AGENDA DATE: 2/8/2017
TITLE:
Title
First Amendment to the Promissory Note for the Lewis & Clark Exploratory Center
BODY
SUBJECT/PROPOSAL/REQUEST: Re-approve fifth loan extension for Lewis & Clark Exploratory Center
ITEM TYPE: Consent Action Item
STAFF CONTACT(S): Walker, Kamptner, Catlin
PRESENTER (S): N/A
LEGAL REVIEW: Yes
REVIEWED BY: Douglas C. Walker
BACKGROUND: 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 (LCEC), subject to conditions. A complete explanation of the loan, its conditions, and the repayment history is provided in the attached July 6, 2016 executive summary (Attachment A).
On July 6, 2016, the Board approved the First Amendment to the Promissory Note, which extended LCEC's repayment of the loan until December 31, 2016.
STRATEGIC PLAN:
Infrastructure Investment: Prioritize, plan and invest in critical infrastructure that responds to past and future changes and improves the capacity to serve community needs.
Educational Opportunities: Provide lifelong learning opportunities for all our citizens.
DISCUSSION: The County-EDA agreement pertaining to the LCEC loan allows its repayment to be extended on approval by the Board and the EDA. The EDA-LCEC promissory note also allows for extensions. Although the July 6, 2016 executive summary recommended that the Board extend repayment of the loan to December 31, 2016, which the Board approved, the draft amendment to the promissory note attached to the executive summary was an early draft that had a December 31, 2017 repayment date. The error was compounded when staff circulated that same version of the amendment for signature to LCEC. When the amendment was presented to the County Attorney's Office for review, the error was identified and the amendment was not approved as to form by the County Attorne...
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