Agenda Item Title:
Authorize Mayor and Interim Finance Director to Sign Life Safety Loan Agreement Between Tepee Properties LLC and the City of Rapid City
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
03/01/2023
City Council Hearing Date:
03/06/2023
Staff Contact:
Assistant City Attorney Justin Williams
Agenda Item Summary:
Tepee Properties LLC has made application for a Life Safety Loan to finance the installation of a fire suppression system in two adjacent apartment buildings at 1104 Oriole Drive and 1110 Oriole Drive. The Life Safety Loan program can finance up to 80% of the cost to install a fire suppression system in an existing structure, pursuant to RCMC Chapter 3.28.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Recommendations:
Origination Recommendation Action:
Approve