HomeMy WebLinkAbout18125 - RESOLUTIONS - 6/23/1993 RESOLUTION NO. 18125
OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, APPROVING
A LOAN TO THE VALLEY PLAYERS GUILD
FROM THE DOWNTOWN PROPERTY
IMPROVEMENT PROGRAM IN THE AMOUNT OF
$25, 000 AT 6% INTEREST TO BE REPAID
WITHIN 36 MONTHS.
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WHEREAS, The City Council has established and funded the Downtown
Property Improvement Program for the purpose of making low-interest
loans to downtown tenants or property owners, in order to encourage
exterior property improvements and the revitalization of Downtown
Palm Springs; and
WHEREAS, the Valley Players Guild, as a tenant;, and the Desert
Fashion Plaza, as a landlord, are working together to develop an
outdoor garden amphitheater as .a new and expanded facility for the
Palm Springs Playhouse; and
WHEREAS, the Valley Players Guild has submitted an application to
the City for a $25, 000 loan at 6e interest to be repaid within 36
months, as provided for in the Downtown Property Improvement
Program; and
WHEREAS, the loan application to the City meets the criteria for a
Tenant Improvement. Loan, except that it exceeds the $5, 000 current
limit for the principal amount and, therefore, requires City
Council action; and
WHEREAS, the Valley Players Guild is to receive rent concessions
and financial assistance from the Desert Fashion Plaza (DeBartolo
Corporation) and owns theater equipment, the combination of which
can be used to secure the City loan; and
WHEREAS, the Valley Players Guild has a 30-year operating history
in Palm Springs and has submitted a Business Plan, which shows the
ability to repay the loan from the City within the terms of the
proposed loan agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Palm Springs as follows:
SECTION 1. That a loan in the principal amount of $25, 000, at
an annual interest rate of 6% , to the: Valley
Players Guild from funds available in the Downtown
Property Improvement Program account is hereby
approved.
SECTION 2 . That the loan is to be repaid in 36 equal monthly
payments of $760.55 each, allowing for early pay-
off without penalties.
SECTION 3 . That the loan documents, in a form approved by the
City Attorney, provide that the :Loan is secured by
equipment liens and assignment of the: Valley
Players Guild leasehold interest at the Desert
Fashion Plaza.
ADOPTED this 23rd day of June , 1993 .
AYES, Members Hodges, Lyons, Reller-Spurgin, Schlendorf and Mayor Maryanov
None
ABSENT: None
ATTEST: CITY�F P SP NG�, ALIFORNIA
By - •
City Clerk City M ager
REVIEWED & APPROVEDF^-- _