HomeMy WebLinkAboutResolution 083-2011Resolution No. 83 -1 I
A Resolution Authorizing the Transfer of Real Property to the
Brookings Economic Development Corporation, Inc. Pursuant to SDCL 9 -27 -36 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., (referred to herein as
"BEDC "), which is a local nonprofit industrial development corporation, has determined that its
economic development efforts will be furthered if it can expedite its real estate transactions due to
the time intensive competition for companies evaluating possible sites; and
Whereas, SDCL 9 -27 -36 authorizes a municipality to sell on a negotiated basis its real property to
a local industrial development corporation for economic development purposes; and
Whereas, in order to assist BEDC expedite its real property transactions, the City agrees to sell
certain real property to BEDC for economic development purposes, with the description, selling
price and terms of sale of the real property set forth in this Resolution;
Now Therefore Be It Resolved the City Council of the City of Brookings, South Dakota, approves
the foregoing policies and as follows:
A. That the City agrees to sell the real property described on Exhibit "A" and for the price per
parcel also as set forth therein. The City will convey title to the above described property
to the Brookings Economic Development Corporation, Inc. when BEDC provides notice to
the City of a qualifying prospect and identifies a specific parcel or parcels as set forth on
Exhibit "A ", and thereafter pays the full purchase price;
B. That any real estate title transfers by the City to BEDC shall contain covenants which
require that the real property be used only as the site for a company or organization which
constitutes an economic development purpose consistent with this Resolution; and
C. That the City Manager and City Clerk are authorized to execute the documents and
agreements in accordance with this Resolution.
day of July, 201 1. NO ACTION TAKEN
CITY OF BROOKINGS:
ATTEST: Tim Reed, Mayor
Shari Thornes, City Clerk
Exhibit "A"
Description of Property Price per Parcel