Emptied chamber pot: Rancho Cordova council lets chamber slide on $192K loan debt – Sacramento News and Review – 08/08/2019
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.
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.
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.
RIP TARA O’SULLIVAN
“As we express our gratitude, we must never forget that the highest appreciation is not to utter the words, but to live by them.” –John F. Kennedy
I hope everyone has a safe Memorial Day and takes a moment to remember those who gave their lives so that we could enjoy freedom.
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How would this affect Rancho Cordova, with over half our population living in rent?