City Council

CC 7. Consider approval of an Amendment to Loan Agreement and Restated Promissory Note\nBetween the City of Lancaster and Friends of Antelope Valley, Inc. Extending the Maturity\nDate by Four Years.\nRecommendation(s):\n1. Approve the First Amendment to the Loan Agreement dated July 31, 2021, between the\nCity of Lancaster ("Lender") and Friends of Antelope Valley Fair, Inc. ("Borrower"),\nextending the loan maturity date from July 31, 2023, to July 31, 2027.\n2. Approve the Amended Promissory Note memorializing the extended maturity date and\ninterest calculation.\n3. Authorize the City Manager, or his designee, to sign all documents related to the\namendment, subject to City Attorney approval.\nBorrower has requested an extension to allow additional time to meet repayment obligations.\nThe proposed First Amendment to the Loan Agreement and accompanying Restated\nPromissory Note extends the maturity date by four years, to July 31, 2027, while preserving\nall other terms and conditions, including the interest calculation tied to LAIF yields and\nBorrower's right to prepay without penalty.