MINUTES OF THE CITY COUNCIL
SAN JOSÉ, CALIFORNIA
TUESDAY, OCTOBER 5, 1999
The Council of the City of San Jose convened in Adjourned Regular Session at 4:30 p.m., for a joint meeting with the Redevelopment Agency in Council Chambers at City Hall.
Present: Council Members: Chavez, Dando, Diaz, Diquisto, Fiscalini, LeZotte, Matthews, Powers, Shirakawa, Jr., Woody; Gonzales
Absent: Council Members: None.
ORDERS OF THE DAY
Upon motion by Council Member Powers, seconded by Council Member Diaz and unanimously carried, the Orders of the Day and the Amended Agenda were approved. Vote: 11-0-0-0.
8a Adoption of resolutions by the City
Council and Agency Board authorizing the Executive Director to negotiate and execute
an Owner Participation and Loan Agreement with Mercado Real, LLC, to provide a
commercial property loan, in an amount not to exceed $2,500,000, for the
rehabilitation of the Homebase Shopping Center at the southeast corner of Story
and King Roads, and making certain determinations. CEQA: Resolution No. 62615.
(Story Road)
Documents Filed: Memorandum from Interim Executive Director, Richard Rios, dated September 28, 1999, recommending the Redevelopment Agency Board and the City Council adopt said resolutions.
Discussion/Action: Director of Neighborhood and Industrial Development, John. Weis, Redevelopment Agency, presented an overview of the Mercado Real project. In response to Council Member LeZotte’s query to Agency Staff regarding loan collateral, security provisions, and parameters for granting such property loans, Council referred to the Agency Finance Committee the review of the loan program for commercial property and the development of a policy identifying parameters within which these loans are granted and the provisions for repayment. Upon motion by Council Member Diaz, seconded by Council Member Powers and unanimously carried, Resolution No. 69152, entitled: “Resolution of the Council of the City of San José Making Certain Determinations Regarding Improvements to be Made by the Redevelopment Agency of the City of San José”; and Redevelopment Agency Board Resolution No. 4823 making related determinations, were adopted. Vote: 11-0-0-0.
The Redevelopment Agency Board adjourned at 4:42 p.m.
RON GONZALES, MAYOR
ATTEST:
PATRICIA L. O’HEARN, CITY CLERK