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Title:
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Amends the existing contract with St. Charles Town Company Theater, LLC (Lowenstein Development) to modify repayment terms and conditions for its federally funded Community Development Block Grant loan. OED is requesting the following amendments to an existing contract with St. Charles Town Company Theater, LLC (Lowenstein Development) (Please see attached Executive Summary): 1. Effective November 1, 2011, principal and interest payments due under the loan shall be suspended until the senior TIF loan is fully repaid. Interest will continue to accrue at a rate of 3% during this deferral period. Balance of senior TIF loan is approximately $1.5M and is projected to be fully retired mid-2014. 2. All TIF reimbursements available under the Redevelopment Agreement between SCTCT and DURA shall be collaterally assigned to Lowenstein TIF LLC (buyer of US Bank TIF note) until repaid. Subsequently, all available TIF reimbursements shall be collaterally assigned to OED until the T...
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