Memorandum

City of Lawrence

City Manager’s Office

TO:	David L. Corliss, City Manager
CC:	Diane Stoddard, Assistant City Manager Brandon McGuire, Assistant to the City Manager
FROM:	Casey Toomay, Assistant City Manager
DATE:	January 8, 2015
RE:	RCP payment for loan origination fees, loan interest, and engineer fees

Please place the following item on the agenda for consideration by the City Commission at their meeting on January 13, 2015:

Consider approving the claim to RCP, LLC, in the amount of $1,055,588.52, and authorize payment pursuant to the Rock Chalk Park Development Agreement, if appropriate. 

Background

Pursuant to direction at the City Commission meeting on January 6, 2015, staff has prepared a payment to RCP, LLC, in the amount of $1,055,588.52 for the following items: 

Item	Amount
Loan Origination Fee	$158,643.75
Loan Interest	$341,746.07
Professional Engineering Fees	$555,198.70
TOTAL	$1,055,588.52

If this payment is approved, the City’s remaining obligation under the Development Agreement will be $37,382.25.  Of that amount, $25,000 will be retained until completion of punchlist items. 

Action Requested

Staff requests the City Commission approve the claim to RCP, LLC, in the amount of $1,055,588.52, and authorize payment pursuant to the Rock Chalk Park Development Agreement, if appropriate.