>- May 15, [Pages 2-3) Action:

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1 NOTICE OF PUBLIC MEETING revitalization agency ALBANY REVITALIZATION AGENCY City Hall Council Chambers Wednesday, June 21, 2017 Immediately following the CARA Advisory Board meeting AGENDA 1. CALL TO ORDER (Chair Bill Coburn). 2. ROLL CALL 3. APPROVAL OF MINUTES >- May 15, [Pages 2-3) Action: SCHEDULED BUSINESS a. Business from the Public b. Public Hearing 1) Adopting the budget for Fiscal Year [Pages 4-13) Action: ~ (Hodney) ARA RES. NO. c. Adoption of Resolutions I) Approving loan request ($10,000) from 3 Sheets Brewery, 136 First Avenue SW. [Page 14](Hodney) Action: ~ 2) Approving loan increase request ($30,000) from Signs of Victory, 450 Eleventh Avenue SE, Suites 3 & 4. [Page 15) (Hodney) Action: ~ 3) Amending Edgewater Village funding contract. [Page 16) (Hodney) Action: ~ d. Staffupdates and issues. [Verbal] (Rodney) Action: ~ 5. BUSINESS FROM THE AGENCY 6. NEXT MEETING DATE: Wednesday, July 19, ADJOURNMENT City of Albany Website: The location of the meeting/hearing is accessible to the disabled. If you hm1e a disability that requires accommodatiqn, advance notice is requested by notifying the City Manager's Office at , , or G:\Eco110111ic Develop111e11t\ARA\ARA Age11cy\2017\Age11das\Age11dafor ARA Meeting.doc 1

2 APPROVED: Draft revitalization agency CITY OF ALBANY Albany Revitalization Agency City Hall Willamette Room Monday, May 15, 2017 MINUTES Agency Members present: Agency Members absent: Bill Coburn, Bessie Johnson, Rich Kellum, Sharon Konopa, Ray Kopczynski, and Dick Olsen Mike Sykes CALL TO ORDER Chair Bill Coburn called the meeting to order at 3:45 p.m. APPROVAL OF MINUTES April 19, 2017 MOTION: Member Rich Kellum moved to approve both the minutes as presented. Member Ray Kopczynski seconded the motion, and it passed 6-0. SCHEDULED BUSINESS Business from the Public None. Adoption of Resolutions Ad Hoc loan for Lindsay and Karen Spurlin, 731 Broadalbin Street SW, Dawson House ($42,666) Urban Renewal Officer Nathan Reid said that this request for funding passed with full suppott at the Central Albany Revitalization Agency (CARA) Advisory Board. Reid said he checked on the rates as requested and learned it was 1.5 percent. Reid said nothing else has changed between the two resolutions. MOTION: Kellum moved to adopt the resolution. Member Bessie Johnson seconded the motion. Kopczynski said he would?? (word is missing) for the resolution to be amended to incorporate the 1.5 percent. The amendment was agreeable to the motion maker and the seconder. VOTE: Motion to adopt the resolution with the amendments passed 6-0 and was designated ARA Resolution No Staff provided an amended resolution (see agenda file). Small grant request for Sherry Spear for Spearit Beads store awning, 401 First Avenue W ($1,907) Reid said there was no change to this resolution. Johnson moved to adopt the resolution. Kopczynski seconded the motion, and it passed 5-0. The resolution was designated as ARA Resolution No G:\Eco110111ic Deve/op111e111\ARA\ARA Agency\2017\Mi1111tes\ ARA Minutes.doc Page I of2 2

3 BUSINESS FROM THE AGENCY None. NEXT MEETING DATE Wednesday, June 21, 2017 ADJOURNMENT Hearing no fmther business, Chair Coburn adjourned the meeting at 3:48 p.m. Submitted by, Reviewed by, Mary Dibble City Clerk Ed Hodney Interim Urban Renewal Director G:\Economic Development\ARA\ARA Agency\201 7\Minutes\ ARA Minutes.doc Page 2 of2 3

