AGENDA DATE: 4/19/2023
TITLE:
Restated and Amended Note for the Lewis & Clark Exploratory Center of Virginia, Inc.
SUBJECT/PROPOSAL/REQUEST: Adopt a resolution to approve the Amended and Restated Note of the Lewis and Clark Exploratory Center of Virginia, Inc., to the Economic Development Authority
ITEM TYPE: Consent Action Item
STAFF CONTACT(S): Richardson, Walker, Rosenberg, DeLoria, Long, Johnson, Newberry, Hernandorena
PRESENTER (S): Roger Johnson
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: The Lewis & Clark Exploratory Center (LCEC) is a hands-on learning center focused on the 1804-1806 expedition commissioned by Thomas Jefferson. The LCEC leases property jointly owned by the County of Albemarle and the City of Charlottesville in Darden Towe Park, where there is an educational building, access road and parking area, and trail network that connects the site to the Rivanna River and other parts of the park.
On April 3, 2013, the Board of Supervisors approved an appropriation of $130,000 to the Economic Development Authority (EDA) to fund a loan to LCEC to cover a shortfall in construction costs of the center and surrounding site. The EDA loan agreement and note to the LCEC were originally executed on April 17, 2013. The $130,000 loan was due to the EDA by October 17, 2013. The note was first amended on February 8, 2017, and then amended again on December 21, 2017. The due date of the second amended note was June 30, 2018. The LCEC made consistent monthly payments on the note since March 2022, including a $5,000 payment on January 18, 2023.
STRATEGIC PLAN: Quality Government Operations - Ensure County government's capacity to provide high quality service that achieves community priorities.
DISCUSSION: The EDA is responsible for servicing the loan. On February 9, 2023, the LCEC agreed to an amended and restated note to address the remaining balance through annual installment payments that increase in size each year (Atta...
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