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8A <br /> Page 5 <br /> Redwaod City Palice Activities League <br /> � �� <br /> ���:�.> <br /> �..�r,.. <br /> Ri�ilwood City <br /> �ctaber 9,200b <br /> City of Redwood City <br /> Mayor Barbara Pierce <br /> City Council Members <br /> l Ol7 Middlefield Road <br /> Redwood City, CA 94063 <br /> Deax A�a�,ror Pierce ar.d Council Members: <br /> The Redwood City Police Activities League(P.A.L.)Board of Directors has approved a <br /> repayment plan for the outstanding loan of$750,000 that is owed by the P.A.L. to the City of <br /> Redwood City. This plan was based on a recommendation from the P.A.L. finance committee <br /> a#�er a review of the annual budget and the pr�}ected fundraising activities. This plan accelerates <br /> the loan repayrnent from 22 years dawn to 15 years. <br /> The P.A.L. will pravide payments of$50,000 per year for a total of 15 years. The initial payment <br /> af$50,000 for the first year wi11 be znade on January l,2007. The subsequent payments wilt be <br /> made quarterly starting on January l,2008 in amounts of$i2,504 each quarter. The final <br /> payment will be tnade on Oetober l,2021.No interest will be accrued with this loan. <br /> A copy of the loan amortization schedule is attached to this letter. <br /> If the City Council agrees to this restructuring of the repayment, please have this]etter executed <br /> by your authorized representative in tha space below and return the ariginal to the undersigned. <br /> A fuily executed copy will be returned to the City Clerk. <br /> We would like to thank the Mayor and members of the City Council for the continued support <br /> they have shown to the Redwood City P.A.L. and the youth of the Redwood CiEy commi.ulity. <br /> �j� L_ <br /> �.__-. <br /> �' AI ' Barbara <br /> "" tesident, Redwaod City P.A.L. <br /> City Manager or Mayor <br /> City of Redwood City <br />