TO: Mayor and City Council
FROM: Kevin Sing, Director of Finance
SUBJECT:
title
Authorization to Fund Predevelopment Loan Draw 10 to Riverwalk Homes LLC in the amount of $298,366.77
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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 9 draws totaling $476,854.39 against the loan. This item is for draw 10 in the amount of $298,366.77. Draw 10 is for architect fees for the project. 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.
CONCLUSION:
This draw is in conformance with the loan agreement with Riverwalk Homes LLC and court mandated redevelopment of Riverwalk Homes.
RECOMMENDATION:
recommendation
It is recommended that City Council adopt Draw 10 in the amount of $298,366.77
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