Resolution No.
STOCKTON CITY COUNCIL
AUTHORIZE A FAÇADE IMPROVEMENT FORGIVABLE LOAN FOR $109,316 TO PRICE RITE RESTAURANT EQUIPMENT FOR PROPERTY LOCATED AT 706 EAST WEBER AVENUE, APN 149-180-23 In 1988, the City Council adopted the Community Development Block Grant Commercial Loan Program which helped provide funds to improve the downtown area and to provide a local incentive for the Enterprise Zone application process; and In 1999, the City Council authorized revisions to the Commercial Loan Program, which included changes to the Façade Improvement Program and allowed larger properties to receive additional financial assistance to improve commercial façades; and On December 16, 2003, the City Council approved revisions to the Façade Improvement Forgivable Loan Program authorizing additional areas outside of Downtown Stockton in need of financial assistance; and In July 2007, the Commercial Façade Improvement Forgivable Loan Program was further revised by the City Council to expand the program boundary beyond the downtown core and increase funding available to commercial property owners; and Four Ten Enterprises, Inc. DBA Price Rite Restaurant Equipment has applied for a Commercial Façade Improvement Forgivable Loan and is eligible for $80,000, and approved for an additional $29,316 pursuant to section 5.1 of the program guidelines, for a total of $109,316 for façade improvements to the commercial property located at 706 East Weber Avenue; and It is anticipated that this project will improve the appearance of the building and have a positive impact on surrounding properties and neighborhood; and The project encourages and complements the investment of private sector funds in the West End (Downtown Stockton) Redevelopment Area; 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 a Façade Improvement Forgivable Loan Agreement between the City of Stockton and Four Ten Enterprises, Inc. DBA Price Rite Restaurant Equipment in the amount of $109,316, for the commercial property located at 706 East Weber Avenue, Stockton, California, to be evidenced by a Promissory Note and secured by a Deed of Trust on said property.
This project is exempt from the National Environmental Protection Act (NEPA) requirements. It has been determined to be categorically excluded under Title 24 of the Code of Federal Regulations – Housing and Urban Development, section 58.35 (a)(iii). City staff determined that the proposed improvements will not have an adverse effect on historic properties. The California State Historic Preservation Office has occurred with this determination under 36 Code of Federal Regulations, Part 800 (§106).
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 June 14, 2022 .
KEVIN J. LINCOLN II
Mayor of the City of Stockton
ATTEST:
ELIZA R. GARZA, CMC
City Clerk of the City of Stockton