Posted: January 08, 2020
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF011520 03

Agenda Item Title:

Authorize Mayor and Finance Officer to Sign Life Safety Loan Agreement JB Properties, LLC and the City of Rapid City

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
01/15/2020
City Council Hearing Date:
01/20/2020
Petitioner:
JB Properties, LLC
Staff Contact:
Tim Behlings/Pauline Sumption
Location:
740 Mountain View Road
Agenda Item Summary:
JB Properties, LLC has made application for a Life Safety Loan to finance the installation of a fire suppression system in a portion of the building located at 740 Mountain View Road. The applicant applied for a loan of $22,937.00, which amount is available in the Life Safety Loan Fund.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
Life Safety Loan Fund, which is funded by SAB 28 Fund

Recommendations:

Origination Recommendation Action:
Approve
Origination Recommendation Notes:
Amortization schedule for payments will be added to the Agreement when funds are disbursed. Funds will not be disbursed until a letter of credit acceptable to the City Attorney is received.

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