Agenda Item Title:
Acknowledge Purchase of Stage with Vision Funds for Use by Rapid City Summer Nights and Authorize Mayor and Finance Officer to Sign Lease Agreement with Rapid City Summer Nights for Use of Stage
Legal & Finance Committee
Origination Meeting Date:
City Council Hearing Date:
Rapid City Summer Nights
Joel Landeen, City Attorney
Agenda Item Summary:
The Vision Committee composed of citizens recommended that one of the projects that should be funded in the 2017 round of Vision projects is a request by Rapid City Summer Nights to purchase a new stage. The Council ratified these recommendations at its meeting on December 5th 2016. The proposal in front of you is a long term lease with Summer Nights. The City will retain ownership of the stage. There are several advantages to structuring the stage ownership this way. Since the title will remain with the City, if Summer Nights ceases to exist or ends its current operations it will be easy for the City to take possession of the stage. This ownership structure will also prevent Summer Nights from selling the stage, or otherwise placing liens or other encumbrances on it. The City can also license and register the stage more cheaply than Summer Nights can. The current term of the lease is proposed to be 5 years. I have been discussing a longer term to try and insure that the stage benefits the citizens of Rapid City for as long as possible. We are also exploring some other options that may work. I hope to have more details by the committee meeting so we can discuss the term of the lease or other options in more detail.
Funding Source & Fiscal Impact (if applicable):
|Vision Account within the CIP/Vision Fund. The total cost for the stage is $127,473.|
Origination Recommendation Action:
Origination Recommendation Notes:
In order to have the stage ready for the upcoming season the stage has already been ordered.