4 ARA RESOLUTION NO A RESOLUTION ADOPTING THE ALBANY REVITALIZATION AGENCY (ARA) BUDGET FOR FISCAL YEAR WHEREAS the ARA Budget Committee held a public meeting on the proposed Fiscal Year ARA Budget on April 27, 2017; and WHEREAS the ARA Budget Committee approved the Fiscal Year ARA Budget on May 04, 2017, with the passage of Resolution No. ARAB 2017; and WHEREAS the ARA held a public hearing to receive any additional input on the approved Fiscal Year ARA Budget on June 21, 2017; NOW THEREFORE BE IT RESOLVED that the Albany Revitalization Agency hereby adopts the Fiscal Year Budget in the amount of $12,672,900. BE IT FURTHER RESOLVED that the amounts for the fiscal year beginning July 1, 2017, and for the purposes shown below are hereby appropriated as follows: ALBANY REVITALIZATION AGENCY CARA Urban Renewal Area Transfers Out $12,412, ,000; and BE IT FURTHER RESOLVED that the ARA hereby approves certification to the County Assessors (Linn and Benton Counties) a request for the CARA Plan Area for the maximum amount of revenue that may be raised by dividing the taxes under section le, Article IX, of the Oregon Constitution and ORS Chapter 457. DATED AND EFFECTNE THIS 21srDAY OF JUNE ATTEST: Albany Revitalization Agency Chair City of Albany City Clerk 4

5 0 z.. revitalization a g e n c y E 5

6 2017~2018 ARA APPROVED BUDGET BUDGET COMMITTEE ARA Agency Bill Coburn, Agency Chair Bessie Johnson Rich Kellum Ray Kopczynski Sharon Konopa Dick Olsen Mike Sykes Lay Members Susan Folden, Budget Chair Colleen Keller Mite>h Langjahr Scott Pierson Will Summers Michael Thomson Teny Virnig Administrative Staff Wes Hare, City Manager Stewart Taylor, Finance Director Ed Hodney, Interim Urban Renewal Director Anne Baker, Accounting Supervisor J eamm Yeager, Accounting Supervisor Mary Dibble, City Clerk 6

7 AlLJRAl~Y REVJI'K'ALITZA'flION AJP~A (AJRA) luriban JPJENJEW A!L ldlli 'ffilc'f IF!sca ll Year H!UIJHGJE'f MES AGJE Honorable Chairperson, Budget Committee members, and citizens of Albany, I am pleased to present the Albany Revitalization Area (ARA) Proposed Budget of $12,672,900 for Fiscal Year (FY) 2017~ Urban renewal is one of the most utilized economic development tools in Oregon but is also controversial and misunderstood. Tax increment financing and urban renewal districts are governed by complex rules and are often described in arcane terms. The concept of urban renewal, however, is relatively simple. Most people understand the idea of taking a portion of their current salary and investing it somewhere to build a retirement income. This "deferred compensation" just means that money a family could use to pay current bills or to buy new things is instead put into some form of investment that is expected to yield benefits years in the future. Urban renewal is similar in that it takes a small portion of the appreciated value of property in a given area and invests it in projects that are expected to increase the overall value of the district over time, eliminate blight, and stimulate investment. Oregon's experience with urban renewal suggests that this strategy has been generally successful around the state, and Albany's district has shown similar results. The Central Albany Revitalization Area (CARA) is the one urban renewal district in place in the city of Albany. It is overseen by the Albany Revitalization Agency. In place since 2001, the CARA District has worked to meet the community goals and objectives of eliminating blighting influences, revitalizing Central Albany through attracting new private investment, and enhancing the existing private and public investments in the area. At the core of the policy are the overarching goals and projects listed in the Urban Renewal Plan, which include: o Provide a safe and convenient transpo1iation network that encourages pedestrian and bicycle access to and within the town center. o Preserve the historic districts, historic resources, and existing housing in the area. o Create a readily identifiable core that is unique and vibrant with a mixture of entertainment, housing, specialty shops, offices, and other commercial uses. o Increase residential density in the area. o Encourage the development of new forms of housing and home ownership. o Enhance and protect the community and environmental values of waterway corridors in the area: o Provide an enriching environment and livable neighborhoods. Strategic investment in key public infrastructure projects is a traditional role for urban renewal funds-the investment in these projects is meant to remove barriers for development or spur the economy so that blight is removed and private investment will follow. The CARA Advisory Board received public input regarding prioritization of public projects at an open house held in June Feedback from citizens indicated tlu ee top-tier priorities: Downtown Streetscape, Water Avenue Streetscape, and improvements to the Dave Clark Path. This public process complements the previously completed work on the Retail Refinement study with the firm Crandall Arambula. During the last fiscal year, the CARA Advisory Board continued to implement their slate of public/private funding programs paired with potential borrowing to strategically invest in public infrastructure projects. Work is now well undenvay on the new Fire Station 11 in Downtown Albany and the new Albany Police Station on Pacific Boulevard. These projects, supported by Urban Renewal District funds but paid for primarily with voted approved bonds, will be completed in summer The proposed FY budget reflects continuing expenditures related to these important public proj ects. 1 7

