CITY of RAPID CITY Agenda Item Summary
Staff Contact:  Carla Cushman		Legal and Finance Comm.: Dec.16, 2015
		City Council: Dec. 21, 2015
Agenda Title:
Authorize Mayor and Finance Officer to Sign Amendment to Ground Lease Agreement Between the City of Rapid City and Youth and Family Services Concerning Property at 120 East Adams Street
Summary:
In 2002, the City and Youth and Family Services entered into a ground lease agreement for the property at 120 East Adams Street whereby the City would lease YFS the ground for 20 years and YFS would use Vision funds to construct a facility to enable it to provide social services to low-income and disadvantaged children and their families.  The ground lease provides that at the end of the lease agreement, YFS has the option to purchase the land for $1.  YFS finished construction of the building shortly after the lease was signed, and it has operated the facility there for the past 13 years.  Now YFS has outgrown the facility, and therefore wishes to accelerate the option to purchase the property so that it can build onto the structure and expand onto adjacent lots to the west which YFS has recently purchased.  This amendment to the lease agreement would enable YFS to exercise the option to purchase the property immediately.
Funding Source & Fiscal Impact (if applicable):
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Recommendation:
Action: Approve Notes:
Options:
N/A
Attachments & Links:
Lease Amendment	Letter from Mike Smith and Susan Fedell		Mayor Allender Letter