Sep 16, 2020 · Related development

LGC board reviews its unpaid loans from the City and TIRZ #1

At its August and September 2020 meetings the LGC board reviewed the notes it owed to the City and TIRZ #1. Staff said the retail space was not yet producing enough to repay them and that interest was accruing. A proposal to renegotiate the notes was tabled for further analysis.^[1]^[2]

Laura StorrsAmarillo Local Government Corporation (LGC)

What the sources say

⚠ Sources differ
LGC minutes from 2020 give different balances for the LGC's loans.
Reported value 1[2]
Tirz to lgc
$1,900,000
City to lgc
$479,000
August 19, 2020: the assistant city manager gave the loan balance from the City as $479,000 and from TIRZ #1 as $1.9 million.
Reported value 2[1]
Tirz to lgc
$1,824,342
City to lgc
$262,211
As of
2020-06-30
September 16, 2020: balances as of June 30, 2020.
Reported value 3[3]
Tirz to lgc
$1,963,553
As of
2020-09-30
FY2021 annual report: $1,687,000 advanced plus $216,553 accrued interest (scanned text reads '$216,5i3').
✓ Verified
Assistant City Manager Laura Storrs: In August 2020 the assistant city manager told the LGC board that the retail space lost about $78,000 the prior year and about $80,000 that year, which was interest accruing on the City and TIRZ loans, and that repayment would be built in once all retail spaces were leased; in September 2020 the board president tabled discussion of renegotiating the notes to the next meeting.^[2]^[1]
✓ Verified
In August 2020 staff told the LGC board that parking garage revenue was projected at $382,000 for the year, that $240,000 had been collected to date, and that the LGC should be able to make its debt service payment at fiscal year-end.^[2]
Projected parking revenue
$382,000
Collected to date
$240,000
✓ Verified
Assistant City Manager Laura Storrs: In February 2022 the assistant city manager reported a TIRZ #1 loan receivable from the LGC of $1,963,552 at December 31, 2021, carried as a long-term receivable because there was no plan for the LGC to repay it in the near future.^[4]
Receivable
$1,963,552

Sources

1.Amarillo Local Government Corporation Board minutes, September 16, 2020 — City of Amarillo, Sep 16, 2020 · retrieved Oct 10, 2026primarySubject-authoredItems 6-7 (financials; note rates and balances; renegotiation tabled).
2.Amarillo Local Government Corporation Board minutes, August 19, 2020 — City of Amarillo, Aug 19, 2020 · retrieved Oct 10, 2026primarySubject-authoredItem 6 (2020/2021 budget; loan balances).
3.Annual Comprehensive Financial Report, fiscal year ended September 30, 2021 — City of Amarillo, Feb 22, 2022 · retrieved Oct 10, 2026primarySubject-authoredScanned document (OCR); independent auditor's report dated February 22, 2022. Note 20 (Amarillo Economic Development Corporation), Grants Payable. Re-hosted on amarillo.gov in March 2026.
4.Center City TIRZ #1 Board minutes, February 10, 2022 — City of Amarillo, Feb 10, 2022 · retrieved Oct 10, 2026primarySubject-authoredItem 4 (quarterly financials; LGC loan receivable).