8 .Another project, the new Albany Carousel buildi.ng on First Avenue at Washington Street, will be completed ai1d opened in the new fiscal year. The proposed budget includes CARA's final payments toward public infrastructure improvements around the new building which has been funded predominately with private contributions. The Carousel provides an exciting new attraction to Downtown Albany.. The proposed budget also includes a significant increase in both revenues and expenditures related to the Downtown Streetscape Project. The project includes new sidewalks, lighting, curb ramps, frees, landscape, and site fumii.l.u-e over 12 blocks in t11e Central Business District and along portions of Lyons and E1Isw01~d1 Streets, mirroring previous impr~vements on Broadalbin Street and First Avenue. Urban Renewal District tax receipts will be used to finance an $8.4 million loan from Business Oregon's Infrastruci.l.ire Finance Authority to build the project. Construction started around the new Carousel building and Post Office in spring and will be completed in fall These four projects will dramatically improve A lbany appeal to visitors and businesses, positively affect pedestrian safety, and improve public safety services in our city. In addition to these large public projects, other public/private partnership progran1s are accommodated in these CARA programs from: Architectural Assistance Grants, Small Grants, Storefront Revitalization Grant, and Loan Program for Focus Area. During the past year, the Board has received a number of inquiries and requests for loans and grants. The proposed budget assumes a continuation of this trend. We look to the new fiscal year to carefully consider future projects, how to best leverage private funding, borrowing capaci1y,;md creative ways to partner w ith other community organizations in the advancement of Central Albany.. Respectfully submiiied, lt!lt)!/ t:i fw_,-- Wes Hare, City Manager 2 8

9 JD)JEJP AR'fMJEN'f 'fhjemje ANJD) GOAJL Albany Revifallization. Agency Re pmrnible Mamagerdfide: Ed Hodney, Interim Urban Renewal Director Great Neighborhood Reduce blight in Central Albany, achieve goals and objectives of the CARA and City of Albany Comprehensive Plans, and implement development strategies and objectives for CARA by: o Providing financial incentives and tools for partnerships with residents and businesses to enhance vitality and livability of the community including: o viable and vibrant downtown core o the preservation and enhancement of the historic districts o Attracting new private investment to the area. Safe Citv Make Albany an aiiractive community by promoting investment and eliminating blight and increasing public safety. Provide a safe and convenient transportation network that encourages pedestrian and bicyde access to and within the town center. Create a readily identifiable core that is unique and vibrant with a mixture of ente1iainment, housing, specialty shops, offices, and other commercial uses. Upgrade or restore water, sewer, and specific roadway systems. Rehabilitate blighted properties to reduce property code violations, substandard housing conditions, and inadequate infrastructure. Healthy Economy Provide financial incentives and tools that support partnerships between government agencies, local businesses, and residents to enhance the value and diversity of Albany's economy by: o Retaining and enhancing the value of existing private investment and public investment in the area. o Leveraging urban renewal funds and economic development funds to become a catalyst for redevelopment throughout the city. Effective Government Develop partnerships and projects that leverage redevelopment tools to maximize benefits to Albany residents and businesses through a fair and streamlined process by: o Conducting business in an efficient and effective manner to maximize funds and achieve desired results. o Retaining and enhancing the value of existing private investment and public investment in the area. 3 9

