STAFF REPORT
City of Lancaster
CC 10
10/8/2024
TN
Date:October 8, 2024
To: Mayor Parris and City Council Members
From: George Harris, Senior Director/Treasurer – Admin Services Chenin Dow, Assistant Director
Subject:First Amendment to Loan Agreement with Friends of the Antelope Valley Fair, Inc.
Recommendation:
1. Authorize the City Manager or his designee to negotiate, finalize, and execute the First Amendment to the Loan Agreement with Friends of the Antelope Valley Fair, Inc.
2. Authorize the City Manager or his designee to execute all related documents.
G.C. Section 84308: No
Fiscal Impact:
The loan amount of $250,000.00 will be due and payable in fiscal year 2026-27.
Background:
In 2021, the City of Lancaster made a bridge loan to the Friends of the Antelope Valley Fair, Inc., to support the completion of the Antelope Valley Rural Museum (AVRM)’s permanent facility.
AVRM is dedicated to preserving the rural history of the Antelope Valley, with a variety of exhibits showcasing the community’s agricultural past and other items of interest. Located at the Antelope Valley Fair & Event Center, AVRM has added a new amenity to the Fairgrounds while also preserving the history of local traditions, such as the century-old Rural Olympics.
As the AV Fair & Event Center was hard-hit financially by COVID-19 event restrictions, the City’s loan came at a crucial time to enable completion of the facility. The proposed amendment would simply extend the deadline for repayment of the loan to December 31, 2026, with no other changes to the agreement. This adjustment will aid the Friends of the Antelope Valley Fair in continuing to create events and facilities for the Antelope Valley community to enjoy.
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Attachment:
Loan Agreement with Friends of the Antelope Valley Fair, Inc. First Amendment to Loan Agreement with Friends of the Antelope Valley Fair, Inc.