ORGANIZATION: Westside Development Corporation (WDC) - Finance Committee
POSTING LANGUAGE:
Discussion and possible action on a recommendation to the Board of Directors to modify the terms of a loan agreement with San Anto Cultural Arts, Inc., in an amount up to $15,721.
SUMMARY:
San Anto Cultural Arts, Inc. borrowed money from the WDC for the acquisition of property on El Paso Street. The organization requests to finance the balloon payment due on their current note.
BACKGROUND INFORMATION:
San Anto Cultural Arts, Inc. acquired property on El Paso Street with financing from the WDC. The terms of the note requires monthly payments on principal and interest along with an extra quarterly payment on principal. A final balloon payment is due on maturation.
San Anto notified the WDC in advance that they could not make the final balloon payment and requested to finance that payment over the course of an additional 16 months. This is the second time the organization has requested to finance a final balloon payment in an agreement with the WDC.
The request was considered by the Project Committee, which provided guidance towards the negotiation of a modified agreement.
ISSUE:
ALTERNATIVES:
FISCAL IMPACT:
RECOMMENDATION:
Staff recommendation is pending.
MRH - 150427 - Finance - Item 5 Memo