CITY of RAPID CITY Agenda Item Summary
Meeting Date: 5/15/2013		L&F Committee Meeting Date:  5/15/2013
Staff Contact: Carla Cushman		City Council Meeting Date:  5/20/2013
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Agenda Title:
Authorize Mayor and Finance Officer to Sign Addendum to Assignment Agreement Between North Street Fire Station, LLC and BankWest and City for Tax Increment District #69
Summary:
In 2009, the parties completed an Assignment Agreement in connection with the initial Project Plan and the Development Agreement for TIF #69 at that time.  Council has recently approved revised Project Plan, and the City and the Developer have recently executed a new Development Agreement for TIF #69.  This Addendum to the Assignment Agreement similarly updates the responsibilities of the parties and permits the City to pay BankWest directly out of TIF #69 funds in a way that corresponds with the amounts in the revised Project Plan and latest Development Agreement.
Funding Source & Fiscal Impact (if applicable):
No change in funding.
Recommendation:
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Options:
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Attachments & Links:
Addendum to Assignment Agreement April 2013	Click here to enter text.		Click here to enter text.
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