Title:
Title
(City Council/Redevelopment Agency Successor Agency) Acquisition of 3739 and 3801 Marysville Boulevard and Predevelopment Loan to Sacramento Economic and Employment Development Corporation
End
FileID
File ID: 2019-00061
Location
Location: District 2
Recommendation:
Recommendation
Pass: 1) a Redevelopment Agency Successor Agency (RASA) Resolution: a) authorizing the sale of the 3739 and 3801 Marysville Boulevard parcels ("Properties") to the City of Sacramento for the appraised value of $291,400, b) authorizing the City Manager or City Manager's designee to execute the Grant Deed on behalf of RASA, and c) authorizing the City Manager or City Manager's designee to transfer of the sales proceeds in the amount of $291,400 to the County Auditor-Controller for distribution to the taxing entities; and 2) a City Council Resolution: a) authorizing the purchase of the Properties for $291,400, b) transfer $75,000 from the 2006 TARB DP Heights TA Fund (Fund 3809) available fund balance to the Marysville Boulevard Investment Initiative Project (I02180700; Fund 3809) and allocate $291,400 for the purchase of the properties, c) authorizing the City Manager or his designee to execute the Certificate of Acceptance for the Properties, d) authorizing the City Manager or City Manager's designee to execute a $300,000 forgivable loan agreement and related documents with the Sacramento Economic and Employment Development (SEED) Corporation for predevelopment activities related to the development of the Properties into the Marysville Boulevard and Grand Affordable Housing and Retail Development Project to be funded from the Marysville Boulevard Investment Initiative Project (I02180700, Fund 3805,3806, and 3807); and e) authorizing the City Manager or City Manager's designee to execute any amendment to the forgivable loan agreement if the amendment does not change the total loan amount, term of the loan, loan repayment terms, or conditions for loan forgiveness, ...
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