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ECONOMIC DEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
FROM:
Ann Harris, Director SUBJECT: SKADRON LOAN EXTENSION
Bus. Retention, Recruitment & Revitalizar' ... ~. "flit' fJ, , " '..
. . E.",
October 23,2000 .. .. _,.. .. ,A
DATE:
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Svnopsis of Previous Commission/CounciVCommittee Action(s):
On October 19, 2000, the Redevelopment Committee recommended that this item be forwarded to the Community
Development Commission for approval.
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Recommended Motion(s):
(Community Development Commission)
MOTION:
THAT THE COMMISSION EXTEND THE SKADRON LOAN FOR A PERIOD OF ONE (I) YEAR
AT 9% INTEREST
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Contact Person(s): Gary Van OsdeVAnn Harris
Project Area(s) CCN
Phone:
663-1044
Ward(s):
First
Supporting Data Attached: IRl Staff Report D Resolution(s) D Agreement(s)/Contract(s) D Map(s) D LetterlMemo
FUNDING REQUIREMENTS Amount: $
Source:
N/A
SIGNATURE:
Budget Authority:
~7;(~
Ann atTis, Directof
Bus. Retention, Recruitment & Revital.
--Commlssi;;;;icou-iicllNot;;s;---------.-------..-------____.________m_________________________________________.--------------------------.------_____
GVO:AHlag: 11-06-00 Skadron
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COMMISSION MEETING AGENDA
Meeting Date: 11/06/2000
Agenda Item Number: ~ '-
ECONOMIC DEVELOPMENT AGENCY
STAFF REPORT
Extension of Loan A~reement for Erwin Skadron
Background
In July 1991 the Community Development Commission approved a 7 year interest only loan
agreement in the amount of $69,600.00 at 7% interest with Erwin Skadron. The loan was used to
help with the dernolition cost of the old Skadron College on 4th and H Street.
In 1998 and again in 1999, the Commission extended the loan for one year. In 1999 the
Commission raised the interest rate to 9% interest.
Mr. Skadron has recently demolished a house that remained on the property at the cost of $9,000;
now the site is completely cleared. To date, Mr. Skadron has generated very little interest in the
property and thus has been unable to sell the property.
Current Issue
Mr. Skadron has requested an extension of the pay-off of the loan for three years or until the
property is sold. He is currently making interest only payments on a quarterly basis and has
rnade all payments on tirne. Staff has recommended a one year extension and the RDA
Committee has concurred.
Fiscal Impact
None.
Recommendations
That the Community Development Commission approve the extension of the loan agreement
with Mr. E in Skadron for one year at the current rate of 9% interest.
Ann rris, Directo
Business Retention, Recruitment & Revitalization
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GVO:AHlag: 11-06-00 Skadron
COMMISSION MEETING AGENDA
Meeting Date: 11/06/2000
Agenda Item Number: /(.1.,,-