Agenda Item Title:
Authorize Mayor and Finance Director to Sign Agreement between the City of Rapid City, Central States Fair, Inc., and First Interstate Bank Assigning Vision Funds to the Bank that have been Awarded to Central States Fair, Inc. in order for Them to Obtain a Loan for Advance Funding to Construct Renovations Contemplated by the Award
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
09/28/2022
City Council Hearing Date:
10/03/2022
Staff Contact:
Justin Williams, Assistant City Attorney
Agenda Item Summary:
Council approved an award of Vision Funds in the amount of $980,000.00 on January 10, 2022 to Central States Fair, Inc. to be used to help fund renovations to its Soule Building, Fine Arts Building, and several livestock barns. Council approved an Agreement between the City and Central States Fair outlining conditions and requirements of the award on July 18, 2022. The conditions require Central States Fair to advance funds for the renovations and seek reimbursement upon completion and verification by the City of the costs. This agreement assigns the payment rights to First Interstate Bank to allow Central States Fair to obtain a loan for up-front funding for the project.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
| Vision Funds | |
Recommendations:
Origination Recommendation Action:
Approve