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CITY of RAPID CITY Agenda Item Summary |
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Meeting Date: 8/28/2013 |
Commission, Board or Committee: |
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Staff Contact: Joel Landeen, City Attorney |
PW Committee or L&F Committee: Legal & Finance Committee |
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Petitioner: |
City Council 1st Reading: |
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Location: |
City Council 2nd Reading: |
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Agenda Title: |
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Authorize Mayor and Finance Officer to Sign Complete Release and Discharge of Covenant Agreement Between the City of Rapid City and Walgar Development Corp. |
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Summary: |
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In the mid-1990’s Walgar Development Corporation entered into three separate covenant agreements which secured the completion of subdivision improvements along property it owns in the vicinity of 5th Street and Minnesota Street. As the land has been sold off Walgar has made payments to the City. The balance still owing by Walgar is $11,000. Walgar is willing to pay off the final balance in exchange for the complete release of the agreements. Since the final payment has been made, the agreements are no longer necessary and may be discharged. |
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Funding Source & Fiscal Impact (if applicable): |
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None |
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Recommendation: |
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Action: Approve Notes: |
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Options: |
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Attachments & Links: |
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