10 PROGRAM NAJRRA'HVE ALBANY REVITALIZAHON AGENCY: ALBANY RJEVITAU ZAU ON AREA ( ) Re pm:rnible Manager/Title: Ed Hodney, Interim Urban Renewal Director FUNCTIONS AND RESPONSrnIL:n:TIE o Promote revitalization within the boundaries of the Urban Renewal District through investment in public infrastructure and public/private pa1i nerships. o Establish activities and funding programs in response to private sector needs while balancing the interests of the community atlarge. o Further goals of the CARA Plan include attracting new private investment to the area, increasing residential density, and providing an enriching environment and livable neighborhoods. o This activity provides for payment of the prfricipal and interest on the bond sale.established in 2007 and anticipates a new 2016 bond (2016 Bond). Debt service is paid from current property tax increment revenues. o The Albany Revitalization Agency has issued CARA Urban Renewal Revenue Bonds, Series 2007A tax-exempt of $2,822,000, dated October 15, o The Series 2007A tax-exempt bonds are payable semiannually on June 15 and December 15. The interest rate is 4.85 percent. The maturity date is June 15, o This budget creates the spending authority for the 2016 Bond in the anticipated amount of $8,000,000. Principal and interest payments and a reserve have been estimated and included in this budget. Calculations were based on an estimated interest rate of 4 percent over a 15-year term. A maturity schedule is not attached since this loan has not yet been made. o The Bond Registrar for the 2007 issue is Bank of America N. A., Portland, Oregon. The Bond Counsel is Orrick, Herrington & Sutcliffe LLP. The Financial Advisor is Regional Financial Advisors, Inc., Portland, Oregon. o A reserve is required in the amount of $282,200 for the Series 2007 A bonds. There will be an estimated reserve of $71 9,500 required for the new 2016 bond. o The maximum indebtedness, or maximum amount of debt that can be issued or incurred under the plan, is $56,000,000, of which there is $37,767,405 remaining at the end of FY ~ Collection of tax increment funds for every urban renewal plan is limited by the plan's stated maximum indebtedness. STRATEGIES/ACTION Strategic Plan Theme Budget Year Target Date Status Healthy Economy 06/17 In Progress Budget Year Healthy Economy 12/17 06/18 o o o Strateaies/Actions Complete paiinership with owners of proj ects begunin Complete installation. wayfinding sign age Complete partnership with owners of projects begun in

