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City of Watertown, SD / 2019 City Council Meetings / 22 Jul 2019
City of Watertown, SD / 2019 City Council Meetings / 22 Jul 2019
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From YouTube: City Council Executive Session 7 22 2019

Description

Agenda Items include approval of modification to the Development Agreement with Watertown Development Company and The Lofts, LLC for downtown mixed-use development.

A

All right, we are back in session and looking at our agenda, I.

B

Haven't ever I've never done um now, I'd like to make a motion to authorize a modification of our current development agreement, provide the Los LLC with a short-term bridge loan of $600,000, and this would authorize the finance office to provide those funds.

A

In a check to Watertown development company special check, so we have a motion by a councilman Bueller and a second by Councilwoman man. T. Is there any discussion.

A

How's marvel Hart just.

C

To clarify that this is a loan from the city to the development company correct this.

A

Is a short term just a timing issue that we're resolving or not changing the amount of money the city is providing in this deal, which was already approved for a multi-use housing project downtown. It's just a loan to keep the progress moving in the right direction. Are there other comments or questions all right, I'll, look for action, all those in favor signify by saying aye aye.

A

All those opposed signify by saying, nay motion carries. Is there any old business? None? Is there any new business? None any liaison member reports, none any other reason to go back into executive session pursuant to SDC l1 25.

A

None, then I look for a motion to adjourn. We have a motion by Councilman why, in a second by Councilman, Howe lean any discussion all those in favor signify by saying it I know.

C

Thank you very much yeah. Thank you. Matt thanks Kristen appreciate the willingness to work really fast in a short time, so.

A

And also the council. Thank you. Thank you. You're welcome all those in favor signify by saying aye. Those opposed signify by saying, nay, motion carries. We are adjourned.