25-278A

Authorize amendment and restatement of the Chapter 380 Economic Development Loan Agreement and the Chapter 380 Economic Development Grant Agreement (collectively, the “Agreement”) with Shekinah Legacy Holdings, LLC (“Borrower/Grantee”) previously authorized by City Council on April 12, 2023 by Resolution No. 23-0499 related to the 1708 MLK Redevelopment Project (“Project”) proposed for the property addressed as 1708 Martin Luther King, Jr. Boulevard, including the following: (1) amend the Project completion deadlines; (2) clarify the minimum investment requirement; (3) clarify the Project scope; (4) clarify the requirements for grant payment; (5) amend the date by which the facility is opened to the public; (6) remove the job creation requirement from the loan agreement and add a job creation requirement of 10 jobs to the grant agreement; (7) amend the loan payment schedule to reflect forbearance of certain loan payments as attached in Exhibit A; (8) replace all references to “Small Business Center” with “Office of Economic Development”, and in consideration; and (9) reduce the term of the loan from 15 years to 2 years, in accordance with the Economic Development Incentive Policy - Financing: No cost consideration to the City

CONSENT AGENDA Approved as an Individual Item Introduced January 14, 2025

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