HomeMy WebLinkAbout06-11-18 City Commission Packet Materials - C8. Loan Agreement with First Security Bank for Sports Park
Commission Memorandum
REPORT TO: Honorable Mayor and City Commission
FROM: Kristin Donald, Finance Director
Anna Rosenberry, Assistant City Manager
SUBJECT: Loan Agreement with First Security Bank for Sports Park.
MEETING DATE: June 11, 2018
AGENDA ITEM: Consent
RECOMMENDATION: Authorize the City Manager to sign the final loan agreement when
received as long as the terms remain the same.
BACKGROUND:
On February 12, 2018, the Commission directed the City Manager to continue to work with the
Sports Park Foundation to develop agreements and secure a loan for $1,700,000. The City issued
requests for proposals for loan services and selected First Security Bank.
Terms:
• 3.74% Interest Rate
• 20 year Term
• $0 origination fee
• Bi-annual payments
• Interest only payments until June 2020
The Sports Park Foundation will provide the funding for the payments through their management
of the Sports Park and debt agreements with the City.
132
The Sample loan documents are attached and we do not see any changes to the terms upon bank
approval.
ALTERNATIVES: As the Commission suggests.
FISCAL EFFECTS: The General Fund will take on this debt and make payments. The Revenue
generated at the Sports Park Foundation will offset the payment.
Attachment: Sample Loan Agreement Report compiled on June 1, 2018
133
134
135
136
137
138
139
140