City of Racine - File #: Res.09-1509

• File #: Res.09-1509
• Version: A
• Name: City accept final payoff on loan for 255 North Memorial Drive
• Type: Resolution
• Status: Passed
• File created: 7/7/2009
• In control: City Attorney's Office
• Final action: 7/7/2009
• Title: 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%).
• Sponsors: Q.A. Shakoor II
• Related files: 09-3765

Date	Ver.	Action By	Action	Result
7/7/2009	A	Common Council	Adopted	Pass

Sponsor

Alderman Shakoor

Title

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%).