CITY of RAPID CITY Agenda Item Summary
Meeting Date: 1/29/2014		L&F Committee: 1/29/2014
Staff Contact: Click here to enter text.Wade Nyberg		City Council: 2/3/2014
Petitioner: Dakota Heartland, Inc.
Agenda Title:
Authorize Mayor and Finance Officer to Sign Assignment of Proceeds of Real Estate Purchase Agreement by Dakota Heartland, Inc. to the City of Rapid City
Summary:
Dakota Heartland borrowed money from the Infrastructure Development Partnership Fund in 2003.  Repayment of the loan was to be made upon platting of the affected property.  Payment is required to be made prior to recording of the plat.  Dakota Heartland has asked that in lieu of paying prior to platting, payment be made from the proceeds of the sale of the platted lot.  Platting is required prior to selling the newly created lot, and the developer wants to use the proceeds of sale to make the loan payment.  The Council has authorized this in the past.  The title company pays the City directly from closing from the sale proceeds.
Funding Source & Fiscal Impact (if applicable):
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Recommendation:
Action: Choose an item. Approve Notes: Click here to enter text.
Options:
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Attachments & Links:
Assignment Agreement	IDPF Loan Agreement		Link to Preliminary Subdivision Plan (1/21/14 Council Meeting)
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