Speaker 1: Members, please cast your vote. Motion carries 19, removing the 19. What we're doing now.
Speaker 0: Item 19 is a report from economic and property development. Recommendation to execute all related documents to implement a fully amortized loan in the amount of 300,000 to Blue Haven Thai cuisine located at 740 East Broadway District to.
Speaker 1: First enrollment though.
Speaker 2: Thank you, Mr. Mayor. I wanted to thank City Management for working with the corporation to help secure the successful re reactivation of this corner. I know many of you know this corner for a long time it was Hamburger Mary's, and since Hamburger Mary's moved two and a half years ago, the slots been an unfortunate magnet for all sorts of public safety and code enforcement issues. My staff has been in constant discussions with the police development services, downtown Long Beach Associates and area residents about concerns related to this corner. I appreciate the new operator of this site. That the new operator of the site ran into some unforeseen difficulties. And I'm happy for all of us that we are able to find a solution. My staff and I certainly enjoy great food and we're a little delighted and giddy when we learned that Panera Pan Ramen had selected the Second District to open their second location. I tried the original place with Councilwoman Mango some time ago and was very happy to have been introduced to such a wonderful, wonderful restaurant. So I do have one question, Mr. City Manager, assuming that the item hoping that the item will pass, when will the owner operator receive the loan in hand or the ability to move forward ? Do we have an idea?
Speaker 8: Yeah, I can answer that. My coffee.
Speaker 3: And.
Speaker 8: I will.
Speaker 7: Probably have to lateral that specific response. But we did go to our loan committee who has approved that loans over $100,000 have to come to city council for.
Speaker 8: Actual timing as to receipt of funds.
Speaker 7: I would like to turn that over to Saeed Jalali, our economic development officer.
Speaker 8: Is it okay?
Speaker 3: Yes.
Speaker 8: Okay. We met with the owners this afternoon and.
Speaker 7: They once the.
Speaker 8: Permits have been issued, which we are in.
Speaker 7: Process of issuing those.
Speaker 8: We will be.
Speaker 7: Releasing the funds, but we will not release the funds until we know all permits are in place.
Speaker 3: Okay.
Speaker 2: Thank you, Mr. Mayor.
Speaker 1: Councilman Mongo.
Speaker 5: I'm just so excited for this fantastic restaurant that is one of the best Thai food restaurants in the region. Every time I go there, there are people literally from Culver City, Hollywood, Pasadena, waiting in a line to eat there. So I hope that it has just as long of a line downtown. And we're so excited that this fifth District business is expanding into the downtown area.
Speaker 2: I had fifth district envy.
Speaker 1: Any public comment on this item? Seeing that. Please cast your votes.
Speaker 3: Yeah. Come on, give it.
Speaker 0: Various. Motion carries.
Speaker 1: 17.
Recommendation to authorize City Manager, or designee, to execute all related documents to implement a fully amortized loan in the amount of $300,000, at a fixed interest rate of 5 percent per annum and a term of 15 years, to Sararee Corporation, dba Blue Haven Thai Cuisine, located at 740 East Broadway.  (District 2)