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.

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.