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| DATE:
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8/19/2014 7:00:00 PM |
| SUBJECT: |
| Council Consideration of a Resolution Authorizing Submission of an Application to the Business Ready Community Grant and Loan Program for a Community Readiness Loan Project on Behalf of the Governing Body for the City of Gillette, Wyoming. |
| BACKGROUND: |
| The City of Gillette is preparing an application for a Business Ready Community Grant and Loan Program Community Readiness Project Loan in the amount of $3.5M. This funding will be used to fund some of the cost of expanding the City electrical system to serve the electrical customers in the Southern Industrial Addition Annexation, much like the funding from the Business Ready Community Grant and Loan Program Community Readiness Project Grant. The Loan program is new and the process for qualifying is evolving. The Loan will be repaid from a special fund, created from service and utility charges collected from users of the City electrical system and funds on hand, legally available to it. If they are both fully funded, the grant and loan should supply about $5M of the $8.5M estimated cost to extend the electrical system into the new area and compensate PRECorps. |
| SUGGESTED MOTION: |
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I move for the Approval of a Resolution Authorizing Submission of an Application to the Business Ready Community Grant and Loan Program for a Community Readiness Loan Project on Behalf of the Governing Body for the City of Gillette, Wyoming.
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| STAFF REFERENCE: |
| Charlie Anderson, City Attorney |
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