CITY of RAPID CITY Agenda Item Summary
Staff Contact:  Carla Cushman		Legal & Finance Comm.: January 27, 2016
		City Council:  February 1, 2016
Agenda Title:
Authorize Mayor and Finance Officer to Sign Quitclaim Deed to Transfer Property at 120 East Adams Street to Youth and Family Services
Summary:
On December 21, 2015 Council approved an amendment to the ground lease between the City and Youth and Family Services for City property located at 120 East Adams Street.  The ground lease dated to 2002 and included a provision that after 20 years, YFS could purchase the property from the City for $1.  The amendment approved in December shortened the timeframe within which YFS could purchase the building to 13 years.  Now, YFS has submitted a letter exercising its option to purchase the building.  This item would effectuate that purchase and transfer to YFS.
Funding Source & Fiscal Impact (if applicable):
n/a
Recommendation:
Action: Approve Notes: Click here to enter text.
Options:
Click here to enter text.
Attachments & Links:
Letter	Amendment to Ground Lease		QuitClaim Deed