Item - 2019.EX4.7

The Executive Committee recommends that:

1.  City Council write off the remaining post settlement agreement balance on the loan to Just For Laughs in the amount of $250,000 as provided in the City's Allowance for Doubtful Accounts.

2.  City Council rescind Part 5 of its previous decision on Item 2015.EX5.14 and City Council authorize the public release of Confidential Attachment 1 to the report (April 8, 2015) from the Deputy City Manager and Chief Financial Officer, which sets out the key terms of settlement of the loan to Just for Laughs approved by Council at its meeting on May 5, 6 and 7, 2015.

This report provides an annual update on the City's loan and loan guarantee portfolios. 

The City currently guarantees three operating lines of credit and eight capital loan guarantees under Council approved policies for line of credit and loan guarantees for cultural and community-based organizations. In addition to the guarantees, the City currently has outstanding a total of seven direct loans: six to City agencies and corporations, plus one to an external organization. All loans and guarantees are in good standing with one having completed a repayment settlement plan in 2018 and now requires action on the final outstanding balance.

This report recommends writing off the outstanding balance of $250,000 owing on a loan made to the Just for Laughs, as the terms of a Council adopted loan settlement agreement have been satisfied.