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CITY of RAPID CITY Agenda Item Summary |
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Meeting Date: February 1, 2015 |
Commission, Board or Committee: Legal and Finance |
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Staff Contact: Asst. Police Chief Don Hedrick, Asst. City Attorney Allison Creelman |
PW Committee or L&F Committee: January 27, 2015 |
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Petitioner: |
City Council 1st Reading: N/A |
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Location: |
City Council 2nd Reading: N/A |
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Agenda Title: |
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Authorize Mayor and Finance Officer to Sign Loan Agreements for two loans to Soccer Rapid City. |
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Summary: |
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The loan agreements before you are for two loans to Soccer Rapid City. At its December 7, 2015 meeting, Council directed staff to work with Soccer Rapid City to draft the necessary documents to loan funds to the nonprofit organization for improvements to the City-owned soccer complex located at 3737 Elk Vale Road. The improvements include lighting for eight soccer fields, and sponsor signage. Soccer Rapid City will be re-paying the loans with money it receives from donor pledges that are already in place, and additional donor pledges are anticipated. The terms for both loans are 3% annual interest, with repayment within five years. The two Promissory Notes are included for Council’s review, but are for signature by Soccer Rapid City only. |
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Funding Source & Fiscal Impact (if applicable): |
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The Vision Fund account will be used to make the loans. |
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Recommendation: |
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Action: Staff recommends approval. Notes: |
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Options: |
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Approve the authorization for the Mayor and Finance Officer to sign in order to approve the loans, or deny authorization to deny the loan requests. |
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Attachments & Links: |
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