THE CRA AND THE CITY ENTERED INTO A LOAN AGREEMENT DATED OCTOBER 9, 2009, ("THE ORIGINAL LOAN AGREEMENT,") WHICH AMENDED AND RESTATED CERTAIN EXISTING LOANS AND COMPILED THE PROVISIONS INTO THE FORM OF A LOAN AGREEMENT.
THE CITY AND THE AGENCY ENTERED INTO A FIRST MODIFICATION TO THE ORIGINAL LOAN AGREEMENT ON APRIL 27, 2011, WHICH AMENDED THE TERMS OF THE ORIGINAL LOAN AGREEMENT THE ORIGINAL LOAN AGREEMENT AND THE FIRST MODIFICATION TO THE LOAN AGREEMENT WHICH WILL BE COLLECTIVELY REFERRED TO AS THE ("LOAN AGREEMENT.")
ON FEBRUARY 24, 2016, THE CITY AND THE CRA ENTERED INTO A SECOND MODIFICATION TO THE ORIGINAL LOAN AGREEMENT. THE SECOND MODIFICATION PROVIDED A 0% INTEREST RATE FOR THE FULL TERM, AND DEFERRED ALL PAYMENTS UNTIL OCTOBER 1, 2023. THE DEBT WAS AMORTIZED OVER 15 EQUAL PAYMENTS OF $679,641 DESIGNATED TO START IN THE YEAR 2023, AND THE CITY'S INTEREST EARNINGS FROM THE ORIGINAL AGREEMENT WERE REMOVED.
THE CITY AND THE CRA HAVE AGREED TO MODIFY THE LOAN AGREEMENT AND ARE DESIROUS OF ENTERING INTO A THIRD AMENDMENT TO THE LOAN AGREEMENT TO CHANGE THE DATE OF THE PREVIOUSLY AGREED TO REPAYMENT SCHEDULE TO BEGIN PAYMENTS IN THE 2020 - 2021 CRA BUDGET. THE AMENDMENT WILL ALLOW THE PAYMENTS TO BEGIN IN JANUARY 2021 AND CONTINUE EACH FISCAL YEAR. THE REMAINING TERMS INCLUDING THE 0% INTEREST RATE REMAIN UNCHANGED.