Title
2 PA) Adopt a Parking Authority Resolution authorizing the Executive Director to submit an application to the California Infrastructure and Economic Development Bank for a tax-exempt loan to finance a portion of the acquisition and construction of the 17th Street and San Pablo Avenue garage; making certain environmental and other findings regarding the proposed 17th Street garage
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OFFICE Ti;r ':TY CLERK
CITY OF OAKLAND C., , IND
Alocrida Report 2923 AIN' 1 2 PH 2: 35
TO: Office of City Manager
ATTN: Robert C. Bobb
FROM: Community and Economic Development Agency
DATE: June 24, 2003
RE: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
OAKLAND RE-ESTABLISHING THE PARKING AUTHORITY OF THE
CITY OF OAKLAND; APPOINTING THE CITY COUNCIL AS
MEMBERS TO THE PARKING AUTHORITY; APPOINTING THE CITY
ATTORNEY AS COUNSEL TO THE PARKING AUTHORITY;
APPOINTING THE CITY MANAGER AS EXECUTIVE DIRECTOR TO
THE PARKING AUTHORITY; AND APPOINTING THE CITY CLERK
TO SERVE AS CLERK TO THE PARKING AUTHORITY; AND A
PARKING AUTHORITY RESOLUTION AUTHORIZING THE
EXECUTIVE DIRECTOR TO SUBMIT AN APPLICATION TO THE
CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT
BANK FOR A TAX-EXEMPT LOAN TO FINANCE THE ACQUISITION
AND CONSTRUCTION OF THE 17TH STREET AND SAN PABLO
AVENUE GARAGE; MAKING CERTAIN ENVIRONMENTAL AND
OTHER FINDINGS REGARDING THE PROPOSED 17TH STREET
GARAGE
SUMMARY
This report sets forth actions necessary to provide financing for a new garage at 17'h Street and
San Pablo Avenue ("Project" or "Garage") and reconunends authorization to submit an
application for a $10 million loan to the State Infrastructure Bank to fund garage construction.
The proposed financing structure includes reestablishing the Parking Authority of the City of
Oakland and having the Parking Authority apply for the loan. Additionally, the report provides
information on how the recommended financing structure may also be used to fund additional
capital pr...
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