DATE: September 17, 2024
TO: Mayor and City Council
FROM: City Manager
SUBJECT
Title
Adopt a Resolution Authorizing the Interim City Manager to Execute an Economic Development Loan Agreement with the Hayward Economic Development Corporation Setting the Terms for Repayment of the City’s $8,600,000 Loan and Finding the Action is Exempt from CEQA Review
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RECOMMENDATION
Recommendation
That the Council adopts a resolution (Attachment II) authorizing the Interim City Manager to enter into the Economic Development Loan Agreement (Attachment III) setting the terms for the repayment of $8.6 million the City made to the Hayward Economic Development Corporation for purchase of 1069 B Street, LLC’s leasehold interest in the Cinema Place property and finding the action is exempt from CEQA review.
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SUMMARY
On January 8, 2024, in an effort to further the City’s economic development goals and activities for the downtown area, the City Council authorized a loan from the General Fund in the amount of $8.6 million to the Hayward Economic Development Corporation to purchase the rights, duties, and obligations pursuant to the leasehold interest to the Cinema Place Property.
ATTACHMENTS
Attachment I Staff Report
Attachment II Resolution
Attachment III Loan Agreement