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REDEVELOPMENT AGENCY OF <br />THE CITY OF SAN LEANDRO <br />STAFF REPORT <br />DATE: <br />TO: <br />FROM: <br />BY: <br />September 2, 2008 <br />John J. Jermanis, Executive Director <br />Redevelopment Agency <br />APPROVED AND <br />FORWARDED TO THE <br />REDEVELOPMENT AGENCY <br />~~. <br />John rmanis <br />Exe e Director <br />4r <br />Luke Sims, Community Development Director <br />Cynthia Battenberg, Business Development Manager <br />Tim Ricard, Development Planner ~~~ <br />SUBJECT PROJECT/PROJECT DESCRIPTION: <br />A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN <br />LEANDRO APPROVING A LOAN AGREEMENT BETWEEN THE SAN LEANDRO <br />REDEVELOPMENT AGENCY AND 1750 DOOLITTLE, LLC FOR THE <br />DEVELOPMENT OF PROPERTY LOCATED IN THE WEST SAN <br />LEANDRO/MACARTHUR BOULEVARD REDEVELOPMENT PROJECT AREA AT <br />1750 DOOLITTLE DRIVE, APN: 079A 0385 002 04 <br />SUMMARY AND RECOMMENDATION <br />In order to create a cohesive development site on the northeast corner of Doolittle Drive <br />and Williams Street, staff recommends that the San Leandro Redevelopment Agency <br />(Agency) approve a Loan Agreement authorizing a loan of $559,200 to 1750 Doolittle, <br />LLC. <br />BACKGROUND <br />Anal sis <br />In December 2005, Doolittle Williams, LLC (an affiliation of McGrath Properties, which <br />Terrance McGrath is the managing member) purchased the former Scott Mechanical <br />building located on 19.2 acres at 1717 Doolittle Drive. Since purchasing this property, <br />Doolittle Williams, LLC has made substantial investments to the approximately 100,000 <br />sq. ft. building fronting on Doolittle Drive in order to convert it from an obsolete, single- <br />user office building to a viable, multi-user, light industrial/flex space building. These <br />changes have not only improved the appearance of the property, but accommodate the <br />demand for divisible light industrial and flex space. <br />