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

CONSENT AGENDA Corrected; Approved Introduced January 8, 2025

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