Title
Approval of a Resolution Ratifying and Confirming the Authorization and Signature by the City Manager of the First Amendment to Intercreditor Cooperation Agreement Between the City, the Hands On Children's Museum and Commencement Bank
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve a Resolution ratifying and confirming the authorization and signature by the City Manager of the First Amendment to Intercreditor Cooperation Agreement, allowing the refinance of a loan into three separate loans.
Report
Issue:
Whether to approve a Resolution ratifying and confirming the authorization and signature by the City Manager of the First Amendment to Intercreditor Cooperation Agreement, allowing the refinance of a loan into three separate loans.
Staff Contact:
Mark Barber, City Attorney, 360.753.8338
Presenter(s):
None - Consent Calendar Item
Background and Analysis:
On September 14, 2010, the City of Olympia (City), Thurston First Bank, and the Hands on Children's Museum (HOCM) entered into an Intercreditor Cooperation Agreement (Agreement) regarding certain obligations of HOCM, including a loan from Thurston First Bank to HOCM in the maximum amount of $4,075,000.00) (Loan), the lease of certain real property from the City to HOCM, and the financing of improvements to the leased property.
Commencement Bank, the successor in interest to Thurston First Bank with respect to the Agreement and the Loan, and HOCM now seek to refinance the Loan into three separate loans as follows:
1. Business Loan Agreement, Commercial Promissory Note, and Commercial Security Agreement, evidencing a $1,267,523.98 Loan from Commencement to HOCM (Loan No. XXXXXXX4201);
2. Business Loan Agreement, Commercial Line of Credit Agreement and Note, and Commercial Security Agreement, evidencing a $300,000.00 line of credit from Commencement to HOCM (Loan No. XXXXXXX4301); and
3. Business Loan Agreement, Commercial L...
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