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In spite of its efforts to stay in business and provide the agreed-upon services, TVHOC <br /> eventually dissolved. TVHOC no longer had any personnel to provide services. <br /> The City's loan is a non-recourse loan (meaning that the only security pledged for loan <br /> repayment was the in-kind services), and it cannot be collected from the borrower that is <br /> no longer in business. Consistent with City policy, the loan should be written off as <br /> uncollectible in fiscal year ending June 30, 2019. Because the loan is categorized as an <br /> account receivable in excess of $10,000, City Council approval is needed to write off this <br /> account. <br /> Submitted by: Fiscal Review: Approved b : <br /> Brian Dolan Tina Olson Nelson Fialho <br /> Assistant City Manager Director of Finance City Manager <br /> Page 3of3 <br />