HomeMy WebLinkAboutAgenda Statement 1972/09/12 Item 13Item No. 13
September 12, 1972
Resoluton 6603
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- Staff Commentary on Agenda Item No. 13
CHULA VISTA CI`i'I' COUNCIL A1E}~TING OF September 12, 1972
Item `y'i_t1e: RESOLUTION - Approving Amendment to Agreement Between City and
Chula Vist~i Visitors and Convention Bureau, Inc., and Promissory Note for
$7,500.00, and Authorizing t~~ayor to Execute Agreement
Initiated by: City Attorney
Attached is a copy of Resolution. [X~]
Background:
Ordinance [ ] Agreement [X X] Plat [ ]
At the Council Conference meeting of September 6, 1972, the City Council
was informed by the Board of Directors of the Chula Vista Visitors and
Convention Bureau, Inc. that said organization is in extreme financia_1
difficulty because of the poor business practices followed by the Executive
Manager of_ that organization cahich resulted in an outstanding indebtedness
of approximately $12,345.00, in past due accounts.
Upon representation by the Board of Directors that the Bureau is under-
going complete reorganization and that additional funding is being sought
from the business community to satisfy said accounts, but that it was
necessary to obtain assistance from the City on a short term basis to
permit said reorganization and solicitation of funds, the City Council
directed that an interest free loan, in the amount of $7,500.OG, be granted
to the Bureau for a 90 day period, payable thereafter on demand. In
addition, those funds provided. for the Bureau will remain frozen until
such time as the Bureau presents evidence of their reorganization.
The accompanying amended agreement and promissory note and the resolution
approving same should accomplish the desires of the Council.
See EXHIBITS [ X] No. 1,2
Financial Request authorization to expend $7,500.00 from amount appropriate
Statement: for assistance to Chula Vista Visitors and Convention Bureau,
pursuant to agreement dated 7/18/72.
Commission-Board
Recommendation: n/a
Department Head
Recommendation: approval
City Manager
Recommendati on : Concur
A 113
(Send one copy ~to: Ad-ni~l~s-tn.a~~i.an; Cz.~ty C.~enh; C~i.~ty A.t.to7,le~; Dc~~t
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