CITY of RAPID CITY Agenda Item Summary
Meeting Date: 4/29/2014		PW Committee: 4/29/2014
Staff Contact: Wade Nyberg/Ted Johnson		City Council: 5/5/2014
Petitioner: VSADD Holdings, LLC		Location: 2020 Jackson Boulevard
Agenda Title:
Authorize Mayor and Finance Officer to Sign Release of Covenant Agreement Between the City of Rapid City and VSADD Holdings, LLC  for Sharing the Cost of Extending a Sewer Main to Serve 2020 Jackson Boulevard
Summary:
The covenant agreement was entered into in March of 2008 to secure VSADD Holdings, LLC’s payment of 60% of the project costs for extending a sewer main to serve its property.  The project has been completed, the warranty period has expired, and VSADD Holdings, LLC has fulfilled its obligations.  VSADD Holdings, LLC is requesting release of the covenant agreement to clear the encumbrance from its title to the property.
Funding Source & Fiscal Impact (if applicable):
No funding needed/No fiscal impact
Recommendation:
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Options:
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Attachments & Links:
Release of Covenant Agreement	Covenant Agreement		Project Acceptance Letter
Purchase Order & Memo	Click here to enter text.		Click here to enter text.
Click here to enter text.	Click here to enter text.		Click here to enter text.