Agenda Item Title:
Authorize Mayor and Finance Director to sign Amended Sublease Agreement with Pennington County
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
12/15/2021
City Council Hearing Date:
12/20/2021
Staff Contact:
Pauline Sumption, Finance Director
Agenda Item Summary:
In 2010, the City signed a sublease agreement with Pennington County for improvements/construction of shared properties (evidence lab, parking ramp, Public Safety Building & energy plant). Since that time, the County has refinanced that debt and wishes to pass the interest savings onto the City, as well. This agreement outlines the new annual payment.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
| Already budgeted in the CIP Fund | |
Recommendations:
Origination Recommendation Action:
Approve