HomeMy WebLinkAboutMINUTES - 09142004 - C136 TO: t REDEVELOPMENT AGENCY Contra
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FROM: JOHN SWEETEN Costa
EXECUTIVE DIRECTOR
DATE: September 14, 2004 County
SUBJECT: Rodeo Commercial Fagade Rehabilitation Program
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION: APPROVE and AUTHORIZE the Redevelopment Director to authorize
disbursement of Commercial Facade Improvement Loan funds directly to borrowers and to
service said loans through the establishment of a Payment Processing Account with
Mechanics Bank.
FINANCIAL IMPACT: NONE. No General Fund revenues are involved. Redevelopment and
County CDBG funds have been approved and budgeted for the Commercial Facade
Improvement Program
CONTINUED ON ATTACHMENT: ❑ YES SIGNATURE: d
j ECOMMENDATION OF EXECUTIVE DIRECTOR ❑ RECOM ND TION OF JENCY COMM EE
�PPROVE ❑OTHER
f
SIGNATURE(S):
ACTION OF AGNo ON
APPROVED AS RECOMMENDED ❑ OTHER ❑
VOTE OF SUPERVISORS: 1 HEREBY CERTIFY THAT THIS IS A TRUE AND
CORRECT COPY OF AN ACTION TAKEN AND
UNANIMOUS{ABSENT /'2 ) ENTERED ON THE MINUTES OF THE
AYES: NOES: REDEVELOPMENT AGENCY ON THE DATE
SHOWN.
ABSENT: ABSTAIN: `?
ATTESTED
Contact:
JOHN SWaTEN,AGENCY SECRET Y
cc: CAC)
County Counsel
Redevelopment Agency By '� �"- / "' eputy
C. Q�
BACKGROUND:
In 1997, the Board authorized the creation of the Commercial Facade Improvement Program in
the Rodeo community. The program was created to address the significant number of
commercial properties in need of improvement. The program provides both loans and rebates
to property owners to assist in financing facade improvements. The Agency also has a
designer on retainer to provide participants with assistance in designing improvements that are
consistent with the Rodeo Downtown/Waterfront Specific Plan Design Guidelines.
The existing authorization for the program identifies a Loan Servicing Agreement with
Mechanics Bank to disperse funds, service the account, and provide for an accounting of each
loan made. However, Mechanic's Bank is no longer able to provide that service to the Agency
given the 'amount of the loans the Agency provides (maximum $15,000). The Agency is
proposing a minor program change to be able to continue to provide this service to Rodeo
businesses. The changes include:
v Distributing the funds directly to program participants from the Redevelopment Agency
o Using Mechanics Bank Payment Processing Account as a mechanism to service the
loan instead of the Loan Servicing Agreement.
The proposed changes will save Agency funds that are currently paid to Mechanics Bank for
loan servicing and provide a more straightforward process for program participants.