Agenda Item Title:
Authorize the Mayor, Finance Director, and Staff to Sign Loan Documentation Between the City of Rapid City and ECG Rapid City, LP
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
08/14/2024
City Council Hearing Date:
08/19/2024
Petitioner:
City of Rapid City
Staff Contact:
Mike Dugan
Location:
Council Chambers
Agenda Item Summary:
The City of Rapid City will be providing the loan to ECG Rapid City, LP in the amount of $7,280,000 for the Camden Heights Affordable Housing & Infrastructure Tax Increment District #91. The City Council approved the Camden Heights Affordable Housing and Infrastructure Tax Increment District on July 15, 2024. The City Council also approved the Project Plan at its July 15, 2024 meeting. Interest rate of 5% fixed. There will be four personal guarantees for the loan and a junior lien position securing the loan.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Recommendations:
Origination Recommendation Action:
Approve