FROM:
Development Services
SUBJECT:
Title
Repayment of loan issued from City of Fontana to Stage Red Enterprise
End
RECOMMENDATION:
Recommendation
Approving the MOU for the repayment of a seven hundred fifty thousand dollar ($750,000) inter-city loan from the City of Fontana General Fund to the Stage Red Enterprise Fund.
End
COUNCIL GOALS:
• Invest in the City’s infrastructure (streets, sewers, parks, etc.) by maintaining and improving the city's existing infrastructure.
• 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 and on July 16, 2024, City Council approved an additional loan from the General Fund to the Stage Red Account for two hundred fifty thousand dollars ($250,000).
The City would like to enter into this Memorandum of Understanding to implement a repayment schedule for the Loan.
FISCAL IMPACT:
Repayment of the loan will commence five (5) years from the Effective Date and Stage Red will repay Seventy-five thousand dollars ($75,000) annually on or before June 30th, and will expire June 30, 2038.
MOTION:
Approve MOU