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03 - JOINT PH - AGMT Downtown Inc and Loan Agmt
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05/18/2009
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03 - JOINT PH - AGMT Downtown Inc and Loan Agmt
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Last modified
1/3/2012 3:33:32 PM
Creation date
6/27/2011 3:42:01 PM
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City Clerk
Doc Type
Agenda Packet
Item #
03
Date
5/18/2009
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Ali ~ro~ect and aotivitie are designed to er~hartoe #~ assets and ir~ae <br />of Daw~towo Santa Ar~a~ and thereh increase co~meroe and promote <br />hu~iness within the boundaries of the . The anr~ua~ ~~d~et for the <br />first dear is estimated to he ~~~,~~~. ~f that aeunt, ~~~,~~~ is to be <br />~er~erated through s~eoial assessments. The nonprofit lUlartagen~er~t <br />~istriot orboration small have the right to reallocate up to ~ per~er~t ~~ <br />the total budget within the budget eategorie. Accrued interest or <br />de[in~uent payments rna}r he e~cpen~led in an}~ budget oateg~r. <br />And frauds remaining after the fifth dear ~~ operation will he rolled over into <br />the renewal budget or returned to tl~eholders. Also, if the funds are <br />a~ail~ble in the fourth or ffth dear of operations, oasts for renewal mad be <br />e~ended.~ if the District is riot renewed or terminated for any reason, <br />unexpended funds gill he returned to the property owners, <br />9 <br />
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