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| DATE:
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1/19/2016 7:00:00 PM |
| SUBJECT: |
| Council Consideration for the Approval of a Revised Business Ready Community Grant and Loan Program Community Readiness Loan Agreement Between the Wyoming Business Council and the City of Gillette. |
| BACKGROUND: |
| The Council approved a Loan Agreement with the Wyoming Business Council at the regular meeting on August 18, 2015. Upon review of the various documents that comprised the Loan Agreement and in consultation with our Bond Attorney, we were very concerned that the documents did not reflect the City’s obligations with respect to the financing of the Wygen III power plant and the CT-II Combustion Turbine. We prepared new language to accommodate those items and other provisions concerning legal requirements for this sort of transaction that are unique to Cities and Towns and shared them with the Attorney General and the Business Council. The revised Loan agreement between the Wyoming Business Council and the City for the loan for the infrastructure for the Southern Industrial Annexation was received by Carter yesterday. Upon review, we are happy to report that the Business Council has made most of the changes that we have suggested to the documents so that they are consistent with the City's preexisting obligations for the Wygen III and the CT II lease purchases in particular and with the rules about municipal debt in general. With these changes the documents are ready for signature. |
| SUGGESTED MOTION: |
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I move for the Approval of a Revised Business Ready Community Grant and Loan Program Community Readiness Loan Agreement Between the Wyoming Business Council and the City of Gillette.
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| STAFF REFERENCE: |
| Charlie Anderson, City Attorney |
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