pages: OaklandRedevelopmentSuccessorAgencyAndCityCouncilAndGeologicHazardAbatementDistrictBoard/2017-07-18.pdf, 22
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OaklandRedevelopmentSuccessorAgencyAndCityCouncilAndGeologicHazardAbatementDistrictBoard | 2017-07-18 | Concurrent Meeting of the Oakland Meeting Minutes - FINAL July 18, 2017 Redevelopment Successor Agency / City Council / Geologic Hazard Abatement District Board S9.4 Subject: Authorize An Allocation Of $20 Million In New Market Tax Credits From: Economic And Workforce Development Department Recommendation: Conduct A Public Hearing And Upon Conclusion Adopt A Resolution: (1) Authorizing Oakland Renaissance NMTC, Inc. (ORNMTC), An Affiliate Of The City, To Accept An Allocation Of New Markets Tax Credit Authority In An Amount Not To Exceed $20 Million, And To Enter Into An Allocation Agreement And Related Documents With The Community Development Financial Institutions Fund For This Tax Credit Authority; (2) Approving An Allocation Of $14 Million In New Market Tax Credits By ORNMTC To Neighborhood Assets LLC, Or Its Affiliates, For The Development Of A Grocery Store At 3103 Myrtle Street; (3) Approving An Allocation Of $6 Million In New Market Tax Credits' To A Commercial Loan Pool, To Be Administered By ORNMTC And Other Partners, For The Purpose Of Providing Small Business Loans To Commercial Businesses In Eligible Sections Of Oakland; (4) Authorizing Reappropriation Of $2,630,059 In Cash Balances From Loan Repayments To The Revolving Commercial Loan Funds; And (5) Authorizing A Leveraged Loan For $4,500,000 From Revolving Commercial Loan Funds To ORNTMC Or A Related Entity For The Commercial Loan Pool Program 16-1311 Sponsors: Economic & Workforce Development Department Upon the reading of Item 9.4 by the City Clerk, the Public Hearing was opened at 10:05 p.m. 3 individuals spoke on this item. Councilmember Gallo made a motion, seconded by Councilmember McElhaney, to close the Public Hearing, and hearing no objections, the motion passed by 8 Ayes: Brooks, Campbell Washington, Gallo, Guillén, Kalb, Kaplan, Gibson McElhaney and President Reid A motion was made by Noel Gallo, seconded by Lynette McElhaney, that this matter be Adopted. The motion carried by the following vote: Aye: 8 - - Brooks, Campbell Washington, Gallo, McElhaney, Guillén, Kalb, Kaplan, and Reid NO VOTE: 0 City of Oakland Page 22 Printed on 9/26/2017 | 22 | OaklandRedevelopmentSuccessorAgencyAndCityCouncilAndGeologicHazardAbatementDistrictBoard/2017-07-18.pdf |