dan and Gina Dillman for $400,000 from the General Fund's Economic Uncertainty reserve to assist in refinancing the BAL Theatre and a $150,000 Forgivable Loan from account 010-14-010-5890 (Exhibit B) between the City of San Leandro and Curtain Call Performing Arts to support ongoing renovations; and WHEREAS, the City and representatives of the BAL Theatre negotiated the terms of a secured promissory note for the General Fund Loan Agreement to be executed by Dan and Gina Dillman to evidence their obligation to repay the loan, as well as a deed of trust to provide the City with a security interest in the real property. NOW, THEREFORE,the City Council of the City of San Leandro does RESOLVE as follows: 1. The Recitals above are true, correct, and made a part of this resolution; and 2. That said agreements amended in the forin,presented are hereby approved and execution by the City Manager is hereby authorized; and 3. That the City Manager is authorized to make non-substantial revisions to said agreements, Subject to the approval of the City Attorney; and 4. That original executed agreements shall be attached to and made a part of this LI resolution. Introduced by COLincilmember Hernandez, and passed and adopted as Amended this 16th day of October, 2017, by the following vote: Members of the Council: AYES: COLincilmembers Cox, Hernandez, Lee, Lopez; Mayor Cutter (5) NOES: Councilinembers Ballew, Thomas (2) EXCUSED: None (0) ,A-- ATTEST: ,famika Greenwood, City Clerk RFSOLUTION NO. 2017-150 2