HomeMy WebLinkAboutAgenda Report - July 17, 1996 (86)OF
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CITY OF LODE COUNCIL COMMUNICATION
AGENDA TITLE: Approval of a $15,000 Loan to the Lodi Lions Club for Construction of a Picnic
Shelter at Legion Park
MEETING DATE: July 17, 1996
PREPARED BY: Parks and Recreation Director
RECOMMENDED ACTION: That City Council approve a loan in the amount of $15,000 to the Lodi
Lions Club to be paid back over a five-year period.
BACKGROUND INFORMATION: We have been working with the Lodi Lions Club administration
for the past two years to replace the playground equipment to
meet A.D.A. standards and to add picnicking facilities to the
park.
City Council approved $211,000 of 1995-96 Community Development Block Grant funds to meet
A.D.A. requirements for the playground equipment, walkways, and general picnicking facilities. The
Lodi Lions Club was to construct a group picnic shelter (30+ capacity) and help with tables and
barbecues in the other areas of the park as a club project. We estimate the cost of their involvement
at $20,000.
Currently the club has $5,000 toward the project and is requesting a loan of $15,000 to complete their
commitment. They are suggesting a repayment plan of $3,000 per year for five years. (The Lions Club
borrowed $40,000 toward the Emerson Park play equipment and have paid it back in full.) Club
members Mike Locke and Ken Heffel will be seeing the project through and ensuring the loan is paid
back in a timely manner as they did with the Emerson Park project.
FUNDING: $15,000 from the contingency fund. A repayment plan of $3,000 per year for five
years.
Ron Williamson, Director Parks and Recreation
RW/sb
cc: City Attorney
APPROVED:
H. DIXON FLYNN
recycled paper
City Manager
CC -1
PROMISSORY NOTE
E- 19
This Promissory Note is made by and between the City of Lodi, a municipal corporation ("City") and the
Lodi Lions Club ("Debtor") for the purpose of assisting the Lodi Lions Club in completing a Picnic Shelter at
Legion Park..
RECITALS:
The debtor agrees and stipulate that they owe to the City the principal amount of $15,000.00. This amount
is currently due and payable. For the benefit and convenience of the debtor, City has agreed to accept yearly
installment payments on this debt.
TERMS AND CONDITIONS:
1. Payments: Debtor shall tender to City on or before the first day of January each calendar year beginning
January 1, 1997, and ending January 1, 2001 the amount of $3,000.00. These five equal payments, and any
accrued fees and charges, when paid shall constitute payment in full. All agreed transactions shall take place at the
City of Lodi Finance Department, 212 West Pine Street, Lodi, California 95241.
2. Interest: Interest shall accrue on any unpaid balance remaining after January 1, 2001 at the rate of ten
percent per annum.
3. Late hargesAttorney's Fees: In the event that debtors fail to make a scheduled payment within 15 days
of the date said payment was due a late charge in the amount of $10.00 shall accrue. In the event that debtors shall
fail to make two or more consecutive payments within 15 days of the date said payments were due a late charge in
the amount of $20.00 per month shall accrue for each month said payments are not forthcoming. Debtors shall also
be responsible for all reasonable attorney's fees and costs incurred by City to enforce any right hereunder.
4. Reservation of Rights: The City at all times reserves the right to collect the principal balance, accrued
interest and charges in full. This agreement shall not be construed as a waiver or relinquishment of any right the
City may have at law or in equity with regard to this debt.
IN WITNESS WHEREOF, the parties hereto, being in agreement with the terms of this writing, have set
their hands as follows:
Dated:
Attest:
JENNIFER M. PERRIN
City Clerk
Dated:
Dated:
J ACATn'"CONTRACTC-LIONSMOC
CITY OF LODI, a municipal corporation
H. DIXON FLYNN
City Manager
Approved as to Form:
Q
RA14DALLA.HAYS
City Attorney
LODI LIONS CLUB, Debtor
By:
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