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� �,O�tIGII�B�4L � <br /> Redwood City Police Activities League <br /> ��.�. <br /> Reawooa ��iy <br /> October 9, 2006 <br /> City of Redwood City <br /> Mayor Bazbara Pierce <br /> City Council Members <br /> 1017 Middlefield Road <br /> Redwood City, CA 94063 <br /> Dear Mayor Pierce and 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 /> after a review of the annual budget and the projected fundraising activities. This plan accelerates <br /> the loan repayment from 22 years down to 15 years. <br /> The P.A.L. will provide payments of $50,000 per year for a total of 15 years. The initial payment <br /> of $50,000 for the first year will be made on January 1, 2007. The subsequent payments will be <br /> made quarterly starting on January 1, 2008 in amounts of $12,500 each quarter. The final <br /> payment will be made on October 1, 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 letter executed <br /> by your authorized representative in the space below and return the original to the undersigned. <br /> A fully 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 City community. <br /> l/V/V""'�r1 ` L <br /> � � io azbara <br /> � vPresident, Redwood City P.A.L. <br /> �� � //�� <br /> ity Manager or Mayor ` <br /> City of Redwood City SG� yl.eel (7� IU 1't �� �/'�C,�� <br /> C��-il'� C�'Yb'V' n'1t`�Qt i✓1 Zc�JI.� — <br /> I�.e 51 � r� ���C O��c �vue� . <br />