HomeMy WebLinkAbout082294 RDA AgendaAGENDA
CITY OF TEMECULA
OLD TOWN REDEVELOPMENT ADVISORY COMMITTEE
A SPECIAL MEETING
TEMECULA CITY HALL - ADMINISTRATIVE CONFERENCE ROOM
43174 Business Park Drive
AUGUST 22, 1994 - 6:30 PM
CALL TO ORDER:
Chairman Dallas Gray presiding.
Flag Salute
Committee Member Jenkins
ROLL CALL: Committee
Members: Bridges, Gray, Jenkins, Maurice, Pelonero, Reed, Walton
PUBLIC COMMENTS
A total of 15 minutes is provided so members of the public can address the Council on
items that are not listed on the Agenda or on the Consent Calendar. Speakers are
limited to two (2) minutes each. If you desire to speak to the Council about an item
not listed on the Agenda or on the consent Calendar, a pink "Request To Speak" form
should be filled out and filed with the City Clerk.
When you are called to speak, please come forward and state your name and address.
For all other agenda items a "Request To Speak" form must be filed with the City Clerk
before the Council gets to that item. There is a five (5) minute time limit for individual
speakers.
COMMITTEE BUSINESS
1 RDA Commercial Small Business Loans
RECOMMENDATION:
1.1 Review small business loan to Scarcella's Pizza and Pasta and Ladd Penfold,
and make recommendations to Redevelopment Agency.
EXECUTIVE DIRECTOR'S REPORT
COMMITTEE MEMBER REPORTS
ADJOURNMENT
Next regular meeting: September 6, 1994, 6:30 PM, Temecula City Hall, Main Conference
Room, 43174 Business Park Drive, Temecula, California
ITEM 1
APPROVAL
CITY ATTORNEY
FINANCE OFFICER
CITY MANAGER
TO:
FROM:
DATE:
SUBJECT:
CITY OF TEMECULA
AGENDA REPORT
Ronald E. i
August 22,1994
Redevelopment Agency Loan
The Agency has received applications for loans from two businesses located in the Old
Town area. Pursuant to our agreement, I would like the committee to review and
comment on the applications before they are presented to the Redevelopment Agency.
Unfortunately, since time is of the essence for these property owners and I could not
delay presentation of the application until the regularly scheduled meeting on
September 6, 1994.
I would also like to suggest that we continue our normally scheduled meeting of
September 6, 1994 until September 7, 1994 so that you can hear the presentation by
the Price Waterhouse representatives at the special Redevelopment Agency meeting
to be held at the Community Recreation Center that evening. I will be mailing the
Price Waterhouse report to you once it is available to us, which we anticipate
receiving some time between September I and September 3.
APPROVAL
CITY ATTORNEy~~
FINANCE OFFICER
CITY MANAGER
REDEVELOPMENT AGENCY
AGENDA REPORT
TO:
FROM:
DATE:
SUBJECT:
Executive Director/Redevelopment Agency Board Members
Mary Jane McLarney, Finance Officer
August 23, 1994
Approval of RDA Commercial Small Business Loans
RECOMMENDATION: That the Agency Members approve an RDA small business loan
to Scarcella's Pizza and Pasta and Ladd Penfold.
DISCUSSION: The City has received two (2) applications to improve the property
located at 28545 Front Street, Temecula, CA 92590. The property is currently vacant.
1)
Scarcella's Pizza and Pasta loan request is in the amount of $120,000 over a
5 year term to finance the acquisition of equipment for a new restaurant. The
business is owned by Joseph A. Scarcella and Patricia K. Scarcella.
2)
Ladd and Marge Penfold's loan request is for tenant improvements in the
amount of $30,000 for the tenant, Blind Pig Brewery, which will be amortized
over a five-year (5) period. An additional amount of $168,000 will be for
construction and remodeling of the existing building which will be amortized
over a fifteen (15) year period, for a total loan request of $198,000. The loan
will be secured by a first trust deed on the property.
The loans are an exception to the $100,O00maximum guideline, but are recommended by our
independent loan committee consisting of a local bank officer and a certified public
accountant. In addition, the funds will be used to rehabilitate a currently vacant building in
old town.
FISCAL IMPACT: To date the City has funded $109,400 in Redevelopment loans.
Attachment: RDA Loan Recipient Table
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