Posted: May 26, 2017
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF053117-09

Agenda Item Title:

Second Reading and Recommendation of Ordinance No. 6180, An Ordinance to Update the Life Safety Loan Program Funding and Process by Amending Chapter 3.28 of the Rapid City Municipal Code

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
05/31/2017
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
06/14/2017
City Council Hearing Date:
06/05/2017
City Council First Reading Date:
06/05/2017
City Council Second Reading Date:
06/19/2017
Staff Contact:
Tim Behlings, Pauline Sumption, & Wade Nyberg
Agenda Item Summary:
This ordinance would make the following changes to the Life Safety Loan Program: • Additional funding could be committed as revenue allows. • The review committee is being deleted in favor of review by staff (Fire, Finance, Attorney). All complete applications are forwarded to Council. • The ability to secure the loan with a mortgage is being removed, as no loans have utilized this option. Additionally, staff doesn’t feel comfortable in credit decisions for 2nd mortgage. • The available term is being extended from 7 years to 10 years, with language adding that the term should be appropriate for the size of the loan. • Required loan agreement is included in the ordinance. • Factors to be considered by Council for loan approval added. • Reimbursement language clarified (loan funds only disbursed to reimburse borrower). • Standalone fund report deleted, as it is redundant to audit & annual financial reports already given by Finance Officer.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
This ordinance change would allow additional funding to be added to the program, but would not require such additional funding.

Recommendations:

Origination Recommendation Action:
Approve

Attachments & Links to Download:

pdf LF053117-09 Ordinance No. 6180 (14 KB)

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