CITY of RAPID CITY Agenda Item Summary
Meeting Date: June 12, 2013		L&F Committee: 6/12/13
Staff Contact: Pauline Sumption, Finance Officer; Wade Nyberg, Assistant City Attorney		City Council: 6/17/13
Agenda Title:
Authorize Mayor and Finance Officer to Sign Release and Discharge of Lots 1-4 Good Samaritan Subdivision From Lien and Operation of Agreement Between City of Rapid City and Walgar Development Corporation Upon Payment
Summary:
Walgar Development Corporation and the City entered into Agreements (attached below) to facilitate the construction of 5th Street.  The agreements recognized that the City could assess the costs of the street on adjoining properties, and also that the property owner could build the street in phases as part of the subdivision process.  In order to move forward with construction and spread the costs over the properties as they developed, the agreements provided that upon development, the equivalent of a front footage assessment would be paid to the City.  This release will discharge Lots 1-4 of the Good Samaritan Subdivision upon such payment, so the lots may be developed.
Funding Source & Fiscal Impact (if applicable):
N/A
Recommendation:
Action: Approve Notes: Click here to enter text.
Options:
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Attachments & Links:
Release and Discharge	1995 Agreement		1997 Agreement
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