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CITY of RAPID CITY Agenda Item Summary |
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Meeting Date: 7/30/2014 |
Commission, Board or Committee: |
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Staff Contact: Joel Landeen, City Attorney |
PW Committee or L&F Committee: Legal & Finance |
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Petitioner: N/A |
City Council 1st Reading: N/A |
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Location: N/A |
City Council 2nd Reading: N/A |
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Agenda Title: |
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Authorize Mayor and Finance Officer to sign Memorandum of Understanding between the City of Rapid City and President's Plaza L.L.C. Regarding the Payment of Design and Engineering Fees for the Public Parking Ramp Being Built in Conjunction with the Mixed Use Project Being Constructed on the Corner of 5th and St. Joseph Streets |
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Summary: |
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Per the Master Development Agreement with President’s Plaza, the City has committed to using a portion of the Vision Funds allocated to the project for construction and design of the public parking ramp. The previous agreements did not provide any details about the payment of design costs. President’s Plaza has already incurred significant costs in the design of the project and is seeking reimbursement. This MOU was negotiated between staff and President’s Plaza to facilitate payment for design of the public parking ramp and to ensure the Vision Funds were used to only design the public parking ramp. |
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Funding Source & Fiscal Impact (if applicable): |
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Vision Funds allocated to the project which have already been placed in escrow for this purpose by a previous agreement. |
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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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