CITY of RAPID CITY

Agenda Item Summary

 

Meeting Date: 3/12/2014

Commission, Board or Committee: Click here to enter date.

Staff Contact: Joel Landeen, City Attorney

PW Committee or L&F Committee: Legal & Finance

Petitioner: Presidentís Plaza

City Council 1st Reading: N/A

Location: 5th & St. Joseph

City Council 2nd Reading: N/A

Agenda Title:

Authorize Mayor and Finance Officer to Sign Amended Developerís Agreement with Presidentís Plaza

Summary:

City staff and the representatives of Presidentís Plaza have been negotiating per the direction of the City Council to draft an agreement whereby the City would commit an additional $3 million dollars in City funds and $2 million dollars in funds from Destination Rapid City to construct the public parking garage being built as part of the Presidentís Plaza Project. We have met multiple times with the last meeting being on March 4th. In addition to the language related to the additional money, I have been trying to combine the 4 previous agreements into a single agreement for the sake of clarity. This is not an easy task and I am still in the process of drafting the new agreement. I expect to have the draft finished by the beginning of next week and will distribute it for review as soon as possible. An update on where we are at will be provided at the Legal & Finance Committee Meeting. The Mayor also wanted you to be aware that a letter has been sent to Presidentís Plaza requesting an independent review of the projectís funding. I have attached a copy of the letter.

Funding Source & Fiscal Impact (if applicable):

Not yet identified.

Recommendation:

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Options:

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Attachments & Links:

1/24/2014 Ė Presidentís Plaza Committee Report

1/13/2014 Letter from Mayor Kooiker

2/3/2014 Letter from Mayor Kooiker

Letter to Presidentís Plaza dated 3/6/2014

Presidentís Plaza letter dated 3/10/2014

Prior Meeting Information

Presidentís Plaza Summary

Summary Memorandum from Mayor Kooiker dated 3/11/2014

Parking Calculations

Parking Calculations from Approved Development Plan ď12PD018