11 290: Albany Revitalization Agency City of Albany, Oregon 11: City Manager's Office PROGRAM 1102: CARA Acct# Description Actua l Actual Year to Date Adj Budget Proposed % Change General Revenues Property Taxes - Current 2,246,417 2,544,723 2,539,747 2, 186,000 2,758, % Property Ta"\es - Delinquent 88,458 73,546 40, ,000 40,000 -% Property Management 15,754 23,424 18,500 -% Loan Proceeds 8,000,000 7,500,000 (6.25)% Miscellaneous Revenue 1,832 5,000 4,599 -% Loan Repayment-Principal 86,604 50,270 64,038 85,800 87, % Loan Repayment-Interest 31,737 2, 134 3, 100 4, % Interest 17,082 33,553 19,385 5,500 7, % Total General Revenues 2,472,130 2,722,846 2,693,509 10,320,400 10,4 15, % Beginning Balance Beginning Balance 2,737,725 3,910,36 1 3,068,3 04 2,546,300 2,257,500 (11.34)% Total Beginning Balance 2,737,725 3,910,361 3,068,304 2,546,300 2,257,500 (11.34)% TOTAL REVENUES 5,209,855 6,633,207 5,761,813 12,866,700 12,672,900 (1.51)% Materials & Services Audit Service 3,400 3,295 2,950 3,200 3, % Bond Sale Expense 18,018 90,000 75,000 ( 16.67)% Contractual Services 8, 159 7,648 11,658 10,000 10,000 - % Administrati ve Costs % Advertising & Publications 1,982 2, % Duplication & Fa' 1,278 1, ,500 1,500 -% Education & Training % Materi als & Supplies ,500 1,500 - % Meetings & Conferences 1, ,000 2,000 -% l'vlemberships & Dues ,000 1,000 - % Personal Auto Reimbursement ,200 1,200 - % Postage & Shipping % Centra l Service Charges 112, , , ,400 63, 100 (58.05)% Miscellaneous Expenditures 78, 193 -% Property Taxes 5,704 5,000 -% Building Revitalization Grant Program 5,000 4,435 3,652 50,000 50,000 -% CARA FL: Carousel Building Design 9,005 -% CARA FL: IHI (tx) 523,947 72,500 -% CARA FL: Novak's 75,235 l 24,765 -% CARA FL: Lepman 37, , ,800 51,300 (82.83)% CARA AA: Dortinacq 6,040 1,870 7,000 ( )% CARA AA: Crandall 10,472 4,495 5,000 (100.00)% CARA: Monteith Park Expansion 24,000 24,000 -% CARA: Code review Angelo Planning 45,626 74,900 (I 00.00)% CARA: UofO SCYP 35,000 87,000 (100.00)% CARA: Architectural Assistance 14,000 - % CARA DvP: R3 Development 44,793 -% CARA SF Grant: Fortier 10,000 -% CARA Loan: Novak's , 176 -% CARA Loan: M ikesell (Century Building LLC 266, , , ,500 (59.81)% CARA Loan: Cowan (Repayable) 32,052 53,440 73,200 19,700 (73.09)% Reserve: Infrastructure Projects 64, , ,064 7,9 16,100 (100.00)% Reserve: Partnerships 14, ,270 1,2 53,900 1,780, % Total Materials & Services 894,893 1,477,578 1,283,826 10,3 59,800 2,228,800 (78.49)% Capital CARA: Wayfi ncling Signage 14,7 15 1,000 59,900 59,900 -% CARA: Parking Lot Res urfacing 104 -% CARA: Dave Clark Path Lights 24, 153 2,282 2,300 (100.00)% CARA: Streetscape Project 7,500,000 - % Reserve: Capital Projects 278,500 -% Total Capital ,868 3,282 62,200 7,838,400 12, % 11

12 290: Al bany Revitaliza tion Agency City of Albany, Oregon I 1: City M an ager's Office PROGRAM 1102: CARA Acct# Description Actual Actual Year to Date Ad.i Budget Proposed % Change Transfers Out To General Fund 37,500 50,000 50,000 -% 9 J 232 To Economic Development 147, ,700 I 57, , , % To Capital Projects Fund 1,455,000 -% Total Transfers Out 147,500 1,584, , , , % Debt Service Bond Principal: 2007A CARA (BQ) 126, , , , % Bond Interest: 2007A CARA (BQ) 136, , , ,600 97,700 (14.75)% Reserve: Debt Service 282, , % Reserve :Future Debt Cost 1,439,000 1,562, % Total Debt Service 262, ,756 57,078 2, 184,800 2,345, % TOT AL EXPENDITURES 1,305,364 3,564,902 1,539,11 I 12,866,700 12,672,900 (1.51)% 12

