Committee Recommendation Agreement Site Plan IDPF Spreadsheet

00ID001 - Rapid City Infrastructure Development Partnership Fund Request - Elm Avenue Extension

PLANNING COMMISSION RECOMMENDATION:
Planning Commission recommended approval of the Elm Avenue Extension Loan Agreement with the following stipulations:

1. Landowners will borrow $1,073,424 from the IDPF;

2. Loan will be completely repaid in ten years;

3. No interest for the first five years beginning from the date of substantial completion;

4. Interest rate from the beginning of year six through year ten at 1% above the prime rate as of the first day of year six;

5. Payments to be made prior to final plat approval;

6. Landowners will provide easements or rights-of-ways at no cost to the City of Rapid City;

7. All improvements are public improvements;

8. City construction in accordance with City standards;

9. Landowners shall provide a surety bond to guarantee loan repayment;

10. City selects engineering firm;

11. Landowners cost based on percentage of frontage;

12. Sidewalks not included in estimate, developer installs sidewalks at platting;

13. City will pay oversize costs on 16" water line extension (price will be based on bid); and,

14. City Water Fund will pay for the oversize costs.

Vote: Unanimous (7 to 0)