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File #: 16-1311    Version: Name: Authorize An Allocation Of $20 Million In New Market Tax Credits
Type: City Resolution Status: Passed
File created: 6/21/2017 In control: Concurrent Meeting of the Oakland Redevelopment Successor Agency / City Council / Geologic Hazard Abatement District Board
On agenda: 7/18/2017 Final action: 7/18/2017
Title: Subject: Authorize An Allocation Of $20 Million In New Market Tax Credits From: Economic And Workforce Development Department Recommendation: Conduct A Public Hearing And Upon Conclusion Adopt A Resolution: (1) Authorizing Oakland Renaissance NMTC, Inc. (ORNMTC), An Affiliate Of The City, To Accept An Allocation Of New Markets Tax Credit Authority In An Amount Not To Exceed $20 Million, And To Enter Into An Allocation Agreement And Related Documents With The Community Development Financial Institutions Fund For This Tax Credit Authority; (2) Approving An Allocation Of $14 Million In New Market Tax Credits By ORNMTC To Neighborhood Assets LLC, Or Its Affiliates, For The Development Of A Grocery Store At 3103 Myrtle Street; (3) Approving An Allocation Of $6 Million In New Market Tax Credits' To A Commercial Loan Pool, To Be Administered By ORNMTC And Other Partners, For The Purpose Of Providing Small Business Loans To Commercial Businesses In Eligible Sections Of Oakland; (4) Authorizi...
Sponsors: Economic & Workforce Development Department
Attachments: 1. View Report, 2. 86865 CMS

Title

Subject:                     Authorize An Allocation Of $20 Million In New Market Tax Credits

From:                                          Economic And Workforce Development Department

Recommendation: Conduct A Public Hearing And Upon Conclusion Adopt A Resolution: (1) Authorizing Oakland Renaissance NMTC, Inc. (ORNMTC), An Affiliate Of The City, To Accept An Allocation Of New Markets Tax Credit Authority In An Amount Not To Exceed $20 Million, And To Enter Into An Allocation Agreement And Related Documents With The Community Development Financial Institutions Fund For This Tax Credit Authority; (2) Approving An Allocation Of $14 Million In New Market Tax Credits By ORNMTC To Neighborhood Assets LLC, Or Its Affiliates, For The Development Of A Grocery Store At 3103 Myrtle Street; (3) Approving An Allocation Of $6 Million In New Market Tax Credits' To A Commercial Loan Pool, To Be Administered By ORNMTC And Other Partners, For The Purpose Of Providing Small Business Loans To Commercial Businesses In Eligible Sections Of Oakland; (4) Authorizing Reappropriation Of $2,630,059 In Cash Balances From Loan Repayments To The Revolving Commercial Loan Funds; And (5) Authorizing A Leveraged Loan For $4,500,000 From Revolving Commercial Loan Funds To ORNTMC Or A Related Entity For The Commercial Loan Pool Program