2950 Riverside Remodel Payments

to  United Building Contractors

Lassen County Budgeted $1,000,000 in Fiscal Year 2016/2017

Fiscal Year 2017/2018, $50,000

July 1, 2016 to August 31, 2017

They have spent $1,152,745.01

This 9/23/16 contract is for $979,000

Lassen County required to make United Builders payments through a factoring (factoring is used by businesses to finance projects)

1/3/17 FIRST PAYMENT: $112,734.60    BALANCE:  $866,265.40

2/16/17 SECOND  PAYMENT: $  91,252.96    BALANCE:  $  775,012.44

3/16/17 THIRD  PAYMENT: $  310,990.10  BALANCE:  $  464,022.34

4/27/17 FOURTH  PAYMENT: $  409,182.34 

BALANCE:  $  54,839.97

9/28/17 FIFTH PAYMENT: $  1,678.85 

BALANCE: $  48,728.36 increase of 5%

9/28/17 SIXTH PAYMENT:$  34,928.36

 BALANCE: $  0.00