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II. Economic Development Incentive Program (Oliver/Jermanis) <br />Allocation of Increased Sales Tax To Reserve <br />Mike discussed the possibility of reinvesting sales tax revenues toward new <br />projects. This would help new businesses that would like to move to San Leandro <br />and allow existing businesses to expand within the community. <br />Joint Powers Authority with Redevelopment Agency <br />Staff will be coming to the City Council asking them to approve a new joint <br />agency to make loans, grants and pay fees for new economic development <br />activity. This new agency would increase the City Council's leverage to assist in <br />economic development. <br />The Mayor cautioned that the City should not loose sight of what the City is <br />currently doing to keep businesses in town. She used the one -stop counter to <br />illustrate her point. <br />III. 1st and 2nd Quarter Budget Amendments (Jermanis) <br />John Jermanis reviewed the Budget Amendments for the City and Redevelopment <br />Agency. There are no major changes to current programs and projects. (see <br />Exhibit B, attached, for details). <br />IV. Unreinforced Masonry Buildings Retrofit (Jermanis/Oliver) <br />Retrofit Financing for Private Property Owners <br />There are property owners who have not been able to find financing to do a <br />retrofit. City staff has talked to a number of cities to see how they deal with this <br />issue and no city has answers for this problem. Staff is suggesting that the City <br />develop a voluntary assessment district to include nine buildings. The City is <br />proposing to do this at a 9% interest rate for fifteen years. The City of San Jose <br />did a similar program at 11%. The total Bond issue would not be more than $1 <br />million. Five of the nine commercial properties are vacant. Councilmember <br />Polvorosa stated that this is a good idea to help the owners. It would help prevent <br />blighted areas. <br />3 3 <br />