HomeMy WebLinkAbout2022 CON Mile of Cars Association - Freeway Sign Rehabilitation Loan Agreementcio. RNiA-fiwtf
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September 27, 2022
Leslie Larranaga-Britt, Executive Director
Mile of Cars Association
I 0601 Tierrasanta Blvd #308
San Diego, CA 92124
Re: Freeway Sign Rehabilitation Loan Agreement between the City of ational City Community
Development Commission and the Mile of Cars Association
Dear Leslie,
This letter agreement ("Letter Agreement") confirms the understanding between the City of
National City ("City") and the Mile of Cars Association ("Association") that the Association will
within one year from the date of this Letter Agreement pay 2 ,1 0.1 to the City to make up for
missed payments during calendar years 2021 and 2022 on the subject Freeway Sign.
Rehabilitation loan. It further confirms that in light of the Association's previous record of
timely payments on this loan, the City is waiving interest and penalties on the overdue amount.
The Association will satisfy this letter agreement by adding S6,280.04 to each of the next four
regular quarterly payments of $10,030.04 (for a total of S16,310.08 for each of those four
quarters). The first of these four payments is due on October 19, 2022, the second on January
19, 2023, the third on April 19, 2023 and the fourth on July 19, 2023. The Association will
resume making its regular quarterly payment of S10,030.04 on October 19, 2023. Should there
be a breach of this Letter Agreement, interest and penalties on the late or unpaid amount(s) shall
apply.
If the foregoing is acceptable to you, please sign and date this Letter Agreement in the space
provided below and return it to me.
Sincerely,
F
r-13r0
City Manager
Agreed to and accepted on
Mile of _ rs Associa ? on
By:
Nan e eslie Lai &anaga-Britt
Title: Executive Director Mil
f Cars
Office of the City Manager
1243 National City Boulevard, National City, CA 91950-4397
619-336-4240 www. nationalcit ca. ov