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CITY of RAPID CITY Agenda Item Summary |
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Meeting Date: 3/21/2016 |
Life Safety Loan Committee: 3/10/2016 |
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Staff Contact: Pauline Sumption/Allison Creelman/ Tim Behlings |
L&F Committee: 3/16/2016 |
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Petitioner: Land Company, LLC |
City Council: 3/21/2016 |
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Location: 1902 N Lacrosse (Ramada Inn) |
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Agenda Title: |
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Authorize Mayor and Finance Officer to Sign Life Safety Loan Agreement Between Land Company, LLC and the City of Rapid City |
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Summary: |
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Land Company, LLC has applied for a Life Safety Loan to install a fire protection sprinkler system in the Ramada Inn at 1902 North Lacrosse Street. The Life Safety Loan Committee met to review the application, and it recommends approval. The program allows a loan for up to 80% of the cost of installing the system. Based on the quote and per the Agreement, the maximum amount of this loan will be $320,000.00. All loan recipients are required to provide documentation of amounts actually expended and an irrevocable letter of credit to secure the loan prior to disbursement of funds. The Agreement enables the Finance Officer to create an amortization schedule to be attached to the Agreement which provides payment amounts and dates based on actual disbursement of funds. |
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Funding Source & Fiscal Impact (if applicable): |
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Life Safety Loan Fund, which is funded by SAB 28 Fund |
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Recommendation: |
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Action: Approve Notes: |
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Options: |
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Attachments & Links: |
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