TO: Mayor and City Council
FROM: Beth Beatty, City Manager
SUBJECT:
title
Authorization to Fund Predevelopment Loan Draw 9 to Riverwalk Homes LLC in the amount of $34,434.30
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BACKGROUND:
The City of Joliet as required by a court approved settlement is required to redevelop Riverwalk Homes and has created Riverwalk Homes LLC. As part of the project, the City has approved a $2,000,000 predevelopment loan to Riverwalk Homes LLC. To date there have been 8 draws totaling $442,420.09 against the loan. This item is for draw 8 totaling $34,434.30. Items being funded are engineering fees, legal fees for the PUB, and interest payments to the City. The detailed draw is attached, and City Staff has reviewed the invoices and supporting documentation for this draw and found it to be in order.
RECOMMENDATION:
recommendation
It is recommended that City Council adopt Draw 9 in the amount of $34,434.30
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