HomeMy WebLinkAboutResolution 23-009Resolution 23-009
Resolution Authorizing the Transfer of Real Property to the Brookings Economic
Development Corporation for Economic Development Purposes
Be It Resolved by the City Council of the City of Brookings, South Dakota as follows:
Whereas, the City of Brookings has received a proposal for the purchase of the
following described property:
Approximately 18.53 acres located within Block Nine (9) of Wiese Addition in
the Southwest Quarter of the Southeast Quarter (SWY4SE%) of Section
Nineteen (19), Township One Hundred Ten (110) North, Range Forty-nine
(49) West of the 5t" P.M., City of Brookings, County of Brookings, State of
South Dakota, and
Whereas, the proposed purchase price is $1,130,033.52 (807,166.8 square feet x $1.40
per square foot). The purpose of the acquisition is for commercial development of the
above -described property by Ryan Companies US, Inc., a Minnesota Corporation
experienced in commercial development of property; and
Whereas, Ryan Companies US, Inc., has offered to purchase the above -described
property for a price which the City has determined is market value and is acceptable;
and
Whereas, the City of Brookings has determined the proposed commercial development
by Ryan Companies US, Inc., will provide economic growth and economic development
as a result of retail and other commercial businesses locating within the above -
described property as tenants of Ryan Companies US, Inc.; and
Whereas, for the express purpose of furthering the economic growth and development
of the City of Brookings, South Dakota, the City of Brookings and the Brookings
Economic Development Corporation accept the proposal to purchase the above -
described property for commercial development, including retail and other businesses,
by Ryan Companies US, Inc. Furthermore, the City agrees to convey the above -
described property to the Brookings Economic Development Corporation pursuant to a
Real Estate Purchase Agreement between the Brookings Economic Development
Corporation and Ryan Companies US, Inc., for the sum of $1.40 for each square foot of
property purchased by Ryan Companies US, Inc., and located within the above -
described property, in accordance with applicable law; 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., for the transfer of
the above -described property to Ryan Companies US, Inc., for the
purposes set forth herein; and
B. That the Mayor, City Clerk, City Manager, and City Attorney are authorized to
execute the required documents in accordance with this Resolution.
Passed and approved on the 28th day of February, 2023.
Niemeyer, Ma
Bonnie Foster, City Clerk
or-',VhBeacon TM Brookings County, SD
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PropertyAddress 30316THST Acreage n/a
BROOKINGS
District 4001
Brief Tax Description WIESE ADDITION, BLK 9 26.2AC
(Note: Not to be used on legal documents)
Date created: 2/22/2023
Last Data Uploaded: 2/22/2023 10:29:36AM
Developed by4�j Schneider
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Owner Address BROOKINGSCITY
520 3RD ST STE 230
BROOKINGS SD 57006