Posted: October 06, 2016
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF101216-04

Agenda Item Title:

Authorize Mayor and Finance Officer to Sign Life Safety Loan Agreement Between The Seed, LLC and the City of Rapid City

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
10/12/2016
City Council Hearing Date:
10/17/2016
Petitioner:
The Seed, LLC
Staff Contact:
Tim Behlings/Pauline Sumption
Agenda Item Summary:
The Seed, LLC has made application for a Life Safety Loan to finance the installation of a fire suppression system in the former Aby’s Feed & Seed building at 412 Fifth Street. The applicants applied for just over $150,000, but only $80,000 is available in the Life Safety Loan Fund. Upon additional funding being allocated to the Life Safety Loan Fund, or replenishment from other loan payments, the Applicant has indicated its intention to apply for further funding.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
Life Safety Loan Fund, which is funded by SAB 28 Fund

Recommendations:

Origination Recommendation Action:
Approve
Origination Recommendation Notes:
Amortization schedule for payments will be added to the Agreement when funds are disbursed. Funds will not be disbursed until a letter of credit acceptable to the City Attorney is received.

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