ATTACHMENT II
HAYWARD CITY COUNCIL
RESOLUTION NO. 26-____
Introduced by Council Member ______________
RESOLUTION AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND
EXECUTE AN AMENDMENT TO THE ECONOMIC DEVELOPMENT LOAN
AGREEMENT WITH THE HAYWARD ECONOMIC DEVELOPMENT
CORPORATION AMENDING THE TERMS FOR REPAYMENT
WHEREAS, the City recognizes the benefits associated with the creation of economic opportunity and community economic development in the city and formed a nonprofit public benefit corporation known as Hayward Eco nomic Development Corporation (the "Corporation") in 2023; and
WHEREAS, to further the City’s economic development goals and activities for the downtown area, the Corporation purchased the lease for Cinema Place, which expires in 2056, for the Property located at 22631-228522 Foothill Blvd.; and
WHEREAS, in January of 2024, the City Council agreed to provide a loan from the General Fund in an amount of $8.6 million to facilitate the Corporation’s purchase of the lease and in September of 2024, the City Co uncil authorized the terms for the repayment of the loan; and
WHEREAS, due to financial constraints, the Corporation has requested to amend the terms of the loan; and
WHEREAS, the City and the Corporation wish to amend the repayment terms of the Economic Development Loan Agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hayward, that the City Manager is authorized to negotiate and execute an amendment to the Economic Development Loan Agreement with the Hayward Economic Deve lopment Corporation in accordance to the terms outlined in the accompanying staff report and in a form approved by the City Attorney.
ATTACHMENT II
IN COUNCIL, HAYWARD, CALIFORNIA _______________________, 2026
ADOPTED BY THE FOLLOWING VOTE:
AYES: COUNCIL MEMBERS:
MAYOR:
NOES: COUNCIL MEMBERS:
ABSTAIN: COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS:
ATTEST: _____________________________________
City Clerk of the City of Hayward
APPROVED AS TO FORM:
_________________________________________
City Attorney of the City of Hayward