SUBJECT: Approval of a Contingent Contribution Agreement with El Capitan OB, LLC., in an Amount Up to $100,000.00; Authorization to Use the Economic Development Opportunity Fund to Fund the Contribution Towards the Project Which has Directly Contributed to the On-Going Revitalization of Downtown Merced, and Approval of a Supplemental Appropriation from the Economic Development Opportunity Fund (Fund 074) in an Amount Up to $100,000.00, as Determined by the City Manager, to Fund the Contribution Once the Contingency is Satisfied REPORT IN BRIEF Considers approving a contingent contribution agreement with El Capitan OB, LLC., to contribute toward the continuing support and revitalization of Downtown Merced in an amount up to $100,000.00. The request also calls for a supplemental appropriation of $100,000.00 from the Economic Development Opportunity Fund. RECOMMENDATION City Council - Adopt a motion: A. Approving a contingent contribution agreement with El Capitan OB, LLC., in an amount up to $100,000.00; and, B. Approving a supplemental appropriation from the unreserved, unencumbered balance of the Economic Development Opportunity Fund - 074 to account 074-2002-677.17-00 in an amount up to $100,000.00 for payment to El Capitan OB, LLC., once the contingency is satisfied, to contribute towards the Revitalization of Downtown Merced and, C. Authorizing the City Manager to execute the Reimbursement Agreement.

Consent Item Passed Introduced November 19, 2020

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Committee: City Council/Public Finance and Economic Development Authority/Parking Authority
Introduced: November 19, 2020
On agenda: November 23, 2020
Passed: November 23, 2020