Title:
Title
Loan Agreement with 4401 Broadway Investors, LLC for 4401 Broadway - Rancho San Miguel Market [Published for 10-Day Review 03/25/2021]
End
FileID
File ID: 2020-00306
Location
Location: 4401 Broadway, District 5
End
Recommendation:
Recommendation
Adopt a Resolution: 1) establishing the Oak Park Revolving Loan Fund Program (I02423100) project; 2) authorizing the City Manager or the City Manager's designee to realign project budgets to establish a $1.1 million revolving loan fund program (I02423100); 3) authorizing the City Manager or City Manager's designee to enter into a Loan Agreement with 4401 Broadway Investors, LLC, affiliate of SKK Development, for $1.1 million for the renovation of 4401 Broadway as a new Rancho San Miguel Market; and 4) authorizing the City Manager or the City Manager's designee to implement any necessary financial transactions for the administration of the City revolving loan fund programs authorized by the City Council beginning in FY2020/21.
FileName
Contact: Leslie Fritzsche, Economic Investment Manager, (916) 808-5450, Office of Innovation and Economic Development, Office of the City Manager
Body
Presenter: None
Attachments:
1-Description/Analysis
2-Loan Agreement with 4401 Broadway Investors, LLC for 4401 Broadway
3-Resolution
Description/Analysis
Issue Detail: Beginning in 1996, the Redevelopment Agency assisted in the acquisition and consolidation of parcels at the northwest corner of Stockton Boulevard and Broadway to bring a needed grocery store to the Oak Park area. The project was successful with the development and opening of a 51,000 sq. ft. Food Source grocery store in 1999 which was later joined by a bank and other ancillary uses. That store operated until March 2020 and since then the location has been vacant, leaving a gap in food access and grocery options for the local residents. Oak Park and the surrounding area is a food desert and lacks any full-service grocery operations.
The own...
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