HomeMy WebLinkAboutResolution 25-097RESOLUTION 25-097
1A A
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 extend the
agreement to acquire the following described property:
Approximately 13.09 acres with the exact acreage to be determined by survey and
plat, generally described as:
Lot Three (3) in Block Ten (10) of Freeland Addition, an Addition to the City of
Brookings, County of Brookings, State of South Dakota; and
WHEREAS, the Developer's overall plan, which was stipulated to and agreed with the
other Parties in the Development Agreement, was to develop a "logistics and ag innovation
ecosystem upon the above-described property"; and
WHEREAS, the Parties agree that Developers did not start construction by April 1, 2025;
and
WHEREAS, the Parties wish to come to an agreement concerning development of the
Property; 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, BE IT RESOLVED by the City Council of the City of Brookings, South
Dakota, as follows:
A. That the City intends to enter into the Forbearance Agreement Regarding Option
to Purchase; 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 this 16th day of December, 2025.
ATTEST:
Bo'nn`ie
WA
oster, City Clerk
CITY OF'BRO KIN S, ID