2000 AGN MAR 21 I25 - Laserfiche WebLink

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CITY OF COLTON AGENDA REPORT FOR CITY COUNCIL MEETING OF MARCH 21, 2000 TO: Honorable Mayor Pro-Tempor d City Council Members APPROVAL: Henry T. Garcia, City Manag FROM: Al Holliman, Finance Directo SUBJECT: Payment of Invoices for November and December, 1999 for the San Bernardino International Airport Authority DATE: March 13, 2000 Background: On February 15, 2000 the City Council approved payment of one invoice for $10,200 for the month of October, 1999 for the San Bernardino International Airport Authority (SBIAA). The invoices for November and December, 1999 remained outstanding at $10,2000 each. The City Council directed staff to not pay the remaining two invoices until more information surfaced related to the lease agreement between the SBIAA and American Aircarriers Support. The invoices were the result of the member agencies' need to temporarily subsidize the operations of the SBIAA as a result of the Santa Barbara Aerospace (a major tenant) bankruptcy. American Aircarriers Support is the prospective tenant to replace Santa Barbara Aerospace. Discussion/Analysis: Per the attached proposed lease terms, financial condition, and pro forma of American Aircarriers Support it appears that the SBIAA has obtained a viable tenant to replace Santa Barbara aerospace. The SBIAA does not intend to submit invoices to its member agencies for any more cash shortfalls unless drastic unforeseen circumstances occur in the future. The remaining invoices for November and December, 1999 amount to $10,200 each for a total due of $20,400. The City of Colton has a cumulative advance to the SBIAA of $638,757.32. Payment of these two invoices would bring the amount owed by the SBIAA to $659,157.32. Item #25