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which to promote and market the downtown at a time when it is most important to do so. <br />The recovery period during which COVID-19 restrictions have been removed but variant <br />concerns are prevalent has led to the PDA's request to the City to consider an <br />extension of the temporary rent deferral. <br />The proposed extension of rent deferral 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 this recovery period. The proposed deferment of monthly <br />rent payments would be effective from November 2021 through December 2022. <br />Beginning in January 2023, the deferred payment will be repaid over a 72 -month <br />amortization period at zero percent interest, in monthly payments of $359.67 in addition <br />to the regular monthly rent payment. A second amendment to the Use Agreement for <br />333 Division Street is provided as Attachment 2. At any time during the extension <br />period, the City can amend the deferment terms and will provide 90 -day written notice to <br />the PDA. <br />bmitted by: Fiscal Review: Approve by: <br />mela Ott ` Tina Olson Nelson Fialho <br />D puty City Manager Director of Finance City Manager <br />Attachments: <br />1. Use Agreement for 333 Division Street <br />2. Second Amendment to Use Agreement for 333 Division Street <br />3 <br />