SLDC approves up to $1 million for predevelopment work on Imperial Historic District acquisition

Devin Rodriguez, director of development (title as given), told the board the city is pursuing acquisition of the Imperial Historic District and that redevelopment of the area is a council priority. Rodriguez said SLDC Resolution R25-01 would authorize project funding for predevelopment studies, engineering, environmental assessments, surveys and other services needed to support acquisition and infrastructure work.

Rodriguez said the board's requested funding would be interim due-diligence money while the city pursues a larger certificate-of-obligation financing item on the council agenda; staff noted the certificate-of-obligation funds would not be available until roughly mid-May if approved. Rodriguez said the resolution would authorize spending "not to exceed $1,000,000" from the SLDC reserve for opportunity; staff said that reserve's remaining balance was $3,500,000 and that use of up to $1,000,000 would reduce it to about $2,500,000 for the fiscal year.

Council member Kamali recused from the matter. A motion to approve "up to $1,000,000" passed; the motion was seconded by Carol and adopted by voice vote. Staff said the funding will allow consultants to perform additional environmental assessments and other due diligence as advised by consultants.