Board Packet 01 18 06 - Sonoma Marin Area Rail Transit - Home Page
Board Packet 01 18 06 - Sonoma Marin Area Rail Transit - Home Page
Board Packet 01 18 06 - Sonoma Marin Area Rail Transit - Home Page
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M E M O R A N D U M<br />
DATE: January 12, 20<strong>06</strong><br />
TO:<br />
FROM:<br />
RE:<br />
SMART <strong>Board</strong><br />
Lucrecia Milla, Property Manager<br />
AGENDA ITEM: VIII<br />
Staff Report: Novato Chamber of Commerce Loan Agreement and Promissory Note,<br />
MP 27.8<br />
Issue Summary<br />
The Novato Chamber of Commerce (NCC) would like to give SMART a no-interest loan to<br />
tear down and remove the fire damaged freight building and salvage some of the remaining<br />
artifacts at the downtown Novato Depot station site.<br />
Analysis<br />
The downtown Novato Depot site is located on the corner of <strong>Rail</strong>road and Grant Avenues, in<br />
downtown Novato. The freight building suffered substantial damage because of a fire many<br />
years ago. Residents and merchants have long requested that the freight building be torn<br />
down.<br />
Direction was given to staff at the December Real Estate Committee Meeting, to move<br />
forward in negotiating a no-interest loan agreement with the NCC.<br />
The agreement provides that the NCC would fund the demolition of the freight building not to<br />
exceed $14,000. SMART would repay the loan over time.<br />
Staff Recommendation<br />
Staff is seeking <strong>Board</strong> authorization of the Agreement and Promissory Note with the NCC.<br />
4040 Civic Center Drive, Suite 200<br />
San Rafael, California 94903<br />
lmilla@sonomamarintrain.org<br />
(415) 492-2859 / (Fax) 492-2854
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