https://cityofracine.legistar.com/Gateway.aspx?M=LD&From=RSS&ID=2089233&GUID=0D1AF1CB-601C-4E70-B507-DCA67A4BC029Legistar15https://cityofracine.legistar.com/Gateway.aspx?M=LD&From=RSS&ID=2089233&GUID=0D1AF1CB-601C-4E70-B507-DCA67A4BC0290D1AF1CB-601C-4E70-B507-DCA67A4BC029-2015-01-05-22-47-02Title: City accept final payoff on loan for 255 North Memorial Drive Resolved, that the City accept a final payoff of the loan on 255 North Memorial Drive in the amount of $635,000. Fiscal Note: The loan is a no-interest balloon payment loan for $675,000 due on October 8, 2011. The reduction of $40,000 is recommended because the loan would be paid off early. Specifically, $635,000 paid now is equivalent to $675,000 paid in 2 1/4 years at the interest rate that the city currently earns on its short term investments (approximately 3%).Mon, 05 Jan 2015 22:47:02 GMT