· Trigger
LGC board asks staff to approach TIRZ #1 about converting its loan to a grant
Reviewing unaudited fiscal 2022 statements, the LGC board heard that removing the TIRZ #1 loan would lower the break-even rent for the retail space to $3.95 per square foot. Board members agreed that staff should approach TIRZ #1 about turning the loan agreement into a grant.[1]
Laura StorrsAmarillo Local Government Corporation (LGC)
What the sources say
- ✓ Verified
Unaudited LGC statements at September 30, 2022 showed total assets of $49,450,459, liabilities of $2,415,611 and net position of $47,034,849; the operating unit had $1,210 in revenue and $1,021,621 in expenditures, a $1,020,411 net loss driven mainly by $1,017,500 in depreciation.[1]
- Total assets
- $49,450,459
- Total liabilities
- $2,415,611
- Net position
- $47,034,849
- Operating revenue
- $1,210
- Operating expenditures
- $1,021,621
- Depreciation
- $1,017,500
- ✓ Verified
LGC minutes for November 9, 2022 record that removing the TIRZ #1 loan would bring the retail space's break-even rent to $3.95 per square foot and that there was consensus for staff to approach TIRZ #1 about transitioning the loan agreement into a grant.[1]