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Posted: May 26, 2023
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF053123-09

Agenda Item Title:

Recommendation Regarding Valuation of City Parking Lot Adjacent to the Stockgrowers’ Building at 416 Saint Joseph Street and Requesting Direction to Staff Regarding How to Proceed

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
05/31/2023
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
06/14/2023
City Council Hearing Date:
06/20/2023
Staff Contact:
Joel Landeen, City Attorney
Agenda Item Summary:
The board of freeholders established by Council action on May 1, 2023 have met to determine the value of the City parking lot at 416 St. Joseph Street. The Board was made up of Alderman John Roberts, Alderman Bill Evans, Domico Rodriguez (chair of the City’s Parking Advisory Board), Vicki Fisher, and Joel Landeen. The board agreed that the lot should be valued at the upper end of the estimated range of between $30-$33 a square foot, or $900,000. The value was based on the attached document prepared by Alderman Roberts. In addition, Vicki Fisher, the City’s Planning Director, did some independent investigation and separately came to a similar valuation. The parking lot generates $60,000 in annual revenue, so at that value it would be the equivalent to approximately 15 years in revenue. Staff are seeking the Council’s direction on the following options: (1) Maintain the status quo until the upcoming parking study is complete. (2) Take steps to sell the lot directly to Todd Gagne’s group. (3) Open the lot for a public sale.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Attachments & Links to Download:

pdf LF053123-09 Valuation of City Parking Lot

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