Agency approves land disposition and financing for proposed food-cart village at 177 Everett Avenue

The Sutherlin agency voted to approve Resolution 2025.04, authorizing the disposition of a city-owned parcel and a package of financing documents to support a proposed family-oriented food cart village at 177 (Everett/West Central) Avenue. The resolution approves a line of credit and accompanying loan documents so the developer can draw reimbursement during construction; the motion passed after a roll-call vote.

Christie Gilbert, Community Development staff, outlined the financing package during the staff report, saying the arrangement includes both a line of credit and a later loan. "The line of credit, which is up to the $300,000, on a reimbursement basis," Gilbert said, and added that "the loan agreement would commence at an interest rate of 3.25% for a 5 year loan amortized over 15 years." The staff report also described attachments to the resolution: the loan agreement, line of credit, promissory note and a development agreement that together would govern transfer and construction oversight.

Board members asked for clarifications about sequencing and timing. A committee member moved the resolution, describing the site and project purpose: "authorizing disposition of land together with a loan agreement, line of credit, promissory note, and development agreement for 177 West Central Avenue for the specific purpose of constructing a family oriented food cart village on property the agency purchased for this hopeful purpose." The motion was seconded and put to a roll-call vote; a majority approved it.

The developer still needs permits and will invoice monthly during construction under the reimbursement arrangement, and staff said the instrument package will be finalized with documented schedules of performance. The resolution directs staff to complete the attachments and transfer steps as described in the packet.