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City of Missoula, Montana Item to be referred to City Council Committee Committee: Administration and Finance Item: Quarterly Report by North Missoula Community Development Corporation Date: November 1, 2010 Prepared by: Lyn Hellegaard Initiated by: Lyn Hellegaard Action Required: 1) Require staff to provide a quarterly financial status report to the A&F Committee. should provide Profit and Loss Statements and Balance Sheet on entire organization. Discuss implemented methodologies to sell remaining units at Burns Street Commons. Require OPG staff to develop contingency plan in case of default Recommended Motion: Timeline: Quarterly updates Referral to committee: Committee discussion: TBA Council acts to set hearing: na Public Hearing: na Deadline: Background and Alternatives Explored: Due to the high risk nature of the NMEDC loan City Council should, as a regular agenda item, have quarterly financial reports by NMEDC staff. Report should include a Profit and Loss statement and balance sheet. OPG staff should develop a contingency plan for city action in case of default. Plan should address: What city department will have oversight of plan What additional staff might be necessary What additional costs will be incurred (i.e. staffing, property management fees, etc.) Asset liquidation plan Financial Implications: NA Attachments: Balance Sheet 2 Year Income Statement