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Posted: May 10, 2019
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF051519 10

Agenda Item Title:

Authorize the Mayor and Finance Officer to sign the Agreement between the City of Rapid City and Youth & Family Services, Inc. for the use of City Vision Funds to Construct an Expansion of the Facility Located on East Adams Street

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
05/15/2019
City Council Hearing Date:
05/05/2019
Petitioner:
Youth & Family Services
Staff Contact:
Joel Landeen, City Attorney
Location:
East Adams Street
Agenda Item Summary:
This agreement authorizes the expenditure of funds from the Vision Account to help fund the expansion of Youth & Family Services child development center on East Adams Street. The total cost of the expansion is estimated to be a little over $10 million dollars and the City’s contribution from the Vision Account is $1.95 million. YFS has access to sufficient funds to design and pay for the initial construction work, so the agreement is structured that the City will reimburse YFS for construction work once it has been completed and paid for by YFS. Since the project is being paid for in part by public funds, YFS has agreed to follow state laws on public bidding. YFS is already moving forward on the project.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
The funding source is the Vision Account. The project will receive $1,300,000 from the Vision Account in 2019, $469,000 in 2020, and $181,000 in 2021.

Recommendations:

Origination Recommendation Action:
Approve
Origination Recommendation Notes:
This project was recommended by the Vision Citizen Committee and the recommendation of the committee was ratified by the City Council on January 31, 2019.
City Council Options:
Approve as presented or deny. YFS has obtained financing to cover the cost of constructing the project and has already provided documentation that it has incurred eligible expenses which will allow them to request the entire reimbursement for 2019 upon approval of this agreement. YFS will use the reimbursement to retire debt in order to reduce financing costs. If the Council were to deny the agreement it would make it difficult, if not impossible, for YFS to pay its financing costs.
Published in 2019 - LF Agenda Items
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