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| DATE:
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8/18/2015 7:00:00 PM |
| SUBJECT: |
| Council Consideration for the Approval of a Business Ready Community Grant and Loan Program Community Readiness Loan Agreement Between the Wyoming Business Council and the City of Gillette. |
| BACKGROUND: |
| On October 28, 2014, the City Council passed Resolution number 2497 which authorized the submission of a Loan application to the Wyoming Business Council for a Business Ready Community Grant and Loan Program Community Readiness Project loan. A loan in the amount of $2,645,046 has been approved to construct new electrical infrastructure and purchase existing infrastructure from PRECorp to expand the City electrical utility to serve the Southern Industrial Addition Annexation. The term of repayment of the Loan is twenty (20) years at an interest rate of one percent (1%) per annum, and a loan fee of one-half of one percent (.5%). The Loan shall be secured by an assignment and pledge of revenues by the City to the WBC of all of the City's right, title, and interest in and to Power Fund revenues received by the City. |
| SUGGESTED MOTION: |
| I move for the Approval of a Business Ready Community Grant and Loan Program Community Readiness Loan Agreement Between the Wyoming Business Council and the City of Gillette. |
| STAFF REFERENCE: |
| Charlie Anderson, City Attorney |
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