The City of Monterey is in the very early stages of developing what’s being called a “city stimulus plan,” that was discussed at last night’s (Tuesday’s) City Council meeting.
City officials say the plan might involve a “rent payment assistance program” for workers and financial assistance for businesses. The proposal is expected to be discussed at the April 21st City Council meeting.
In a related action, the Monterey council voted 5-0 to defer rent for commercial tenants leasing space from the city.
The city manages more than 80 leases for city-owned properties.
The plan allows businesses to skip payments in April and May, pay their normal rent in June and July, and pay the normal rent plus the deferred rent in August, September, October and November. To cover the deferral, rent from August to November would increase by 25 percent.
