AMENDMENT TO THE MEMORANDUM OF UNDERSTANDING CONCERNING THE REPAYMENT OF A LOAN ISSUED FROM THE CITY OF FONTANA GENERAL FUND ACCOUNT TO THE STAGE RED ENTERPRISE ACCOUNT FOR THE OPERATIONS OF STAGE RED FONTANA This Amendment (“Amendment”) is made and entered into this 13th day of January, 2026, to amend the Memorandum of Understanding (“MOU”) concerning the repayment of a loan issued from the City of Fontana General Fund Account (“General Fund”) to the Stage Red Enterprise Account (“Stage Red Account”) for the operations of Stage Red Fontana. The purpose of this Amendment is to reflect an increase in the total loan amount from the General Fund to the Stage Red Fund, a corresponding increase in the total repayment amount, and an adjustment to the repayment schedule.
WHEREAS, on January 13, 2026, the Fontana City Council approved an additional three hundred fourteen thousand five hundred eighty-seven dollar ($314,587) loan from the General Fund to the Stage Red Account; and WHEREAS, the City of Fontana desires to amend the MOU to reflect an increase of three hundred fourteen thousand five hundred eighty seven dollar ($314,587) to the existing Loan balance of one million seven hundred fifty thousand dollars ($1,750,000), bringing the total Loan amount to two million sixty four thousand and five hundred and eighty seven dollars ($2,064,587), and to adjust the repayment schedule accordingly.
NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, the MOU shall be amended as follows:
Section 2 “Purpose of MOU.” Section 2 shall be amended to read as follows:
“The purpose of this MOU is to outline the terms and conditions of the five hundred thousand dollar ($500,000.00) loan issued on March 12, 2024, the two hundred fifty thousand dollar ($250,000) loan issued on July 16, 2024, a one million dollar ($1,000,000) loan issued on May 13, 2025, and a three hundred fourteen thousand five hundred eighty seven dollar ($314,587) loan issued on January 13, 2026, for a total loan amount of two million sixty-four thousand and five hundred and eighty-seven dollars ($2,064,587), from the General Fund to the Stage Red Fund for operational purposes.” Section 4 “Repayment Provisions.” Section 4 shall be amended to read as follows:
“On or before June 30, 2038, the Stage Red Account shall fully repay the Loan by tendering to the General fund the sum of two million sixty-four thousand and five hundred and eighty seven dollars ($2,064,587), which shall be delivered in the form of ten (10) payments, in accordance with the following payment schedule:
On or before June 30, 2029
Payment due: $206,459
On or before June 30, 2030
Payment due: $206,459
On or before June 30, 2031
Payment due: $206,459
On or before June 30, 2032
Payment due: $206,459
On or before June 30, 2033
Payment due: $206,459
On or before June 30, 2034
Payment due: $206,459
On or before June 30, 2035
Payment due: $206,459
On or before June 30, 2036
Payment due: $206,459
On or before June 30, 2037
Payment due: $206,459
On or before June 30, 2038
Payment due: $206,456
Section 5 “Acknowledgement of Payment in Full.” Section 5 shall be amended to read as follows:
“When the sum of two million sixty-four thousand and five hundred and eighty seven dollars ($2,064,587) is paid in accordance with Paragraph 4, the Loan will be fully repaid and no other sum for interest, penalties, fees or any other purposes will be due.” Except as expressly amended by this Amendment, all other terms and conditions of the original MOU shall remain in full force and effect.
IN WITNESS WHEREOF, the Agreement has been executed as of the date first written above. (SIGNATURES ON THE NEXT PAGE)
CITY OF FONTANA GENERAL FUND
_________________________________
Jessica Brown
Chief Financial Officer
Finance
STAGE RED ENTERPRISE FUND
__________________________________
Phillip Burum
Deputy City Manager
Development Service
CITY OF FONTANA
________________________________
Matthew Ballantyne
City Manager