STRATEGIC PRIORITY: Economic Development
AGENDA DATE: February 26, 2025
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Robin Bentley
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SUBJECT
Title
Authorize amendment and restatement of the Chapter 380 economic development loan agreement and the Chapter 380 economic development grant agreement (collectively, the "Agreement") with MLK Kingdom Complex, LLC ("Borrower/Grantee") previously approved on June 22, 2022, by Resolution No. 22-0993 related to the MLK Wellness Project ("Project") proposed for the properties addressed as 3101 Martin Luther King, Jr. Boulevard and 2904 Meadow Street, including the following: (1) amend the Project completion deadlines to September 1, 2025; (2) replace the tenant Jasz LLC with Kadosh Coffee, LLC or similar business as approved by the City Manager or designee; (3) extend the tenant investment deadline to September 1, 2025; (4) amend the lease and occupancy dates to September 1, 2025; (5) amend the date by which the facility is opened to the public to September 1, 2025; (6) delete the minimum square footage requirement for the tenant leases; (7) delete the job creation requirement; (8) replace Exhibit B1 (budget) to the Agreement with Amended Exhibit B1 to reflect changes to the Project budget; (9) amend the Agreement to replace all references to "Small Business Center" with "Office of Economic Development"; (10) amend the loan payment schedule to reflect a six month forbearance as attached in Exhibit A, and in consideration; (11) amend the offset provision in the grant agreement to clarify that Grantee and its affiliates must be in good standing with the City for grant payment to occur; and (12) increase the Borrower/Grantee's required minimum investment of non-City funding by $120,305.00, from $671,608.00 to $791,913.00, in accordance with the Economic Development Incentive Policy - Financing: No cost consideration to the City...
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