pages: OaklandRedevelopmentAgencyAndCityCouncil/2008-09-16.pdf, 21
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OaklandRedevelopmentAgencyAndCityCouncil | 2008-09-16 | Concurrent Meeting of the Oakland Meeting Minutes September 16, 2008 Redevelopment Agency / City Council 2) An Agency Resolution Authorizing A Predevelopment Loan With Deferred Repayment To The Train Station Entity For Rehabilitation Of The 16th Street Train Station In West Oakland In An Amount Not To Exceed $400,000 (TITLE CHANGE) 07-1506-1 A motion was made by Councilmember Nadel, seconded by Councilmember Brunner, that this matter be Adopted as Amended to revise the agency resolution to add the following language: "Further Resolved: That the work product funded by the loan, as well as other development rights for the project, shall be security for the loan and shall be assigned to the Agency upon a default by the developer in the performance of its loan obligations, inculding obligations to pursue development of the project, and be it, Further Resolved: That loan funds shall be disbursed only for costs actually incurred by the developer based on invoices submitted to the Agency;" The motion carried by the following vote: Votes: ORAICouncilmember Ayes: 8 - Councilmember Brooks, Councilmember Brunner, Member Chang, Councilmember Kernighan, Councilmember Nadel, Councilmember Quan, Councilmember Reid and President of the Council De La Fuente The following individual(s) spoke under this item. - Carol Galante - Margaret Gordon - Naomi Schiff - Andre Spearman - Karla Goodbedy - Monsa Nitoto - Vince Gibbs - Phu H. Tauan - Sanjiv Handa 2008-0085 CMS.pdf City of Oakland Page 21 Printed on 10/8/08 | 21 | OaklandRedevelopmentAgencyAndCityCouncil/2008-09-16.pdf |