CITY of RAPID CITY Agenda Item Summary
Meeting Date: 8/12/2015		Life Safety Loan Committee: 7/13/2015
Staff Contact: Pauline Sumption/Wade Nyberg/ Tim Behlings		L&F Committee: 8/12/2015
Petitioner: Tensleep, LLC		City Council: 8/17/2015
Location: 201 Main St (Creamery Building)
Agenda Title:
Authorize Mayor and Finance Officer to Sign Life Safety Loan Agreement Between Tensleep, LLC and the City of Rapid City
Summary:
Tensleep, LLC has applied for a Life Safety Loan to install a fire protection sprinkler system in the Creamery Building at 201 Main 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 $98,391.  All loan recipients are required to provide documentation of amounts actually expended and a 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.
Funding Source & Fiscal Impact (if applicable):
Life Safety Loan Fund, which is funded by SAB 28 Fund
Recommendation:
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Options:
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Attachments & Links:
Life Safety Loan Agreement	Click here to enter text.		Click here to enter text.
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