Laserfiche WebLink
Terminate Agreement with Southland EDC <br />August 18, 2008 <br />Page 2 <br />diligent in its oversight of the loan and eventually filed for, and has <br />received, a judgment from the court against the business and its owner. <br />Due to the lack of activity in this program, staff has met with <br />representatives from Southland and recommends terminating the agreement <br />with the provision that Southland continue to pursue its collection of <br />the outstanding judgment with all net proceeds being returned to the <br />SAEC. <br />FISCAL IMPACT <br />Southland Economic Development Corporation will remit any remaining loan <br />funds, which are estimated to be $40,000 after servicing fees and <br />expenses. Funds will be deposited to account number 129-01-5799. <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Cynt a J. Nelson Francisco Gutierrez <br />Deputy City Manager Executive Director <br />for Development Services Finance & Management Services Agency <br />Community Development Agency <br />CJN/LAS/DS/mlr <br />081808 TerminateContract-SouthlandEDC <br />25R-2 <br />