HomeMy WebLinkAboutResolution 077-2013 Resolution No.77-13
A Resolution authorizing the Transfer of Real Property to Brookings Economic Development
Corporation, Inc.for Economic Development Purposes
Be It Resolved by the City Council of the City of Brookings, South Dakota as follows:
Whereas,the Brookings Economic Development Corporation, Inc. desires to purchase
approximately three (3.0) acres of real property described as Lot 3B, Block 5,Telkamp Industrial
Addition to the City of Brookings, for the price of$25,000 dollars ($25,000) per acre, and
Whereas, for the express purpose of furthering economic growth and development of the City
of Brookings, South Dakota the Brookings Economic Development Corporation, Inc. agrees to
retain title to said property for the purpose of constructing and operating a business incubation
and commercialization facility; and agrees to sell, convey or otherwise transfer said property to
a legal entity which is, or will be, conducting business in the City of Brookings, South Dakota
should the incubation and commercialization facility cease operations, and
Whereas, it is in the best interests of the City of Brookings that the City provide its economic
development assistance in this matter to aid and assist with the completion of the aforesaid
transaction which will further economic development in the City of Brookings; 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;
Now Therefore, It Is Hereby Resolved by the City Council of the City of Brookings, South Dakota,
as follows:
A) That the City convey title to the above-described property to the Brookings
Economic Development Corporation, Inc. to retain for incubation, commercialization
or sale of the above-described property to a business; and
B) That the Mayor, City Clerk and City Manager are authorized to execute the required
documents in accordance with this Resolution.
Passed and approved on the 25th day of June, 2013.
CITY OF BROOKINGS
(Le-AL
• Tim Reed, Mayor
am'+
y
.......
Sh. ornes, City Clerk