Posted: March 25, 2021
Rapid City
Agenda Item Summary

Agenda Item Ref. #: WS033121 38

Agenda Item Title:

Authorize Mayor & Finance Director to sign Life Safety Loan Agreement with Rice 301 Family Properties in an amount not to exceed $59,460

Origination Group:
City Council Working Session
Origination Meeting Date:
03/31/2021
City Council Hearing Date:
04/05/2021
Petitioner:
Rice 301 Family Properties
Staff Contact:
Pauline Sumption, Finance Director
Agenda Item Summary:
This is a life safety loan to Rice 301 Family Properties for a sprinkler system in their building, located at 301 Cambell Street. There are sufficient monies in the fund to approve this request and a Letter of Credit has been received to guarantee the payments.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
0420

Recommendations:

Origination Recommendation Action:
Approve

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