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<br />CONSTRUCT DOWNTOWN PEDESTRIAN WALKWAY/BRIDGE <br />STREET PARKING STRUCTURE - PHASE II <br /> <br />IN <br /> <br />ALLEY <br /> <br />NORTH <br /> <br />OF <br /> <br />THIRD <br /> <br />It was moved by Agency Member Pulido, seconded by Agency Member Hart <br />4IÞnd carried unanimously (7:0) that the Redevelopment Agency award the <br />contract for the construction of the pedestrian bridge, from the <br />downtown Third Street parking structure to the Spurgeon Building, <br />McCulloch Building, and Spurgeon Annex on the 200 block of West Fourth <br />Street, to B.F.I. Constructors, the lowest acceptable bidder, in the <br />amount of $148,787.00. <br /> <br />MODIFICATION OF DIRECT COMMERCIAL REHABILITATION LOAN PROGRAM <br /> <br />The City Manager advised the Agency Members that staff would be happy <br />to answer any questions they might have. <br /> <br />In response to questions from Agency Member McGuigan, Senior Loan <br />Officer Robert Dodge stated that staff had recently completed a loan <br />package for the Sombrero Restaurant on North Main Street to assist the <br />owner in completing the work required under the terms of the City's <br />Seismic Ordinance, adding that staff now had an application from the <br />Santa Ana Tent and Awning Company which was being processed. He stated <br />further that, because of the recent drop in interest rates, the rate <br />offered in the Direct Commercial Rehabilitation Loan Program was not as <br />competitive as it could be which is the reason for the proposed <br />~hanges. He added that both Sombrero Restaurant and Santa Ana Tent and <br />Awning Company will benefit from the proposed changes if approved. <br /> <br />In response to questions from Agency Member Acosta, the Senior Loan <br />Officer stated that approximately $200,000 had been set aside for the <br />direct loan program for the current year and the program is now <br />approaching its limit. He also stated that the Loan Review Committee <br />had made the decision that 50% of the loan would not be used on facade <br />improvements for the Sombrero Restaurant since the owner was facing a <br />deadline for completion of the seismic work on his property and the <br />Committee felt he should be given assistance in meeting it. <br /> <br />After further discussion, it was moved by Vice Chairman McGuigan, <br />seconded by Agency Member Acosta and carried unanimously (7:0) that the <br />Redevelopment Agency: <br /> <br />1. <br /> <br />authorize staff <br />rehabilitation loan <br />project areas; and <br /> <br />to modify the <br />program within the <br /> <br />self-funding commercial <br />Redevelopment Agency's <br /> <br />2. <br />. <br /> <br />approve the <br />program. <br /> <br />revised credit criteria and terms and conditions of the <br /> <br />2. <br />