HomeMy WebLinkAbout06- Economic Development ECONOMIC DEVELOPMENT AG .LNCY
OF THE CITY OF SAN BERNARDINO
REQUEST FOR COMMISSION/COUNCIL ACTION
FROM: TIMOTHY C. STEINHAUS SUBJECT: ROGER'S BINDERY
Agency Administrator
DATE: January 6, 1994
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Synousis of Previous Commission/Council/Committee Action(s):
On November 15, 1993,the Community Development Commission directed staff to present a specific agreement,
referencing ny available new collateral,to resolve the pending Roger's Bindery loan delinquency at the next regular
meeting of the Community Development Commission on December 6, 1993.
On December 6, 1993, the Community Development Commission took action directing Messrs. Steinhaus, Sabo
and Gene Wood, from E.H. Wood and Associates,to meet with Roger's Bindery shareholders and an independent
CPA to develop a solution to cure the default status of the Bindery and that the City Attorney file a lawsuit against
the Bindery in the event negotiations were unsuccessful.
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Recommended Motion(s):
(Community Development Commission)
MOTION: That the Community Development Commission continue the matter relating to Roger's Bindery
to January 24, 1994.
TI HY C. S INHAUS
Agency Administrator
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Contact Person(s): Timothy C. Steinhaus Phone: 5081
Project Area(s): Southeast Industrial Park (SEIP) Ward(s): Three(3)
Supporting Data Attached: Staff Report
FUNDING REQUIREMENTS: Amount: $ N/A Source: N/A
Budget Authority: N/A
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Commission/Council Notes:
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TCS:lag:rgrbndry.cdc COMMISSION MEETING AGENDA
MEETING DATE: 01/10/1994
Agenda Item Number: �_
ECONOMIC DEVELOPMENT AGENCY
STAFF REPORT
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Roger's Bindery
On December 6, 1993, the Community Development Commission considered the delinquent
Roger's Bindery loan. After considerable discussion, the Commission took action directing
Messrs. Steinhaus, Sabo and Gene Wood, from E.H. Wood and Associates, to meet with the
Roger's Bindery shareholders and an independent CPA to develop a solution to cure the default
status and to take Roger's current economic condition into account. The motion also instructed
the City Attorney to file a lawsuit against the Bindery in the event negotiations were not
successfully consummated.
Three meetings have been conducted pursuant to Commission direction. While progress has been
made, additional time is required to complete the complex negotiations. As a result of these and
related issues, staff recommends this matter be continued to January 24, 1994.
Staff recommends adoption of the form motion.
A::�-
TIMO Y C. STEINHAUS, Agency Administrator
Economic Development Agency
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TCS:lag:rgrbndry.cdc COMMISSION MEETING AGENDA
MEETING DATE: 01/10/1994
Agenda Item Number: _