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SBIAA <br />To date, Colton has advanced $618,557.32 to the SBIAA, beginning with an <br />original $500,000 payment on December 30, 1997. With City Council approval of <br />the $10,000 request, the balance will be $628,557.32. Again, once permanent <br />financing is obtained, the City of Colton and all other member agencies are to be <br />repaid in full. <br />FINANCIAL IMPACT: <br />The $10,000 draw request from the SBIAA, and all previous advances, are <br />unbudgeted items. The resultant balance, $628,557.32, due to the City of Colton, <br />is treated strictly as a "loan receivable" on the City's balance sheet. While it <br />appears very unlikely that the City will not be repaid, if all or any portion of the <br />loan is not recovered, there will be an adverse impact to the General Fund. <br />Adequate cash is on hand to provide for the $10,000 advance requested. <br />RECOMMENDATION: <br />It is recommended that Council give direction to staff regarding the $10,000 draw <br />request from SBIAA. <br />2 <br />