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File #: 18-0028 CRA    Version: 1 Name:
Type: CRA Funding Assistance Status: Agenda Ready
File created: 6/8/2018 In control: Community Redevelopment Agency
On agenda: 6/11/2018 Final action:
Title: OLD SCHOOL SQUARE - FIRST AMENDMENT TO THE FUNDING AGREEMENT FOR FISCAL YEAR 2017-18
Attachments: 1. Agenda Cover Report, 2. Cover Letter, 3. 3-Year Pro Forma Report (Final), 4. Work out Plan, 5. FYTD 2018-04 Balance Sheet, 6. OSS 1st Amend to Funding Agreement 2017-18
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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TO: CRA Board of Commissioners
FROM: Lori Hayward, CRA Finance & Operations Director
THROUGH: Jeff Costello, CRA Executive Director
DATE: June 11, 2018

Title
OLD SCHOOL SQUARE - FIRST AMENDMENT TO THE FUNDING AGREEMENT FOR FISCAL YEAR 2017-18

Body
Recommended Action:
Recommendation
Approve the First Amendment to the Funding Agreement for Fiscal Year 2017-18 between the CRA and Old School Square Center for the Arts, Inc.

Body
Background:
The CRA awarded Old School Square (“OSS”) a $600,000 A-GUIDE grant in the CRA FY 2017-18 budget which represents 16% of OSS’s $3,674,890 budget. The CRA also provided OSS an additional $300,000 this year to replace funding typically received from the City for a total funding of $900,000 -GUIDE Funding Agreement for Fiscal Year 2017-18 (“OSS Agreement”) (paid in four quarterly payments of $225,000) this represents 24% of OSS’s budget. The OSS Agreement was awarded to support two programs: 1) Performing Arts Program (“Program A”) and 2) Grassroots Partnerships (“Program B”).

OSS Financial Performance and CRA Request for Early Payment
We have received the attached request from OSS for an advance of the fourth quarter A-GUIDE payment of $225,000 to help facilitate the cash flow needs of the organization. Under the current OSS Agreement, OSS would receive the fourth quarter payment in October 2018 after submitting the required quarterly program evaluation and financial reports to the CRA.

Providing an early release of OSS’s fourth quarter payment will require an amendment to the OSS Agreement. A proposed amendment to the OSS Agreement is attached. Please note that the third quarter payment is scheduled to be released to OSS in August 2018.

CRA Staff has met with representatives from OSS and they informed us that to address OSS’s short-term cashflow issues, OSS has reduced expenses for the Cornell Museum, Creative Arts School, Crest Theatre and Center Services for an estimated re...

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