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NOTE 3 -LOANS RECEIVABLE�CONTINUED� <br /> .T. Pollce Activltles League Loan <br /> In March 2006, the City paid off a construction loan in the amount of $1,500,000 that the Police <br /> Activities League (PAL), a separate, private, non-profit agency, entered into with Bay Area Bank to <br /> partially finance the construction of the new PAL community center at Taft School. The City Council <br /> and PAL agreed that one-half of the amount, or $750,000, will be paid back to the City by PAL over a <br /> period of 15 years. The outstanding balance of the loan at June 30, 2007 was $700,000. <br /> K. Kainos Home and Tra�n�ng Center Loan <br /> In 1997/98, the City entered into an agreement with Kainos Home and Training Center whereby $57,500 <br /> from Community Development Block Grant was loaned to acquire property for Kainos Home and <br /> Training Center. The loan is deferred and payable upon the sale of the property, at which time the City <br /> would receive repayment of the loan plus any accrued equity based on the prorated City share. <br /> L. St. Clalre Ap�rtments Loa�n <br /> In 1996/97, the City entered into an agreement with St. Francis Center to loan $83,417 in Community <br /> Development Block Grant funds to acquire a 24-unit apartment building to be owned and operated by St. <br /> Claire Apartments, an affiliate non-profit corporation. The loan bears interest at 3% and matures June <br /> 2011. The outstanding balance at June 3 0, 2007 was $3 6,3 90. <br /> 41 <br />