Laserfiche WebLink
City of San Leandro <br />Meeting Date: October 16, 2017 <br />Staff Report <br />Agenda Section:File Number:17-560 ACTION ITEMS <br />Agenda Number:10.C <br />TO:City Council <br />FROM:Chris Zapata <br />City Manager <br />BY:Cynthia Battenberg <br />Community Development Director <br />FINANCE REVIEW:David Baum <br />Finance Director <br />TITLE:Staff Report for a Resolution to Approve a Loan and Authorizing the City <br />Manager to Execute a Loan Agreement of $400,000 from the City of San <br />Leandro to Dan and Gina Dillman, Owners of the BAL Theatre, to Assist in <br />Refinancing the BAL Theatre and a Forgivable Loan Agreement of $100,000 <br />from the City of San Leandro to Curtain Call Performing Arts to Support Ongoing <br />Renovations <br />SUMMARY AND RECOMMENDATIONS <br />That the City Council review this staff report, the agreements, and adopt the resolution 1) to <br />approve a $400,000 Loan Agreement, Secured Promissory Note, and Deed of Trust between the <br />City and Dan and Gina Dillman to assist with the refinancing of the BAL Theatre; and 2) <br />approving a $100,000 Forgivable Loan Agreement to support ongoing renovations. <br />BACKGROUND <br />The Historic BAL Theatre, located at 14808 East 14th Street, is a unique and valuable cultural <br />asset for the City of San Leandro. In the past two years, updates on the BAL to the City Council <br />included a presentation at the July 5, 2016 regular City Council meeting, a discussion at the <br />October 19, 2016 Facilities and Transportation Committee meeting, a discussion at the Council’s <br />January 28, 2017 annual Planning Session, a discussion at the May 2, 2017 City Council Finance <br />Committee meeting, and recent discussion at the October 3, 2017 Finance Committee meeting. <br />At each of these presentations, the City Council indicated a desire to provide financial assistance <br />to the BAL in order to support ongoing renovation and modernization of the facility as well as <br />continued operations. The City Council has repeatedly stated that support for the BAL is in the <br />public’s interest by supporting the performing arts, and the secondary effects to the City’s <br />economy, especially to south San Leandro. <br />Per City Council direction, staff engaged in extensive discussions with representatives of the BAL <br />Page 1 City of San Leandro Printed on 10/10/2017 <br />210