Agenda Item Title:
Authorize Mayor and Finance Officer to Sign Life Safety Loan Agreement Between Love INC of the Black Hills and the City of Rapid City
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
08/15/2018
City Council Hearing Date:
08/20/2018
Petitioner:
Love INC of the Black Hills
Staff Contact:
Tim Behlings/Pauline Sumption
Agenda Item Summary:
Love INC has made application for a Life Safety Loan to finance the installation of a fire suppression system in the building at 414 East Omaha Street. The applicants applied for a loan of $43,792.00, which amount is available in the Life Safety Loan Fund.
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.