Agenda Item Title:
Authorize Mayor and Finance Officer to Sign Agreement for Exchange of Real Property with Black Hills Federal Credit Union
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
02/12/2020
City Council Hearing Date:
02/18/2020
Staff Contact:
Division Chief Tim Behlings
Agenda Item Summary:
The Agreement would provide for the exchange of property with Black Hills Federal Credit Union (BHFCU). The BHFCU property is located at 118 Kinney Ave, which is adjacent to Fire Station 3 (102 Federal Ave). The City property is located at the corner of Promise Road and the Mt. Rushmore Road service road, adjacent to Fire Station 6. The Credit Union has ceased operations at the Kinney Ave. location, and the Fire Department is in need of more space for expansion and future growth at Station 3. The City property on Promise Road was declared surplus in February of 2018. Both properties have been appraised by a state-certified appraiser. The City property appraisal came back at $225,000. The BHFCU property was appraised at $230,000. The exchange is proposed to be property-for-property, without any monetary consideration paid by either side.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
| No funding is required. | |
Recommendations:
Origination Recommendation Action:
Approve