pages: RulesAndLegislationCommittee/2013-06-27.pdf, 9
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RulesAndLegislationCommittee | 2013-06-27 | *Rules & Legislation Committee Meeting Minutes June 27,2013 #5 Subject: Oakland Renaissance New Market Tax Credits From: Office of neighborhood investment Recommendation: Adopt The Following Pieces Of Legislation: 1) A Resolution Authorizing Oakland Renaissance NMTC, Inc., An Affiliate Of The City, To Accept An Allocation Of Tax Credit Authority In An Amount Not To Exceed $20 Million Pursuant To The New Markets Tax Credit Program, And To Enter Into An Allocation Agreement And Related Documents With The Community Development Financial Institutions Fund For This Tax Credit Authority; And 12-0662 Scheduled to *Community & Economic Development Committee on 7/9/2013 View Report.pdf 2) A Resolution Authorizing A Loan To Oakland Renaissance NMTC, Inc., In The Amount Of $125,000 For A Term Of Up To Twelve Months With An Interest Rate Of 3.5 Percent From The Community Development Block Grant (CDBG) Fund To Cover Oakland Renaissance NMTC, Inc.'s Organizational Start-Up Expenses Required To Initiate The Allocation Of New Market Tax Credits; And 12-0662-1 3) A Resolution Approving The Allocation Of Up To $6 Million Of New Market Tax Credits By Oakland Renaissance NMTC, Inc., To A Sub-Community Development Entity Affiliated With Oakland Renaissance NMTC, Inc., To Allocate Said Tax Credits To The East Bay Asian Local Development Corporation Or Its Affiliates For The Renovation Of Swan's Marketplace Located At 538 9th Street, And/Or Property At 1825 San Pablo Avenue; And 12-0662-2 4) A Resolution Approving The Allocation Of Up To $8 Million Of New Market Tax Credits By Oakland Renaissance NMTC, Inc., To A Sub-Community Development Entity Affiliated With Oakland Renaissance NMTC, Inc., To Allocate Said Tax Credits To Bridge Housing, Inc. Or Its Affiliates For The Development Of MacArthur Station Mixed-Use Development, Parcel A, At 585 40th Street; And 12-0662-3 5) A Resolution Approving The Allocation Of Up $6 Million Of New Market Tax Credits By Oakland Renaissance NMTC, Inc., To A Sub-Community Development Entity Affiliated With Oakland Renaissance NMTC, Inc., To Allocate Said Tax Credits To Sunfield Development LLC Or Its Affiliates For The Development Of Seminary Point, A Retail Project At Foothill Boulevard And Seminary Avenue 12-0662-4 City of Oakland Page 9 Printed on 7/22/13 | 9 | RulesAndLegislationCommittee/2013-06-27.pdf |