13 RESOLUTION NO. AP.A B 2 O 1 7 A RESOLUTION APPROVJNG THE ALBANY REVITALIZATION AGENCY (ARA) BUDGET FOR FISCAL YEAR BY THE ARA BUDGET CO:Ml\1ITTEEAND.RECOMMENDil\J"GTOTHEARA AGENCY CERTIFICATION TO LINN AND BENTON COUNTIES. WHEREAS, the Fiscal Year ARA Budget consists of funding and expenditures for the Central Albany Revitalization Area (CARA); and ' WHEREAS, the ARA Budget Committee conducted a public meeting on April 27, 2017, after proper notice and opportunity for the public to comment. NOW THEREFORE BE IT RESOLVED that the Albany Revitalization Agency Budget Committee hereby approves the FY Budget in the amount of $12,672,900. BE IT FURTHER RESOLVED that the amounts for the fiscal year beginning I uly 1, 2017, and for the purposes shown below are hereby appropriated as follows: CARA Urban Renewal Area Transfers Out Total $ 12,412, ,000 $12,672,900 BE IT FURTHER RESOLVED that the ARA Budget Committee hereby recommends to the ARA Agency ce1iification to the County Assessors (Linn and Benton Counties) a request for the ARA Plan Area for the maximum amount of revenue that may be raised by dividing the taxes under section 1 c, Aiiicle IX, of the Oregon Constitution and ORS Chapter 457. DATED AND EFFECTIVE nrrs 4THDAY OF MAY ATTEST: ARA Budget Committee Chair ARA Budget Committee Vice-Chair G: \Administrative Sen;ices\Finance\Asst Fin Dir\Budget\ \ARA \ ARA.Budget Committee.Res.doc 13

14 ARA RESOLUTION NO A RESOLUTION OF THE ALBANY REVITALIZATION AGENCY ESTABLISHING A FINAL ACTION ON KLINT SHEETS' REQUEST FOR LOAN FUNDS FOR THE PROPERTY KNOWN AS 136 FIRST AVENUE SW WHEREAS, the aforementioned applicant has requested a Repayable Loan from CARA funding; and WHEREAS, the CARA Advisory Board has made its recommendation for approval of this request; and WHEREAS, the ARA resolved that it would have the final action to approve or deny a developer partnership, grant, or loan application. NOW, THEREFORE, BE IT RESOLVED that the Albany Revitalization Agency finds: 1. Overview: Klint Sheets has requested $10, of repayable loan funds at a rate of 1.5% from the ARA to repay debt secured by working on the project work at the property known as 136 First Avenue SW. 2. Return of Public Funds: The return of some of the public funds will be seen through an anticipated tax-increment increase. 3. Financial Condition of the Agency: As of the June 21, 2017, meeting, the CARA Fund had the ability to borrow funds to complete various projects, with cash-on-hand to pay the annual debt service but still leave room for future borrowing. 4. Historic Preservation: This project restores a historic building space that has been vacant for many years. 5. Process Compliance: Applicant has complied with all steps of the process. BE IT FURTHER RESOLVED that the Albany Revitalization Agency concludes that it finds benefit in the restoration of historic property and buildings. BE IT FURTHER RESOLVED that the Albany Revitalization Agency's approval of this Repayable Loan is subject to staff direction concerning the appropriate means to secure applicants' compliance with loan applications and contracts and futther that this loan is subject to appropriate land use approval; and BE IT FURTHER RESOLVED that the Albany Revitalization Agency approves this request for funds. DATED AND EFFECTIVE THIS 21 5 T DAY OF JUNE ATTEST: ARA Chair City Clerk G: \Economic Develop111ent\ARA\Reso/11tions\2017\ Klint Sheets Resolution.docx 14

