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AR Restructure Theater Rehab Loan
AR Restructure Theater Rehab Loan
AR Restructure Theater Rehab Loan
Agenda Report
SUMMARY
Ben Bollinger Productions Inc is requesting a change to the terms of a 160 000 business
retention loan approved by the Claremont Redevelopment Agency on November 14 2000
The loan calls for repayment of 80 000 of the loan
principal five years into the ten year
loan term which is March 2006 and of the
repayment remaining 80 000 of the original
principal at the end of the ten year term which is March 2011
The Bollinger family is requesting a restructuring of the 80 000 due this year by making a
25 000 loan payment now and amortizing the remaining 55 000 over the next five years
at an interest rate of 6 The Bollingers have offered to pledge theater
production sets that
they own as security for the 55 000 portion of the loan
being restructured The City
Manager has detailed documentation describing the contents of these sets in his office
Staff Recommendation
ANALYSIS
FINANCIAL REVIEW
The has
Agency adequate funds to amortize repayment of the 55 000 that would have
otherwise been received as a lump payment Ben Bollinger Productions Inc has made all
interest payments in accordance with the payment schedule
LEGAL REVIEW
The revised loan agreement was reviewed and approved by the Agency counsel
Submitted by
fuCru
W
Anthony
W
Witt
a
Brian Desatnik
Reviewed by
rYt
Matthew Hawkesworth
Finance Manager
c Michael Mick Bollinger Vice President General Manager Candlelight Pavilion Dinner Theater