City Administrator's letter (February 26, 2015) acknowledges Tagami deprives the City of 15 years of interest payments totaling $6,500,000 on Rotunda Building $12,000,000 Promissory loan

letter_regarding_1998_$12_million_dollar_loan_provided_to_rotunda_partners_-_rotunda_building.pdf
File Size:	2324 kb
File Type:	pdf

Download File

---

Note page 2 paragraph 1  "The terms of the DDA were approved by the Oakland Redevelopment Agency Board.  Therefore your argument that the Agency or City lost out in loan payments, WHILE CORRECT, does not mean that the Agency or the City is in anyway entitled to the payments.  The Redevelopment Agency KNEW it was forgoing these payments when the DDA and Loan were approved.

NOTE:  THE AMOUNT OF THE NO INTEREST LOAN FOR 15 YEARS @ 3% THE CITY WAS DEPRIVED OF  MORE THAN $6,500,000.00 SO HOW CAN MR. GARDNER SAY THE CITY WAS NOT ENTITLED TO THESE PAYMENTS / THIS IS A GIFT OF PUBLIC FUNDS/PROPERTY.

Note page 2 paragraph 2  "Rotunda Partners started making INTEREST only payments on the $12 million Loan in 2013 as REQUIRED /

THIS CONTRADICTS PARAGRAPH  1 ABOVE.  THIS CLEARLY SUPPORTS MY POSITION THAT INTEREST PAYMENTS FOR 15 YEARS WAS FORGIVEN.