HomeMy WebLinkAboutResolution 49-2002 RESOLUTTON NO. 49-02
RESOLUTION AUTHORIZING LEASE TRANSACTION
WITH BROOKINGS ECONOMIC DEVELOPMENT CORPORATION, INC.
BE IT RESOLVED by the City Council of the City of Brookings, South Dakota(the City) as
follows:
WHEREAS, the City Council of the City of Brookings, South Dakota, is advised of an Agreement
entered into between the Area Development Corporation and a Company proposing to establish a
headquarters in Brookings; and
WHEREAS, said Agreement calls for the creation of a substantial number of new primary jobs in
the Ciry and the utilization of the DM&E office building real property(the "Properry") as the new
corporate headquarters of said Company; and
WHEREAS, one of the key elements of said Agreement is for the City to acquire title to the
Property for economic development purposes for a period of not more than ten (10)years; and
WHEREAS, the Property is to be leased to the Brookings Economic Development Corporation,
Inc., for a period of not more than ten (10)years, for the transaction described herein, and subject
to an option to purchase the Property by the Brookings Economic Development Corporation for
One Dollar ($1.00); and
WHEREAS, the transaction be without any expenditures by the Ciry; and
WHEREAS, it is in the best interests of the City to provide economic development assistance in
this matter to aid and assist the completion of the aforesaid transaction which will further
economic development in the City; and
WHEREAS, the City is authorized to enter into this transaction as an economic development
activity under the laws of the State of South Dakota, including SDCL 9-27-36 and 9-54-1;
NOW, THEREFORE, it is hereby RESOLVED by the City Council of the City of Brookings,
South Dakota, as follows:
A. That the City acquire title to the Property for a period of not more than ten (10)years;
B. The City shall lease the Property to the Brookings Economic Development Corporation,
Inc., a non-profit industrial development corporation, for One Dollar ($1.00)for a period
of not more than ten (10)years, with said lease to be executed only for the purposes which
are consistent with those purposes set forth in SDCL 9-54-1, and subject to an option to
purchase the Property by the Brookings Economic Development Corporation, Inc., for
One Dollar ($1.00);
C. That the City retain the Property for a period not to exceed ten (10)years or until such
time as the City is advised of the exercise of the above-described option by the Brookings
Economic Development Corporation, Inc.;
D. That this transaction be without any expenditures by the City;
E. That the City is authorized to undertake this transaction as an economic development
activity as prescribed by the aforesaid laws of the State of South Dakota; and
F. That the Brookings City Manager is authorized to execute the documents and agreements
necessary to effectuate this Resolution, and/or to undertake the actions necessary to
effectuate this Resolution.
Passed and approved on the 15`h day of October, 2002.
CITY OF BROOKINGS
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Virgil erriott, Mayor
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"'� rnes, City Clerk