Title
Staff Report for a Loan to 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 a loan agreement with the San Leandro Improvement Association in the Amount of $285,000 at an interest rate of 3% for the Purpose of Funding Public Improvements in the Downtown from the City's General Fund Unrestricted Reserves
Background
The San Leandro Improvement Association (SLIA) is a public benefit corporation whose primary function is to administer the Downtown San Leandro Community Benefit District (CBD). The Downtown San Leandro Community Benefit District was approved by an overwhelming vote of the affected property owners in July 2013, 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 assessment district. Fiscal Year 2016 revenues for the CBD are 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, marketing the district, serving the corporations' administrative needs and advocating on behalf of the area's property owners, business owners and residents. The CBD is a mandatory assessment district that funds special benefits or services over and above those currently provided by the City of San Leandro. The function of the CBD is also one of an advocacy organization that seeks to improve the overall appearance, building/commercial mix and public space improvements within the district.
The District Board of Directors has identified capital projects that it believes would significantly benefit Downtown San Leandro. The most significant of these improvements are...
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