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City of San Leandro <br />Meeting Date: December 17, 2018 <br />Staff Report <br />Agenda Section:File Number:18-639 CONSENT CALENDAR <br />Agenda Number:8.J. <br />TO:City Council <br />FROM:Jeff Kay <br />City Manager <br />BY:David Baum <br />Finance Director <br />FINANCE REVIEW:David Baum <br />Finance Director <br />TITLE:Staff Report for a First Amendment to the Loan with the San Leandro <br />Improvement Association in the Amount of $285,000 for the Purpose of Funding <br />Public Improvements in the Downtown <br />SUMMARY AND RECOMMENDATION <br /> <br />Staff recommends that the City Council authorize the City Manager to negotiate and execute an <br />amended loan agreement with the San Leandro Improvement Association that would defer <br />principal payments until 2022. <br />Background <br />On December 19, 2016, the City Council approved a loan agreement with San Leandro <br />Improvement Association (SLIA) in the amount of $285,000 to be paid in equal annual payments <br />over a ten year period. The loan proceeds will pay for capital improvements in the Downtown, <br />including a bocce ball court at Root Park and a landmark sign near the intersection of East 14th <br />Street and Davis Street. <br />The SLIA is a public benefit corporation that was formed to administer the Downtown San <br />Leandro Community Benefit District (CBD). The Downtown San Leandro Community Benefit <br />District was approved in July 2013 by a vote of the affected property owners, and authorized by <br />City Council action on July 15, 2013. The SLIA has a contract with the City of San Leandro to <br />administer the revenues for this CBD. The Fiscal Year 2016 revenues for the CBD were <br />anticipated to not exceed $375,000. The District’s first year of operation commenced on <br />December 20, 2013. <br />The special benefit services funded by this CBD include maintaining security, cleanliness and <br />order in the public rights of way, improving district identity, running the web site and all District <br />events, serving the corporations’ administrative needs and advocating on behalf of the area’s <br />property owners, business owners, and residents. The CBD is an assessment district that funds <br />Page 1 City of San Leandro Printed on 12/11/2018