HomeMy WebLinkAbout07- Economic Development ECONOMIC DEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
REQUEST FOR COMMISSION/COUNCIL ACTION
FROM: TIMOTHY C. STEINHAUS SUBJECT: ROGER'S
Agency Administrator BINDERY
DATE: October 27, 1993
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Synopsis of Previous Commission/Council/Committee Action(s):
On October 21, 1993, the Community Development Commission authorized staff to foreclose on Roger's Bindery
in connection with a $500,000 Agency loan.
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Recommended Motion(s),
(Community Development Commission)
Councilwoman Pope-Ludlam's Recommendation
MOTION A: That the Community Development Commission reconsider actions taken with respect to Roger's
' Bindery on October 21, 1993.
(Motions Continued to Next Page)
TIMOTHY C. STEINHAUS
Agency Administrator
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Contact Person(s): Timothy C. Steinhaus Phone: 5081
Project Area(s): Ward(s):
Supporting Data Attached: Staff Report
FUNDING REQUIREMENTS: Amount: $ Source:
Budget Authority:
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Commission/Council Notes:
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TCS:nml:rogers.agd COMMISSION MEETING AGENDA
MEETING DATE: 11/01/19933
Agenda Item Number: /
I
REQUEST FOR COMMISSION IUNCIL ACTION
Rogers Bindery
October 27, 1993
Page -2-
MOTION B: That the Community Development Commission subordinate its "first"position on collateral used
to secure this loan to allow Roger's Bindery to obtain an additional loan for operating capital,
using the same collateral to secure the new loan. The Agency would then be in a "second"
position.
MOTION C: That the Community Development Commission,using the existing principal balance,develop a
new amortization schedule using an interest rate which reflects the current economic conditions.
MOTION D: That the Community Development Commission build into the new amortization schedule a
deferred period. The specific length of this deferred period is yet to be determined.
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TCS:nml:rogers.agd COMMISSION MEETING AGENDA
MEETING DATE: 11/01/1993
Agenda Item Number:
— GCT-25-193 MOH 15:10 I D:CDU,E I L OFF I CE TEL NO:8439 3845 #590
CITY OF SAN BERNARDINO
INTEROFFICE MEMORANDUM
TO: Tim Stein.haus, Administrator, Economic Development Agency
FROM: Council Office
SUBJECT: Roger's Bindery
DATE; October 25, 1993
COPIES:
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Please place the following item on the November 1st agenda for reconsideration:
"Is BMMY
MON A: That the Community Development Commission subordinate its "first
position on collateral used to secure this loan to allow Roger's Bindery to obtain an
additional loan for operating capital, using the same collateral to secure the new loan.
The Agency would there be in a 'second" position on the assets used as collateral.
hOTII� That the Community Development Commission, using the existing
principal balance, develop a new amortization- schedule using an interest rate which
reflects the current economic conditions.
14�p'I'1 ON C. That the Community Development Commission built] into the new
amortization schedule a deferred period. The specific length of this deferred period is
yet to be determined.
VALERIE PO '-X.LJDLAM
Councilwoman, Sixth Word
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