Posted: January 11, 2019
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF011619 09

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

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
01/16/2019
City Council Hearing Date:
01/22/2019
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):

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.

Attachments & Links to Download:

pdf LF011619-09 Agreement (94 KB)

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