AGENDA DATE: 12/9/2015
TITLE:
Title
Lewis and Clark Exploratory Center Request to Forgive Loan
BODY
SUBJECT/PROPOSAL/REQUEST: Consider Lewis and Clark Exploratory Center's request to forgive loan
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Foley; Letteri, Davis, Kamptner, Allshouse, L.
PRESENTER (S): Bill Letteri
LEGAL REVIEW: Yes
REVIEWED BY: Thomas C. Foley
BACKGROUND: In March 2013, the Lewis and Clark Exploratory Center (LCEC) advised the County that its fund raising efforts had fallen short of its goal and requested a total of $260,000 in assistance from both the City and the County to ensure that the Lewis and Clark educational building, an access road and parking area, and a connecting trail network at Darden Towe Park were completed.
On April 3, 2013, the Board of Supervisors approved an appropriation of $130,000.00 in CIP fund balance to the Economic Development Authority (EDA) for the purpose of funding a loan for the Lewis and Clark Exploratory Center, subject to: 1) an agreement between the County and the EDA regarding the EDA's reimbursement of the funds to the County when the LCEC repaid the loan to the EDA; 2) a note or some other instrument acceptable to the County Attorney by which the LCEC would agree to repay the loan to the EDA with a specific time table; and 3) the City of Charlottesville contributing or committing to contribute the other $130,000 required to make up the $260,000 shortfall.
The original note provided that the loan was to be repaid, without interest, by October 17, 2013. A 6-month extension of that payment date was granted by the EDA, extending the repayment date to April 17, 2014. The EDA granted a second 6-month extension to October 17, 2014, then granted a third 6-month extension to April 17, 2015 with the condition that the LCEC make a $1,250 payment in lieu of interest by January 17, 2015. The LCEC made the $1,250 payment on April 29, 2015. On June 9, 2015, the payme...
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