Laserfiche WebLink
OCT. 20. 2003 1:OOPM BAY AREA BANK <br />Aw <br />Bap Area Bank <br />October 20, 2003 <br />Captain Scott warner <br />Redwood City Police Activities League <br />1301 Maple St. <br />Redwood City CA 94063 <br />Dear Captain Warner, <br />FA-5 <br />We appreciate the opportunity to consider financing the remaining construction costs on <br />the P.A-L. Community Center. Based upon our discussions, Bay Area Bank ("Bank") is <br />pleased to express its interest in considering the credit accommodation described below. <br />This letter is not intended to constitute a commitment or offer to lend on the part of the <br />Bank but only to summarize for discussion purposes the credit accommodation which we <br />are interested in considering at this time. <br />Facility: Non - revolving line of credit. Funds may be borrowed during the course of <br />the loan, and repaid at any time without penalty. Funds which have been <br />repaid may not be re- borrowed. <br />Borrower: Redwood City Police Activities League, a non profit organization <br />Amount: One Million Five Hundred Thousand Dollars ($1,500,000.00) <br />Purpose: To provide financing for the completion of the construction of the facility <br />known as the P.A.L. Community Center, located on the Taft School site. <br />Expiration: Two years from the date of the executed Promissory Note <br />Repayment: Interest only, monthly. Principal reductions are to be made as donated <br />funds for the project are received. All remaining outstanding principal is <br />due at maturity. <br />Interest rate: The interest rate will be a variable rate equivalent to the Prime Rate, as <br />reported in the Wall Street Journal. <br />Loan fee: None <br />Expenses: Borrower to pay out of pocket expenses, including any custom <br />documentation which may be required. <br />Guarantor: City of Redwood City <br />h41T <br />A MEMBER OF THE GREATER BAY BANcoRr FAMILY <br />900 VETERANS BOULEVARD - REDWOOD CITY, CAUFORNIA 94063 • (650) 367 -1600 - FAX (650) 365 -3674 <br />w .bayueabankaom <br />