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Posted: April 25, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF043025-09

Agenda Item Title:

Terminate the Real Estate Purchase Agreement between the City of Rapid City, Elevate Rapid City, and 11 Main LLC for the City Owned Lot at 416 Saint Joseph Street Pursuant to the Terms of the Agreement

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
04/30/2025
City Council Hearing Date:
05/05/2025
Petitioner:
N/A
Staff Contact:
Joel Landeen
Location:
Council Chambers
Agenda Item Summary:
On September 12, 2023, the City entered into a purchase agreement with 11 Main L.L.C. and Elevate Rapid City to transfer the City owned parking lot at 416 St. Joseph Street to 11 Main L.L.C. The purchase agreement states that if the purchaser has not completed closing by January 31, 2025, the City has the right in its sole discretion to terminate the purchase agreement and retain title to the property by providing 11 Main and Elevate written notice of its decision. Since closing has not been completed and no extension of time to complete closing has been agreed to, the City Council may terminate the agreement on behalf of the City per the terms of the agreement.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Notes:
No Staff Recommendation

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