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<br />, ! <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Chairman Luxembourger ascertained from the Commercial Loan <br />Officer that 10% was the interest rate to be charged in the <br />Direct Commercial Loan Program. <br /> <br />Mr. Griset stated that he thought this was a fine program <br />and that probably the only regret the City would have was <br />that the program had not been made available to property <br />owners throughout the City but had been confined to the five <br />project areas. He added that he and Mr. Acosta had been <br />discussing several shopping areas which seemed to be in <br />decline and that, in his opinion, this program would <br />certainly be a way of encouraging property owners to take a <br />fresh look at their property. He added that he would be <br />very happy to support this program. <br /> <br />Mrs. McGuigan said that she was particularly happy to see <br />that the small businessman was now having the same <br />opportunity that some of the larger businesses have had to <br />benefit from private and public funding. She added that she <br />commended staff for putting together such a worthwhile <br />program. <br /> <br />Mr. Young stated that he felt this program, as well as <br />others that had previously been presented to the Agency, was <br />innovative and was the result of excellent staff work. He <br />added that he felt the Agency had a responsibility to be <br />diligent and supportive to those businessmen who are making <br />improvements in their properties at a very high cost to <br />themselves. <br /> <br />Mr. Johnson said he felt the exciting thing about this <br />program was that it was not tearing down buildings and <br />putting up new ones but was taking the existing buildings <br />and improving them. <br /> <br />After further discussion, it was moved by Mr. Griset, <br />seconded by Mr. Johnson and carried unanimously (7:0) that <br />the Redevelopment Agency: <br /> <br />1. <br /> <br />Authorize staff to implement the proposed self- <br />funding commercial rehabilitation loan program <br />within the Redevelopment Agency's project areas. <br /> <br />2. <br /> <br />Approve the recommended credit criteria and terms <br />and conditions for the proposed program. <br /> <br />3. <br /> <br />Authorize the execution of escrow and loan service <br />agreemen ts wi th U. S. Escrow, Inc. for the <br />proposed program. <br /> <br />4. <br /> <br />11 <br />