City Council

CC 7. Consider approval of an Amendment to Loan Agreement and Restated Promissory Note Between the City of Lancaster and Friends of Antelope Valley, Inc. Extending the Maturity Date by Four Years. Recommendation(s): 1. Approve the First Amendment to the Loan Agreement dated July 31, 2021, between the City of Lancaster ("Lender") and Friends of Antelope Valley Fair, Inc. ("Borrower"), extending the loan maturity date from July 31, 2023, to July 31, 2027. 2. Approve the Amended Promissory Note memorializing the extended maturity date and interest calculation. 3. Authorize the City Manager, or his designee, to sign all documents related to the amendment, subject to City Attorney approval. Borrower has requested an extension to allow additional time to meet repayment obligations. The proposed First Amendment to the Loan Agreement and accompanying Restated Promissory Note extends the maturity date by four years, to July 31, 2027, while preserving all other terms and conditions, including the interest calculation tied to LAIF yields and Borrower's right to prepay without penalty.