15 ARA RESOLUTION NO A RESOLUTION OF THE ALBANY REVITALIZATION AGENCY ESTABLISHING A FINAL ACTION ON THE SIGNS OF VICTORY REQUEST FOR ADDITIONAL LOAN FUNDS FOR THE PROPERTY KNOWN AS rn AVENUE SE, SUITES 3 AND 4 WHEREAS, the aforementioned applicants have requested a loan from the Central Albany Revitalization Area (CARA) Advisory Board; and WHEREAS, the CARA Advisory Board has made its recommendation for approval of this request; and WHEREAS, the Albany Revitalization Agency (ARA) resolved that it would have the final action to approve or deny a deyeloper partnership, grant, or loan application. NOW, THEREFORE, BE IT RESOLVED that the Albany Revitalization Agency finds: I. Overview: On March 8, 2017, George Matland, representing Signs of Victory, received approval for a $100,000 loan to complete a $150,000 project. On June 9, 2017, Mr. Matland presented a request for a $30,000 increase in the total loan amount due to unanticipated and unbudgeted expenses, thereby increasing the total loan amount to $130, Return of Public Funds: The return of some of the public funds will be seen through an anticipated tax-increment increase. Signs of Victory plans to complete improvements at th Avenue SE at a cost of $180,000. The building is not on the historic propetty-tax freeze, and work on the building will likely generate an increase in the assessed amount in addition to the repayment of the loan. 3. Financial Condition of the Agency: As of June 21, 2017, the CARA Fund had the ability to borrow funds to complete various projects, with cash-on-hand to pay the annual debt service but still leave room for future borrowing. This project would use $130,000 of the funds set aside for public/private pa1tnerships but will be repaid over a five-year term. 4. Public Good: Once improvements have been completed at the project location, Signs of Victory intends to relocate its clients to the renovated space, vacating one of its propetties located on Seventh Avenue SE. This move will make available the Seventh A venue propetty for reinvestment, and it will be repurposed with a use more consistent with its location and zoning. 5. Process Compliance: Applicants have complied with all steps in the process. 6. Special Benefits/Concerns: The relocation of Signs of Victory from its Seventh Avenue prope1ty will remove its operations from a building that is not suited or safe for use of its clients. The new location at th A venue SE will be safe and fully compliant with existing building and safety codes. BE IT FURTHER RESOLVED that the Albany Revitalization Agency concludes that the renovation of the subject building on 11th A venue SE and the foreseen increase in assessed value paired with the repayment of the loan meets many of the primary CARA goals; and BE IT FURTHER RESOLVED that the Albany Revitalization Agency's approval of this additional $30,000 in loan monies is subject to staff direction concerning the appropriate means to secure applicants' compliance with applications and contracts and further that this loan is subject to appropriate land use approval; and BE IT FURTHER RESOLVED that the Albany Revitalization Agency approves this request for funds. DATED AND EFFECTIVE THIS 21 ST DAY OF JUNE ATTEST: ARA Chair City Clerk G:\Economic Develop111ent\ARA\Reso/11tions\2017\20/ / Signs of Vicl01y loan lncrease.docx 15

16 - ~. ARA RESOLUTION NO A RESOLUTION OF THE ALBANY REVITALIZATION AGENCY ESTABLISHING A FINAL ACTION ON THE AMENDED LOAN FUNDING CONTRACT RELATED TO EDGEWATER VILLAGE WHEREAS, the aforementioned applicants have requested a contract amendment from the Central Albany Revitalization Area (CARA) Advisory Board; and WHEREAS, the CARA Advisory Board has made its recommendation for approval of this request; and WHEREAS, the Albany Revitalization Agency (ARA) resolved that it would have the final action to approve or deny a developer pattnership, grant, or loan application. NOW, THEREFORE, BE IT RESOLVED that the Albany Revitalization Agency finds: 1. Overview: Edgewater Village LLC has requested the City to amend the current contract with the City to allow for a conversion of the outstanding balance of its $900,000 forgivable loan to a grant and to release Randy Meyer and Melissa Meyer from their personal guarantee on the original $1.5 million Joan on the development property. 2. Special Benefits/Public Good: The current financial position of CARA is not affected negatively with the conversion from the forgivable loan to a grant. The benefit will allow for lower sales prices per unit and a more affordable product in the Albany market place. Fmthermore, by releasing the Meyers from their personal obligations, full liability will transfer to George and Paula Diamond as Edgewater Village, LLC. BE IT FURTHER RESOLVED that the Albany Revitalization Agency authorizes the City Manager to sign the necessary contract amendments and agreements to accomplish these requested changes, provided that the City is presented evidence that Edgewater Village LLC is prepared to meet its contractual obligations. DATED AND EFFECTIVE THIS 21ST DAY OF JUNE ATTEST: ARA Chair City Clerk G: \Economic Development\ARA \Reso/11tio11s\20J 7\ Edgewater Amended.docx 16