The loan would help fund the operation of the Bothwell Arts Center and Bankhead Theater.
LVPAC's loan request follows recent activity by the organization to sue the state over redevelopment funding to build a regional theater in town.
(Related: Fight to Build Livermore Regional Theater Heads to Court)
A city staff report on how the loan would affect the city's budget is included in the council agenda. The report says:
The City currently has $1.1M in general fund unassigned/uncommitted fund balance which is sufficient to meet this request. Using this funding source would leave approximately $625,000 in unassigned fund balance and approximately $16.8M in other general fund operating reserve funds.
Further details on the loan request from a letter LVPAC sent to the council:
Today, we are asking the City Council to approve a loan of up to $475,000 to LVPAC through the end of 2013. This loan, to be repaid by December 31, 2015, will allow us to continue our operation of the Bothwell Arts Center and the Bankhead Theater and to meet our obligations to our ticket holders, user groups and bond holders while our suit against the State is being litigated. For our part, we are committed to doubling contributed income through our annual fundraising campaign to $750,000 and to maintaining the strict expense controls that we put in place in 2011.
Meanwhile, residents who oppose the loan have posted on Patch, inviting folks to attend Monday's council meeting and/or to write to the council.
(Related: Livermore City Council Meeting)
Monday's council meeting is scheduled to begin at 7 p.m. at the council chambers, 3575 Pacific Ave.
Should the city council approve the loan request from the Livermore Valley Performing Arts Center? Tell us why in the comments section below.