Title
Staff Report for a Resolution to Approve a Loan and Authorizing the City Manager to Execute a Loan Agreement of $400,000 from the City of San Leandro to Dan and Gina Dillman, Owners of the BAL Theatre, to Assist in Refinancing the BAL Theatre and a Forgivable Loan Agreement of $100,000 from the City of San Leandro to Curtain Call Performing Arts to Support Ongoing Renovations
Staffreport
SUMMARY AND RECOMMENDATIONS
That the City Council review this staff report, the agreements, and adopt the resolution 1) to approve a $400,000 Loan Agreement, Secured Promissory Note, and Deed of Trust between the City and Dan and Gina Dillman to assist with the refinancing of the BAL Theatre; and 2) approving a $100,000 Forgivable Loan Agreement to support ongoing renovations.
BACKGROUND
The Historic BAL Theatre, located at 14808 East 14th Street, is a unique and valuable cultural asset for the City of San Leandro. In the past two years, updates on the BAL to the City Council included a presentation at the July 5, 2016 regular City Council meeting, a discussion at the October 19, 2016 Facilities and Transportation Committee meeting, a discussion at the Council's January 28, 2017 annual Planning Session, a discussion at the May 2, 2017 City Council Finance Committee meeting, and recent discussion at the October 3, 2017 Finance Committee meeting. At each of these presentations, the City Council indicated a desire to provide financial assistance to the BAL in order to support ongoing renovation and modernization of the facility as well as continued operations. The City Council has repeatedly stated that support for the BAL is in the public's interest by supporting the performing arts, and the secondary effects to the City's economy, especially to south San Leandro.
Per City Council direction, staff engaged in extensive discussions with representatives of the BAL and Curtain Call Performing Arts. Curtain Call is a nonprofit organization that holds the lease for the facil...
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