HomeMy WebLinkAboutResolution 099-2011Resolution No. 99 -1 1
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:
A. Purchase 9.3 acres of real property located in the south -west corner of the Foster
Addition to the City of Brookings, South Dakota, for the price of Twenty -nine thousand
four hundred eighty -nine Dollars & zero cents ($29,489) per acre, and
B. Purchase 2.7 acres of real property located in the south -west corner of the Foster Addition
to the City of Brookings, South Dakota, for the price of $Eighteen thousand five hundred
twenty -four Dollars & zero cents ($18,524) 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 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, 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, and hold, the above - described property to the Brookings
Economic Development Corporation, Inc. for the purposes of furthering economic growth
and development of the City of Brookings, South Dakota; and
B. That the Mayor, City Clerk and City Manager are authorized to execute the required
documents in accordance with this Resolution.
This resolution shall rescind Resolution No. 76 -1 1.
Passed and approved on the 9th day of August, 2011.
CITY OF BROOKINGS
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Shari Thornes, City Clerk
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Tim Reed, Mayor