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LGC account register records $500,000 'Loan Payoff to TIRZ #1' and $432,545.11 'Loan Payoff to COA'
The Amarillo Local Government Corporation's account register for fiscal 2024, published by the City in 2026, lists two payments dated September 20, 2024: "LGC Loan Payoff to TIRZ #1" for $500,000.00 and "LGC Loan Payoff to COA" (City of Amarillo) for $432,545.11, alongside a $1,000,000.00 "Fidelity Redemption - LGC" deposit the same day. The register had recorded $1,881,649.54 in "Proceeds from Sale" on July 2, 2024, the day the garage retail sale closed, and a $2,000,000.00 "Transfer to Fidelity" on July 17, 2024. The $500,000 is the amount the February 2023 amendment made due to TIRZ #1 by 2036. The register does not say whether any remaining TIRZ #1 balance was forgiven.[1]
Amarillo Local Government Corporation (LGC)
What the sources say
- ✓ Verified
The LGC's fiscal 2024 account register lists, on September 20, 2024, a payment described as "LGC Loan Payoff to TIRZ #1" for $500,000.00, a payment described as "LGC Loan Payoff to COA" for $432,545.11, and a deposit described as "Fidelity Redemption - LGC" for $1,000,000.00. The two payoffs total $932,545.11. [1]
- Payoff tirz1
- $500,000
- Payoff city
- $432,545
- Fidelity redemption
- $1,000,000
- Payoffs total
- $932,545
- ✓ Verified
The $500,000 paid to TIRZ #1 equals the amount the February 2023 loan amendment made due by 2036; the City's FY2023 annual report had listed the TIRZ #1 loan to the LGC at $1,903,296 on September 30, 2023, and the amendment allowed the rest to be forgiven if leasing conditions were met. The register labels the payment a "payoff" but does not state whether the remaining balance was forgiven, and none of the TIRZ #1 or LGC minutes or annual reports cited in this storyline records a board action forgiving it. [1][2][3][4]
- ✓ Verified
The same register lists a payment dated September 26, 2024 described as "LGC Parking Garage Debt Svc Pm" for $318,750.00. The register does not identify the debt. [1]
- Garage debt service
- $318,750
