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Article: Emptied chamber pot: Rancho Cordova council lets chamber slide on $192K loan debt – Sacramento News and Review – 08/08/2019

Emptied chamber pot: Rancho Cordova council lets chamber slide on $192K loan debt – Sacramento News and Review – 08/08/2019 
https://www.newsreview.com/sacramento/emptied-chamber-pot/content?oid=28541860

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.

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City of Rancho Cordova converts chamber loan into $192,079 Grant

On 06/17/2019 City of Rancho Cordova converted $192K loan balance from a 2008 loan to Chamber of Commerce into a Grant, forgiving the balance of debt.

http://ccmeetings.cityofranchocordova.org/sirepub/mtgviewer.aspx?meetid=679&doctype=AGENDA

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.

Advances Goals:1, 2 and 5.

http://childs4citycouncil.com/wp-content/uploads/2019/07/06172019-MEMO-A-Resolution-Authorizing-a-Sixth-Amendment-to-the-Loan-Agreement-with-the-Chamber-of-Commerce-to-Convert-the-Outstanding-Loan-Balance-to-a-Grant.pdf

http://childs4citycouncil.com/wp-content/uploads/2019/07/06172019-Attachment-1-A-Resolution-Authorizing-a-Sixth-Amendment-to-the-Loan-Agreement-with-the-Chamber-of-Commerce-to-Convert-the-Outstanding-Loan-Balance-to-a-Grant.pdf

http://childs4citycouncil.com/wp-content/uploads/2019/07/06172019-Attachment-2-RECITALS-A-Resolution-Authorizing-a-Sixth-Amendment-to-the-Loan-Agreement-with-the-Chamber-of-Commerce-to-Convert-the-Outstanding-Loan-Balance-to-a-Grant.pdf