Posted: August 16, 2021
Rapid City
Agenda Item Summary

Agenda Item Ref. #: WS081121-18 Interfund Loan Between SAB28 and the Monument Fund

Agenda Item Title:

Approve Request for Interfund Loan of $1,056,260 Between SAB28 Fund and The Monument Fund

Origination Group:
City Council Working Session
Origination Meeting Date:
Stage 2 Group Name:
City Council
Stage 2 Meeting Date:
Staff Contact:
Craig Baltzer
Agenda Item Summary:
The Monument is requesting a loan of $1,056,260. The loan is to upgrade the scoring and video display systems in the new Summit Arena. This would be changing from the original planned “end hung scoreboards” to a “center hung score board” and to increase the size of ribbon board. These upgrades will help solidify many sporting events who expect a center hung system and significantly increase sponsorship sales. The Monument will pay back the SAB 28 loan over 10 years at the rate of 3 percent interest through its increased sponsorship revenues that the upgraded boards will help produce. The Monument Board of Directors approved to request this amount from the city.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
0775 4132


Attachments & Links to Download:

  pdf Memo (70 KB)

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