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File #: 25-0333    Version: 1 Name:
Type: Consent Calendar Status: Agenda Ready
File created: 6/17/2025 In control: City Council Meeting
On agenda: 7/8/2025 Final action:
Title: Loan amendment from the City of Fontana to the Stage Red Enterprise
Attachments: 1. Attachment No. 1- AMENDMENT TO THE MOU RE THE REPAYMENT OF A LOAN FROM THE FONTANA GENERAL FUND TO THE STAGE RED ACCOUNT FOR THE OPERATIONS OF STAGE RED FONTANA-c1.pdf
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FROM:

Development Services

 

SUBJECT:

Title

Loan amendment from the City of Fontana to the Stage Red Enterprise

End

 

RECOMMENDATION:

Recommendation

Approve the Memorandum of Understanding (MOU) for the inter-city loan repayment of one million dollars ($1,000,000) from the City of Fontana General Fund to the Stage Red Enterprise Fund.   

                

End

COUNCIL GOALS:

                     Promote economic development by pursuing business attraction, retention, and expansion.

                     Practice sound fiscal management by living within our means while investing in the future.

                     Invest in the City’s infrastructure (streets, sewers, parks, etc.) by creating and promoting community through people, parks, and programs.

 

DISCUSSION:

On March 12, 2024, the City Council approved a five hundred-thousand-dollar ($500,000) loan from the General Fund to the Stage Red Account. On July 16, 2024, City Council approved a second loan for two hundred fifty thousand dollars ($250,000). On May 13, 2025, the City Council approved a third loan for one million dollars ($1,000,000). The City would like to amend the MOU concerning the repayment and schedule of the loan.

 

FISCAL IMPACT:

The $1,750,000 repayment of the loan will commence five (5) years from the Effective Date and Stage Red will repay one hundred and seventy-five thousand dollars ($175,000) annually beginning on or before June 30, 2029, with full repayment projected to occur on or before the date the agreement expires, which is June 30, 2038.

 

MOTION:

Approve amendment of the MOU.