Resolution No.
STOCKTON CITY COUNCIL
RESOLUTION AUTHORIZING AMENDMENT TO THE DOWNTOWN FINANCIAL INCENTIVE PROGRAM AGREEMENT WITH CALMAIN, LLC FOR THE PROPERTY LOCATED AT 500 EAST MAIN STREET In 1999, the City Council approved the Community Development Block Grant Downtown Financial Incentive Program (DFIP), which provides funds to help alleviate costs associated with rehabilitating vacant buildings in downtown Stockton; and On January 26, 2021, the City Council authorized a DFIP Agreement with CALMAIN, LLC for $94,242, for the property located at 500 East Main Street; and On September 27, 2021, The City executed the DFIP agreement with CALMAIN, LLC for reimbursement of eligible city-imposed building permit fees related to tenant improvement s and rehabilitation to the property; and It is anticipated that this project will improve a vacant office building by rehabilitating it to residential use, bringing more people to downtown, and positively impacting the surrounding area; and The project complements other developments occurring in the downtown area and encourages further private sector investments; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF STOCKTON, AS FOLLOWS:
The City Manager is hereby authorized and directed to execute an amendment to the DFIP Agreement between the City of Stockton and CALMAIN, LLC, copy of which is attached as Exhibit 1, in the amount of $94,242 for the reimbursement of qualifying building permit fees for the property located at 500 East Main Street, Stockton, California, to extend the term of the tenant improvement completion date for an additional 180 days resulting in a new completion date on or before July 8, 2022.
The City Manager is hereby authorized to take whatever actions are necessary and appropriate to carry out the purpose and intent of this Resolution.
PASSED, APPROVED, and ADOPTED January 25, 2022 . __________________________
KEVIN J. LINCOLN II
ATTEST: Mayor of the City of Stockton
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ELIZA R. GARZA, CMC
City Clerk of the City of Stockton