HomeMy WebLinkAboutResolution 14-104 Resolution No. 14-104
A Resolution authorizing the Partial Release of Restrictive Covenant
Whereas, the City of Brookings sold real property to the Brookings Economic
Development Corporation, which is described as follows:
- Lot One (1) of Block Five (5) in Telkamp Industrial Addition to the City
of Brookings, County of Brookings, State of South Dakota; and
- Lot Three "C" (3C) of Block Five (5) in Telkamp Industrial Addition to
the City of Brookings, County of Brookings, State of South Dakota, and
Whereas, the Deed to the above-described property included a Restrictive Covenant
(covenant) which provided for several procedures to occur in the event the Brookings
Economic Development Corporation did not develop the above-described property
within three (3) years and a covenant pertaining to procedure in the event the Brookings
Economic Development Corporation subdivides any undeveloped portions of the above-
described property, and
Whereas, the Brookings Economic Development Corporation has fully developed the
above-described property by constructing the Brookings Technology Commercialization
Center, and therefore the property has in fact been developed and there are no
undivided portions which could be sold; accordingly, the Restrictive Covenants
pertaining to these circumstances are no longer needed and are appropriate for
Release; and
Whereas, there is remaining a Restrictive Covenant requiring use of the above-
described property in accordance with Resolution 77-13, which should continue in
place, and therefore the Release described herein is a Partial Release of Restrictive
Covenant on file with the Register of Deeds,
Now, Therefore, It Is Hereby Resolved by the City Council that the Partial Release of
Restrictive Covenant pertaining to the Real Property described above is approved, and
the Mayor, City Clerk and City Manager are authorized to execute the documents
required to complete the Partial Release of the above-described Restrictive Covenant.
Passed and approved on the 25th day of November, 2014.
CITY OF BROOKINGS .
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�A�,o �,�o..N Tim Reed, Mayor
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ornes, City Clerk