REPORT TO THE CITY COUNCIL
FROM: GEORGEANNE A. WHITE, City Manager
Office of Mayor & City Manager
BY: JENNIFER RUIZ, Deputy City Manager
Office of Mayor & City Manager
SUBJECT
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Actions pertaining to Commercial Cannabis Activity:
1. Approve the Loan Agreement for Maritza Estrada (the Owner) of Traditional - Fresno - ME LLC, a cannabis social equity business, in the amount of $75,000 to assist with the start-up, regulatory costs, and operating costs of opening a retail commercial cannabis business in the City of Fresno.
2. Approve the Loan Agreement for Isaac Fonseca (the Owner) of Beyond Rooted 559 LLC, a cannabis social equity business, in the amount of $75,000 to assist with the start-up, regulatory costs, and operating costs of opening a retail commercial cannabis business in the City of Fresno.
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RECOMMENDATION
Staff recommends that the City Council approve two cannabis social equity loan agreements for Traditional - Fresno - ME LLC and Beyond Rooted 559 LLC.
EXECUTIVE SUMMARY
The Fresno Municipal Code requires that the City Manager develop a program, as funding is available, to issue business loans and grants to qualified equity applicants. The City of Fresno executed a grant agreement with the State of California to accept the Cannabis Equity Act Grant. Through this grant, the City is able to offer a $75,000 loan to each cannabis social equity business, once it has preliminary CCB permit approval, funded by the State of California Cannabis Equity Act Grant.
On March 3, 2023, Maritza Estrada submitted an application for the cannabis social equity loan program on behalf of Traditional - Fresno - ME LLC. The company is a retail cannabis social equity business, located at 6926 N Weber, in Fresno, with preliminary approval for a commercial cannabis business permit and an approved conditional use permit.
On March 24, 2023, Isaac Fonseca submitted an application for the cannabis social equity loan program on behalf of Beyond Rooted...
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