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Commission OKs transfer of Pearl’s Deluxe Burgers operations to property owner under existing forgivable‑loan conditions
Summary
The commission approved staff‑recommended conditions allowing Pearl's Deluxe Burgers to transfer operations to the building owner while preserving the loan’s forgiveness schedule and program controls; the borrower remains liable until forgiveness conditions are met.
Staff told commissioners that Pearl's Deluxe Burgers received a forgivable tenant‑improvement loan under the former redevelopment agency's "6 on 6" program — a loan originally documented at $400,000 plus an additional $215,000 from the Central Market Cultural District loan fund — with provisions allowing a transfer of operations to the property owner under specific conditions. Christine Maher said staff interprets the transfer provision to permit the owner to step in and continue retail operations without triggering immediate repayment so long as program conditions are met,…
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