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LOAN PROGRAM <br /> <br /> 1. Proqram <br /> <br /> The purpose of this loan program is to encourage <br />restaurants to locate in downtown Pleasanton, which loan will <br />be for the sole and express purpose to pay part of the cost <br />of the restaurant's sewer connection fees with respect to <br />Dublin San Ramon Services District. <br /> <br /> 2. Definitions <br /> <br /> A. Downtown Pleasanton. Downtown Pleasanton is <br />coterminous with the boundaries of the Downtown Pleasanton <br />Specific Plan. A map delineating the boundaries is attached <br />hereto. <br /> <br /> B. Restaurants. Restaurants, for purposes of this <br />loan program, shall mean restaurants and soda fountains, but <br />not including drive-ins and take-out food establishments, as <br />those terms are used in the City's Zoning Ordinance. <br /> <br /> C. Sewer Connection Fees. Sewer connection fees are <br />those fees defined in §15.20.180 B of the Pleasanton <br />Municipal Code. <br /> <br />3. Amount of Loan <br /> <br /> The City shall loan to a qualified restaurant an amount <br />up to 80% of the sewer connection fees. <br /> <br />4. Term of Loan <br /> <br /> The term of the loan shall be between 36 and 84 months. <br /> <br />5. Rate of Interest <br /> <br /> The interest rate of each loan shall be 50% of the Bank <br />of America's reference rate at the time the loan is made, <br />said rate to be adjusted every six months thereafter. <br /> <br />6. Form of Promissory Note <br /> <br /> The form of the promissory note is set forth on the <br />attached Exhibit. The amount of the loan and the term <br />thereof shall be approved by City Council. <br /> <br />7. Administration <br /> <br /> Subject to City Council's approval of each loan, the <br />City Manager shall administer this program. <br /> <br /> <br />