The Rancho Cordova City Council voted June 17 to convert an outstanding loan balance totaling $192,079.94 into a grant. The chamber had received a $201,882.04 loan in 2008 followed later by an additional loan of $36,832.52, according to a memorandum by Kim Juran-Karageorgiou, administrative services director for the city.
9.2 Subject: A Resolution Authorizing a Sixth Amendment to the Loan Agreement with the Chamber of Commerce to Convert the Outstanding Loan Balance to a Grant.
Recommendation: Adopt the Resolution.
Result of Recommended Action: Adoption of the Resolution will authorize the City Manager to execute a Sixth Amendment to the Loan Agreement between the City and the Chamber of Commerce. That Amendment would convert the outstanding loan balance of $192,079.94 to a Grant and terminate the Loan Agreement.
Staff Report: Kim Juran-Karageorgiou, Administrative Services Director.
Are you interested in seeing how your tax dollars are spent? Consider applying for a citizen advisory committee with CRPD! Applications are open to Gold River and Rancho Cordova residents and must be submitted by April 30. Visit www.crpd.com/about/pmrid-commitee/ for information on the PMRID Oversight Committee