HomeMy WebLinkAboutAgenda Report - September 17, 1986 PH (7)II
CITY COUNCIL MEETING '
SEPTEMBER 17, 1986
l✓A PUBLIC HEARINGS Notice thereof having been published according to law, an
affidavit of which publication is on file in the office of
CC -6 the City Clerk, Mayor Reid called for the Public
CC -55 ' Hearing regarding the proposed Hotel Lodi Renovation
Project.
HOTEL LODI The matter was introduced by Cc m u uty Development Director
RENOVATION PRO= James Schroeder.
The history of the .project and a CABG Program Chronology of
Events regarding the project were presented for Council's
perusal.
Mr. Schroeder presented a letter that had been received
from Mr. Robert Stone, Program Manager, State of California
Department of Housing and Ccmmmity Development, which read
as follows:
"I am writing in response to your inquiry about the status
of our SUHRP loan commitment for the Hotel Lodi should the
City of Lodi fail to provide the financial assistance to
this project described in your SUHRP application.
In brief, our ccamitment does not hinge on the availability
of the City funds. Should you be able to substitute
private equity capital for these funds, and produce a
project that is otherwise as approved last March, our
catmitment would still stand and the project could move
forward.
The City's withdrawal of its financial participation would
be extremely disappointing, especially in light of its
previously stated support in the project's application, and
at a convocation we attended which included city officials,
businessmen and residents, on February 28, 1986, to
encourage the State's approval. Even if the City's.
withdrawal did not render the Lodi Hotel Proip-+
infeasible, the quality --F
tLAjzAi want -the City involved?