Laserfiche WebLink
STAFF REPORT <br />TO: Mayor Keis and Members of City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: May 18, 2018 <br />RE: Amend Resolution 2018-4-83 for the Interfund Loan in Connection with the Suite <br />Living Little Canada Development <br />Resolution 2018-4-83 was adopted at the April 25, 2018, stating: <br />The City has determined to use an internal loan to provide $600,000 in financing to the <br />Developers to acquire the properties at 2736 and 2744 Rice Street. <br />The loan amount has since changed from $600,000 to $450,000. This amount includes the <br />$400,000 for the purchase of the property, and the additional $50,000 for site preparation costs <br />that was requested by the developers and approved at the May 9, 2018 City Council meeting. <br />Staff recommends the Council approved Amended Resolution 2018-4-83 with a loan amount <br />stated as $450,000.