HomeMy WebLinkAboutAGENDA REPORT 1996 1002 CC REG ITEM 07KITEM%K 0",
CITY OF MOORPARK
AGENDA REPORT '
TO: The Honorable City Council
FROM: Steven Hayes, Economic Development /Redevelopment Manager
DATE: September 20, 1996 (Mtg. 10/02/96)
SUBJECT: Consider Request for Extension of Boys and Girls Club of
Moorpark Loan
Three years ago, the City of Moorpark made a loan to the Boys and
Girls Club of Moorpark in the amount of $50,000 plus interest which
was for the purchase of the Casey Road gym. This loan is due and
payable on September 30, 1996.
DISCUSSION
The Boys and Girls Club of Moorpark, (see attached letter dated
September 26, 1996) requested that the City of Moorpark consider an
extension on their loan for two years as they are unable to make
full payment of the $57,500 due ($50,000 principal and $7,500
interest). The Boys and Girls Club has requested that they be
granted the following payment schedule:
1. September 30, 1996
2. September 30, 1997
3. September 30, 1998
FUNDING
$ 7,500
$ 2,500
Interest
Interest
$52,500 Principal and Interest
No additional funds are needed.
RECOMMENDATION (ROLL CALL VOTE)
Staff recommends that the City Council approve the request for an
extension of the loan for two years subject to payment as scheduled
above.
00 i.` 12
Sent by: JMT FINANCIAL 8055790132
P-2
BOYS & GIRLS CLUB
of Moorpark
Boys and Girls Club
of Moorpark, Inc.
Casey ox Road
514Gymnae um September 26, 1996
Moorpark, CA 93021
'8051 529-1140
09/26/96 11:30 Job 206 Page 1/1
Officers
3ruce 'homes The Honorable City Council
President 530 Moorpark Ave.
-cny � nlon Moorpark CA. 93020
Past President
Dor Voore Gentlemen:
1st Vice President
T:na ..,afe The Boys and Girls Club of Moorpark would like to request the following repayment
2 -d Vice Presioen- schedule of the loans from the City to the club.
Patty Waters
Sec-etary 1. September 30, 1996 $ 7,500 Interest
James D Stueck
"reas.rer 2. September 30, 1997 $ 2,500 Interest
Board e ,o Directors 3. September 30 1998 $52 500 Principal and Interest
M:e Bever p > > p
9 ck Borquez. DD S.
Gay Cabrialos g allowing us to spread these payments out over the above time period, the club will
3 Cantwell y g p p p
i-arry Carpenter have the ability to meet our cash flow needs as we complete the final renovations to our
Rcbert E Coughlon. Esq. facility.
Rick Pa.1man
Terry Kirsch
B I VcrVahcn We appreciate your consideration of this agreement and your continued support of the
,Judy M. <ke's
jorin W Newton Moorpark Boys and Girls Club.
Join
Tcn+ ?ugh
Cola A. Robertson Very truly yours,
Deb Ryono
names P Sandoval
3ruce n
Jim WalKe- licerZ� --
Rober;a Warne
Patty Waters Bruce omas, Jr
Mike Wesnor president
Teresa A William3
Joho Wood, 0.0
Executive Director
Artoinette I Sarcinella
got) , A United Way Agency V �/ILI