ORGANIZATION: Westside Development Corporation (WDC) - Project Committee
SUMMARY:
JVGreen Enterprises, LLC., is currently delinquent on its $25,000 note with the WDC. Staff has been negotiating new terms to bring the account current.
The committee will review the revised terms and provide a recommendation to the Board of Directors.
BACKGROUND INFORMATION:
General
JVGreen Enterprises, LLC., dba Deco Pizzeria, secured a $25,000 loan in December 2013 from the WDC for the purposes of constructing an outdoor pergola to improve the outdoor dining space and interior renovations.
The principal payment was due in 2014 upon reimbursement from the City of San Antonio's Operation Facelift Fund. As of now, the principal remains outstanding.
Staff has worked diligently to develop terms to secure repayment without causing undue hardship to the current operations.
ISSUE:
None
ALTERNATIVES:
None
FISCAL IMPACT:
RECOMMENDATION:
Staff recommends approval.
MRH - 150325 - Project - Item 7 Memo