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CITY of RAPID CITY Agenda Item Summary |
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Meeting Date: 3/12/2014 |
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: President’s Plaza |
City Council 1st Reading: N/A |
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Location: 5th & St. Joseph |
City Council 2nd Reading: N/A |
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Agenda Title: |
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Authorize Mayor and Finance Officer to Sign Amended Developer’s Agreement with President’s Plaza |
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Summary: |
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City staff and the representatives of President’s Plaza have been negotiating per the direction of the City Council to draft an agreement whereby the City would commit an additional $3 million dollars in City funds and $2 million dollars in funds from Destination Rapid City to construct the public parking garage being built as part of the President’s Plaza Project. We have met multiple times with the last meeting being on March 4th. In addition to the language related to the additional money, I have been trying to combine the 4 previous agreements into a single agreement for the sake of clarity. This is not an easy task and I am still in the process of drafting the new agreement. I expect to have the draft finished by the beginning of next week and will distribute it for review as soon as possible. An update on where we are at will be provided at the Legal & Finance Committee Meeting. The Mayor also wanted you to be aware that a letter has been sent to President’s Plaza requesting an independent review of the project’s funding. I have attached a copy of the letter. |
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Funding Source & Fiscal Impact (if applicable): |
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Not yet identified. |
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Recommendation: |
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Action: Notes: |
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Options: |
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Attachments & Links: |
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Parking Calculations from Approved Development Plan “12PD018 |
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