Title
Staff Report for a First Amendment to the Loan with the San Leandro Improvement Association in the Amount of $285,000 for the Purpose of Funding Public Improvements in the Downtown
Staffreport
SUMMARY AND RECOMMENDATION
Staff recommends that the City Council authorize the City Manager to negotiate and execute an amended loan agreement with the San Leandro Improvement Association that would defer principal payments until 2022.
Background
On December 19, 2016, the City Council approved a loan agreement with San Leandro Improvement Association (SLIA) in the amount of $285,000 to be paid in equal annual payments over a ten year period. The loan proceeds will pay for capital improvements in the Downtown, including a bocce ball court at Root Park and a landmark sign near the intersection of East 14th Street and Davis Street.
The SLIA is a public benefit corporation that was formed to administer the Downtown San Leandro Community Benefit District (CBD). The Downtown San Leandro Community Benefit District was approved in July 2013 by a vote of the affected property owners, and authorized by City Council action on July 15, 2013. The SLIA has a contract with the City of San Leandro to administer the revenues for this CBD. The Fiscal Year 2016 revenues for the CBD were anticipated to not exceed $375,000. The District's first year of operation commenced on December 20, 2013.
The special benefit services funded by this CBD include maintaining security, cleanliness and order in the public rights of way, improving district identity, running the web site and all District events, serving the corporations' administrative needs and advocating on behalf of the area's property owners, business owners, and residents. The CBD is an assessment district that funds special benefits or services over and above those currently provided by the City of San Leandro. The District includes all property owners within the boundaries ofthe attached map. The function of the CBD is also...
Click here for full text