Agenda Item Title:
Approve Memorandum of Understanding with Elevate Rapid City Regarding the Administration of the Opportunity Capture Fund
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
12/13/2023
City Council First Reading Date:
12/18/2023
Staff Contact:
Daniel Ainslie
Location:
Circle of Friends Community Room
Agenda Item Summary:
During the September 1, 2023 Opportunity Capture Fund meeting, the committee recommended providing a $200,000 low interest loan to Phase Technology. The loan will provide some of the financing necessary for their expansion.
The Committee recommended entering into an MOU with Elevate regarding the future use of the principal and interest (program income) earned from the loan.
The attached MOU provides that Elevate would retain program income and present any future projects to the Opportunity Capture Committee. All projects shall be located within the Rapid City limits and have salaries at least twice the contemporary minimum wage.
The Committee recommended entering into an MOU with Elevate regarding the future use of the principal and interest (program income) earned from the loan.
The attached MOU provides that Elevate would retain program income and present any future projects to the Opportunity Capture Committee. All projects shall be located within the Rapid City limits and have salaries at least twice the contemporary minimum wage.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Is Funding Budgeted?:
Budgeted
Funding Source & Fiscal Impact Notes:
Within budget, originating from the Vision Fund
Recommendations:
Origination Recommendation Action:
Approve