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Committee forwards SDHDA promissory note for Westgate/Cheyenne development; transcript shows conflicting principal amounts
Summary
Renee Baker presented a promissory note under the South Dakota Housing Development Authority's housing infrastructure financing program for the Westgate Road and Cheyenne Boulevard project; she said repayment will be made from sales tax. The committee voted to forward the promissory note to the city council, but the transcript records a garbled principal amount that could not be reliably transcribed.
Renee Baker, the finance officer, described the promissory note related to the South Dakota Housing Development Authority's housing infrastructure financing program for the Westgate Road and Cheyenne Boulevard development. She said this document sets out repayment terms and indicated the obligation will have a general fund impact because it will be paid back by sales tax and recorded in the roads department accounts.
When the motion was read, the transcript contains an unclear statement of the principal amount (rendered as "1,000,001 million $999,000"), which appears to be a transcription error or garbled audio. The committee voted to forward the promissory note to the city council with a recommendation of approval. Because the precise principal amount is ambiguous in the transcript, the committee record and subsequent council agenda materials should be consulted for the exact dollar figure.
