Agenda Item Title:
Authorize Mayor and Finance Officer to Sign Life Safety Loan Agreement Between Kuehn Real Estate, Inc. and the City of Rapid City
Legal & Finance Committee
Origination Meeting Date:
City Council Hearing Date:
Agenda Item Summary:
Kuehn Real Estate, Inc. has made application for a Life Safety Loan to finance the installation of a fire suppression system in a portion of the building located at 315-317 East St. Patrick Street. The applicant applied for a loan of $17,000.00, which amount is available in the Life Safety Loan Fund.
Funding Source & Fiscal Impact (if applicable):
|Life Safety Loan Fund, which is funded by SAB 28 Fund|
Origination Recommendation Action:
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.