Agenda Item Title:
Authorize Mayor and Finance Officer to Sign Life Safety Loan Agreement Between Epiq Journey Enterprises LLC and the City of Rapid City
Origination Group:
Legal & Finance Committee
City Council Hearing Date:
05/04/2020
Petitioner:
epiq Journey Enterprises LLC
Staff Contact:
Tim Behlings/Pauline Sumption
Location:
2004 Creek Drive
Agenda Item Summary:
Epiq Journey Enterprises LLC has made application for a Life Safety Loan to finance the installation of a fire suppression system in the building at 2004 Creek Drive. The applicant applied for a loan of $38,520, 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.