pages: OaklandRedevelopmentSuccessorAgencyandCommunityAndEconomicDevelopmentCommittee/2017-07-11.pdf, 5
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OaklandRedevelopmentSuccessorAgencyandCommunityAndEconomicDevelopmentCommittee | 2017-07-11 | * Special Concurrent Meeting of the Meeting Minutes - FINAL July 11, 2017 Oakland Redevelopment Successor Agency and Community & Economic Development Committee 6 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 Attachments: View Report 86865 CMS A Motion was made by Councilmember Gallo, seconded Councilmember McElhaney to Approve and Forward Staff Recommendation to the July 18, 2017 Concurrent Meeting Of the Oakland Redevelopment Successor Agency and City Council. A Motion of Reconsideration was made by Councilmember McElhaney, seconded by Council President Reid to Forward the Recommendation of Staff to the July 18, 2017 Concurrent Meeting Of the Oakland Redevelopment Successor Agency and City Council as a Public Hearing. A motion was made by Lynette McElhaney, seconded by Larry Reid, that this matter be Approve the Recommendation of Staff, and Forward to go before the Concurrent Meeting of the Oakland Redevelopment Successor Agency / City Council / Geologic Hazard Abatement District Board, to be heard 7/18/2017. The motion carried by the following vote: Aye 4- - Campbell Washington Reid McElhaney, Gallo NO VOTE 0 City of Oakland Page 5 Printed on 11/30/2017 | 5 | OaklandRedevelopmentSuccessorAgencyandCommunityAndEconomicDevelopmentCommittee/2017-07-11.pdf |