|
Agenda Item Summary |
|||
|
|
|||
|
Meeting Date: June 12, 2013 |
L&F Committee: 6/12/13 |
||
|
Staff Contact: Wade Nyberg, Assistant City Attorney |
City Council: 6/17/13 |
||
|
Agenda Title: |
|||
|
Authorize Mayor and Finance Officer to sign Partial Releases (2) of Agreements between City of Rapid City and Walgar Development Corporation re: Lots 1-4 of Good Samaritan Subdivision Upon Receipt of Payment |
|||
|
Summary: |
|||
|
UPDATE -- Legal & Finance approved a Release and Discharge for Lots 1-4 from the operation of two agreements. The title company closing the sale of these lots conferred with the Register of Deeds, and the ROD requires 2 separate agreements. As a result, I have drafted two separate releases, which are linked. |
|||
|
|
|||
|
BACKGROUND -- Walgar Development Corporation and the City entered into deferred assessment agreements (attached below) to facilitate the construction of 5th Street and Minnesota 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 for a deferred assessment was required each parcel of the property to pay the equivalent of a front footage assessment upon development. The releases linked will discharge Lots 1-4 of the Good Samaritan Subdivision upon such payment, so the lots may be developed (building permit issued, etc.). |
|||
|
|
|||
|
CONFUSION – There are 2 agreements that are being partially released. Both agreements have the same parties (City & Walgar), were executed on the same day, and recorded at the same time. Since this is the case, I’ve distinguished the agreements and releases by the page number of the agreement’s recording with the register of deeds. |
|||
|
Funding Source & Fiscal Impact (if applicable): |
|||
|
N/A |
|||
|
Recommendation: |
|||
|
Action: Approve Notes: |
|||
|
|
|||
|
|
|||
|
Attachments & Links: |
|||
|
Partial Release (2449) |
1995 Agreement (2449) |
|
|
|
Partial Release (2452) |
1995 Agreement (2452) |
|
|