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will not be generated and missed opportunities to draw the community to visit the <br /> downtown. As well, this has created a financial hardship for PDA such that it has <br /> severely limited revenues by which to promote and market the downtown at a time <br /> when it is most important to do so. The extended period during which COVID-19 <br /> restrictions have been in place — and may continue — has led to the PDA's request of <br /> the City to consider a temporary rent deferral. <br /> The proposed one-year deferment of rent allows the PDA to reallocate funds to <br /> accomplish the objectives outlined in the City-PDA agreement to promote and support <br /> downtown Pleasanton during these challenging times. The proposed deferment of <br /> monthly rent payments would be effective from November 2020 through October 2021. <br /> Beginning in November 2021, the deferred payment will be repaid over a 36-month <br /> amortization period at 0% interest, in monthly payments of$332 in addition to the <br /> regular monthly rent payment. An Amendment to the Use Agreement for 333 Division <br /> Street is provided as Attachment 2. At any time during the one-year period, the City can <br /> amend the deferment terms and will provide 90-day written notice to the PDA. <br /> Submitted by: Fis I Review: Approved .y: <br /> amela Ott Tina Olson Nelson Fialho <br /> puty City Manager Director of Finance City Manager <br /> Attachments: <br /> 1. Use Agreement for 333 Division Street <br /> 2. Amendment to Use Agreement for 333 Division Street <br /> 3 <br />