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