HomeMy WebLinkAboutItem No.SA8City of Lake Elsinore
REPORT TO THE REDEVELOPMENT AGENCY
To: REDEVELOPMENT AGENCY CHAIR AND BOARD
From: RON MOLENDYK, EXECUTIVE DIRECTIVE
Date: APRIL 27, 1993
Subject: $20,000 LOAN - CLASSIC WESTERN PRODUCTIONS
This item was presented to the Board on March 28, 1993, as the
group had requested consideration of a 1 year lease extension.
Staff was directed to provide more detail on the outstanding issues
and present the information at this meeting.
To resolve the issue, Board action is required on 1 of 3 options:
1) Call the personal guarantees
2) Extend the loan for 1 year (2/11/94)
3) Or waive the repayment (as discussed at the 3/23 meeting)
DISCUSSION•
Outstanding issues are as follows:
1) The RDA security deposit of $1,000 with the Chamber of
Commerce
2) Costs of repairs to the Rodeo Arena ($1,500.00)
3) Missing Inventory items ($750.00)
4) Reimbursement to RDA for utilities ($179.22)
5) Rental of Community Center ($4,265.00)
This represents a total of $26,694.22.
FISCAL IMPACT•
The items listed above total $26,694.22. The Group has made 1
payment of $2,000.00, and leaves a balance of $24,694.22.
RECOMMENDATION
Board discussion on the options listed above.
PREPARED BY:
APPROVED FOR
AGENDA LISTING:
AGENDA ITEM NO. _.52--.-
PAGEI 0.�. —L�.