HomeMy WebLinkAboutRS06-Redevelopment Agency
. RE~ELOPMENT AGENCY-ROUEST FOR O_ISSION/COUNCIL ACHioN
From:
Glenda Saul. Executive Director
Subject: Approva I in Concept of Loan to Be 1 co
Development Company for National
Chain Store
Dept: Redevelopment Agency
Date: October 7, 1985
Synopsis of Previous Commission/Council action:
None.
Recommended motion:
MAYOR AND COMMON COUNCIL
J Approve in concept a loan to Belco Development Company for the
of acquiring land for development of a national chain store at
northeast corner of Mt. Vernon Avenue and Seventh Street
purpose
the
~M
Signature
FUNDING REQUIREMENTS:
Amount: $
N/A
Phone: 383-5081
Ward: N/A
Project :
Date: Or'tnhiPr 7. 19R~
Contact person: Glenda Saul. Fxec:utive Di rector
Supporting data attached: Staff Report
No adverse Impact on City:
Council Notes:
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Agenda Item No. f!.S -Ii
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Clh OF SAN BERNARD~O - REQU~T FOR COUNCIL ACTION
STAFF REPORT
On Friday, October 3, 1985, Councilwoman Eatrada and Agency staff met
with Abe Beltran, a principal of Belco Development Company, regarding
Agency financial assistance to Belco for the purpose of acquiring land
for the development of a national chain store at the northeast corner of
Mt. Vernon Avenua and Seventh Street. Presently, Belco has developed two
buildings at Mt. Vernon Avenue and Spruce Street, and Mt. Vernon Avenue
and Vine Street, totaling 6,750 square feet and 8,600 square feet,
respectively. These buildings house a commercial complex that includes a
bakery, laundromat and neighborhood grocery mart. The other building is
a professional office building that includes the County of San Bernardino
Mental Health Department, dental offices and Belco's administrative
offices.
The acquisition of the land in question at Mt. Vernon and Seventh
utilizing the same design motif of the buildings noted above would
complete the logical and progressive development of a three (3) block
area along Mt. Vernon Avenue, and would significantly assist the
continued development of this major city corridor.
Adoption of the form motion by the Mayor and Common Council will allow
Belco principals to negotiate for the acquisition of the land, and would
authorize staff to work with Belco Development Company, develop an
appropriate loan agreement and bring said agreement before the Mayor and
Common Council for its consideration.
0146S
75-0264