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6. Parking Commission RequestAgenda -August 18, 1997 AGENDA ITEM 6 - PARKING COMMISSION REQUEST BACKGROUND/CONSIDERATION: I have enclosed a letter from the Parking Commission Director requesting a loan from the City to purchase a $13,448.69 four-wheel drive vehicle for their operations. We have discussed the possibility of the Intercap Loan Fund for this purchase. However, I believe we should directly loan the Parking Commission the funds for this purchase. I have suggested that they should consider a "buy down" of the loan amount rather than borrowing the entire amount for five years. This would reduce the total cost of this vehicle. I also suggested a term not to exceed three years would be more desirable. RECOMMENDATION: I would recommend an internal loan for this purchase. We would "loan" the money to the Parking Commission from the Solid Waste Funds. We can make the loan for five years but I recommend three years. ACTION REQUIRED: A MOTION approving the loan from the Solid Waste Funds at the term of 4.75%, for three years (five years as requested). Kalispell Parking Commission P.O.Box 105 Kalispell, Montana 59903-0105 (406) 755-5305 July 30, 1997 Clarence Krepps, City Manager City of Kalispell P.Q. Box 1997 Kalispell, MT 59903-1997 Dear Clarence, The Kalispell Parking Commission issued a bid request to three manufacturers for a Parking Attendant vehicle. We have accepted a bid of $13,448.69 for a fully equipped four wheel drive vehicle. I have the application forms for an equipment purchase loan through the Montana Board of Investments INTERCAP Program. Their annual percentage rate and term is 4.75% for five years. To expedite the purchase of this equipment, I am requesting a loan of the full amount of $13,448.69 from the City of Kalispell at the same or similar percentage rate available with the INTERCAP Program. Thank you for your time and consideration. Sincerely, n Harper, Director alispell Parking Commission