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CITY of RAPID CITY Agenda Item Summary |
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Meeting Date: 08/17/2015 |
Commission, Board or Committee: Legal & Finance Committee |
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Staff Contact: Pauline Sumption |
PW Committee or L&F Committee: 08/12/2015 |
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Petitioner: Parks & Rec |
City Council 1st Reading: 08/17/2015 |
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Location: |
City Council 2nd Reading: |
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Agenda Title: |
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Authorize Mayor & Finance Officer to Sign Debt Modification Agreement with Pioneer Bank & Trust (regarding Cart Barn loan for Meadowbrook Golf Course) |
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Summary: |
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The previous loan taken out to pay this debt had a balloon payment that came due in 2015, as the maximum length of term could be 5 years. Instead of making the $38k balloon payment, the Parks & Recreation Department wishes to extend the loan for two years. The interest rate also decreases from 4.75% to 3.00%. |
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Funding Source & Fiscal Impact (if applicable): |
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Meadowbrook Golf Course |
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Recommendation: |
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Action: Authorize Notes: |
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Options: |
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Other option would be to make the balloon payment. |
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Attachments & Links: |
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