Venture Theatre was issued a Downtown Revolving Loan Fund loan in September 2003.  The last payment received from the Theatre was on June 13, 2012.  The Downtown Revolving Loan Committee met with representatives of the Venture Theatre on Tuesday, March 19, 2013. Venture Theatre has received a pledge of $50,000 to reduce the principle amount of their Downtown Revolving Loan. They have also received a pledge of $2,500 per month to pay the principle and interest on the remaining loan balance.

The committee voted in favor of recommending the loan modification and full repayment of the existing principle of $72,356.79 by February 2014.    

Council may approve the loan modification or not approve the loan modification.

The current principal balance of $72,356.79 will be reduced by an initial payment of $52,500 ($50,000 pledge, plus $2,500 first payment commitment) reducing the principal balance to $19,856.79 on May 1, 2013. On June 1, 2013, a $2,500, principal and interest monthly payment begins with a final payment January 1, 2014, of $2,429.83 for repayment of the principle balance of $19,856.79 plus interest.

Additional terms; the City will forgive accrued interest and penalties through April 30, 2013, of $1,014.78 and $1,467.43, respectively.

The Downtown Revolving Loan Fund Committee recommends that the City Council approve the Venture Theatre loan modification.