ORGANIZATION: Westside Development Corporation (WDC) - Project Committee
SUMMARY:
San Anto Cultural Arts has requested to refinance its current note with the WDC in an amount up to $15,720.84.
The committee will consider the request and provide a recommendation to the Board of Directors.
BACKGROUND INFORMATION:
General
The San Anto Cultural Arts has a current note with the WDC that will mature in April 2015. The final balloon payment is expected to be a hardship for the nonprofit organization. As a result, the organization has requested to refinance the balloon payment.
San Anto Cultural Arts has consistently made on-time payments throughout the course of the loan.
ISSUE:
None
ALTERNATIVES:
None
FISCAL IMPACT:
Financing the balloon payment will reduce this year's amount of expected returned principal.
RECOMMENDATION:
Staff recommends approval.
MRH - 150325 - Project - Item 6 Memo